Record Details

International Financial Reporting Standards (IFRS) and India-An analysis of IND AS and Revised Schedule VI with reference to IFRS

Advances in Applied Economics and Finance

View Archive Info
 
 
Field Value
 
Title International Financial Reporting Standards (IFRS) and India-An analysis of IND AS and Revised Schedule VI with reference to IFRS
 
Creator KHICHI, MAHENDRA KUMAR; UNIVERSITY OF RAJASTHAN
 
Subject IFRS;CONVERGENCE;REVISED SCHEDULE VI;CHALLANGES;IND-AS;IGAAP
 
Description The gist of the paper is on initiatives taken by India for convergence to IFRS and its deviation from IFRS. Convergence vs adoption of IFRS in India has been discussed, in view of preliminary step towards convergence to IFRS taken by Ministry of corporate affairs by issuance of IND-AS corresponding to IFRS. Though all the ingredients of IFRS have not been taken in the IND AS, but still it is a step forward towards IFRS. Difference between IFRS and IND AS has been discussed for Carve out from IFRS in the relevant IND AS’s and other major changes as notified by MCA. Ministry of Corporate Affair (MCA) further decided to begin the process of convergence of IFRS with a relatively easier step i.e. presentation format of Financial Statement in line with IFRS i.e. Revised Schedule VI, which is made mandatory for all companies from FY 2011-12. Significant Changes in the disclosure requirement of Revised Schedule VI has been analysed with reference to presentation and disclosure required as per IFRS. A brief history of IFRS, its Significance, objectives has been discussed along with Challenged in IFRS beyond Accounting and Financial Reporting in Indian perspective i.e. Human resources, Information System, Internal Control, Amendment of Laws and Audit-ability of fair value measurements. Structured approach for managing the IFRS change over in India has been discussed by using the preliminary study of Accounting and reporting, System and processes and Business and people.
 
Publisher World Science Publisher
 
Contributor Dr. Sangeeta Gupta, Asstt. Prof in A.B.S.T. University of Rajasthan, Jaipur, INDIA
 
Date 2015-10-31
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
—
 
Format application/pdf
 
Identifier http://worldsciencepublisher.org/journals/index.php/AAEF/article/view/1261
 
Source Advances in Applied Economics and Finance; Vol 5, No 1 (2015); 765-771
2167-6348
 
Language eng
 
Relation http://worldsciencepublisher.org/journals/index.php/AAEF/article/view/1261/1201
 
Rights Copyright NoticeProposed Creative Commons Copyright Notices1. Proposed Policy for Journals That Offer Open AccessAuthors who publish with this journal agree to the following terms:Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).Proposed Policy for Journals That Offer Delayed Open AccessAuthors who publish with this journal agree to the following terms:Authors retain copyright and grant the journal right of first publication, with the work [SPECIFY PERIOD OF TIME] after publication simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).