Can a company discontinue applying the Indian Accounting Standards converged with IFRS based on reassessment of eligibility criteria on a later date?
Once a company starts following the first set of Accounting Standards, that is, the Converged Accounting Standards on the basis of the eligibility criteria, it will be required to follow such Accounting Standards for all the subsequent financial statements even if any of the eligibility criteria does not subsequently apply to it. 25. Where the Indian Accounting Standards converged with IFRS are not fully consistent with IAS/IFRS issued by IASB, should Indian companies continue to apply Indian Accounting Standards converged with IFRS? In case the notified Converged Accounting Standard is not fully consistent with the IAS/IFRS, that is, some deviations remains despite the intention to converge, as issued by the IASB, it is presumed that Indian companies will continue to follow the first set of Accounting Standards, that is, the Converged Accounting Standards as notified by the Government of India and will not adopt IFRS in toto.
Related Questions
- When the first interim financial statements are prepared under the Indian Accounting Standards converged with IFRS, under which standards will the comparative ones be presented?
- For following the converged Indian Accounting Standards for the specified companies from 1st April, 2011, what is the date at which date the net worth will be calculated?
- Is early adoption of Indian Accounting Standards converged with IFRS allowed? If yes, by whom?
