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IRJMST Vol 5 Issue 9 [Year 2014] ISSN 2250 – 1959 (0nline) 2348 – 9367 (Print)
International Research Journal of Management Science & Technology http://www.irjmst.com Page 11
THE INDIAN LANDSCAPE IFRS CONVERGENCE
Anju Dagar (Assistant Professor, IITM)
ABSTRACT
A financial reporting system supported by strong governance, high quality standards and firm regulatory
framework is the key to the economic development. Indeed, 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. However, with the fast changing economy,
liberalization, increasing foreign investment in the country, it has become now necessary for India to
comply with International Financial Reporting Standards (IFRS). Though there will be an adoption of
IFRS in a phased manner and the process of implementation is not as smooth and easy as it appears.
Therefore, this paper attempts to find out up to what extent IFRS has been adopted by the organizations,
what is the approach for achieving convergence with IFRSS, what challenges and opportunities
companies are facing in the implementation of IFRSS and what are the benefits of achieving
convergence with IFRSS. Apart from that, this paper also highlights the some of the key differences
between IFRS and Indian GAAP.
Key words: Convergence, Reporting, Standards, Liberalization, Corporate, International
Financial Reporting Standards
INTRODUCTION
Globalization and liberalization of economic policies initiated by the Government since 1991 have
brought about significant changes in the attitudes and perceptions of investors, management financial
institutions, financial and stock markets, Bankers and the corporate world as a whole. With Global
capital markets companies are getting listed at several stock-exchanges located in different countries, the
decision regarding investments in companies of other countries requires an understanding, analysis and
interpretation of financial statements of these companies which are primarily based on the accounting
concepts, conventions and practices of that country. Hence, the difference in accounting practices and
reporting requirements make the financial statements and reports ambiguous and unfriendly for the
global investors. Hence there is an urge to converge accounting information into global common
IRJMST Vol 5 Issue 9 [Year 2014] ISSN 2250 – 1959 (0nline) 2348 – 9367 (Print)
International Research Journal of Management Science & Technology http://www.irjmst.com Page 12
reporting standards. There has been significant progress towards global convergence of the International
Financial Reporting Standards (IFRS) in recent years. Adopting a single global accounting language will
ensure relevance, completeness, understandability, reliability, timeliness, neutrality, verifiability,
consistency, comparability and transparency of financial statements and these bring about a qualitative
change in the accounting information reports which will strengthen the confidence and empower
investors and other users of accounting information around the world. With the growth of Indian
Economy and increasing integration with the global economies, it would be imperative for Indian
companies to adopt IFRS for their financial reporting.
BACKGROUND TO THE PROBLEM
The Accounting Standards Board of the Institute of Chartered Accountants of India ('ICAI') was
constituted on 21 April, 1977, to formulate Accounting Standards applicable to Indian enterprises.
Initially, the Accounting Standards were recommendatory in nature and gradually the Accounting
Standards were made mandatory. The legal recognition to the Accounting Standards was accorded for
the companies in the Companies Act, 1956, by introduction of Section 211(3C) through the Companies
(Amendment) Act, 1999, whereby it is required that the companies shall follow the Accounting
Standards notified by the Central Government on a recommendation made by the National Advisory
Committee on Accounting Standards (NACAS) constituted under section 210A of the said Act.
The Government of India, Ministry of Company Affairs (now Ministry of Corporate Affairs) notified
Accounting Standards in Companies (Accounting Standards) Rules, 2006 by Notification No. G.S.R.
739(E), dated 7 December, 2006, prescribing Accounting Standards 1 to 7 and 9 to 29 as issued by
ICAI. It also issued Companies (Accounting Standards) Amendment Rules,2008 by notification no.
G.S.R. No. 212 (E), dated 27 March, 2008 making some modification in existing rules so as to
harmonize them with accounting standards issued by ICAI. These standards are applicable to
preparation of general purpose financial statements for accounting periods commencing on or after 7
December, 2006. It may be mentioned that the Accounting Standards notified by the Government are
virtually identical with the Accounting Standards, read with the Accounting Standards Interpretations,
issued by ICAI.
