Date:

06/11/2012

Presentation on:

International Financial Reporting Standards

Presented by: Ajay Pai T

CONTENTS
Introduction
Meaning Adoption of IFRS Why IFRS? IFRS in India

Benefits of adopting IFRS

IFRS challenges

Introduction to IFRS

MEANING
International Financial Reporting Standards

are common accounting rules that define how transactions should be reported and what information should be disclosed in financial statements IFRS are developed and approved by IASB(International Accounting Standard Board).

Adoption of IFRS

Implementation of IFRS
Phase 1(1 April 2011)
1. Companies which are part of BSE & NSE 2. Companies whose shares or other

securities are listed outside India. 3. Companies whether listed or not, having net worth of more then 1,000 crores.

 PHASE 2:(1 April 2013)

Companies not covered in PHASE 1 and

having net worth exceeding Rs 500 crores. PHASE 3:(1 April 2014) Separate road map would be prepared for banking and insurance companies.

Why IFRS?
Global reporting standards for financial

statements. National GAAP becoming rare. Preference of IFRS. Uniform Accounting platform. Proposal of bringing the entire world on single financial standards..

Benefits of adopting IFRS

Benefit to the economy.
It would encourage international investing. Relaible,relevant and timely information. Better understanding of financial

statements. Provides professional opportunities.. It would reduce different accounting requirements..

IFRS Challenges
Increase in cost.
Deeply affected by laws and regulations of

the domestic country. Training is required. Difference between GAAP And IFRS May impact business decesions.

Thank you