International Financial Reporting Standards Implementation In India

What is IFRS

IFRS ( International Financial Reporting Standards ) is a set of accounting criterions developed by an independent, not-for-profit organisation called the International Accounting Standards Board ( IASB ) . The end of IFRS is to supply a planetary model for how public companies prepare and unwrap their fiscal statements.

IFRS provides general counsel for the readying of fiscal statements instead than puting regulations for industry-specific coverage. Presently, over 100 states permit or require IFRS for public companies, with more states expected to transition to IFRS by 2015.

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International Financial Reporting Standards comprise:

International Financial Reporting Standards ( IFRS ) -standards issued after 2001

International Accounting Standards ( IAS ) -standards issued before 2001

Interpretations originated from the International Financial Reporting Interpretations Committee ( IFRIC ) -issued after 2001

Standing Interpretations Committee ( SIC ) -issued before 2001

Model for the Preparation and Presentation of Financial Statements ( 1989 )

Does India necessitate IFRS

Come 2011 and India Inc will see drastic alterations in the manner fiscal statements are reported. India is among the 150-odd states that have decided to follow the International Financial Reporting Standards ( IFRS ) in 2011.

Need for IFRS:

Indian Companies are listed on abroad stock exchange and have to fix histories with regard to GAAP followed in several states. Foreign companies holding subordinate in India have to fix their histories in order to run into abroad coverage.

FDI and FII ‘s are more comfy with one planetary accounting linguistic communication which can be understood globally.

The cardinal benefit will be a common accounting system that is perceived as stable, crystalline and just to investors across the universe.

It will extinguish barriers to traverse boundary line listings and will be good for investors who by and large ascribe a hazard premium if the underlying fiscal information is non prepared in conformity with international criterions.

Cross boundary line Amalgamations and Acquisitions will acquire a encouragement by doing it easier for parties involved in every bit far as redrawing the fiscal statements is concerned.

Applicability of IFRS in India

Over about 150 states have implemented or have announced the determination to migrate and implement IFRS. The ICAI has besides been seeking to acquire convergence in accounting criterions with IFRS. The uniformity in accounting criterions should assist in a drum sander operation and enable a better comparing across different sectors in different states.

Most respondents have indicated that they would wish IFRS to be implemented in India for their fiscal statements. This indicates that people have realized the importance of such a criterion in the universe. Having such a unvarying system of accounting has several advantages.

It is expected that such an accounting criterion will enable a more crystalline, stable system across the universe and would besides pull a batch of foreign influx in the economic system.

Adopting this International criterion, will be helpful for people who live outside India to compare their ain companies with Indian companies, and at the same clip it will besides be helpful for Indians to acquire more investing from foreign investor.

When asked about India ‘s current base on IFRS and why it deferred this determination to 2011, most of the respondents felt that this was due to the deficiency of readying of Indian companies to accommodate to these alterations.

Most respondents besides believed that deficiency of proper apprehension and preparation with regard to IFRS is besides a major ground for India to hold deferred the determination to implement IFRS.

There is a great sum of struggle between the statute law and the accounting criterions. As a consequence of this, there can be several readings for the same minutess. Differences between the current Indian GAAP and the proposed IFRS may impact concerns owing to the usage of just value construct alternatively of historical cost accounting.

The alterations that will be brought out by the execution of IFRS in India may impact evaluations, fiscal public presentation prosodies and besides the design of fiscal merchandise. Training in the corporate is indispensable to integrate IFRS, but more significantly there is besides a demand to understand the alteration processes. Companies should give clip and resources in educating and developing employees and other stakeholders. More attempts are required to convey consciousness on the conceptual model and timeline to fix companies, peculiarly little and average endeavors ( SMEs ) , to do the switch to IFRS more expeditiously. The readiness of industry besides depends on the preparedness of professionals in transporting out undertakings related to readying and audit of fiscal statements in conformity with the IFRS-converged accounting criterions.

Challenges faced in the execution of IFRS

Conversion to IFRS in India is decidedly a complicated procedure. The ICAI has already laid down the wide lineation for this conversion.

While a wide way is available from the ICAI, it needs to garner a batch of impulse to set the complex machinery in India to work to accomplish some of the intended consequences within the aggressive timelines presently proposed. IFRS execution is likely to hold a important impact for most Bankss company and the non-banking companies excessively.

