Download or read book International Financial Reporting Standards IFRS and Indian Accounting Practices written by Jagadish R. Raiyani and published by . This book was released on 2012 with total page 169 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic reforms initiated in India since early 1990s have led to increasing attention being devoted to accounting standards as a means towards ensuring potent and transparent financial reporting by corporations. International Financial Reporting Standards (IFRSs) - issued by the International Accounting Standards Board (IASB) as the uniform language of business to protect the interests of international investors - have brought into focus the need for reforms in accounting procedures in different countries. IFRSs have been made applicable in India for specified business entities. The new accounting norms have posed challenges for business enterprises in terms of presentation of accounts, and accounting policies and procedures. This book explains the requirements of IFRSs and the attending implementation hurdles in India.

Download or read book IFRS in India written by O. Bhavani and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: International Financial Reporting Standards (IFRS) set by the International Accounting Standards Board (IASB) are adopted by the companies for the preparation of the financial statements. This ensures easy understanding and facilitates comparability of the financial statements of different enterprises of different countries and provides relevant and meaningful information to the various users of the financial statements. In India, the new set of standards which have been converged with IFRS is known as Indian Accounting Standards or Ind AS and will be implemented in India in a phased out manner (Phase 1, 2 and 3) as have been notified by the Ministry of Corporate Affairs on February 25, 2011. The recent announcement made by the Finance Minister in the year 2015 made it mandatory for all the listed companies either to adopt IFRS or converge with effect from the accounting year 2016-17. IFRS is recommended for adoption with several benefits in mind and some of the companies have already adopted new standards and have started reporting accordingly. In this context, the present paper presents an overview of double adoption of IFRS globally by the significant trade forums and the Indian companies which are voluntarily adopting IFRS. It also analyzes the financial implications of adoption of IFRS by the select companies in India. The study is based on secondary data, and Gray comparability index, t-test and F-test are employed for analyzing the data.

Download or read book Understanding IFRS Fundamentals written by Nandakumar Ankarath and published by John Wiley & Sons. This book was released on 2010-06-03 with total page 434 pages. Available in PDF, EPUB and Kindle. Book excerpt: A one-stop resource for understanding and applying current International Financial Reporting Standards The move to International Financial Reporting Standards (IFRS) is the single most important initiative in the financial reporting world, with more than 100 countries requiring or allowing the use of IFRS for the preparation of financial statements by publicly held companies. It is expected that by 2011, more than 150 countries will be converting to it. It's clear that IFRS is here to stay—get the expert advice you need to properly implement IFRS with Understanding IFRS Fundamentals: International Financial Reporting Standards. Filled with easy-to-follow examples and case studies, Understanding IFRS Fundamentals: International Financial Reporting Standards is your handy resource to all things IFRS, presenting: Authoritative advice and simple explanations of IFRS standards Topical arrangement of issues of common interest to financial statement preparers and users Extracts from published financial statements illustrating practical implications for applying IFRS Guidance for finance professionals in more than 100 countries that have either adopted or adapted to IFRS Simple explanations of complex standards A practical reference with the answers to your issues of interest, Understanding IFRS Fundamentals: International Financial Reporting Standards serves as an essential resource for when you need information in a hurry. Stay on track and focused with the straightforward guidance in Understanding IFRS Fundamentals: International Financial Reporting Standards.

Download or read book Wiley International Trends in Financial Reporting under IFRS written by Abbas A. Mirza and published by John Wiley & Sons. This book was released on 2012-10-05 with total page 1001 pages. Available in PDF, EPUB and Kindle. Book excerpt: Wiley International Financial Reporting Trends provides copious examples of footnote disclosures and financial statement formats, carefully culled from the world's leading international companies ("Global 500") that are already compliant with IFRS and report under IFRS standards promulgated by the International Accounting Standards Board, the IASB. Arranged topically, this book is a quick source of reference to find answers to issues of interest to financial statement preparers. It provides hundreds of illustrations taken from financial statements prepared under IFRS by global conglomerates thereby helping preparers and users of financial statements to expeditiously obtain examples of footnote disclosures and financial statements presented under these Standards which are popularly referred to as "principles-based" standards (as opposed to "rules-based" standards). Additionally, Wiley International Financial Reporting Trends contains comparisons of IFRS to US GAAP, Indian GAAP, and Chinese GAAP, making it a truly global reference resource.

Download or read book Treatise on Ind AS written by CA (Dr.) Alok K. Garg and published by Bloomsbury Publishing. This book was released on 2021-09-23 with total page 1200 pages. Available in PDF, EPUB and Kindle. Book excerpt: About the Book “Treatise on Ind AS” provides a deep dive into Indian Accounting Standards (Ind AS). The book comes to the rescue of those looking for conceptual clarity, application guidance, practical reference to listed companies, comparison of new set of standards with old and global set of standards. It is a one stop shop for all Ind AS related guidance. Key Features - Comprehensive commentary on Ind AS with Conceptual Explanations, Case studies and Examples. - References to published disclosures of Listed Companies on major concepts of Ind AS. - More than 1,000 MCQs with detailed analysis covering all Ind AS. - FAQs on Overview and Applicability/ Roadmap for implementation of Ind AS . - Lucid commentary on complex topics such as Leases, Revenue, Financial Instruments, Business Combination, Consolidation, Share-Based Payment etc. with practical examples and case studies. - Practical issues on Ind AS including analysis of ITFG bulletins and Education Material. - Detailed comparison of Ind AS, Indian GAAP, IFRS and ICDS. - Updated with the Companies (Ind AS) Amendment Rules, 2021.

Download or read book Convergence with International Financial Reporting Standards IFRS in India written by Deepak Adhana and published by . This book was released on 2015 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: The globalisation prompt more and more countries to open their doors to foreign investments and as the business expand across borders the need arises to recognize the benefits of having commonly accepted and understood financial reporting standards. The sound financial reporting standards underline the trust that investors place in financial reporting information: and thus play an important role in contributing to the economic development of a country. The mission of International Accounting Standards Board (IASB) is to develop a single set of financial reporting standards that are accepted worldwide. The Accounting Standards Board (ASB) of the Institute of Chartered Accountants of India (ICAI) is committed to convergence of its standards with those of IASB. However, deviations from International Financial Reporting Standards (IFRS) have been noted due to the some unavoidable reasons like legal and regulatory requirements, economic environment, level of preparedness and conceptual differences etc. Thus it can argued that even there has been lot of deliberation on convergence of Indian accounting standards with IFRS, it is difficult to adopt IFRS considering the indigenous problems.The present paper discusses the IFRS adoption in India and the utility for India in adopting IFRS, the problems and the challenges faced by Indian corporate in adopting IFRS. This paper will help in better understanding of this new language of financial reporting.

Download or read book Taxmann s Guide to Indian Accounting Standards Ind AS Based on IFRS Official Pronouncements Set of 2 Volumes 5th Edition August 2020 written by Taxmann and published by Taxmann Publications Private Limited. This book was released on 2020-08-29 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Strategies Benefits and Challeges of Adoption of IFRS in India written by Dr. S K. Misra and published by . This book was released on 2015 with total page 10 pages. Available in PDF, EPUB and Kindle. Book excerpt: A set of rich value and quality accounting standards related to financial reporting are required worldwide in order to operate businesses successfully. Over the past three decades accounting bodies and professional has been contributing to the worldwide efforts with an objective to promoting uniform and harmonized financial reporting system. The globalization have necessitated for a corporate sector to have a uniform, single and universally acceptable system of financial reporting. In 2001, International Financial Reporting Standards were developed with the contributions of International Accounting Standard Board with a view to facilitate a particular set of rich quality and understandable standards for financial reporting. The inaugural of economic reforms and globalization in the late 1980s led the process of changes in financial reporting methods in India. So Indian government also determined to converge its local accounting standards to IFRS. In 2006, ICAI constituted a task force with an objective to propose a blue prints for convergence process in India. This paper is an attempt to discuss the Indian scenario in context to roadmap of IFRS adoption, efficacy of adoption, complications in this convergence process. To conclude, paper suggests ways to address these obstacles.

Download or read book Wiley 2021 Interpretation and Application of IFRS Standards written by PKF International Ltd and published by John Wiley & Sons. This book was released on 2021-07-06 with total page 1011 pages. Available in PDF, EPUB and Kindle. Book excerpt: Wiley Interpretation and Application of IFRS® Standards The 2021 reference for the interpretation and application of the latest international standards Wiley IFRS® Standards 2021 is a revised and comprehensive resource that includes the information needed to interpret and apply the most recent International Financial Reporting Standards (IFRS®) as outlined by the International Accounting Standards Board (IASB). This accessible resource contains a wide range of practical examples as well as invaluable guidance on the expanding framework for unified financial reporting. The authors provide IFRIC interpretations and directions designed to ensure a clear understanding of the most recent standards. The IFRS® standards are ever evolving, therefore it is essential that professionals and students have the information needed to apply the standards correctly in real-world cases. Wiley IFRS® Standards 2021 offers a complete, up-to-date reference that aids in the application of the latest international standards in a manner that is transparent, accountable and efficient. This edition includes IFRS 9 Financial Instruments; IFRS 15 Revenue from Contracts with Customers; IFRS 16 Leases and amendments issued and effective for annual periods beginning on or after 01 January 2020 as issued by the IASB by 30 June 2020. This edition also includes some introductory guidance for IFRS 17 Insurance Contracts and incorporates the revised Conceptual Framework for Financial Reporting 2018. This guide is written by the people passionate about IFRS® at PKF International. PKF International member firms specialise in providing high quality audit, accounting, tax, and business advisory solutions to international and domestic organisations around the globe. PKF International is a member of the Forum of Firms – an organisation dedicated to consistent and high-quality standards of financial reporting and auditing practices worldwide. www.pkf.com. PKF International Limited administers a family of legally independent firms and does not accept any responsibility or liability for the actions or inactions of any individual member or correspondent firm or firms. All rights reserved.

Download or read book Insights into IFRS KPMG s practical guide to International Financial Reporting Standards 1 written by and published by . This book was released on 2013 with total page 1468 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Indian Accounting Standards written by K. Nair and published by . This book was released on 2015 with total page 10 pages. Available in PDF, EPUB and Kindle. Book excerpt: The finance and accounting profession is emerging as a fast growing profession. In this globalized era, IFRS is gaining more and more attention. Not only are these gradually accepted as a single accounting language for the preparation of financial statements, they are also taking place of national Generally Accepted Accounting Principles (GAAP) across the world. The main objective of the study was to study the attitude, subjective norms, perceived behavioral control and intention of accounting practitioners towards the adoption of IFRS. Stratified random sampling method was used in order to select the sample respondents. The responses collected were tabulated and cronbach alpha was calculated to test the reliability of the results. Descriptives like standard deviation and mean were calculated and one way ANNOVA was used to test the association/non association between the variables. The study concluded that the adoption of IFRS was good for Indian companies and the economy indicating that firms should adopt IFRS early and have necessary training to adopt IFRS as early as possible. No significant influence was found of the years of professional experience on the subjective norms established towards IFRS adoption, on the attitude towards IFRS adoption, whereas significant influence was found of type of firm affiliation on the attitude and of the position held in the organization on the attitude towards IFRS adoption. Further type of firm affiliation on perceived control, years of professional experience on the intention, firm affiliation on subjective norm established and type of firm affiliation on the intention had no significant influence towards IFRS adoption.

Download or read book Accounting Standards IFRS with FREE DOWNLOAD written by Kamal Garg and published by . This book was released on 2011-01-01 with total page 1864 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book International Financial Reporting Standards IFRS US GAAP UK GAAP and Indian GAAP written by A. L. Saini and published by . This book was released on 2007 with total page 780 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Convergence of International Financial Reporting Standards IFRS in Indian Accounting Curriculum written by Deepak Adhana and published by . This book was released on 2020 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: Last 30-40 years of globalisation have witnessed increasing interdependence among the world nations. Although nations are physically separated, they seem integrated through cross border flows of goods, services, people, capital, information and culture. Foreign Direct Investments, Foreign Institutional Investors, Merger and Acquisition, Franchising and Business Outsourcing are some example of international transaction in global business. Integration of the capital market has necessitated the unification of financial reporting methods and hence, the Accounting. Accounting is a language of any business. It helps to identify measure and communicate accounting information to permit informed judgement and decisions by the users of the information. With the intention of alliance in accounting methods, International Financial Reporting Standards, IFRS have developed.IFRS are accounting standards issued by the IFRS Foundation and Landon-based International Accounting Standards Board (IASB) to provide a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. IFRS requires businesses to report their financial results and financial position using the same rules; this means that, barring any fraudulent manipulation, there is considerable uniformity in the financial reporting of all businesses using IFRS, which makes it easier to compare and contrast their financial results. IFRS are widely used around the world by more than 140 countries but have not replaced the separate accounting standards in the United States where US GAAP is applied.The present paper discusses the worldwide transition from national accounting standards to international accounting standards. The paper further exhibits progression of IFRS in an Indian context in the form of Ind AS? It also studies the probable benefits and challenges in process of convergence. Finally, the paper concludes with a foreseeable future perspective.

Download or read book IGAAP Financial Reporting Standards in India Including a Comparison with IFRS 2 Volume written by Deloitte and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: iGAAP Financial Reporting Standards in India Including a Comparison with IFRS® is a practical and comprehensive accounting guide for companies that are based in India. It includes a standard-by-standard and section-by-section comparison with the provisions of the IFRSs. With Indian GAAP set to converge with the IFRSs from 2011, this book is the ideal one-stop reference guide for all. With clear and detailed explanations and examples of IFRS and Indian GAAP, this book helps meet the challenge of converging of Indian GAAP with the IFRSs.

Download or read book Accounting Standards in Bharat India English written by Navneet Singh and published by Navneet Singh. This book was released on with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: Accounting Standards in Bharat Accounting standards in India, often referred to as Indian Accounting Standards (Ind AS), have evolved over the years to align with international accounting standards, particularly with the International Financial Reporting Standards (IFRS). Here's a brief overview: Convergence with IFRS: In 2011, the Ministry of Corporate Affairs (MCA) in India announced its plan to converge Indian accounting standards with IFRS. This convergence aimed to enhance transparency, comparability, and credibility of financial statements. Implementation: The adoption of Ind AS began in phases from April 1, 2016, for certain categories of companies. Initially, listed and unlisted companies meeting certain thresholds were required to adopt Ind AS. Later, the scope expanded to include more entities. Standards: The Ind AS framework comprises standards issued by the Accounting Standards Board (ASB) under the Institute of Chartered Accountants of India (ICAI). These standards cover various aspects of financial reporting, including presentation of financial statements, revenue recognition, leases, financial instruments, etc. Regulatory Framework: The Companies Act, 2013, governs the application of accounting standards in India. Under this Act, the Ministry of Corporate Affairs (MCA) has the authority to notify accounting standards. Regulatory Authority: The Institute of Chartered Accountants of India (ICAI) is the regulatory body responsible for issuing accounting standards in India. It works closely with the MCA in formulating and updating these standards. Changes and Updates: Accounting standards are periodically reviewed and updated to ensure they remain relevant and in line with global best practices. Stakeholder feedback, developments in international standards, and changes in the business environment are considered in these updates. Challenges: The adoption of Ind AS posed challenges for companies, including changes in accounting policies, systems, and processes. Training and education initiatives were undertaken to facilitate a smooth transition. Impact: The adoption of Ind AS has resulted in improved financial reporting quality, increased transparency, and enhanced comparability of financial statements. It has also facilitated better access to global capital markets for Indian companies. Overall, the adoption of Ind AS represents India's commitment to global financial reporting standards and its efforts to enhance the credibility and reliability of financial information.

Download or read book Applying IFRS Standards written by Ruth Picker and published by John Wiley & Sons. This book was released on 2019-06-24 with total page 754 pages. Available in PDF, EPUB and Kindle. Book excerpt: Understanding the main concepts of IFRS Standards The fourth edition of Applying IFRS Standards explains the core principles of International Financial Reporting (IFRS) Standards. It also addresses the skills needed to apply the standards in business environments. The book begins with an overview of the International Accounting Standards Board (IASB) and how it establishes accounting standards. The general book topics are then covered in detail and include: income taxes, financial instruments, fair value measurement, property, inventories, employee benefits and more. Discussion questions, exercises and references are provided throughout the book.