IFRS-compliant accounting standards ICAI has stated that New Indian Accounting Standards (Ind-AS), being formulated in alignment with International Financial Reporting Standards (IFRS), are likely to be notified by December this year. This is a welcome step and long awaited. With this timeline being met, we will soon enter into the elite pool of having Accounting Standards complied with the International Standard and a lot of hassle of aligning the treatment of financials of overseas associated and subsidiary entities during comsolidation would go away. However, a big question still remain - what about US based entities. A very large portion of India overseas business particularly in respect of IT companies is with US and in most of the cases more than 50% of overseas revenues flow from US. Will there be any advantage of IFRS compliant accounting standard to such. In my view even such entities would be benefitted may not be to a very large extent but there is definitely benefit to even such entities
Posted on: Mon, 01 Sep 2014 08:55:58 +0000
Trending Topics
Recently Viewed Topics
© 2015