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: ACCOUNTING STANDARD :: cpt :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: empanelment :: VAT RATES :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India
 
 
« ICAI »
 Guidance Note on Reports in Company Prospectuses (Revised 2016) issued by the Auditing and Assurance Standards Board
 President's Message - December 2016
 Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 6
 Announcement regarding registration as an Insolvency Professional with the Indian Institute of Insolvency Professionals of ICAI
 CPE Events 28th November - 3th November 2016
 Admit Cards for CPT December 2016 Examination
 Application Form for the Information Systems Audit (ISA) Assessment Test - December, 2016 [Last Date - 7th December, 2016]
  MCA Announcement - To avoid Last Minutes rush please file the Financial Statements and Annual Returns at the earliest.
 CPE Events 21th November - 26th November 2016
 No leakage of question paper relating to Paper 7, Direct Tax Laws of CA Final examination held on 13th November 2016.
  "Participate in the Fight against Corruption-Take Integrity Pledge" to enable citizens/employees to take the online Integrity Pledge.

Fair value spoiler in IFRS adoption
June, 12th 2008

listed Satyam Computer Services rushed to embrace the new global accounting standard, International Financial Reporting Standards (IFRS), much ahead of April 2011 deadline. In fact, the countrys fourth-largest software exporter posted its audited financial results for FY08 as per IFRS, saying it saw considerable value in its adoption. Drug maker and NYSE-listed Dr Reddys Laboratories has similar plans to adopt IFRS at the earliest. Infosys says its prepared to adopt IFRS, too.

Most Indian companies listed in the US or the UK are expected to follow suit, but the momentum may not be quite the same in the case of companies listed in India. Besides, the road to adoption is not easy. Typically, companies who are listed abroad or seek to attract funds from private equity or tap global bond markets would be quick to adopt IFRS, says ICAI former president TN Manoharan.

Globally, there is a convergence of view that an account of an entity should be understood by all countries. Thus, adoption of IFRS will reduce accounting compliance costs for companies listed overseas. But not all listed companies may be upbeat on early adoption of IFRS. Even adhering to the deadline may be tough. One of the stumbling blocks is the recognition of financial asset at fair value the amount for which an asset can be exchanged or liability settled between willing, knowledgeable parties in an arms length transaction.

The fair value concept, on the face of it, is easy to apply. But when you get into the nitty-gritties, it is tough to implement. The market should be mature and have depth for easy adoption, says ICAI president Ved Jain.
Agrees Insurance Regulatory Development Authority member actuary R Kannan. The fair value treatment of some of the assets of insurers may pose a challenge in the absence of reliable indices.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 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