Is early adoption of Indian Accounting Standards converged with IFRS allowed? If yes, by whom?
When one or more companies in a group fall in a phase other than the phase applicable to the parent company, they will continue to prepare standalone accounts according to the phase applicable to them. But the parent may need to make amendments to these accounts for the purposes of consolidation as per the Converged Accounting Standards. Such subsidiaries, joint ventures or associate companies may have the option for early adoption of the Converged Accounting Standards. D. Comparatives 18. For companies under each of the phases, will there be a requirement to present comparative information as per the Indian Accounting Standards converged with IFRS? For example, for Phase I companies –the previous year comparatives for the year ended March 31, 2012, which is March 31, 2011)? The companies, covered in Phase I, would be required to convert their opening balance sheet as at 1st April 2011 in compliance with the first set of Accounting Standards, that is, the Converged Accounting Standards
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?
- Can a company discontinue applying the Indian Accounting Standards converged with IFRS based on reassessment of eligibility criteria on a later date?