Based on the study, holding merely limited figure of inquiries, we have summarized our ideas and positions on some of import inquiries that organisation may wish to see while developing a program for IFRS execution. As portion of the study, we covered three inquiries which focuses on the challeges these companies have to confront in implementing these.

Not easy for the regualatory and standard compositors organic structure to work in tandem towards a common end. Accounting and regulative organic structure will besides convey in other alterations in 2011.

Most respondents do experience that the working of RBI, ICAI, IRDA and SEBI will do breaks in implementing the procedure.

To accomplish the terminal aim of comparison in fiscal coverage, all of these complex accounting criterions need to be understood and applied in a consistent mode by a broad group of comptrollers, both within the industry and the profession.

To accomplish the terminal aim of comparison in fiscal coverage, all of these demands need to be understood and applied in a consistent mode by a broad group of comptrollers, both within the industry and the profession.

It is said that India is traveling towards a traveling mark and IFRS is ready to undergo a major alteration in this month. What is the degree of readiness for the same in such a instance?

For this inquiry, the ballot is divided between the respondents. Some feel that internal squads should be apprised and be good informed but some feel otherwise.

Advantages and Disadvantages of IFRS

The move to IFRS has its advantages and disadvantages. These are the largely quoted 1s.

Professionals

IFRS is easier to utilize and will ensue in better coverage

Institutional Investors prefer IFRS

IFRS is a “ planetary ” attack ; comparison to fiscal statements from other states that have already adopted IFRS

Cons

IFRS fails the cost/benefit analysis

Passage periods will do disconcerting consequences

This is a transition that will agitate the whole footing of describing for many corporations, impacting non merely their external communicating of public presentation, but besides their internal direction coverage and information aggregation systems. For illustration a European company that late prepared its first fiscal statement harmonizing to IFRS. Management was shocked to see that its return on investing under the new demands fell from 16 per centum to 3 per centum. Add to this the potency for the new “ just value ” commissariats, which would increase well the volatility of reported fiscal Numberss in certain state of affairss, and it is clear that IFRS transition will dispute preparers and readers likewise. Within the organisation, the sensed part of any given merchandise or squad to entire corporate profitableness could be transformed nightlong. The possible fiscal, structural and cultural deductions of this passage are permeant. Amidst the many alterations that transition to IFRS might imply, one challenge dominates the docket of investors and managers likewise: how to measure corporate public presentation. How, in a universe of greater net incomes volatility, can a good direction be differentiated from bad. Fair-value accounting provides a manner to mensurate assets and liabilities that appear on a company ‘s balance sheet and income statement and seeks consistent coverage among comparable establishments. Measuring companies ‘ assets and liabilities at just value may impact their income, both negatively and positively.

Accounting Differences in IFRS

Execution of IFRS will necessitate many alterations to the manner points are treated in the books of history for organisations. The complexness associated with the same is the chief ground why a batch of study respondents feel that their organisation is ill-equipped to efficaciously implement IFRS owing to a deficiency of appropriate cognition and preparation for employees. This is besides the ground we have received a diverse set of responses to the inquiry refering to accounting differences in the study as most respondents likely do n’t cognize all the cardinal differences in the manner certain points are treated under IFRS in comparing to current accounting criterions. As such, no specific tendency was observed in the response to this inquiry as the responses varied significantly.

The cardinal accounting alterations proposed under IFRS include the followers:

Fiscal assets to be classified on initial acknowledgment and measured at amortized cost or just value. Eliminates the bing IAS 39 classs of held to adulthood, available for sale and loans and receivables.

Embedded derivates are no longer separated from intercrossed contracts that have a fiscal plus as the host. Alternatively, the full intercrossed contract is assessed for categorization utilizing certain rules.

Establishes that rights to get a fixed figure of the entity ‘s ain equity instruments for a fixed sum in any currency are equity instruments if the entity offers the rights pro rata to all of its bing proprietors.

Equity instruments issued to settle fiscal liabilities to be measured at just value and the difference between the transporting sum of the liability and the just value to be included in the entity ‘s net income and loss history.

Introduced related party revelation freedom for government-related entities and improved the definition of a related party. The revised criterion has besides expanded the list of minutess that require revelation.

Provides a simplified and slimmed-down version of full IFRS, tailored for the demands and capablenesss of SME.

