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    Introduction to IFRSIntroduction to IFRS

    IFRS stands for International Financial Reporting Standards.IFRS stands for International Financial Reporting Standards.

    IFRSIFRS is A Set of International Accounting Standards stating how particular is A Set of International Accounting Standards stating how particular types of transaction and other events should be reported in financialtypes of transaction and other events should be reported in financialstatementstatement

    IFRS:-IFRS:- A set of Financial Reporting Standards issued by the International A set of Financial Reporting Standards issued by the International Accounting Standards Board (IASB) is recognized under the brand name Accounting Standards Board (IASB) is recognized under the brand nameIRRSs. IFRSs is a trade mark of the International Accounting StandardsIRRSs. IFRSs is a trade mark of the International Accounting StandardsCommittee Foundation. IFRSs comprise of:Committee Foundation. IFRSs comprise of:

    International Financial Reporting StandardsInternational Financial Reporting Standards

    International Accounting Standards andInternational Accounting Standards andInterpretations originated by the International Financial ReportingInterpretations originated by the International Financial ReportingInterpretations Committee( IFRIC) andInterpretations Committee( IFRIC) andInterpretations issued by the former Standing Interpretations CommitteeInterpretations issued by the former Standing Interpretations Committee( SIC).( SIC).

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    Introduction to IFRSIntroduction to IFRS

    Presently there arePresently there are 88 International Financial Reporting Standards,International Financial Reporting Standards, 2929

    International Accounting Standards ,International Accounting Standards , 1515 IFRIC interpretations andIFRIC interpretations and 1111 SICSICinterpretations.interpretations.

    The IASB is an independent standard setting body of theThe IASB is an independent standard setting body of theInternational Accounting Standards Committee Foundation (IASC Foundation)International Accounting Standards Committee Foundation (IASC Foundation)..

    Structure of IASC Foundation and IASBStructure of IASC Foundation and IASB

    The International Accounting Standards Committee (IASC) was renamed asThe International Accounting Standards Committee (IASC) was renamed asInternational Accounting Standards Board ( IASB)International Accounting Standards Board ( IASB) .. The principalThe principalresponsibilities of the IASB are to:responsibilities of the IASB are to:Develop and issue International Financial Reporting Standards andDevelop and issue International Financial Reporting Standards andExposure Drafts, andExposure Drafts, and

    Approve Interpretations developed by the International Financial Reporting Approve Interpretations developed by the International Financial ReportingInterpretations Committee (IFRIC).Interpretations Committee (IFRIC).

    http://www.iasb.org/About+Us/About+the+IASC+Foundation/About+the+IASC+Foundation.htmhttp://www.iasb.org/About+Us/About+the+IASC+Foundation/About+the+IASC+Foundation.htmhttp://www.iasb.org/About+Us/About+the+IASC+Foundation/About+the+IASC+Foundation.htm

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    Accounting Standards and the Companies Act, 1956Accounting

    Standards and the Companies Act, 1956 As per Section 211 sub sections (3 A), (3 B) and (3 C) inserted by the Companies As per Section 211 sub sections (3 A), (3 B) and (3 C) inserted by the Companies Amendment Act, 1999 w.e.f. 31.10.1998: Amendment Act, 1999 w.e.f. 31.10.1998:(3A) every P & L Account and Balance Sheet shall comply with accounting(3A) every P & L Account and Balance Sheet shall comply with accountingstandards,standards,(3 B) deviations, if any, to be disclosed with reasons and financial effect of deviation,(3 B) deviations, if any, to be disclosed with reasons and financial effect of deviation,(3 C) "accounting standards" means standards of accounting recommended by ICAI(3 C) "accounting standards" means standards of accounting recommended by ICAIor as may be prescribed by Central Govt. in consultation with National Advisoryor as may be prescribed by Central Govt. in consultation with National Advisory

    Committee on Accounting Standards.Committee on Accounting Standards.

    Section 217 sub section (2AA) inserted by the CompaniesSection 217 sub section (

    2AA) inserted by the CompaniesAmendment Act, 2000 w.e.f. 13.12.2000:Amendment Act,

    2000 w.e.f. 13.12.2000:

    (2AA) The Board's report shall also include a Directors' Responsibility Statement indicating therein

    (2AA) The Board's report shall also include a Directors' Responsibility Statement indicating therein

    (1) that in preparation of annual accounts, the applicable accounting standards had been followed

    (1) that in preparation of annual accounts, the applicable accounting standards had been followedalong with proper explanation relating to material departure.along

    with proper explanation relating to material departure.

    Section 227 sub section (3)(d) inserted by the Finance Act,Section 227 sub section (

    3)(d) inserted by the Finance Act,1999 w.e.f. 31.10.1998:1999 w.e.f. 31.10.1998:(3)(d) the auditor's report shall also state whether, in his opinion, the P & L Account and the Balance Sheet comply with

    (3)(d) the auditor's report shall also state whether, in his opinion, the P & L Account and the Balance Sheet comply withaccounting standards referred in section 211 (3C),accounting standards referred in section 211 (

    3C),(4) where answer to (3)(d) is negative or with qualification, it shall also state the reasons thereof.

    (4) where answer to (3)(d) is negative or with qualification, it shall also state the reasons thereof.

    Introduction to IFRSIntroduction to IFRS

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    Introduction to IFRSIntroduction to IFRS

    IFRS To WHOM APPLICABLE ?IFRS To WHOM APPLICABLE ?

    Compliance with IFRS in India is restricted to Public Entities which includeCompliance with IFRS in India is restricted to Public Entities which includethose companies & entities listed on any stock exchange or have raisedthose companies & entities listed on any stock exchange or have raisedmoney from the public, or have a substantial public interest, or public sector money from the public, or have a substantial public interest, or public sector companies. IFRS in India would cover the following public interest entities incompanies. IFRS in India would cover the following public interest entities inthe first phase.the first phase.

    Listed companiesListed companiesBanks, insurance companies, mutual funds, and financial institutionsBanks, insurance companies, mutual funds, and financial institutionsTurnover in preceding year > INR 1 billionTurnover in preceding year > INR 1 billionBorrowing in preceding year > INR 250 millionBorrowing in preceding year > INR 250 millionHolding or subsidiary of the aboveHolding or subsidiary of the above

    IFRS is not applicable to SMEs as of nowIFRS is not applicable to SMEs as of now

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    Introduction to IFRSIntroduction to IFRSLIST OF IFRSLIST OF IFRS

    IFRS-1IFRS-1 First time Adoption of International Financial Reporting StandardsFirst time Adoption of International Financial Reporting Standards

    IFRS-2IFRS-2 Share-based paymentsShare-based payments

    IFRS-3IFRS-3 Business CombinationsBusiness Combinations

    IFRS-4IFRS-4 Insurance ContractsInsurance Contracts

    IFRS-5IFRS-5 Non Current Assets held for sale and Discontinued OperationsNon Current Assets held for sale and Discontinued Operations

    IFRS-6IFRS-6 Exploration for and evaluation of Mineral Resources.Exploration for and evaluation of Mineral Resources.

    IFRS-7IFRS-7 Financial Instruments-DisclosuresFinancial Instruments-Disclosures

    IFRS-8IFRS-8 Operating SegmentsOperating Segments

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    THANK YOU THANK YOU BY AVINASH SALUJABY AVINASH SALUJA

    ACA,B.Com(H) ACA,B.Com(H)

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