从印度的GAAP转向IFRS [2]
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论文字数:2004论文编号:org201603261023376517语种:英语 English地区:英国价格:免费论文
关键词:会计准则变化IFRSGAAP
摘要:摘要:本文主要讲述了印度公认会计准则变化需要IFRS和全球视角,印度意识到坚持共同的金融平台的重要性。
of resources.
The ease of raising capital from international investors would increase due to the ease of assessing the financial health of companies on a common platform.
There would be an increase in consistency in financial reporting worldwide making it easier for all internal and external stakeholders such as shareholders, analysts etc to better understand the financial position of companies and compare them on a common platform. This would make decision making simpler based on authentic evaluation of different financial parameters.
There are currently over 100 companies worldwide who have already adopted these standards and convergence of India to these standards would put India on a global platform of financial reporting.
Current status - What companies (especially banks) are doing to make the transition and meet deadlines
India will follow its own IFRS equivalent accounting standards, which will have no differences between Indian followed IFRS Standards and the IFRSs. Several actions need to be taken by companies to comply with the Indian based IFRS Standards, some of which include:
Changes in the balance sheet due to IFRS should occur in the balance sheet for a period before the applicable date, and the effect of the transition will be adjusted in the general reserve. Hence companies should expect that the balances of equity, assets and liabilities will differ between the first IFRS compliant balance sheet and the last audited balance sheet before the convergence.
IASB requires companies to retrospectively apply IFRS to financial statements for the past years as far as they can possibly go with reasonable efforts. This will be possible for the companies based on the information they have on the past years and whether they can use it to converge their past statements to IFRS. This poses a difficulty for companies within the same industry, as some companies might have enough information to converge for the past 8 years, whereas other might not. Hence issues should be discussed with companies in industry forums.
It is important to come up with a set of new accounting policies which are compliant with the IFRS and whose economic implications can be easily understood. Hence a multidisciplinary team should be set up and should include auditors. In case of government companies, representatives of the Comptroller and Auditor General of India should also be included.
Banks in India are doing their part in converging to the IFRS. The impact of the transition is expected to be felt most on the banking sector due to the multiple financial instruments banks deal with, as well as their exposure to most other industries in the form of loan products. In addition to the actions taken by other industries, banks need to make additional changes due to the complexity involved in the various financial instruments and other regulatory issues. Some of these include:
Apart from following GAAP, banks also have to follow regulations issued by the RBI. Hence significant changes would have to be made to the RBI regulations to fully comply with the IFRS.
The International Accounting Standard 39 (IAS 39) is on financial instruments and is one of the most complex standards. Since this would be applicable to most of the components of the bank's financial statements due to the number of financial ins
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