The Reserve Bank of India ('RBI') in case of banks, the Insurance Regulatory and Development
Authority (IRDA) in case of insurance companies and the Securities and Exchange Board of India
(SEBI) in case of all listed companies, requires compliance with the Accounting Standards issued by
IRJMST Vol 5 Issue 9 [Year 2014] ISSN 2250 – 1959 (0nline) 2348 – 9367 (Print)
International Research Journal of Management Science & Technology http://www.irjmst.com Page 13
ICAI.ICAI, being a full-fledged member of the International Federation of Accountant (IFAC), while
formulating the Accounting Standards (ass), the ASB gives due consideration to International
Accounting Standards (IASS) issued by the International Accounting Standards Committee or
International Financial Reporting Standards (IFRS) issued by the IASB, as the case may be, and try to
integrate them, to the extent possible. However, where departure from IFRS is warranted keeping in
view the Indian conditions, the ass have been modified to that extent.
Further, the endeavor of the ICAI is not only to bridge the gap between ass and ifrss by issuance of new
AS but also to ensure that the existing ass are in line with the changes in international thinking on
various accounting issues. The National Committee on Accounting Standards (NACAS) constituted by
the Central Government for recommending accounting standards to the Government, while reviewing
the AS issued by the ICAI, considers the deviations in the AS, if any, from the IFRSS and recommends
to the ICAI to revise the AS wherever it considers that the deviations are not appropriate.
The term International Financial Reporting Standards (IFRSS) includes IFRSS, IASS and interpretations
originated by the IFRIC or its predecessor, the former Standing Interpretations Committee (SIC). IFRS
are increasingly being recognized as Global Reporting Standards for financial statements. 'National
GAAP' is becoming rare. As global capital markets become increasingly integrated, many countries are
moving to IFRS. More than 100 countries such as European Union, Australia, New Zealand and Russia
currently permit the use of IFRS in their countries. ICAI / MCA has also expressed their view that
IFRSS should be adopted in India for the public interest entities such as listed entities, banks and
insurance entities and large-sized entities from the accounting periods beginning on or after 1 April,
2011. As a consequence the Indian entities will need to start preparing for convergence to IFRS,
preferable much earlier. The next few years will be exciting, but challenging at the same time.
OBJECTIVES OF THE STUDY
The prerequisite for achieving convergence successfully is to lay down the convergence strategy
including the roadmap for achieving convergence in a systematic and consistent way keeping in view
the legal, economic and other peculiarities of the country.
This Paper is the first step in this direction in India with the objective of exploring:
The approach for achieving convergence with IFRSS
To find out up to what extent IFRS has been adopted by the organizations
IRJMST Vol 5 Issue 9 [Year 2014] ISSN 2250 – 1959 (0nline) 2348 – 9367 (Print)
International Research Journal of Management Science & Technology http://www.irjmst.com Page 14
To understand challenges and opportunities companies are facing in the implementation of
IFRSS
To provide the benefits of adopting IFRSS
To show up the some of the key differences between IFRS and Indian GAAP and
Laying down a road map for achieving convergence with IFRSS, with a view to make India
IFRS-compliant.
RESEARCH METHODOLOGY
Research methodology used in this paper is based on “Qualitative Research”, studied many press
releases and circulars are issued by Ministry of Corporate Affairs for application of Converged
Accounting standards by companies, Conceptual paper given by ICAI, and studied Economic times
where the news covered on IFRS to get deep understanding of convergence of IFRS in India. This paper
is developed while keeping in mind that it will be useful to all companies and mankind, who keep an
interest in knowing about IFRS and its working mechanism so as to start first time adoption of IFRS in
their financial reporting. This is basically a common approach paper, which provide over all inside and
outside structure of IFRS in India.
WHAT IS IFRS?
IFRS stands for “International Financial Reporting Standards” and is a single set of high quality,
understandable and
enforceable global accounting standards. It is a "principles based" set of standards which are drafted
lucidly and are easy to understand and apply.
International Financial Reporting Standards comprise of:
International Financial Reporting Standards (IFRS) - standards issued after 2001
International Accounting Standards (IAS) - standards issued before 2001
Interpretations originated from the International Financial Reporting Interpretations Committee
(IFRIC) - issued after 2001
Standing Interpretations Committee (SIC) - issued before 2001
In addition to the above, there is a “Framework for the Preparation and Presentation of Financial
Statements”, which describes the principles underlying the IFRS.