IFRS for Banking

In add-on to the general accounting criterions and patterns that constitute Indian GAAP, banking companies are presently required to adhere to accounting policies and rules that are prescribed by the Reserve Bank of India ( RBI ) . For illustration, fiscal coverage policies for proviso for loan losingss and investings are specified by the RBI. Hence, as found in study, the acceptance of IFRS requires a important alteration to such existing policies and could hold a material impact on the fiscal statements of banking companies.

The followers are the challenges and differences identified through the study and articles/reports on the cyberspace:

aˆ? IFRS prescribes an impairment theoretical account that requires a instance by instance ( for important exposures ) appraisal of the facts and fortunes environing the recoverability and timing of future hard currency flows associating to a recognition exposure. Should at that place be an outlook that all contractual hard currency flows would non be recovered ( or recovered without full hereafter involvement applications ) , an history would be classified as impaired and impairment be measured on present value footing utilizing the effectual involvement rate of the exposure as the price reduction rate. For groups of loans that portion homogeneous features ( such as mortgage and recognition card receivables ) , impairment can be assessed on a corporate footing. The purpose of an person or corporate appraisal is to capture the incurred loss for a specified portfolio. General commissariats are allowable merely to extent that they relate to a specified hazard that can be measured faithfully and for incurred losingss. No commissariats are permitted for future or expected losingss. For investings, a similar analysis is conducted, the cardinal difference being that the just value of the investing is besides considered as an input in add-on to the fiscal / recognition standing of the issuer.

The appraisal assumes a system that considers all the facts and fortunes and requires the usage of informed judgement. This aspect represents the most important difference from Indian GAAP for Bankss in India. Current Indian GAAP / RBI guidelines require a limited usage of judgement and are mechanistic in nature with prescribed purveying rates.

aˆ? Fair value measuring is infrequently used under Indian GAAP and in most instances where it is, the purpose is chiefly to capture a lower of cost or just value measuring base. Under IFRS, there may be a important addition in the extent that just value measuring needs to be used. For case all fiscal assets and liabilities will necessitate to be ab initio measured at just value. While in a figure of cases, just values may be represented by dealing monetary values, the burden on Bankss will be to turn out that dealing monetary values represent just value. In add-on, there will be a figure of cases where unfulfilled additions can / should be recognized ; for illustration, trading instruments and those where the bank elects the just value option. Further, due to the stringent standards prescribed under IFRS, a Held to Maturity ( HTM ) categorization, ( which presently consequences in an amortized cost rating footing for a important portion of most Indian Bankss ‘ investing portfolio ) , is improbable to be available taking to fair value measuring for a significant portion of the portfolio. Again, this is a important displacement from current accounting intervention under Indian GAAP.

aˆ? Under IFRS, all derived functions are recognized on the balance sheet at just values with alterations in just values being recognized by and large in the income. In add-on, embedded derivative contracts ( such as equity transition options embedded in a exchangeable unsecured bond – the most common state of affairs found in India ) require to be separated from their host contracts and be accounted for individually. In contrast, current Indian GAAP does non specifically turn to the more ‘difficult to use ‘ commissariats of just value and hedge accounting.

aˆ? Under IFRS, de-recognition of fiscal assets is a complex, multi-layered country with the de-recognition determination dependant mostly on whether there has been a transportation of hazards and wagess. If the appraisal of the transportation of hazards and wagess is non conclusive, an appraisal of control and the extent of go oning engagement are required to be performed. In many instances, this can non be restricted to qualitative appraisals and demands to be needfully a quantitative appraisal. A major country impacted would be securitization activity – most Indian securitization vehicles are presently structured to run into Indian GAAP de-recognition norms. Well all those securitization vehicles would fall in into the transferor ‘s balance sheet and assets would neglect the de-recognition trial under IFRS. For illustration, securitization minutess where recognition collaterals are provided /guarantee is provided to cover recognition losingss in surplus of the losingss inherent in the portfolio of assets securitized, may non run into the de-recognition rules enunciated in IAS 39.

The new norms would take to more cases of transportations neglecting the de-recognition standards thereby ensuing in big balance sheets and capital adequateness demands, lower return on assets and recess of additions / losingss on such securitization minutess.

aˆ? Under IFRS, consolidation is non driven strictly by the ownership construction of an entity. Alternatively the focal point is more on the power to command an entity to obtain economic benefits – this power to command could be expressed as ownership of equity securities but is non limited to it. For case, this will include a consideration of presently exercisable possible vote rights / portions ; direction and other understandings, de facto control and other agreements that provide the power to command an entity. IFRS besides provides counsel on how consolidation determinations for particular purpose entities should be arrived at. In a figure of ways, IFRS provides more strict consolidation trials and in pattern can ensue in the consolidation of a larger figure of entities as compared to Indian GAAP which focuses on a narrower set of trials ( bulk of ownership and control over a bulk of the composing of the board of managers or similar organic structure ) .

