( ISSN 2277 - 9809 (online) ISSN 2348 - 9359 (Print) ) New DOI : 10.32804/IRJMSH

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IMPACT OF IFRS -INTERNATIONAL FINANCIAL REPORTING STANDARD IN INDIA

    2 Author(s):  MOHAN KUMAR. N , DR.P.N.UDAYACHANDRA

Vol -  7, Issue- 3 ,         Page(s) : 119 - 127  (2016 ) DOI : https://doi.org/10.32804/IRJMSH

Abstract

IFRSs refers to the new numbered series of pronouncements that the IASB is issuing, as distinct from the International Accounting Standards (IASs) series issued by its predecessor. More broadly, IFRSs refers to the entire body of IASB pronouncements, including standards and interpretations approved by the IASB and IASs and SIC interpretations approved by the predecessor International Accounting Standards Committee. The Ministry of Corporate Affairs in February 2015 has issued the Companies Rules, 2015(Indian Accounting Standards-Ind AS) notification. This lays down a roadmap for implementation of Ind AS converged with IFRS. While this will be mandatory from April 1, 2016, the figures from the previous year need to be presented as per the Ind AS standards.

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