Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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
 
 
 
 
Popular Search: form 3cd :: VAT RATES :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: empanelment :: Central Excise rule to resale the machines to a new company :: cpt :: due date for vat payment
 
 
« News Headlines »
 Should you file revised Income Tax returns; find out here
 Tax Deducted at Source (TDS) in Goods & Services Tax (GST)
 10 companies that blamed GST for soft June quarter
 How will GST impact the Indian economy
 10 days left to file your first GST return. This is how you do it
 What is property tax and how is it calculated…
 File income tax returns in time to carry forward losses
 Missed the deadline to file income tax returns? Here is what you should do
 Who has to report foreign assets in Indian income tax return and how to do it
 How to file income tax return after due date
 Why you should not rely solely on your income tax return filer, chartered accountant when filing ITR

India Inc reviews IFRS for fool-proof accouting standards
May, 05th 2009

India Inc appears keen to respond to the Institute of Chartered Accountants of Indias (ICAI) call to implement globally accepted International Financial Reporting Standards (IFRS) from fiscal 2011-12.
But a majority are unsure on whether IFRS implementation would really bring about uniformity in the accounting system, which is now beset with divergent interpretations by multiple authorities including Sebi and tax officials.

An indication along these lines comes through in an Ernst & Young study that has mapped India Incs preparedness in implementing the IFRS, whose rudimentary rules are laid down by the global body International Accounting Standard Board (IASB). The conclusions of the survey were shared by a senior E&Y official Kamal Agarwal, while participating in a discussion on IFRS organised by Bharat Chamber of Commerce on Monday.

The survey while receiving responses from some 112-odd companies, selected from across a wide range of industries, has noted that 67% of the respondents welcomed the implementation of IFRS as a major step towards Indias integration with the global financial system. But a large section of the surveyed companies feared they would be unable to meet the deadline for the IFRS implementation due to its prohibitive cost, dearth of required skilled manpower and uncertainty on the new set of tax laws under the system.

The uncertainty deepens further with no clarity on whether India would follow the IASB- laid down norms or come out with a modified country-specific version, which have been evolved by few countries like Australia, Singapore and Japan and the EU block, said Mr Agarwal.

With increasing globalisation, corporates across the globe are adopting reporting of the financial statements based on common accounting standards, enunciated under IFRS. It is now being followed in many parts of the world, including the European Union, Hong Kong, Australia, Russia, South Africa and Singapore. Nearly 100 countries agreed on the convergence with IFRS.

In line with the global trend, ICAI has proposed a plan for convergence with IFRS for certain entities (listed companies, banks, insurance companies and certain other large-sized companies) with effect from the accounting period, commencing on or after April 1, 2011. Large-sized entities are defined as entities with turnover in excess of Rs 100 crore or borrowing in excess of Rs 25 crore.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Enterprise Resource Planning Solutions ERP Solutions Enterprise Resource Planning Software Solutions ERP Software Solutions Supply Chain Management Solutions SCM Solutions Supply Chain Management Software Solutions SCM Software Solutions Enterprise Resource Planning Solutions India ERP Solutions India Enterprise Resource Planning Software Solutions India ERP Software Solutions India Supply Chain Management Solutions India SCM Solutions India Supply Chain Management Software Solutions India SCM Software Solutions India

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