IRJMST Vol 5 Issue 9 [Year 2014] ISSN 2250 – 1959 (0nline) 2348 – 9367 (Print)
International Research Journal of Management Science & Technology http://www.irjmst.com Page 15
DIFFERENCE BETWEEN IFRS AND IAS
Majority of the standards which form part of IFRS were issued between 1973 and 2001 by the board of
the International Accounting Standards Committee (IASC). The standards issued by IASC were known
as IAS. In 2000, IASC Member Bodies approved the restructuring of the IASC's foundation and in
March 2001, the new IASB took over the responsibility of setting the International Accounting
Standards from the IASC. IASB adopted the standards set by IASC and continued to develop new
standards and called the new standards - IFRS. Thus, practically there is no difference between IFRS
and IAS and both are equally enforceable. The list of IFRS and IAS are given in the annexure for
reference.
MEANING OF ‘CONVERGENCE’ WITH IFRS
In general terms, „convergence‟ means to achieve harmony with IFRSS; in precise terms convergence
can be considered “to design and maintain national accounting standards in a way that financial
statements prepared in accordance with national accounting standards draw unreserved statement of
compliance with IFRSS”,. I.e., when the national accounting standards will comply with all the
requirements of IFRS. But convergence does not mean that IFRS should be adopted by word by word,
e.g. Replacing the term „true and fair‟ for „present fairly‟, in IAS 1, Presentation of Financial
Statements, such changes do not lead to non convergence with IFRS.
The IASB accepts in its „Statement of Best Practice: Working Relationships between the IASB and other
Accounting Standards- Setters‟ that adding disclosure requirements or removing optional treatments do
not create noncompliance with IFRSS. But additional disclosures or removing of optional treatment
should be made clear so that users of the IFRS are aware of the changes.
WHY IFRS?
Conversion to IFRS offers companies a number of important benefits. Companies that operate in a
global environment and comply with foreign reporting requirements can streamline their financial
reporting. This will reduce related reporting costs by developing common reporting systems and will
ensure consistency in statutory reporting.
Furthermore, comparison and benchmarking of financial data with international competitors would be
possible. Adoption of IFRS will make cross border acquisitions and joint venture possible, and also
provide access to foreign capital. This is because majority of stock exchanges require financial
information presented according to the IFRS. Early adoption of IFRS may offer an edge to the
companies over their competitors as they can claim early adoption. This, in turn, will enhance the brand
IRJMST Vol 5 Issue 9 [Year 2014] ISSN 2250 – 1959 (0nline) 2348 – 9367 (Print)
International Research Journal of Management Science & Technology http://www.irjmst.com Page 16
value of the company. The companies can trade their shares and securities on stock exchanges
worldwide. For this, most of the stock exchanges require financial statements prepared under IFRS.
Another major benefit of convergence is that the management of a company can view all the companies
in a group on a common platform. This will reduce the time and efforts involved to adjust the accounts
in order to comply with the requirements of the national GAAP.
Business acquisition would be reflected at fair value in IFRS rather than the carrying values. This would
ensure greater transparency in the financial statements. The implementation of IFRS in the corporates
would require trained accountants, auditors, valuers and actuaries. This will boost the growth of the
service sector also as India can emerge as an accounting services hub. Moreover, a single set of
accounting standards worldwide would ensure that auditing firms standardize their training and quality
of work is maintained globally.
IFRS IMPLEMENTATION - CHALLENGES
In spite of the various benefits of adopting IFRS, implementation of IFRS is a herculean task in India.
Following are a few challenges faced during adoption and implementation of IFRS:
Awareness about international practices Adoption of IFRS means that the entire set of financial
statements will be required to undergo a drastic change. There are a number of differences between the
two GAAP‟s (discussed below). This may cause the users of financial statements to look at them from a
new perspective. It would be a challenge to bring about awareness of IFRS and its impact among the
users of financial statements.
Training
Professional accountants are looked upon to ensure successful implementation of IFRS. The biggest
hurdle for the professionals in implementing IFRS is the lack of training facilities and academic courses
on IFRS in India. As the implementation date draws closer (2011), it is observed that there is acute
shortage of trained IFRS staff. The solution to this problem is that all stakeholders in the organization
should be trained and IFRS should be introduced as a full time subject in the universities.
Amendments to the existing law
It is observed that implementation of IFRS may result in a number of inconsistencies with the existing
laws which include the Companies Act 1956, SEBI regulations, banking laws and regulations and the
insurance laws and regulations. Currently, the reporting requirements are governed by various regulators
in India and their provisions override other laws. IFRS does not recognize such overriding laws.
IRJMST Vol 5 Issue 9 [Year 2014] ISSN 2250 – 1959 (0nline) 2348 – 9367 (Print)
International Research Journal of Management Science & Technology http://www.irjmst.com Page 17
Although steps to amend these laws have been initiated, the authorities need to ensure that the laws are
amended well in time.
