Comparison of IFRS and Indian Accounting Standards
Mar 23rd
IFRS is a novel way of looking at accounting. IFRS is a “principle-based” standards rather than “rule-based” standard which are currently followed.
Under IFRS there is need to apply professional judgment consistent with intent and spirit of standards.
Various countries have adapted to IFRS in different ways, often embedding local cultures and that is why there are [...]
Challenges for implementation of IFRS
Mar 19th
Key Practical Challenges for implementation of IFRS in India for Banking Industry
No stable Platform: There are many changes / amendment taking place for most of the standards from International Accounting Standard Board there has been no stable platform ready for banks.
Training: All Stakeholders has to be conversant and shall be able to understand and interpret [...]
Fair Value Accounting in IFRS
Dec 28th
To what extent fair value accounting holds good for valuation in IFRS
Significant percentage of the balance sheet would be at Fair Value compared to current practice of carrying at historical cost under IFRS.
Use of Fair value:
At present Fair Value is limited to impairment of assets, measurement of retirement benefits and mark to market accounting of [...]
Accounting and Business are Interrelated in IFRS
Dec 10th
There is a feeling that IFRS – rather than business strategy – might actually be driving changes to corporate behavior. In some cases, it may help companies do things better – such as revisit their derivatives strategies – in other cases, it could be changing the way companies work just to get the desired accounting [...]