Convergence With

IFRS From 1 st April

2011
Where We Stand As
0n 02-02-2009
By: Technical Directorate
The Institute of Chartered

Objective of Convergence As Per the

Concept Paper

To design and maintain national

accounting standards in a way that
financial
statements
prepared
in
accordance with national accounting
standards draw unreserved statement of
compliance with IFRSs

How This Objective Can Be

Achieved
By issuing IFRS-equivalent Indian ASs with only
following changes permitted:
Removal of alternatives
Additional disclosures, where required

 Issuance of Indian-equivalent IFRSs not sufficient

if legal and regulatory requirements not
consistent with ASs
Hence, law/regulatory requirements need to be
changed, where appropriate

What ICAI Has Done So Far

Issuance of IFRS-equivalent Indian ASs
By following the same due process
Inclusions of IFRICs as Appendices
AS no. remaining the same as existingcorresponding IFRS no. given in parenthesis

At Present, 37 IFRSs in Force

Position of IFRS-equivalent ASs
as on 02-02-2009
S
No.
1

Status

No. of
Standards

ASs cleared by Council and NACAS for

notification even before 1st April 2011 (AS
2 and AS 3)

ASs cleared by NACAS and to be issued

as Exposure Draft (AS 1, AS 7 and AS
16)

Drafts considered by ASB and have been

circulated among specified bodies and
NACAS (AS 29 and AS 33)

At Present, 37 IFRSs in Force

Position of IFRS-equivalent ASs as
on 02-02-2009
S
No.
4

Status
Drafts considered by ASB and are being
finalised for circulation among specified
bodies and NACAS circulated among
specified bodies and NACAS ( ASs 4,11,15
and 25)

Drafts which will be considered by ASB at its

subsequent meetings (ASs 19 and 24 ASs
corresponding to, IFRS 6, IFRS 8, IAS 8,18,
27, 28, 33, 40, 41)

ASs, which are being issued (which are

virtually as per IASs) [AS 10(except few
differences) and AS 12]

No. of
Standards
4

11

At Present, 37 IFRSs in Force

Position of IFRS-equivalent ASs as
on 02-02-2009

S
No.
7

Status

No. of
Standards

Accounting Standards which are almost

converged and only require changes with
regard to subsequent amendments made
by IASs (AS 30, 31, 32)

Drafts which are under preparation and are

yet to be received from Study Groups (AS
corresponding to IFRS 1,IFRS 3, IFRS 4,
IAS 12, 26, 29, 36, 38)

Accounting Standards which are not being

revised as corresponding IFRSs/IASs are
under revision which is expected to be
completed by March 31, 2009 (AS 18, 27)

Identification of Inconsistencies
Between various Laws and
Regulations
Constitution of a Group on Liaison with
Governmental and Regulatory Authorities
Group has constituted separate Core Groups to
identify inconsistencies between IFRSs and

Companies Act

SEBI Regulations

Banking Laws & Regulations

Insurance Laws & Regulations

What Has Been Done So Far

by the Group?
Inconsistencies between Companies Act and IFRSs
identified

Draft Schedule VI consistent with IFRSs formulatedshould be made effective from 1-4-2011
(For sending to Ministry of Corporate Affairs)

Inconsistencies between SEBI Mutual Fund

Regulations and IFRSs identified

Examination of other SEBI Regulations in progress

(For sending to SEBI)

What Has Been Done So Far

by Group? (Contd.)
Inconsistencies between Banking Laws and
Regulations identified
Formats of financial statements under Schedule III
of Banking Regulations Act being revised to be consistent
with IFRSs
(For sending to RBI)

Inconsistencies between insurance laws and

regulations identified
Formats of financial statements for insurance entities
under IRDA regulations being revised to be consistent
with IFRSs
(For sending to IRDA)

Participation in the IFRS

development process
Participation in the IFRS formulation from an early stage
Sending comments to IASB on various discussion papers,
exposure drafts, etc.
Participation in the World Standards-setters meetings with
IASB.

Participation in the Regional Standards-setters meetings

with IASB.
Enhancing relations and communication with other
standard setters.
Participation in the international round-tables before the
finalisation of IFRS.