Strategic Intelligence for CFOs, Finance Directors, Controllers and Treasurers in Asia  | 
2012, May 23

India to Delay IFRS Convergence

Home > News > India to Delay IFRS Convergence
News

India to Delay IFRS Convergence

by CFO Innovation Asia Staff, 30 March 2011
topics:
Accounting and Regulations
tags:
assets IFRS liabilities liquidity
Thumbnail: 

India will put off implementation of the International Financial Reporting Standards (IFRS) for now but has introduced new rules that require greater clarity about the finances and liquidity position of large companies, reports the India Times.

 

According to the Times, schedule VI, which is a part of the present company law, requires companies to separate assets and liabilities into current and non-current categories, a classification missing from financials as of now. The schedule is a format of presenting financial information by companies and not an accounting standard.

 

The new rule will be implemented in a phased manner starting April 1, 2011. Quoting AK Srivastava, joint secretary of the Ministry Of Corporate Affairs, the Times says that in the first phase, companies with a paid up capital of over 5 crore will be required to prepare their income statement and balance sheet as per the revised schedule.

 

The ministry is also requiring companies to report their accounts using a computer-readable reporting language called XBRL (extensible business reporting language).

 

 

MORE ARTICLES ON IFRS

Original Article URL: 
No IFRS, but strict norms take over
Orignal Author: 
CFO Innovation Asia Staff
Quote Image: 
Original Article URL:

Related articles

Comment on this article

The content of this field is kept private and will not be shown publicly.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Allowed HTML tags: <a> <em> <strong> <cite> <code> <ul> <ol> <li> <dl> <dt> <dd> <a> <p> <span> <div> <h1> <h2> <h3> <h4> <h5> <h6> <img> <img /> <map> <area> <hr> <br> <br /> <ul> <ol> <li> <dl> <dt> <dd> <table> <tr> <td> <em> <b> <u> <i> <strong> <font> <del> <ins> <sub> <sup> <quote> <blockquote> <pre> <address> <code> <cite> <embed> <object> <strike> <caption>
  • Lines and paragraphs break automatically.
  • Use <!--pagebreak--> to create page breaks.

More information about formatting options

Verification Code
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

Accounting and Regulations

CFO innovation Asia Accounting and Regulation the Asia Pacific resource center for senior finance executives, daily news, analysis, best practice and case studies in Accounting Regulation, IFRS, US GAAP, Tax, investor relations, corporate governance, Corporate Law, Financial Regulators, Internal Audit, Audit, Corporate Law.
Auditing, Investor Relations, Law and Compliance, Tax

Finance and Banking

CFO innovation Asia, Finance and Banking the Asia Pacific resource center for senior finance executives, daily news, analysis, best practice and case studies in Corporate Finance, trade finance, treasury and risk management, capital expenditure, Banking, mergers and acquisitions
Cash and Liquidity Management, Corporate Finance, Insurance, Treasury Management

Management

CFO innovation Asia the Asia Pacific resource center for senior finance executives, daily news, analysis, best practice and case studies in Finance Management, Corporate Governance, Human Resource Management, Compensation and Benefits, Mergers and Acquisitions, Professional Development, Corporate Real Estate, Risk Management, Budgeting and Forecasting, Business Process Management, Business Process Reengineering, Outsourcing.
Budgeting and Planning, Business Expense Management, Human Capital Management, Outsourcing and Shared Services, Risk Management

Metrics

Corporates, Financial Services

Technology

CFO innovation Asia Technology the Asia Pacific resource center for senior finance executives, daily news, analysis, best practice and case studies in Finance Systems, Business Intelligence, EPR, Accounting software, CRM, Cloud Computing, Telecommunications, Business Process Outsourcing, Business Process Management Software.
Business Intelligence, Enterprise Software and Systems, Financial Systems, Security