Ifrs & Us Gaap

DIFFERENCES BETWEEN IFRSs AND Ind AS This note is issued by the Institute of Chartered Accountants of India (ICAI) to ferment out the differences between the IFRSs1 as applicable on initiatory April, 2011 and the corresponding Indian Accounting Standards (Ind ASs) lay by the Ministry of Corporate personal business (MCA), Government of India, on its website after recommendation of the selfsame(prenominal) by the National Advisory Committee on Accounting Standards (NACAS) and the ICAI. The Ind ASs placed on the MCA website when notified under Section 211 (3) (c) of the Companies Act, 1956 by the MCA will be applicable to the companies from the date specified in the said notification. Section I of the note contains IFRSs deferred by the MCA. Section II contains carve outs from IFRSs in the relevant Ind ASs. Section III contains Other major changes in Indian Accounting Standards vis-à-vis IFRSs not resulting in carve outs. Section IV contains a comparative chart of IFRSs and corresponding Ind ASs indicating, cover alia, IFRSs in respect of which no corresponding Ind AS has been hypothesise and reasons therefor. I. IFRSs deferred by MCA 1.

Ind AS 11, Construction Contracts IFRIC 12 and SIC 29, run Concession Arrangements and Service Concession Arrangements: Disclosures, respectively, which are included as Appendices A and B to Ind AS 11, Construction Contracts, respectively, would not be notified along with the some other standards and their application has been deferred. Reasons MCA received feedback regarding the adverse consequences which may ensue to the Indian companies in the event of immediate adoption of the IFRIC 12. Hence, MCA decided that appurtenance A to Ind AS 11, corresponding to IFRIC 12, Service Concession Arrangements should be deferred and the same may be examined and applied with or without modification later. Appendix B to Ind AS 11, corresponding to SIC 29, Service Concession Arrangements: Disclosures, is related to IFRIC 12. Therefore, it has as well as been... If you want to get a full essay, order it on our website: Ordercustompaper.com

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