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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« ICAI »
 Committee for Capacity Building of Members in Practice jointly with CPE Committee presents LEAD - A Diversity Support for Women CAs through https://www.cpeicai.org/cpe-qna/
 7 Days’ Residential Programme on Professional Skills Development from 19th August to 25th August, 2018 at Centre of Excellence, Hyderabad.
 Committee for Capacity Building Members in Practice (CCBMP), ICAI: arrangement of the ‘Tax Cloud’ software- A web based ITR & TDS Return Preparation
 Group to examine the Consultative paper on proposed SEBI (Fiduciaries in the Securities Market) (Amendment) Regulations and formulate its comments on the areas affecting the profession
 CPE Events 16th July - 21th July 2018
 Result of the Information Systems Audit [ISA] Assessment Test held on 23rd June 2018 is likely to be declared on 20th July, 2018
  Exposure Draft of Accounting Standard (AS) 19, Employee Benefits (Comments to be received by August 10, 2018)
 Announcement - Unique Document Identification Number (UDIN)
 Exposure Drafts of SA 800(Revised), SA 805(Revised) and SA 810(Revised) for Comments
 CPE Events 9th July - 14th July 2018
  Four Weeks Residential Programme to be held from 25th November, 2018 to 22nd December, 2018 at Centre of Excellence, Hyderabad for Women Participants only.

ICAI may look at adopting IFRS in longterm
March, 10th 2014

India could look at adopting international accounting standards IFRS in the long term based on how the converged norms work out, according to ICAI.

Rather than adopt the International Financial Reporting Standards (IFRS), India at present is only looking to converge with this set of norms through Indian Accounting Standards (Ind AS).

"Yes, we are open to adoption it is not that we say we are closed (on the issue)," Institute of Chartered Accountants of India (ICAI) President K Raghu said during an interaction here.

"Once we set our convergence mode we will try to test the financial reporting standards on various corporates in India and definitely the next step would be how to look at adoption (of IFRS)," he said.

However, Raghu also cautioned that a lot of issues have to be looked at before taking a decision like adoption of IFRS, especially since India is a fast growing economy.

ICAI, the country's accounting regulator, has suggested a road map to the Corporate Affairs Ministry for the gradual convergence with IFRS.

IFRS is developed by the International Accounting Standards Board (IASB).

"The ICAI debated in great details whether we should go for adoption or convergence... After taking the views of various stakeholders we decided that India should take the convergence mode," Raghu said.

In response to a query on the delay in converging with IFRS, he said that it was important to first ensure that stakeholders as well as professionals are ready for the same.

"Today, we can assure you that ICAI is completely ready to get into implementation mode because all our standards have gone through a robust process...," he added.

Meanwhile, IASB Chairman Hans Hoogervorst said adopting IFRS would significantly help India in attracting global investments.

"Really to get the international credibility... You (India) have to adopt the whole thing (IFRS)" he noted and cited examples of Brazil, Korea and European Union which have fully adopted IFRS.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Team

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