Sectoral Remarks on IFRS

When companies prepare their first fiscal statements compliant with the International Financial Reporting Standard ( IFRS ) , they will hold to utilize IFRS-1-First-time Adoption of International Financial Reporting Standards. IFRS-1 prescribes processs that a company has to follow while fixing its opening IFRS balance sheet at the beginning of the alleged comparative ( comparing with the old corresponding period ) period. Therefore, Indian companies fixing IFRS fiscal statements for the period get downing 1 April 2011 with one twelvemonth comparatives would necessitate to fix the gap IFRS balance sheet as on 1 April 2010.

It is merely obvious that each sector gets affected in a different mode once the IFRS criterions are adopted. Therefore through this subdivision of the study, we focus on some of the sectors – viz. REALTY AND INFRASTRUCTURE, IT and MEDIA with particular focal point towards the REALTY sector since that has been mentioned as being affected the most by our study.

Medium

A common pattern amongst media proprietors is the bundling of infinite across assorted products/ programs/ channels/ publications/ portals. The accounting of grosss or costs becomes disputing where such infinite is marketed for a amalgamate sum. There is no specific counsel under Indian GAAP or IFRS. However, under IFRS, the pattern is to utilize the comparative carnival value method to apportion the gross amongst the assorted constituents and acknowledge them as the constituents are delivered. Under Indian GAAP, there are disparate patterns, including acknowledging full gross upfront with a proviso for cost made for the unrecognised constituents.

Media companies frequently enter into swap minutess, for illustration, broadcasters exchange rights to topographic point advertizements on each other ‘s channels. Under IFRS, gross from barter minutess is recognized at the just value merely when the exchange involves dissimilar goods/services. Under Indian GAAP, there is no counsel other than for dotcom companies ; hence, disparate patterns exist, including non entering the swap dealing.

Under IFRS, the gross from the sale of broadcast, movie or exhibition rights may be recognized in full upon beginning of the license period. It is non appropriate to acknowledge gross prior to the day of the month of beginning of the licence period since it is merely from this day of the month that the licensee is able to freely work the rights of the licence and hence has the wagess of ownership.

Information technology

Merely as engineering is invariably germinating, so is IFRS. Here we will analyze a few countries that will majorly impact information engineering companies. First and first, IFRS may hold a important impact on the gross top-line being reported by engineering companies. Technology companies enter into lump amount contracts for sale of licences, execution fees, guarantee, care and free ascent services, etc. , over a period of clip.

Under IFRS, a cardinal issue will be to find whether the constituents of a individual dealing can be separated from an duties public presentation point of view i.e. from a proficient and commercial position. In such cases, bundled contracts and multiple offerings under a bundle will necessitate just rating of different constituents and grosss would be recognized consequently. Indian GAAP does non supply any specific counsel on this and, hence, inconsistent patterns are soon being followed by assorted companies. Some companies defer the gross acknowledgment till the full undertaking is completed. Other companies recognize grosss and supply for costs associated with pending post-sale contractual duties. Very late, the research commission of the ICAI has come out with a proficient usher on gross acknowledgment for package companies, which is really similar to Sop 97-2 followed in US GAAP.

Large outsourcing contracts are rather common in the IT sector. Often a important portion of the capacity is being utilized by a specific client or installations may be specifically earmarked to provide to the demands of a peculiar client. Normally in such instances, the pricing of the contract is besides agreed on particular footings, maintaining in head the costs incurred by the IT company in supplying such services. In such scenarios, one will hold to measure whether provision/receipt of services constitutes or contains a rental agreement under IFRIC 4. Fiscal statements would alter rather significantly if it is determined that such minutess contain an component of rental, peculiarly if they satisfy the standards for a finance rental. Under Indian GAAP, such agreements are usually considered as those for supplying services and non a leasing activity.

IFRS entails discounting of future receivables and payables to their current values utilizing expected involvement rates. The application of ‘time value of money ‘ construct will hold impact on the sums recorded for long-run security sedimentations, payables falling due after one twelvemonth and grosss earned in progress for long-run contracts/ agreements. Imputed involvement sums will besides hold an impact on net incomes reported by IT companies.

