IFRS were issued in 2003 by IASB. IFRS was issued with the objective of providing transparent and comparative information to the stakeholders- Institutional Investors, Retail Investors, government, etc to enable them to make
informed capital decisions.
Over the period business opportunities have expanded and service delivery has become quicker due to the use of information technology. This has resulted in a dramatic increase in companies establishing offices in multiple countries. Also, cross-border transactions have increased manifolds.
The world’s capital markets operate more and more freely across borders due to these business complexities need was felt by the International Accounting Body –IASB ( Formerly known as IASC) to develop a single set of global standards which lay down the conceptual framework, principles, rules, scenarios, and guidelines for accounting of business transactions.
Currently, 140 countries across the world permit use of IFRS of which 90 countries have laid down regulations for the companies domiciled there to mandatorily adopt IFRS In India, the ICAI on request by the Ministry of Corporate Affairs developed Ind-AS ( Indian Accounting Standards ) with few carve-ins and carve-outs. Ind AS has emerged from IFRS to enable Indian companies to attract global investment. Ind As Accounting is mandatory from FY 19-20 for
1. Identification of the need for IFRS Applicability to your Group
2. Advisory in the First time adoption of IFRS
3. IFRS Advisory-Effect of IFRS on Financial Statements of the Group- for those companies where following IFRS is optional
4. Support and Guidance to the Finance Function in understanding IFRS-Standard Training Modules on IFRS
5. Complete Support in the Preparation of IFRS-compliant Consolidated Financial Statements
6. IFRS Advisory- Conducting review checks of whether IFRS is being adhered to in the Group for all Business transactions
7. Fair Value Accounting
8. Revenue Recognition, process, and controls
9. Share-based payments
10. Preparation of Chart of Accounts
11. Preparation and Documentation of Accounting process and manuals
12. Impairment Testing
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