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IFRS

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IFRS is issued by the International Accounting Standard Board with the main purpose of maintaining consistency and transparency in the financial statements across the world. It describes the common set of rules for financial statements and contributes to economic efficiency. Information in this is quite relevant for the objectives of IFRS and appropriate as it’s based on clearly stated principles. This is a common global language and adopted most of the business firms because accounts…

Generally accepted accounting principles (GAAP) are defined as the rules of action or conduct which are derived from experience and practice; which when prove useful become accepted as principles of accounting. They are used to maintain consistency and uniformity in accounting records throughout the country. These principles are often called by various names such as postulates, assumptions, concepts and conventions etc. The general acceptability of these principles depend of how well they satisfy the criteria…

1) IFRS 1- First-time Adoption of International Financial Reporting Standards It sets out the procedures that an entity must follow when it adopts IFRSs for the first time as the basis for preparing its general purpose financial statements. This IFRS grants limited exemptions from the general requirement to comply with each IFRS effective at the end of its first IFRS reporting period. There are many benefits of implementing IFRS in India in terms of economy, industry,…

Indian Accounting Standards (Ind AS) are issued by the Accounting Standard Board to converge Indian GAAP with International Financial Accounting Standards (IFRS). Their objective is to remove variations in the treatment of several accounting aspects and to bring about standardization in the presentation. On 2 January 2015, the Press Information Bureau, Government of India, Ministry of Corporate Affairs (MCA) issued a note outlining the various phases in which Indian Accounting Standards converged with IFRS (Ind…

India, one of the fastest growing global economies is on the verge of converging with International Financial Reporting Standards (IFRS). As on date 123 countries across the globe have converged with IFRS, India is soon to join the bandwagon. The Ministry of Corporate Affairs in its press release dated 25.2.2011 notified 35 Indian Accounting Standards converged with International Financial Reporting Standards (henceforth called Draft IND AS). Further, On 2 January 2015, the Press Information Bureau,…

US GAAP are the generally accepted accounting principles used in the United States while IFRS are the international financial reporting standards used around the world.There are some major differences between US GAAP and IFRS. DifferenceUS GAAPIFRSFinancial periods requiredGenerally, comparative financial statements are presented; however, a single year may be presented in certain circumstances. Public companies must follow SEC rules, which typically require balance sheets for the two most recent years, while all other statements must…

Ernst and Young (EY) are one of the global leaders in Tax, Assurance, Advisory and Transaction Services. It plays a critical role in building a better world for their clients, communities and people. It offers various training programs to help people develop their competencies in the field of finance and IFRS with the help of trained professionals who ensure the development of the participants.Some of the training programs offered by EY are: 1. Finance for Non Finance…