IFRS in India via IND AS

TAKSHILA LEARNING PVT. LTD. Patel Nagar Office (Corporate Section): 4/4, East Patel Nagar, New Delhi – 110 008 Ph: 99581 57000 [email protected] https://twitter.com/#!/TakshilaLearn Laxmi Nagar Office (Student Section): 1/44, Ground Floor, Lalita Park, Laxmi Nagar New Delhi – 110 092 Ph: 97176 86000 www.takshilalearning.com http://www.facebook.com/#!/takshilalearn IFRS in India – Final Word Let me put all the controversies to rest, once and for all, we are not going for IFRS in India for sure ……….. before you faint, let me complete; India will be implementing IND AS. Yes, our very own (home grown and inspired by IFRSs) Indian Accounting Standards. We had the opportunity to listen to Joint Secretary, Ministry of Corporate Affairs, Ms. Renuka Kumar in the CII conference. She also elaborated on the reasons of staying away from IFRS, please read on…. There are a few standards which do not sufficiently take care of the interests of developing economies like India. Madam Renuka gave examples like the standard on Agriculture and the standard on Oil & Gas Exploration are the ones where India is not aligned at all with IASB. In fact, ICAI has given several representations on the same to IASB, the International Accounting Standards Board on the same. Now, coming to the status on IND AS ……… which are very much ON. The companies bill, which is pending for legislation in the parliament, puts to rest every stakeholders’ inhibitions including the Ministry of Finance on the issues of taxation. All the issues related to taxation will be put aside with introduction of Taxation Accounting Standards (TAS). Now, it is only a matter of parliament functioning properly to pass the companies bill which should remove most of the ambiguities floating in today’s times. One thing good to note out of all this is that howsoever confused and lost the government (read MPs) may look, there are officials like Ma’am Renuka, who are amply clear on what we need to do in India and for the benefit of most stakeholders. Our complements and best wishes to the Joint Secretary, MCA for many more well thought out and prudent initiatives. Some of these bureaucrats are India’s only hope in bringing in more transparency and reigning-in black economy which is what kills the common man.

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A write up on the current status of IFRS implementation in India.

Transcript of IFRS in India via IND AS

TAKSHILA LEARNING PVT. LTD.

Patel Nagar Office (Corporate Section): 4/4, East Patel Nagar, New Delhi – 110 008 Ph: 99581 57000 [email protected]

https://twitter.com/#!/TakshilaLearn

Laxmi Nagar Office (Student Section): 1/44, Ground Floor, Lalita Park, Laxmi Nagar

New Delhi – 110 092 Ph: 97176 86000 www.takshilalearning.com

http://www.facebook.com/#!/takshilalearn

IFRS in India – Final Word

Let me put all the controversies to rest, once and for all, we are not going for IFRS in India for sure ……….. before you faint, let me complete; India will be implementing IND AS. Yes, our very own (home grown and inspired by IFRSs) Indian Accounting Standards.

We had the opportunity to listen to Joint Secretary, Ministry of Corporate Affairs, Ms. Renuka Kumar in the CII conference. She also elaborated on the reasons of staying away from IFRS, please read on….

There are a few standards which do not sufficiently take care of the interests of developing economies like India. Madam Renuka gave examples like the standard on Agriculture and the standard on Oil & Gas Exploration are the ones where India is not aligned at all with IASB. In fact, ICAI has given several representations on the same to IASB, the International Accounting Standards Board on the same.

Now, coming to the status on IND AS ……… which are very much ON. The companies bill, which is pending for legislation in the parliament, puts to rest every stakeholders’ inhibitions including the Ministry of Finance on the issues of taxation. All the issues related to taxation will be put aside with introduction of Taxation Accounting Standards (TAS).

Now, it is only a matter of parliament functioning properly to pass the companies bill which should remove most of the ambiguities floating in today’s times.

One thing good to note out of all this is that howsoever confused and lost the government (read MPs) may look, there are officials like Ma’am Renuka, who are amply clear on what we need to do in India and for the benefit of most stakeholders. Our complements and best wishes to the Joint Secretary, MCA for many more well thought out and prudent initiatives. Some of these bureaucrats are India’s only hope in bringing in more transparency and reigning-in black economy which is what kills the common man.