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« A Letter from Dennis Beresford | Main | India's IFRS Carve-Outs and the Pipedream of Global Accounting Standards »

March 10, 2011

Comments

Sonia Jaspal

Doesn't look like it from President of ICAI's message for march 2011
http://www.icai.org/new_post.html?post_id=7027&c_id=240

Dave Albrecht

I knew something was happening, given the recent announcement that they were deferring adoption for at least a year. So this tip is consistent.

I don't have any online sources, sorry.

Matt

http://www.complianceweek.com/india-could-abandon-mandatory-ifrs/article/196592/

True Blue

"But, whatever the case, I would be very interested in obtaining a detailed listing of those 65-odd carve-outs; and if I do I'll certainly write a post about it. Does anybody have an online (or other) source that might have this information?"

http://www.iasplus.com/asia/1103intrackingifrs9.pdf

The standards themselves are here:

http://www.mca.gov.in/Ministry/accounting_standards.html

Sunil Thukral

Hi Tom,

Here is the link to the article that lists out the 4 main carve-outs under IFRS. I presume that there might be other smaller items that might be inconsequential to the adoption of IFRS in India. See link: http://lnkd.in/NMXARK

Here is a link to the other article that was published last month that states that adoption of IFRS in India will be delayed. Here is the link: http://lnkd.in/F-uby7

However, the main problem with IFRS is that there are many different versions of IFRS floating around the world. We have the EU version of IFRS that has been adopted in Europe, Indian version of IFRS (if adopted in India). See the link for additional details: http://lnkd.in/2pgrwE

Dr. Santanu K. Ganguli

Where didi you get this information from? India was supposed to become IFRS complient in phased manner from 1st April, 2011. A number of legislations, for example the companies Act, Income tax Act etc have to be amended to make them IFRS compatible. Pending the amendment implementation has been put on a hold. Most of the existing accounting standards in India to a great extent are already in line with IFRS. Some are nothing but almost carbon copies. New accounting standard on financial instrument to be effective fron 1.4.2011 have directly been copied from IFRS. It is just a matter of time to become wholly IFRS complient .......

Ram

The IFRS carve outs are clear in this article:

http://www.thehindubusinessline.com/todays-paper/tp-others/tp-accountancy/article1504558.ece

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