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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: TDS :: VAT Audit :: ACCOUNTING STANDARD :: cpt :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: VAT RATES :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: form 3cd :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT
« Auditing »
 Time Limit For Completion Of Assessment From The Date Of Special Auditor’s Report Under Income Tax Act, 1961
 Provisioning pertaining to Fraud Accounts
 Tax Audit Report (TAR) Certain exceptions and increased limits according to number of partners and considering nature of activity are desirable
 Cost Auditing Standards [ Cost Audit Documentation (102)] – Part-II
 Conference on Companies Act gets under way
 New bureau to dissolve state-run banks' power to choose auditors
 Foreign Exchange Management (Permissible Capital Account Transactions) (Fourth Amendment) Regulations, 2015
 ICAI forms 'prima facie' view on NSEL auditor
 Firms appoint new auditors in shift to meet new standards
 Cadre restructuring in I-T dept may open scrutiny of closed cases
 RBI issues new guidelines on concurrent auditing at branches

IFRS, Auditing Compliance to change accounting practices
January, 10th 2011

Salman Khurshid, Minister of State for Corporate Affairs, recently announced that India will adopt a new set of accounting standards, which are fully convergent with IFRS, from april1, 2011. Compliance with new accounting standards will significantly change the accounting practices in India and will align Indian accounting practices with global accounting practices. This will enhance the confidence of investors in financial statements issued by Indian companies. There are many in the accounting profession and in the corporate world who opposed the early implementation of accounting standards fully convergent with IFRS.

There were many arguments some are trivial like if USA can decide to adopt IFRS after the year 2014, what is the hurry to implement IFRS in India. The others are serious like fair value accounting will lead to large scams. It goes to the credit of the government that it has decided to stick to the well thought out road map issued by it earlier. New set of accounting standards will increase disclosure requirements, which will improve corporate governance.

It is true that there will be teething problems. But India has the capability to overcome them quickly. We have seen ability of Indian companies to manage business in a new economic environment when India opened up the economy. Indian companies demonstrated their capability to take advantages of opportunities emerged from the restructuring of the economy and to compete equally with global leaders. Indian accountants and auditors will demonstrate similar capabilities in the new accounting environment. A positive externality that will arise is that India will be able to contribute significantly in formulation of IFRS as learning from implementing new accounting standards will help the accounting profession to identify issues in implementing IFRS in an emerging economy like India.

This change in accounting practices will enhance the responsibilities of the audit committee and the auditor. It will be a challenge to ensure the integrity of corporate financial reports.

For more information click here

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Publishing Management System PMS News Management System Publishing Management System Development Online News Management System for media company custom Publishing management system development Survey management system Market Res

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