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
News Headlines »
 How to use your Form 16
 Which ITR form applies to you for financial year 2017-18?
 Income tax returns filing form-2 released; should you use it? Find out
  Are you planning to file ITR 1 form? here's how to do it Income Tax Return (ITR) filing
 30 LPA-Opening Financial Controller
 ITR form 2 in java release by CBDT for return filing by individuals
 How to file your income tax return using ITR Form-1 Income Tax efiling for AY 2018-19
 Income tax returns (ITR) filing: Have you received I-T dept notice? Safeguard yourself; here is how
 Delayed release of electronic ITR forms may compel CBDT to extend the filing deadline
 Trading volume linked to tax return?
 How to e-verify your income tax return? Here are five ways to do it

Govt examining accounting standards
May, 22nd 2008

The government today said the process of converging Indian Accounting Standards (IAS) with global standard, International Financial Reporting Standards (IFRS), will continue to help India Inc tap international markets with reduced cost of compliance.

The government has already notified 28 accounting standards for Indian corporates and would assess more standards for notification, an official release said.

"The government would examine further accounting standards to be followed by companies, on the basis of the standards proposed by the Institute of Chartered Accountants of India (ICAI), subject to the recommendations of NACAS thereon, for notification in accordance with the procedure laid down under the Companies Act, 1956," it said.

In the process, the approach of convergence with IFRS would be continued so that the financial information disclosed by Indian companies compares well with that disclosed by non-Indian companies in compliance with IFRS, it added.

The statement assumes importance as Indian companies listed on European stock exchanges will have to comply with both IFRS and IAS from next year, in case the two set of standards are not converging.

Time till 2011 would be given for IAS to converge with IFRS, in case India makes a declaration that the two standards are synchronising.

Recently, ICAI President Ved Jain had said the European Commission wanted India to make a declaration by June 30 this year that the IAS were converging with IFRS. He said of the 38 IAS, seven have absolutely converged with IFRS, while work is going on for upgrading the remaining 31 standards.

The ICAI has already said that it would work to converge the IAS with the IFRS by 2011, which would help investors get reliable information across the globe and would curtail the cost of compliance as restatement of accounts would be obviated, the release said.

The 28 IAS, notified by the government in December 2006, are to be applied with effect from financial year 2007-08, the accounts with respect to which are to be finalised during the current fiscal.

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

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