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: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: articles on VAT and GST in India :: VAT Audit :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: due date for vat payment :: empanelment :: Central Excise rule to resale the machines to a new company :: VAT RATES :: ACCOUNTING STANDARD
 
 
ICAI »
 CPE Events 26th June - 1st July 2017
  Summary of MCA Notification dated 13.06.2017 to give further exemptions private companies as per Section 462 of the Companies Act 2013
 Summary of MCA Notification dated 13.06.2017 to give further exemptions private companies as per Section 462 of the Companies Act 2013
 Exemption to Private Companies u/s 462 of The Companies Act 2013 as per Ministry of Corporate Affairs Notifications Dated 5th June, 2015 and 13th June, 2017
 Four Weeks Residential Programme to be held from 31st July, 2017 to 27th August, 2017 at Centre of Excellence, Hyderabad for Men Participants only.
 Next batch of the Certificate Course on Valuation at Bangalore from 15th July, 2017.
 CPE Events 19th June - 24th June 2017
 Post-implementation Review - IFRS 13 Fair Value Measurement
 Disclosure Initiative - Principles of Disclosure
 Volume XXXV of the Compendium of Opinions
  Permitting members to act as Insolvency Professional under the Insolvency and Bankruptcy Code, 2016 and related matters.

ICAI Submits Revised IFRS Conversion Road Map Ahead of Annual Audit Season
March, 28th 2014

India’s Institute of Chartered Accountants of India (ICAI) has recommended a new timeline for the convergence of Indian Accounting Standards (AS) with the International Financial Reporting Standards (IFRS).

The revised road map was finalized last week by the ICAI during its annual meeting from March 20 to 22, and submitted to the Ministry of Corporate Affairs (MCA) for approval.

While a phased convergence of AS with the IFRS was first initiated in April 2010 with a target date of April 2015 for full implementation, slow progress led the Ministry of Corporate Affairs to abandon this timeline in favor of a new road map for convergence that was originally expected to be finalized by late March 2014.

According to the revised roadmap from the ICAI, companies with a net worth of over INR5 billion (US$83 million) will be required to transition to IFRS standards from April 1, 2016.

According to the ICAI, this new timeline will provide companies with “ample time” to prepare for the shift.

These changes will only implement the converged standards for consolidated financial statements, with no implications on tax or the computation of managerial remuneration and dividend distribution.

India’s eventual convergence with the IFRS will differ from “adoption” in that the AS will be altered to conform with the IFRS rather than requiring full-fledged adoption of the standards outlined by the International Accounting Standards Board (IASB). This will preserve differing terminologies between the IFRS and AS while adding some new concepts and models.

Dezan Shira & Associates is a specialist foreign direct investment practice, providing corporate establishment, business advisory, tax advisory and compliance, accounting, payroll, due diligence and financial review services to multinationals investing in emerging Asia. Since its establishment in 1992, the firm has grown into one of Asia’s most versatile full-service consultancies with operational offices across China, Hong Kong, India, Singapore and Vietnam in addition to alliances in Indonesia, Malaysia, Philippines and Thailand as well as as well as liaison offices in Italy and the United States.

You can stay up to date with the latest business and investment trends across India by subscribing to Asia Briefing’s complimentary update service featuring news, commentary, guides, and multimedia resources.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

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