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Presentation on:

International Financial
Reporting Standards



Presented by:
Ajay Pai T


Date: 06/11/2012
CONTENTS
Introduction
Meaning
Adoption of IFRS
Why IFRS?
IFRS in India
Benefits of adopting IFRS
IFRS challenges

Introduction to IFRS

MEANING
International Financial Reporting Standards
are common accounting rules
that define how transactions should be
reported and what information should be
disclosed in financial statements
IFRS are developed and approved by
IASB(International Accounting Standard
Board).
Adoption of IFRS

Implementation of IFRS
Phase 1(1 April 2011)
1. Companies which are part of BSE & NSE
2. Companies whose shares or other
securities are listed outside India.
3. Companies whether listed or not, having
net worth of more then 1,000 crores.

PHASE 2:(1 April 2013)
Companies not covered in PHASE 1 and
having net worth exceeding Rs 500 crores.
PHASE 3:(1 April 2014)
Separate road map would be prepared for
banking and insurance companies.
Why IFRS?
Global reporting standards for financial
statements.
National GAAP becoming rare.
Preference of IFRS.
Uniform Accounting platform.
Proposal of bringing the entire world on
single financial standards..
Benefits of adopting IFRS
Benefit to the economy.
It would encourage international investing.
Relaible,relevant and timely information.
Better understanding of financial
statements.
Provides professional opportunities..
It would reduce different accounting
requirements..


IFRS Challenges
Increase in cost.
Deeply affected by laws and regulations of
the domestic country.
Training is required.
Difference between GAAP And IFRS May
impact business decesions.
Thank you