IFRS in India
- Key Aspects
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IFRS in India - Key Aspects
Background: India has set a roadmap for convergence with International Financial Reporting Standards (IFRS) commencing from 1 April, 2011. The convergence with IFRS standards is set to change the landscape for financial reporting in India. IFRS represents the most commonly accepted global accounting framework as it has been adopted by more than 100 countries. With the growth of Indian Economy and increasing integration with the global economies, Indian corporates are raising capital globally. Under the circumstances, it would be imperative for Indian corporates to adopt IFRS for their financial reporting. While the Core Group of Ministry of Corporate Affairs (MCA) has recommended convergence to IFRS in a phased manner from 1 April, 2011 Indian corporates having global aspirations should consider earlier voluntary adoption. While there are several similarities between Indian GAAP and IFRS, still there are differences which can have significant impact on the financial statements. This publication is aimed to bring out such aspects and a comparative analysis on Indian Generally Accepted Accounting Principles (Indian GAAP) vis-à-vis IFRS. Scope and Limitations: RSM Astute has prepared this publication “IFRS in India – Key Aspects” to provide its readers a broad understanding of IFRS requirements in India, some key differences between IFRS and Indian Accounting...