Taxation
IFRS convergence would affect most of the items in the financial statements and consequently the tax
liabilities would also undergo a change. Thus the taxation laws should address the treatment of tax
liabilities arising on convergence from Indian GAAP to IFRS. It is extremely important that the taxation
laws recognise IFRS-compliant financial statements otherwise it would duplicate administrative work
for the organisations.
Fair value
IFRS uses fair value as a measurement base for valuing most of the items of financial statements. The
use of fair value accounting can bring a lot of volatility and subjectivity to the financial statements. It
also involves a lot of hard work in arriving at the fair value and valuation experts have to be used.
Moreover, adjustments to fair value result in gains or losses which are reflected in the income
statements. Whether this can be included in computing distributable profit is also debated.
Management compensation plan
The terms and conditions relating to management compensation plans would also have to be changed.
This is because the financial results under IFRS are likely to be very different from those under the
Indian GAAP. The contracts would have to be renegotiated which is also a big challenge.
Reporting systems
The disclosure and reporting requirements under IFRS are completely different from the Indian
reporting requirements. Companies would have to ensure that the existing business reporting model is
amended to suit the reporting requirements of IFRS. The information systems should be designed to
capture new requirements related to fixed assets, segment disclosures, related party transactions, etc.
Existence of proper internal control and minimising the risk of business disruption should be taken care
of while modifying or changing the information systems.
TRANSITION TO IFRS
The Institute of Chartered Accountants of India has proposed two options for convergence:
• All at once
• Stage-wise approach
It has been observed that there are certain implementation dangers and compliance problems with either
AS or IFRS in adopting the all at once approach. Therefore, stage-wise approach would be preferable.
IRJMST Vol 5 Issue 9 [Year 2014] ISSN 2250 – 1959 (0nline) 2348 – 9367 (Print)
International Research Journal of Management Science & Technology http://www.irjmst.com Page 18
ROADMAP FOR IFRS CONVERSION
The Ministry of Corporate Affairs (MCA) laid out a roadmap for IFRS convergence to be conducted in
phases for first-time adoption in India.
Phase Date Coverage
Phase I Opening balance sheet as of 1 April 2011*
1. Companies which are part of BSE - Sensex 30 and NSE -Nifty 50
2. Companies whose shares or other securities are listed
outside India
3. Companies whether listed or not, having net worth of more than Rs. 1,000 Crores Phase II Opening
balance sheet as at 1 April, 2013* Companies not covered in Phase 1 and having net worth exceeding
Rs. 500 Crores. Phase III Opening balance sheet as at 1 April, 2014* Listed companies not covered in
earlier phases *If the financial year of a company commences at a date other than 1 April, then it shall
prepare its opening balance sheet at the
commencement of immediately following financial year
IFRS ROADMAP OVERVIEW
The MCA roadmap has provided specific dates for adoption of IFRS in India on the basis of a
company‟s net worth as indicated by the exchange on which they are traded. The IFRS conversion
roadmap for Banks and Insurance companies will follow separately.
• Phase 1 companies are required to start reporting IFRS results from the first quarter of year beginning
1 April, 2011. Also, depending on how a company elects to present comparative information in the first
year, the actual date of transition could be as early as 1 April 2010.
• The core group and its sub-group 1, constituted by the MCA for IFRS convergence, shall determine
IFRS conversion
roadmap for banking and insurance companies separately by 28 February 2010.
• Non-listed companies with net worth of less than INR 500 crore and other small and medium-sized
companies (SMCS) have been given an option to continue to either follow non converged standards
(Indian GAAP) or to adopt IFRS.
• The draft of the Companies (Amendments) Bill, proposing for changes to the Companies Act, 1956,
will be prepared by February, 2010.
• The Institute of Chartered Accountants of India (ICAI) has submitted to the MCA revised Schedule VI
to the Companies Act, 1956. The NACAS shall review the draft and submit a revised Schedule VI to the
IRJMST Vol 5 Issue 9 [Year 2014] ISSN 2250 – 1959 (0nline) 2348 – 9367 (Print)
International Research Journal of Management Science & Technology http://www.irjmst.com Page 19
MCA by 31 January 2010. Amendments to Schedule XIV will also be carried out in a time bound
manner.
