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What is
International Financial Reporting Standards (IFRS)?
IFRS is a set of international accounting standards stating how particular
types of transactions and other events should be reported in financial
statements. In other words, International Financial Reporting Standards
(IFRS) is a set of accounting standards, developed by the International
Accounting Standards Board (IASB) that is becoming the global standard for
the preparation of public company financial statements.
How does
this affect you?
Institute of Chartered Accountants of India (ICAI) has decided to adopt the
IFRS reporting standards from 2011. This implies that all publicly listed
companies, banks and other financial institutions should report their
financials in IFRS format by 2011.
Is it
easy to report in IFRS format?
The transition is a continual process and cannot be achieved over-night. But,
with some help and good guidance, the transition from Indian GAAP to IFRS can
be very smooth.
Who can
help you?
Our team of professionals can help you. We conduct trainings and seminars on
IFRS to abet companies in the smooth transition. We have more than 20 years
of experience in the industry and are ready to share our knowledge and
experience.
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