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What is IFRS?
IFRS stands for International Financial Reporting Standards. These are the accounting standards issued by the International Accounting Standards Board (IASB).
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IFRS Pronouncements
STANDARDS
International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS)
www.iasb.org www.cfodirect.com
International Financial Reporting Interpretations Committee (IFRIC) And Standing Interpretation committee (SIC)
Countries converging to IFRS with the goal of adoption Countries that require or permit IFRS Countries with no current plan to adopt
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2011
NSE - Nifty 50 companies, BSE - Sensex 30 companies, Companies whose shares or other securities listed outside India; Companies listed or not, having a net worth in excess of Rs. 1,000 crores [Note 1]
2012
All insurance companies
2013
Companies listed or not, having a net worth between Rs.500 crores and Rs.1000 crores [Note 1] All scheduled commercial banks Urban co-operative banks having a net worth in excess of Rs. 300 crores NBFCs - Nifty 50 or Sensex 30 NBFCs listed or not, having a net worth > Rs.1,000 crores
2014
Listed companies having a net worth of less than Rs.500 crores [Note 1]
Urban co-operative banks having net worth between Rs. 200 to Rs. 300 crores NBFCs (all other Listed) NBFCs (other Unlisted) having net worth between Rs. 500 to Rs. 1000 crores
Companies not covered in the above chart will apply existing Indian accounting standards OR voluntarily opt to apply the IFRS-converged accounting standards.
Note 1. These excludes insurance companies, banks and non-banking finance companies (NBFCs). *If the financial year of a company commences on a date other than April 1, then the opening balance sheet needs to be prepared from the beginning of the new financial year of the company. Page 6
An entity may use titles for the statements other than those prescribed in IAS 1R, however the titles used shall not be misleading. All primary statements are of equal prominence
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Comparative information
Comparatives required for all numerical information Comparatives required for narrative and descriptive information when it is
made
As at beginning of earliest comparative period Not required IF not impacted and this is disclosed
Note : For entities covered under Phase I comparatives information is not mandatory
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Current liability
Expected to be settled within entitys normal operating cycle Held primarily for trading purposes Expected to be settled within 12 months after balance sheet date No unconditional right to defer settlement for at least 12 months after balance sheet date
in disposal groups
Trade and other payables Provisions Financial liabilities (other than those
method
Biological assets Inventories Trade and other receivables Cash and cash equivalents
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Choose most relevant presentation analysis method by: - Function - usually used by manufacturers, retailers, etc. - Nature - usually used by financial institutions, etc. If analysis by function is provided, additional disclosures analysing the nature of expenses is required
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An entity shall not present any items of income or expense as extraordinary items
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Changes in revaluation surplus (on account of PPE and intangibles) Actuarial gains and losses on defined benefit plans recognised in full in equity, if the entity elects the option available under IAS 19 Gains and losses arising from translation of a foreign operation Gains and losses on re-measuring available-for-sale financial assets Effective portion of gains and losses on hedging instruments in a cash flow hedge.
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year, cumulative translation adjustments (if applicable), issue of shares, other movements in shares. equity from one period to the next.
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Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify as cash equivalents. They may also include bank overdrafts. Under Indian GAAP bank overdrafts are excluded from cash and cash equivalents Examples: fixed deposits, Treasury bills, commercial paper etc. Requires disclosure of policy used for determining items treated as cash equivalents
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Background of the Company Significant accounting policies Accounting estimates Changes in accounting policies Concentration of risks Schedule of individual material items on B/s, I/s, CF and Sh Equity Explanation of material transaction e.g., acquisition, disposal. Recently issued pronouncements and their implications Presentation currency and the level of rounding
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notes.
Dividends proposed or declared but not recognised as a distribution to owners during the
office
o Description of the nature of the entity's operations and its principal activities o The name of the parent and the ultimate parent of the group
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Thank You