• Convergence of all the accounting standards with IFRS will be completed by the ICAI by 31 March
2010 and the NACAS will submit its final recommendations to MCA by 30 April 2010.
FIRST TIME ADOPTION
For first time adoption, two key terms need to be understood:
Reporting date-It is the end of the latest period covered by the financial statements.
Transition date- It is the beginning of the earliest period for which an entity presents its first full IFRS
compliant financial statements.
ICAI has proposed that in the case of Indian companies, the first reporting date will be 31-03-2012 and
transition date will be 01- 04-2010. Therefore, the first set of financials will be for the period 01-04-
2011 to 31-03-2012 with IFRS comparables which are to be provided for the period 01-04-2010 to 31-
03-2011. It is mandatory for entities to include at least one comparative period in IFRS compliant
financial statements.
After considering the current economic environment, ICAI has decided that IFRS should be adopted for
public interest entities such as listed companies, banking companies, insurance companies and other
large sized entities from the accounting periods commencing on or after 1st April, 2011.
MAJOR DIFFERENCES IN INDIAN GAAP AND IFRS
The major focus of IFRS is on getting the balance sheet right. This can bring significant volatility in the
income statement. There are quite a lot of differences between the Indian GAAP and IFRS with respect
to the presentation of financial statements, disclosure requirements, and accounting policies: it is
difficult to summarise all the differences here. However a few of the major differences are given below
for your reference.
Subject IFRS Indian GAAP
Components of Financial Statements Comprises of
Statement of Financial Position (SOFP)
Statement of Comprehensive income
Statement of Cash flow
Notes to Accounts
Statement of Changes in Equity Comprises of
Balance Sheet
IRJMST Vol 5 Issue 9 [Year 2014] ISSN 2250 – 1959 (0nline) 2348 – 9367 (Print)
International Research Journal of Management Science & Technology http://www.irjmst.com Page 20
Profit and Loss A/c
Cash flow Statement and
Notes to Accounts
Format of SOFP No particular format prescribed.
However IAS prescribes disclosure on the basis of current and non-current assets and liabilities.
According to the format prescribed in Schedule VI to the Companies Act 1956, Banking Regulation Act
for Banks etc.
Format of Income Statement IAS 1 prescribes the format of income statement. According to the format
prescribed in Schedule VI to the Companies Act 1956, Banking Regulation Act for Banks etc.
Statement of Cash Flows Mandatory for all entities Exempted for Level 3 entities as prescribed by ICAI.
Presentation of Extraordinary items IFRS prohibits the presentation of extraordinary items in the
statement of
comprehensive income or in the notes.
Indian GAAP requires extraordinary items to be presented in the profit and loss statement of the entity
distinct
from the ordinary income and expenses for the period. As a result, extraordinary items are considered to
determine the profit / loss for the period. Dividends proposed after The end of the reporting Period
Dividends declared after the end of the reporting period but before the financial statements are
authorised for issue are not Recorded as liability in the financial statements. Dividends declared after the
end of the reporting period but before the financial statements are approved are recorded as liability in
the financial statements. Depreciation rates Allocated on a systematic basis to each accounting period
during the useful life of the asset. Depreciation is based on the higher estimate of useful life of the asset,
or the rates prescribed by Schedule VI of The Companies Act 1956. Change in the depreciation Method
Treated as a change in the accounting estimate and hence is accounted for prospectively. Treated as a
change in the accounting policy and is accounted for retrospectively (i.e. For all the relevant previous
years). Any excess / deficit in the case of this kind of recalculation must be adjusted in the period in
which the change is effected. Entire class to be revalued If an item of property, plant and equipment is
revalued, the entire class of assets to which that asset belongs should be revalued .An entire class of
assets can be Revalued, or selection of assets for revaluation can be made on a systematic basis.
Component accounting Mandates component accounting. Recommends component accounting.
IRJMST Vol 5 Issue 9 [Year 2014] ISSN 2250 – 1959 (0nline) 2348 – 9367 (Print)
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Functional and foreign Currency Functional currency is the currency of the primary economic
environment in which the entity operates. Functional and presentation currencies may be different. The
standard contains detailed guidance on this. No concept of functional currency. Goodwill Goodwill is
not amortised under IAS 38 but is subject to annual impairment test under IAS 36. AS 14 provides that
goodwill arising on amalgamation in the nature of purchase is amortised over a period of 5 years.
Measurement of intangible assets Can be measured at cost or revalued amount. Are measured at cost
only.
