Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: ACCOUNTING STANDARDS :: VAT Audit :: list of goods taxed at 4% :: empanelment :: ACCOUNTING STANDARD :: TDS :: form 3cd
 
 
General »
  Withdrawal of Legal Tender Character of the existing Bank Notes in the denominations of ₹ 500/- and ₹ 1000/- (Updated as on November 30, 2016)
 Cases for tax scrutiny will be selected by machines
 Time to revisit 1997 direct tax rates, says P Chidambaram
 Lok Sabha passes Bill to tax black money deposits post demonetisation
 Last day to pay property tax with old notes
 Income tax department asks IDS declarants to pay tax by 30 November
 Why PM Narendra Modi must beware of the breathtaking Arthakranti tax
 Japanese firms seek easing of restrictions on funding in India
 Tax on black money: How the cookie will crumble
 Income tax officials say raids on jewellers based on 'credible intelligence' proving fruitful
 Exchange window being misused, government forced to reduce limit to Rs 2000, says Arun Jaitley

Assocham suggests IFRS implementation on lines of EU
January, 24th 2011

Assocham suggested implementation of International Financial Reporting Standards (IFRS) on the lines it has been done in the European Union (EU) to avoid financial 'turbulence' and maintain the 2011 deadline.

The chamber said in the European countries, standalone accounts of individual holding companies and subsidiaries were continued for regulatory and tax purposes and only consolidated financial statements were prepared in accordance with IFRS. This option followed by the EU was accepted as adequate.

As per the official explanation, the chamber said Indian Standards converged to IFRS have already been delayed and therefore mindset to appreciate fair value accounting has not been developed in industry and investors in view of illiquid markets, volatility of fair value, inadequate skillset on ascertaining fair value and doubts regarding unbiased valuation and also there is no clarity on taxation of IFRS based accounts.

However, the chamber maintained that the issues which must be addressed before transitioning to IFRS includes clarity on direct and indirect taxes, clarity on Companies Act and impact on other laws and regulations which needs proper examination.

To resolve these matters, imposing the requirement of dual financial statements, one as per IFRS converged standards and another as per the old Indian GAAP will only cause undue hardship to Indian companies with more harm than benefits as the investors especially in the Indian capital markets will only confuse matters, the chamber said.

Source: http://www.indlawnews.com/newsdisplay.aspx?2e927a5f-c24a-48d4-a398-96fa90985543

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System developers CMS developers Content Management Solutions CMS Solutions CMS India Content Management System India CMS development India Website CMS Website Content Management India Portal CMS India CMS Outsourcing CMS Vendor Complete CMS Custom CMS Services

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions