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IFRS- AN INTRODUCTION

IFRS- AN INTRODUCTION. Written By CA. Ankit Bhargava Presented by CA. ASHOK SETH. BY YEAR 2011 INDIA WOULD BE IFRS CONVERGENT (as per Concept Paper approved by Council). HISTORY. TRANSITION. IASB.

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IFRS- AN INTRODUCTION

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  1. IFRS- AN INTRODUCTION Written By CA. Ankit Bhargava Presented by CA. ASHOK SETH

  2. BY YEAR 2011 INDIA WOULD BE IFRS CONVERGENT (as per Concept Paper approved by Council) 9th RRC

  3. HISTORY 9th RRC

  4. TRANSITION 9th RRC

  5. 9th RRC

  6. IASB • Adopted 41 International Accounting Standards (IAS) and Interpretations issued by IASC- even today are known as IAS. (11 since withdrawn) • In total till date 7 IFRS have been issued by IASB. • These 7 IFRS and 41 IAS are known as IFRS Reco 9th RRC

  7. ADVANTAGES OF CONVERGANCE • Increased Global Market for Indian CA • Making Investments in India easier • Better Benchmarking for Indian Companies. • Indian Corporate sector becoming Global player. • Listing on exchanges abroad • Enhance the Communication of Financial results 9th RRC

  8. PROBLEMS IN CONVERGANCE • Re-training of professionals and business entities • Problems for SME sector • Co- Law and Taxation related • Transition issues • Country/legal specific issues 9th RRC

  9. OVERVIEW OF IFRS 9th RRC

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