Actuarial gain or loss IAS 19 gives three choices for the treatment of actuarial gains or losses arising on
measurement of employee benefits. Actuarial gains and losses should be recognised immediately in the
statement of profit and loss as an income or expense. Contingent asset disclosure Contingent assets are
disclosed in the financial statements only if the inflow of economic benefit is probable. Contingent
assets are disclosed as part
of the director‟s report (approving authority)and are not disclosed in the financial statement.
MAJOR FINDINGS OF THE STUDY
Rapid start to implementing work without a structured Rapid start to implementing work without a
structured assessment
Time to complete and/ or resources are underestimated: We will just switch to IFRS”
Accounting rules are seen as “pretty similar pretty similar”, but small , but small differences can
matter a lot
Impacts of IFRS conversion are not addressed with stakeholders
Lack of clarity about strategies for selecting the various accounting options
Inability to provide information on all areas impacted by IFRS (e.g. To analysts)
Lack of sufficient communication with auditors Lack of sufficient communication with auditors
RECOMMENDATIONS OF THE STUDY
Understand the IFRS impact early in the project lifecycle – accounting, process, people and IT
Complexities not to be underestimated – it cannot be done in isolation
Not just a finance project – adopt a holistic approach
Post conversion activities – the hard work may just be beginning – develop a sustainable
approach
IRJMST Vol 5 Issue 9 [Year 2014] ISSN 2250 – 1959 (0nline) 2348 – 9367 (Print)
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ANNEXURE 1 – LIST OF IFRS
IFRS 1 First-time Adoption of International Financial Reporting Standards
IFRS 2 Share-based Payment
IFRS 3 Business Combinations
IFRS 4 Insurance Contracts
IFRS 5 Non-current Assets Held for Sale and Discontinued Operations
IFRS 6 Exploration for and Evaluation of Mineral Resources
IFRS 7 Financial Instruments: Disclosures
IFRS 8 Operating Segments
ANNEXURE 2 – LIST OF IAS
IAS 1 Presentation of Financial Statements
IAS 2 Inventories
IAS 7 Statement of Cash Flows
IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
IAS 10 Events after the Reporting Period
IAS 11 Construction Contracts
IAS 12 Income Taxes
IAS 16 Property, Plant and Equipment
IAS 17 Leases
IAS 18 Revenue
IAS 19 Employee Benefits
IAS 20 Accounting for Government Grants and Disclosure of Government Assistance
IAS 21 The Effects of Changes in Foreign Exchange Rates
IAS 23 Borrowing Costs IAS 24 Related Party Disclosures
IAS 26 Accounting and Reporting by Retirement Benefit Plans
IAS 27 Consolidated and Separate Financial Statements
IAS 28 Investments in Associates
IAS 29 Financial Reporting in Hyperinflationary Economies
IAS 31 Interests in Joint Ventures
IAS 32 Financial Instruments: Presentation
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IAS 33 Earnings per Share
IAS 34 Interim Financial Reporting
IAS 36 Impairment of Assets
IAS 37 Provisions, Contingent Liabilities and Contingent Assets
IAS 38 Intangible Assets
IAS 39 Financial Instruments: Recognition and Measurement
IAS 40 Investment Property
IAS 41 Agriculture
REFERENCES:
1. The Economic Times, New Delhi, October 08, 2008.
2. The Economic Times, New Delhi, July 07, 2008.
3. A Management Guide to Better Financial Reporting – Duff and Phelps Inc. – Arthm Anderson and
Co. 1976 – p.4.
4. Financial Accounting Standards Board – Concept 2 Qualitative characteristics of Accounting
Information 1980 – p. 26.
5. The Economic Times, New Delhi, July 14, 2008.
6. International Accounting Standards – Frame work Qualitative characteristics of Financial statements
– Para 26 (2001).
7. International Valuation Standards: Standards and Applications and Performance Guidance
International Valuation
Standards Committee – 1997 ivs 3-7.
8. Http://www.articlesbase.com/accounting-articles/working-towards-a-global-convergence-of
accounting- standards- 1379167.html
9. Http://www.ifrs.org/Use-around-the-world/Education/Pages/Education.aspx
10. The Economic Times, New Delhi, 5th March, 2011
11. Http://www.pwc.com/in/en/services/ifrs/ifrs-in-india.jhtml
12. “Concept Paper on Convergence with IFRSS in India” given by ICAI
13. Article on “Challenges in converging to IFRS” given by KPMG