Did you see this interesting article from Economic times, lessons from Rahul Dravid ? You can get it on our finance and outsourcing blog.
What constitutes IFRS statements?
|IFRS 1||First-Time Adoption of IFRS|
|IFRS 2||Share-Based Payment|
|IFRS 3||Business Combinations|
|IFRS 4||Insurance Contracts|
|IFRS 5||Noncurrent Assets Held for Sale and Discontinued Operations|
|IFRS 6||Exploration for and Evaluation of Mineral Resources|
|IFRS 7||Financial Instruments: Disclosures|
|IFRS 8||Operating Segments|
|IFRS 9||Financial Instruments|
Who has or is adopting IFRS?
You won’t believe me, approximately 120 nations and reporting jurisdictions permit or require IFRS for listed companies in their geographies, approximately 90 countries have fully conformed with IFRS as promulgated by the IASB and include a statement acknowledging such conformity in audit reports.
Other countries, are expected to transition to IFRS from 2011-2013. Mexico will require IFRS for all listed companies starting in 2012. Japan has introduced a roadmap for adoption that it will decide on in 2012 (with a proposed adoption date of 2015 or 2016) and is permitting certain qualifying domestic companies to apply IFRS from fiscal years ending on or after March 31, 2010. Still other countries have plans to converge their national standards with IFRS. India is also contemplating to either adapt or converge to IFRS. It looks more like convergence for India. We will get into more details at a later stage.