What are the major differences between existing Indian Standards and IFRS?
The major difference is in fair value accounting. Also, some new concepts and models have been introduced. For example, Acquisition Method in lieu of Purchase Method in business combinations. Also, certain practices have been removed. For example, the LIFO method has been removed in accounting of inventories.
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?
- Can a company discontinue applying the Indian Accounting Standards converged with IFRS based on reassessment of eligibility criteria on a later date?
- Are IFRS and the Revised Indian Accounting Standards the same?