REALTY AND INFRASTRUCTURE

The coming of International Financial Reporting Standards ( IFRS ) in India will hold far-reaching deductions for existent estate, building and substructure companies. It will impact the footing for acknowledging grosss, take awareness of multiple-element contracts and swap minutess, and let the usage of just value for measuring of assets.

Under Indian by and large accepted accounting rules ( GAAP ) , there is no specific definition of investing belongings ; hence, there are changing patterns of sorting such belongingss held for leases or capital grasp. They are either shown under investings or as portion of fixed assets at cost of acquisition or building. If the belongings is classified as portion of fixed assets, it is possible to set about reappraisal, but such addition is taken straight to militias and the belongings needs to be depreciated over its economic utile life.

IFRS will let existent estate companies to follow just value for mensurating and describing their investing belongingss.

The fair-value additions every bit good as losingss originating from acceptance of this method will be routed through the net income and loss history. If the fair-value theoretical account is adopted, investing belongings is non depreciated ; hence there will be no amortisation cost. IFRS recognizes the fact that normally landed belongingss merely appreciate in market values over the long term ; hence, they need non be depreciated ( hold a certain value written off every twelvemonth, which is how most assets are presently

Bing substance-driven, IFRS will hold a important impact on acknowledgment of existent estate gross revenues. Normally, understandings for sale with purchasers are made every bit shortly as the undertakings are launched ; typically good before completion of building and handing over of ownership. The IFRS proviso on “ understandings for the building of existent estate ” requires developers to find whether the contract is a building contract, services contract or a gross revenues contract, and gross acknowledgment will follow this substance. The understanding will be a building contract if the purchaser has control over the design and specification of the belongings boulder clay it gets completed. It will measure up as an understanding for services, if the stuffs are being provided by the purchaser, which usually is non the instance, but this may use in certain joint development contracts. In all other instances, IFRS will handle gross revenues of residential flats or belongingss as sale of goods on completion footing. Indian GAAP allows it to be done by the proportionate completion method once the understanding for sale has been entered into. However, in the instance of IFRS, this will be possible merely if the contract is a building contract, wherein the purchaser has control over the specifications. IFRS will let acknowledgment of multiple elements in the existent estate contract. So, if there are two separate agreements, one for sale of land and another for building services, so it may be possible to acknowledge gross from sale of land individually.

For substructure companies, the IFRS proviso on “ service grant agreements ” will hold far-reaching effects, since grant agreements would necessitate to be accounted for otherwise. Under Indian GAAP, outgo incurred by the substructure supplier is capitalized as fixed or intangible plus, depreciated normally over the term of the service grant understanding. Under IFRS, this will hold two elements. First, it will be treated as rendition of building services where grosss will acquire recorded at the just value of such services, that is, with appropriate mark-up over cost. Second, the supplier will acknowledge an intangible plus in extinguishment of the receivables on completion of building. The consequences of the service supplier will be therefore significantly different, since it will acknowledge grosss during the building period under IFRS.

Another of import facet will be dismissing of long-run payables and receivables, including keeping money, in line with market involvement rates to reflect the current just value.

Appendix

The study was done utilizing an on-line questionnaire at the nexus hypertext transfer protocol: //spreadsheets.google.com/a/fms.edu/viewform? formkey=dE1CVG1PQkpTM2FCV21vWklNUmh6cUE6MQ

The questionnaire was sent to 17 people for their responses. The respondents were chiefly CAs and a few people from the finance section of companies. Please happen below the list of people surveyed.

Survey Consequences:

Do you believe India needs to implement IFRS for its fiscal statements?

If yes, which of the followers could be the possible grounds

Biggest hurdlings that companies could confront on IFRS?

Peoples may choose more than one checkbox, so per centums may add up to more than 100 % .

Ill-defined ordinance on IFRS acceptance

Ill-defined revenue enhancement Torahs

Inaccessibility of IFRS accomplishments

Timelines are non detailed for proper planning

Some of the investings may be recorded under IFRS at just value with the motion of just values between different periods reported in equity or the income statement. Presently, such investings may be reported at cost. While the underlying concern state of affairss continue to be the same, the fact that the motion in just values is recorded through the income statement in the hereafter may impact the profitableness of the company. This might be of disadvantage to investors.

