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IFRS IMPLEMENTATION & CHALLENGES

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Presentation on theme: "IFRS IMPLEMENTATION & CHALLENGES"— Presentation transcript:

1 IFRS IMPLEMENTATION & CHALLENGES
GMCS PRESENTATION -By Priyank Kandoi

2 INTRODUCTION IFRS comprise of following :
International Accounting standards (28 - IAS) International Financial Reporting Standards (8 – IFRS) & Interpretations Issued by ISAB ISAB = International Accounting Standard Board

3 IFRS STRUCTURE : International Financial reporting Standard (IFRS)
Accounting Standard (IAS) Standing Interpretations Committee (SIC) Reporting Committee (IFRIC)

4 IFRS AROUND THE WORLD

5 ROAD MAP : INDIAN CONTEXT
So, in line with global trend the ICAI has proposed a plan for convergence with IFRS with effect from The first set of IFRS financial statements for the year ending March 31, 2012 would require preparation of: Opening balance sheet as on April 1, 2010 Comparative financial statements – year ending March 31, 2011 Reporting enterprises would need to ensure preparedness for IFRS reporting as early as April 2010

6 APPLICABILITY IFRS applies to Public Interest Entities only

7 SME need not adopt all IFRS, so a separate standard need to be formulated
The same is in exposure draft stage Existing AS Nos. may be given for cross referencing, comparability and in that way easy understanding

8 WAY OF ADOPTION Stage-wise adoption (Not possible due to complexity of Inter-relationship of standards) Immediate adoption( Also not possible) For Defined Entities only (Considered by ICAI)

9 BENEFITES A single set of AS around the globe
Free flow of International Capital For regulators, Complexity to understand various laws would be reduced Increase comparability Benefits for Investors Balance Sheet closer to economic value Same language

10 CHALLENGES Awareness about international practice Training
Amendment in existing law Taxation Fair Value Management compensation plan Reporting system Significant differences Communication of impact of IFRS to Investors

11 CONCLUSION Benefits V/s Challenges Success of convergence depends on
co-operation from government, regulators and tax departments Planning and management of corporate India

12

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