Accounting for Investments | Financial Instruments | Hedge Accounting

Sri T.N. Manoharan conferred with Padma Shri award by Government of India

The Government of India named Sri T.N. Manoharan the first accountancy professional from Tamil Nadu to be conferred with the Padma Shri award. Manoharan is based out of Chennai, India and was recently appointed as a board member of the scam-hit Satyam Computer Services and later made as its chairman before the company was taken [...]

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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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Automatic FDI route to close for 10 sectors

by R. Venkata Subramani

Keen to beef up national security, the government plans to slap new entry route restrictions on foreign direct investment (FDI) beyond 49% in eight specified “sensitive” sectors, including airports, seaports, pharma, petroleum refining and gas pipelines. In all these sectors, 100% FDI through the automatic route is permitted now.Once a stricter policy is in place, [...]

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SEBI extends stock lending, borrowing tenure to 12 months

by R. Venkata Subramani

The Securities and Exchange Board of India (SEBI) has extended the tenure of contracts for stock lending and borrowing (SLB) up to a maximum period of 12 months, as it tries to revive the comatose segment.SLB was introduced in April 2008, starting with a contract tenure of seven days. With hardly any interest from market [...]

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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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