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

2. 6th September 20079th RRC2

3. HISTORY 6th September 200739th RRC International Federation of Accountants (IFAC) International Accounting Standard Committee (ISAC) Standards Interpretation Committee (SIC)

4. TRANSITION Was replaced by International Accounting Standard Board (IASB) In April 2001 International Accounting Standard Committee (IASC) 6th September 20079th RRC4

5. Oct 2002 IASB & FASB agreed on convergence of US GAAP & IAS 6th September 20079th RRC5

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 (11 since withdrawn)  In total till date 7 IFRS have been issued by IASB.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 6th September 20079th RRC6 Reco

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 6th September 20079th RRC7

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 6th September 20079th RRC8

9. OVERVIEW OF IFRS IFRS-1First Time Adoption of IFRS IFRS-2Share Based Payments IFRS-3Business Combinations IFRS-4Insurance Contracts IFRS-5Non Current Assets held for sale and discontinued operations IFRS-6Exploration for and evaluations of Mineral Assets IFRS-7Financial Instruments- Disclosures 6th September 20079th RRC9