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: VAT Audit :: VAT RATES :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: TDS :: empanelment :: articles on VAT and GST in India
 
 
« ICAI »
 Constitution of Group to consider the entire structure to study circles, exploring ways and means to obtain independent PAN, TAN, Service Tax registration
 Group for formulating Foreign Travel Policy of the Institute
 Register for Webinar Organized By CPA Ontario in Association with Canada (Toronto) Chapter of ICAI on March 15, 2017.
 CPE Events 20th February - 25th February 2017
 Regarding Empanelment of professionals having at least fifteen years of continuous practice as a Chartered Accountant with RD MCA as Mediator or Conciliator for the year 2017-2018
 Extension of the Last date for submission of online application for empanelment of Chartered Accountants firms/LLPs with O/o C&AG for the year 2017-18.
 CPE Events 13th February - 18th February 2017
 ICAI elects New Torch-Bearers for the year 2017-18
 Condonation of Breach of Regulation 65 & 78 - Non submission of Form 112
 Exposure Draft of the Ind AS-compliant Schedule III to the Companies Act, 2013, for Non-Banking Financial Companies (NBFCs) (Comments to be received by March 6, 2017)
  Post Qualification Course in International Taxation - Assessment Test (INTT-AT)-May, 2017 Application Form

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 2017 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