IFRS in India

Dear Friends and Colleagues, We shall be back online from 13 October 2015 onwards. We shall be regularly sharing the latest on IFRS/ IND AS journey in India....and making this page active and relevant. Thanks for being part of the IFRS in INDIA family.. Best Regards ..Team IFRS in INDIA (III).....

Dear Colleagues,

XBRL 2012 Latest News

C&I Taxonomy
As per indication, MCA would be releasing another round of revised taxonomy and revised business rule related to commercial and industrial (C&I) shortly.

Tentative Timelines:
- Revised Taxonomy based on feedback of all stakeholders - Shortly
- Revised business rules - Shortly
- MCA Validation tool for Vendors - 4-6 October 2012
- Filing manual etc - 4-6 October 2012
- Filing likely to start - 7-11 October 2012
- Timelines for C&I XBRL filing with out late fee (existing) - 15 November 2012
- Timelines for C&I XBRL filing with out late fee (likely) - 15 December 2012

Cost Taxonony
MCA has released the Final taxonomy for cost compliance report and cost audit.
MCA has also released the Final business rule for cost compliance and cost audit.

Tentative timelines
- MCA Validation tool for Vendors - 4-6 October 2012
- Filing likely to start - 3rd week of October 2012
- Timelines for Cost XBRL filing with out late fee - 31 December 2012

Rhapsody XBRL
- C&I XBRL application is ready subject to revised C&I taxonomy and business rule.
- Working on Cost XBRL application is going on and shall be ready by 7 October 2012

Tentative timelines
- Rhapsody XBRL brochure would be sent by 30 September 2012
- Price list for XBRL software would be sent by 1 October 2012
- Booking for Rhapsody XBRL would start from 1 October 2012

IFRS for Investment entities..

Business Line : Industry & Economy / Taxation & Accounts : IFRS view on ‘investment entities’ Currently, the International Financial Reporting Standard provide venture capital organisations, mutual funds, unit trusts and similar entities an option to account for their investment in associates and joint ventures at fair value through profit-and-loss, instead of applying equity method/ proport...

Intangible assets: A search for right accounting

Intangible assets: A search for right accounting Intangible assets constitute a significant class of assets for companies that create value by managing intangibles (e.g. corporate identity, product brand and knowledge). They spend a significant amount of resources to create and maintain those assets internally. They also purchase intangible assets...

India is likely to be guided by the International Financial Reporting Standards (IFRS), which are accepted by over a hundred countries. This is even as the US’ commitment to the adoption of IFRS is in doubt.

Business Line : Industry & Economy News : India asserts it will go with IFRS even as US drags its fe It is very likely India will continue its march towards convergence with IFRS, despite roadblocks, say accounting experts.

MCA on IFRS

http://pib.nic.in/newsite/erelease.aspx?relid=84808

Press Information Bureau English Releases Union Corporate Affairs Minister Dr. . M. Veerappa Moily has emphasized upon creating an environment that would enable the corporate community meet the multifarious global challenges while enhancing their competitiveness. Dr. Moily was addressing a Press Conference to highlight th...

The Ministry of Corporate Affairs has set up a Committee to develop the roadmap for future implementation of Extensible Business Reporting Language (XBRL)

Press Information Bureau English Releases The Ministry of Corporate Affairs has set up a Committee to develop the roadmap for future implementation of Extensible Business Reporting Language (XBRL). This Committee comprises of XBRL experts and representatives from the corporate sector as well as the Institute of Chartere...

ICAI has requested the Government to postpone the date for commencement of IFRS compliance ..

Business Line : Features / Mentor : Carry forward of legislation ICAI has requested the Government to postpone the date for commencement of IFRS compliance to the next financial year. International Financial Reporting Standards (IFRS), sought to bring in uniformity in financial reporting globally.

RBI asks urban cooperative banks to get ready for IFRS

RBI asks urban cooperative banks to get ready for IFRS - Economy and Politics - livemint.com RBI asks urban cooperative banks to get ready for IFRS, According to a roadmap of the Corporate Affairs Ministry, all large commmercial scheduled banks are mandated to prepare their books of accounts according to the International Financial Reporting Standards from 1 April , 2013, Economy and Politi...

Rhapsody Accounting and Advisory Services is looking for go-getters having the following profile - Chartered Accountants - Experience 0 to 3 years;Company Secretaries,CA Articles - Industrial training,CS Trainees,B.Com /M.Com grads.The Company is engaged in services related to Solutions (XBRL etc), Accounting Advisory and Business Advisory. Rush your CVs to [email protected]

Indian firms with GDRs get more time for IFRS switch - Corporate News - livemint.com Indian firms with GDRs get more time for IFRS switch, European Commission extends deadline till 2014 as IFRS-compliant standards yet to be implemented in India, Corporate News