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International Financial Reporting Standards

After the enactment of the Companies Act, 2013, the Ministry of Corporate Affairs has now shifted its focus on rolling out International Reporting Standards for Indian companies which were to be implemented beginning April 1, 2011. According to the draft plan, the ministry wants to implement the IFRS in a phased manner beginning from April 1, 2015.

Approximately 120 countries are presently required or permitted to use IFRS in preparation of Financial Statements and by 2015 the number is expected to reach about 150 including India. Significant benefits can be derived from converging to IFRS.

These include:

Enhanced comparability of entities.
Enable benchmarking with Global Peers and improve Brand Valuation.
Better access to global capital markets and reduce cost of capital.
Impetus to cross-border acquisitions.
Improve quality and consistency, avoid multi reporting and reduce cost of finance function.
IFRS Balance Sheet will be closer to economic value.
Economic growth and opportunities for accounting professionals.

With the combined efforts of our Partners and other Professionals in the team, our firm is using their best endeavours to ensure that the requirements of IFRS are observed and provide timely guidance on financial reporting system.

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