International Financial Reporting Standards (IFRS) is a set of accounting standards, developed by the International Accounting Standards Board (IASB), which is becoming the global reporting standard for the preparation of public company financial statements.
The Indian Government has already started working on possible amendments in the Indian equivalent to IFRS, changes in SEBI and company laws for introducing IFRS in India. It may be noted that starting from April 1, 2011; India has made it mandatory for every listed company to adopt IFRS.
It is not just Indian accounting standards, which would converge fully with the IFRS by 2011, but Cost Accounting Standards (CAS) would also need to be in tune with the global model. The Institute of Cost and Works Accountants of India (ICWAI) is working out the impact of IFRS on costing principles. The Ministry of Corporate Affairs too has made its intention to converge to IFRS. A plan of proposed amendments to laws and regulations such as Companies Act, the Income-Tax Act, SEBI regulations, IRDA rule, Reserve Bank of India Act, etc. is made to adopt IFRS in India. Further, current accounting and presentation guidance that's not in line with the IFRS requirements would also be amended.
More than 12,000 companies in almost 120 countries have adopted IFRS, including listed companies in the European Union, Australia and New Zealand, and Russia. China is adopting IFRS from 2010. Other countries, including Canada and India, are expected to transition to IFRS by 2011. Japan and Mexico have made plans to converge their national standards. By 2011, the number of countries permitting IFRS is expected to reach 150. Most of the world's developed and emerging economies - including nearly all of the G20 members - have made commitments to IFRS.
Many online IFRS courses, training sessions, conferences, seminars, etc. are conducted worldwide for professionals and executives.
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