International Financial Reporting Standards (IFRSs) are increasingly being recognized as Global Reporting Standards for financial statements. IFRSs includes IASs (until they are replaced by any IFRS) and interpretations originated by the IFRIC or its predecessor, the Standing Interpretations Committee (SIC). As global capital markets become increasingly integrated, many countries are moving to IFRS. More than 100 countries such as European Union, Dubai, Singapore, Australia, New Zealand and Russia currently permit the use of IFRS in their countries.Ministry of Corporate Affairs (MCA) in India has notified a roll out plan for implementation of IFRS within India. With effect from the 1st April, 2011 the following entities in India shall be required to adopt IFRS:
- Companies forming part of the BSE-30 index of the Bombay Stock Exchange.
- Companies forming part of the NSE 50 index of the National Stock Exchange of India.
- Indian Companies that are listed outside India.
- Companies, listed or unlisted, who have a net-worth of INR 1,000 rores (USD 220 million) or more as on April 1, 2011.
IFRS convergence
Providing assistance to client
- in analysis of impact on convergence to IFRS
- in compilation / quantification of impact on convergence to IFRS
- in deciding and designing solutions for implementation
- in staff training
- inin preparation of IFRS financial statements
Qualified IFRS Consultant
Our main partner, Mr. Apurv Relan has successfully completed the “Advance Certificate Course in IFRS” conducted by M/s KPMG, one of the Big 4 Accounting Firms in the world.