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Indian Accounting Standards Converged with IFRS Notified


Finally, we have a press note specifiying that the Converged Indian Accounting Standards (IND AS) are notified by MCA dated 25-February 2011. The IND ASs (35 standards notified) are converged with International Financial Reporting Standards (IFRS). The verbatim script of the press note as released by the MCA is as under:

QUOTE
Reliable, consistent and uniform financial reporting is important part of good corporate governance practices worldwide in order to enhance the credibility of the businesses in the eyes of investors to take informed investment decisions. In pursuance of G-20 commitment given by India, the process of convergence of Indian Accounting Standards with IFRS has been carried out in Ministry of Corporate Affairs through wide ranging consultative exercise with all the stakeholders. Thirty five Indian Accounting Standards converged with International Financial Reporting Standards (henceforth called IND AS) are being notified by the Ministry and placed on the website. . These are: IND ASs 1, 2, 7, 8, 10, 11, 12, 16, 17, 18, 19, 20, 21, 23, 24, 27, 28, 29, 31, 32, 33, 34, 36, 37, 38, 39, 40, 101, 102, 103, 104, 105, 106, 107 and 108. The Ministry of Corporate Affairs will implement the IFRS converged Indian Accounting Standards in a phased manner after various issues including tax related issues are resolved with the concerned Departments. It would be ensured that the implementation of the converged standards in a phased manner is smooth for the stakeholders. The date of implementation of the IND AS will be notified by the Ministry at a later date.

The Press Release and IND ASs are available on the Ministry’s website at www.mca.gov.in .

Ministry of Corporate Affairs, Government of India

New Delhi February 25, 2011

RCJ/VL/PT-Corporate Affairs Press Note
(Release ID :70248)
UNQUOTE

Comments

  1. Pratik KothariFeb 28, 2011, 9:37:00 AM

    Hi,

    This list (as notified by MCA) does not include AS - 30 (Financial Instruments : Recognition and Measurement). So, does it mean that if a company (having NW > INR 1,000 Crs. which is supposed to follow IFRS in the first phase itself) will not have to follow AS 30? Or you can correct me if my understanding is wrong.

    Thanking you,
    Yours truly,
    Pratik

    ReplyDelete
  2. Pratik KothariFeb 28, 2011, 9:49:00 AM

    Hi,

    Just got to know that AS-30 has been designated as IND AS 39 for the purpose of convergence with IFRS. IND AS 39 is anyways listed in the 25th Feb notification of MCA, so I got my answer.

    Anyways, it's a nice blog that you have created on IFRS. Looking forward to enrich my knowledge on IFRS through your blog.

    Thanks,
    Pratik Kothari

    ReplyDelete

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