Ifrs_india_gagan_neeraja_tanvi_parul_meghna_anwesha
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WHAT IS IASB?
• The IASB is an independent accounting standard-setting body, based in London. It consists of 14 members from nine countries, including the United States. • It is funded by contributions from major accounting firms, private financial institutions and industrial companies, central and development banks, and other international and professional organizations throughout the world.
FRS Issues & Concerns
Group:
INTODUCTION TO IFRS
• International Financial Reporting Standards (IFRS) are standards and interpretations adopted by the International Accounting Standards Board (IASB). • Many of the standards forming part of IFRS are known by the older name of International Accounting Standards (IAS). IAS were issued between 1973 and 2001 by the board of the International Accounting Standards committee (IASC). In April 2001 the IASB adopted all IAS and continued their development, calling the new standards IFRS
FEATURES OF IFRS
GENERAL REQUIREMENTS Each set of financial statements should identify thefollowing information : • name of the reporting entity • whether the financial statements cover the individual entity or a group of entities • presentation currency and units • balance sheet date • reporting period • any changes to this information during the period. The financial statements are most useful if they are timely. Entities should be able to issue financial statements within six months of the balance sheet date.
• Components of financial statements The financial statements should include the following primary statements • balance sheet • income statement • statement of changes in equity • cash flow statement . In addition the following items must be included in the financial statements
• Inventory
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• Inventory • Receivables(debtors) • Payables(creditors)
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8
• • • •
Inventory Receivables(debtors) Payables(creditors) Income taxes
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9
• • • • •
Inventory Receivables(debtors) Payables(creditors) Income taxes Cash flow system
Free powerpoint template: www.brainybetty.com
10
• • • • • •
Inventory Receivables(debtors) Payables(creditors) Income taxes Cash flow statement Revenue
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11
CONCERNS • IFRS has extreme bias towards fair value resulting in sharp fluctuations in earnings between financial periods. • Accounting for derivatives is difficult for ordinary people. • There will be regulatory overrides in implementation of IFRS with exemptions and changes, diluting very essence of IFRS. • Lack of commensurate industry specific guidance in IFRS. • Whether a regulator can monitor compliance of IFRS, principle
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12
REASONS FOR GROWING IMPORTANCE OF IFRS • Global markets are becoming increasingly integrated. • It is a new uniform accounting language bringing greater clarity to financial reporting. • It is one of the biggest revolutions in accounting industry. • IFRS conversion offers companies an opportunity to improve their business in several ways
Implications for India regarding IFRS implementation • Fully converge with International Financial Reporting Standards from the accounting periods commencing on or after 1st April, 2011. • The decision is an important milestone as India will join 102 countries which are presently working according to IFRS.
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Need of IFRS In INDIA • • • •
Internationally-acceptable accounting standards. Overseas acquisitions by Indian companies. To gain confidence of overseas customers. To stay ahead of the competition
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Challenges in front of INDIA • Changes in Indian laws and decision processes. • Comprehensive training for Financial statement makers or auditors.
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Benefits of implementing IFRS • Increase in foreign investments. • Overseas Job opportunities for Indian accountants.
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18
What should be done now? • Professional associations and industry groups should integrate IFRS into their training materials, publications, testing, and certification programs. • Colleges and universities should include IFRS in their curricula.
Free powerpoint template: www.brainybetty.com
19
THANK YOU……
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20
• The IASB is an independent accounting standard-setting body, based in London. It consists of 14 members from nine countries, including the United States. • It is funded by contributions from major accounting firms, private financial institutions and industrial companies, central and development banks, and other international and professional organizations throughout the world.
FRS Issues & Concerns
Group:
INTODUCTION TO IFRS
• International Financial Reporting Standards (IFRS) are standards and interpretations adopted by the International Accounting Standards Board (IASB). • Many of the standards forming part of IFRS are known by the older name of International Accounting Standards (IAS). IAS were issued between 1973 and 2001 by the board of the International Accounting Standards committee (IASC). In April 2001 the IASB adopted all IAS and continued their development, calling the new standards IFRS
FEATURES OF IFRS
GENERAL REQUIREMENTS Each set of financial statements should identify thefollowing information : • name of the reporting entity • whether the financial statements cover the individual entity or a group of entities • presentation currency and units • balance sheet date • reporting period • any changes to this information during the period. The financial statements are most useful if they are timely. Entities should be able to issue financial statements within six months of the balance sheet date.
• Components of financial statements The financial statements should include the following primary statements • balance sheet • income statement • statement of changes in equity • cash flow statement . In addition the following items must be included in the financial statements
• Inventory
Free powerpoint template: www.brainybetty.com
7
• Inventory • Receivables(debtors) • Payables(creditors)
Free powerpoint template: www.brainybetty.com
8
• • • •
Inventory Receivables(debtors) Payables(creditors) Income taxes
Free powerpoint template: www.brainybetty.com
9
• • • • •
Inventory Receivables(debtors) Payables(creditors) Income taxes Cash flow system
Free powerpoint template: www.brainybetty.com
10
• • • • • •
Inventory Receivables(debtors) Payables(creditors) Income taxes Cash flow statement Revenue
Free powerpoint template: www.brainybetty.com
11
CONCERNS • IFRS has extreme bias towards fair value resulting in sharp fluctuations in earnings between financial periods. • Accounting for derivatives is difficult for ordinary people. • There will be regulatory overrides in implementation of IFRS with exemptions and changes, diluting very essence of IFRS. • Lack of commensurate industry specific guidance in IFRS. • Whether a regulator can monitor compliance of IFRS, principle
Free powerpoint template: www.brainybetty.com
12
REASONS FOR GROWING IMPORTANCE OF IFRS • Global markets are becoming increasingly integrated. • It is a new uniform accounting language bringing greater clarity to financial reporting. • It is one of the biggest revolutions in accounting industry. • IFRS conversion offers companies an opportunity to improve their business in several ways
Implications for India regarding IFRS implementation • Fully converge with International Financial Reporting Standards from the accounting periods commencing on or after 1st April, 2011. • The decision is an important milestone as India will join 102 countries which are presently working according to IFRS.
Free powerpoint template: www.brainybetty.com
15
Need of IFRS In INDIA • • • •
Internationally-acceptable accounting standards. Overseas acquisitions by Indian companies. To gain confidence of overseas customers. To stay ahead of the competition
Free powerpoint template: www.brainybetty.com
16
Challenges in front of INDIA • Changes in Indian laws and decision processes. • Comprehensive training for Financial statement makers or auditors.
Free powerpoint template: www.brainybetty.com
17
Benefits of implementing IFRS • Increase in foreign investments. • Overseas Job opportunities for Indian accountants.
Free powerpoint template: www.brainybetty.com
18
What should be done now? • Professional associations and industry groups should integrate IFRS into their training materials, publications, testing, and certification programs. • Colleges and universities should include IFRS in their curricula.
Free powerpoint template: www.brainybetty.com
19
THANK YOU……
Free powerpoint template: www.brainybetty.com
20
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