Accounting Standards

No decision taken about the timing of a possible conversion to IFRS

While the SEC approved a statement supporting the adoption of global accounting standards for U.S. companies, the Chairman Mary Schapiro cautioned that, “Incorporating International Financial Reporting Standards (IFRS) into our financial reporting system would involve a significant undertaking. We must carefully consider and deliberate whether such a change is in the best interest of U.S. [...]

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

by R. Venkata Subramani

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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Hedge Accounting for equity options – free online course

by R. Venkata Subramani

Dear Professional members, Hedge Accounting for Equity Options – a free online course is now available at Free Online Courses on Accounting Hedge Accounting for equity options iscovered by Accounting Standards (AS 30 in India and IAS 39 under IFRS). This course explains the following concepts. Topic 1: Accounting Standards for Hedge Accounting Lesson1 – [...]

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US GAAP – codified topics

by R. Venkata Subramani

1 105 – Generally Accepted Accounting Principles 2 205 – Presentation of Financial Statements 3 210 – Balance Sheet 4 215 – Statement of Shareholder Equity 5 220 – Comprehensive Income 6 225 – Income Statement 7 230 – Statement of Cash Flows 8 235 – Notes to Financial Statements 9 250 – Accounting Changes [...]

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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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