I F R S

I F R S to be mandatory only for big corporates in the first phase

The much-anticipated International Financial Reporting Standards (IFRS) is likely to be rolled out only partially in India from April 1, 2011.That’s because a core group on IFRS implementation, set up by the ministry of company affairs and headed by renowned chartered accountant Y H Malegam, is set to recommend that it be made mandatory only [...]

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Direct Tax issues on convergence of IFRS with Indian Accounting Standards

by R. Venkata Subramani

Central Board of Direct Taxes (CBDT) and accounting rule-maker Institute of Chartered Accountants of India (ICAI) have jointly constituted a study group to identify and address direct tax issues that will affect convergence of India’s accounting standards with International Financial Reporting Standards (IFRS).With IFRS convergence due for April 2011 and the government coming up with [...]

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New online course on IFRS 9: Financial Instruments

by R. Venkata Subramani

There is a new course on IFRS 9 and you can take the course here: Accounting for Investments On 12 November 2009, IASB published IFRS 9 Financial Instruments on the classification and measurement of financial assets. The present IAS 39 is proposed to be replaced in three phases as follows by International Accounting Standards Board [...]

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Salient differences between IAS 39 and IFRS 9

by R. Venkata Subramani

On 12 November 2009, the International Accounting Standards Board (IASB) issued IFRS 9 Financial Instruments. Salient differences between IAS 39 and IFRS 9 Parameter IAS 39 IFRS 9 Name Financial Instruments: Recognition and Measurement Financial Instruments Applicability Currently effective Effective from 1st Jan 2013 with early adoption permitted Scope All aspects of Financial assets & [...]

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Accounting for Investments – Equities, Futures & Options – Part-1 Video

by R. Venkata Subramani

• Accounting for Investments – Equities, Futures & Options - is the first volume in this series published by John Wiley & Sons. This video gives an overview of the contents of this book. This is the first part of a series of videos that would cover the contents all the chapters in great detail. [...]

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Online Courses on Accounting for Investments, Financial Instruments, Accounting Standards

by R. Venkata Subramani

We have now started the online resources for Accounting Studies. Visit: Online Courses on Accounting Studies What topics are covered here? Online courses are available on several topics of professional interest in the Accounting and Finance area Accounting Standards as per US GAAP, IFRS, etc. Financial Instruments like equity derivatives, Interest Rate Derivatives, Credit Derivatives, [...]

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IFRS (IAS 39) – Treatment for different categories of financial instruments

by R. Venkata Subramani

Category Measured at Changes in carrying amount (other than a designated hedge) Impairment test required? Financial assets and liabilities at fair value through profit or loss Fair value Income statement No Loans and receivables Amortized cost Income statement Yes Held-to-maturity investments Amortized cost Income statement Yes Available-for-sale Fair value Equity Yes Other financial liabilities Amortized [...]

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Summary of the Amendments to IAS 39 & IFRS 7 – October 2008

by R. Venkata Subramani

Reclassification of financial assets Certain non-derivative financial assets recognized are permitted to be reclassified with effect from 1st Nov 2008 prospectively. If the decision to reclassify is taken before 1st Nov then the entity has the option of giving effect to the reclassification retrospectively from any date starting 1st July 2008 till 31st October 2008. [...]

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Reclassification of certain financial instruments – Amendment to IAS 39

by R. Venkata Subramani

IASB amendments permit reclassification of financial instruments The International Accounting Standards Board (IASB) today issued amendments to IAS 39 Financial Instruments: Recognition and Measurement and IFRS 7 Financial Instruments: Disclosures that would permit the reclassification of some financial instruments. The amendments to IAS 39 introduces the possibility of reclassifications for companies applying International Financial Reporting [...]

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Definition of Financial assets and financial liabilities

by R. Venkata Subramani

Financial Asset A financial asset is defined as one of the following type of asset as per the Accounting Standards: Cash Equity instrument of another entity A contractual right To receive cash or another financial asset from another entity To exchange financial assets or financial liabilities with another entity under conditions that are potentially favorable [...]

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