A nucleus panel constituted by the authorities on IFRS decided to relieve SMEs from the first stage of IFRS convergence falling due in 2011. The ground given is convergence to IFRS is a dearly-won exercising that includes an inspection and repair of operational and IT processes apart from developing costs. The SMEs can non bear such immense costs. Do you experience that these are justifiable causes?

The advantages of IFRS like betterment in comparison of fiscal information and fiscal public presentation with planetary equals and industry criterions ensuing in better quality of fiscal coverage and low cost of raising financess in abroad outweighs its disadvantages like high preparation cost, immense cost of sweetening of IT systems and pull offing market outlooks and investor relationships

The current degree of IFRS cognition within the company is equal for IFRS execution intents

Which sector do you believe will be affected by IFRS the most?

Peoples may choose more than one checkbox, so per centums may add up to more than 100 % .

Real property and substructure

Information technology

Media

FMCG

Food and Beverages

Other

Do you believe execution of IFRS would do important alterations to the banking sector?

IFRS prescribes an impairment theoretical account that requires a instance by instance ( for important exposures ) appraisal of the facts and fortunes environing the recoverability and timing of future hard currency flows associating to a recognition exposure. Do you believe IFRS is excessively judgmental and hence nowadayss great trouble?

IFRS requires a important addition in usage of just value measuring. Do you believe it is challenge for Bankss to utilize and turn out dealing monetary values as stand foring just value?

Given that the IFRS place is significantly different from that followed under Indian GAAP, Do you believe application of the new norms would in general lead to more cases of transportations neglecting the de-recognition standards thereby ensuing in big balance sheets and capital adequateness demands, lower return on assets and recess of gains/losses on such securitization minutess?

Large outsourcing contracts are rather common in the IT sector. Due to IFRS execution, the fiscal statements detailing these would be significantly affected.

IFRS execution will impact the substructure sector because it will impact the footing for acknowledging grosss, take awareness of multiple-element contracts and swap minutess, and let the usage of just value for measuring of assets

A common pattern amongst media proprietors is the bundling of infinite across assorted merchandises, plans, channels, publications and portals. This makes the accounting of grosss or costs disputing. IFRS will alter all that.

‘In malice of attempts by the nucleus group set up by the ministry of corporate personal businesss to convey convergence of Indian Accounting Standards with IFRS, a batch of land is yet to be covered to aline and harmonize legislative alterations with assorted passages. The challenge for industry comes from differences in the implicit in conceptual model and deficiency of trained people ‘ . Do you hold with this sentiment?

Accounting model in India has multiple influencers and accounting standard-setters, such as the ICAI, SEBI, Companies Act, NACAS, income-tax governments, and industry regulators such as the RBI, IRDA, etc. Hence these organic structures need to work in tandem to put ordinances that are consistent with each other. This is traveling to be a hard undertaking sing the Indian Environment?

India is working towards a traveling mark – IFRS is expected to undergo alteration between now and 2011. This puts states like India, at a comparative disadvantage, as they still do n’t cognize what would be the IFRS demands to use in 2011.

Internal squads and patrons to the full should be apprised of undertaking advancement by newssheets, electronic mail qui vives and intranet site within the organisation.

Kindly supply your sentiment on the extent of difference in the intervention of following points under IFRS and current accounting criterions. 0 ( No difference ) 5 ( Vastly different ) – Categorization of fiscal assets and measuring at amortized cost or just value

1

22 %

2

56 %

3

17 %

4

0 %

5

0 %

Kindly supply your sentiment on the extent of difference in the intervention of following points under IFRS and current accounting criterions. 0 ( No difference ) 5 ( Vastly different ) – Embedded Derived functions

1

1

6 %

2

9

50 %

3

7

39 %

4

0

0 %

5

0

0 %

Kindly supply your sentiment on the extent of difference in the intervention of following points under IFRS and current accounting criterions. 0 ( No difference ) 5 ( Vastly different ) – Accounting for rights issues

1

11 %

2

50 %

3

33 %

4

0 %

5

0 %

Kindly supply your sentiment on the extent of difference in the intervention of following points under IFRS and current accounting criterions. 0 ( No difference ) 5 ( Vastly different ) – Related Party Minutess

1

11 %

2

44 %

3

33 %

4

6 %

5

0 %

Kindly supply your sentiment on the extent of difference in the intervention of following points under IFRS and current accounting criterions. 0 ( No difference ) 5 ( Vastly different ) – Standards for SME

1

33 %

2

22 %

3

28 %

4

11 %

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