SAHU & ASSOCIATES: We are IFRS Consultants in Basaveshwaranagar.

We are IFRS Consultants in Bangalore

For Applicability of IFRS / IND AS on Indian Company please check this article.

http://www.sahuassociates.com/article/ifrs-consultants-in-bangalore-india-34

Brief description about IFRS:

IFRS refers to International Financial Reporting Standards which are applied while preparing the Balance Sheet and other Profitability Statements of a Company and are developed by the IASB. These have already been applied in more than a 100 Countries and would soon be used across the Globe

Need for IFRS

Different Countries employ different Accounting Standards while computing the Profits of a Company. It may happen that if the Profits are computed as per US Accounting Laws the Profits are $ 100 Billion but when the same Profits are computed using the UK Accounting Laws, the Profits may turn out to be say $ 50 Billion and when computed as per the Indian Accounting Laws, it may turn out to be $200 Billion (Hypothetical Figures).

Profits computed as per different accounting laws of different countries always yield different figures. So as to remove this discrepancy in Accounting across the Globe, Countries world over decided to apply uniform standards of accounting so as to arrive at uniform profits across the Globe.

It is expected that IFRS adoption worldwide will be beneficial to investors and other users of financial statements, by Reducing the Costs of Comparing alternative Investments and Increasing the Quality of Information. The Companies are also expected to benefit, as investors will be more willing to provide financing.

Structure of IFRS

IFRS are principal based set of standards in the sense that they establish broad rules as well as dictating specific treatments. IFRS comprise of the following:-
1.International Financial Reporting Standards (IFRS) issued after 2001
2.International Accounting Standards (IAS) issued before 2001
3.Standards Interpretation Committee (SIC) - issued before 2001
4.Conceptual Framework for Financial Reporting (2010)

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