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Accountancy News July 28 2007

Accountancy News last week.

SEC eases stance on accounting rules


US companies moved a step closer to being allowed to file financial results under international accounting standards after the Securities and Exchange Commission proposed a radical move away from US rules. Read More

Q&A on accounting standards convergence with less than four years to go

Indian accounting is shifting gears on the desi roads, as a prelude to joining the global standards highway. The premier accounting body, the Institute of Chartered Accountants of India (ICAI) has announced that we will be fully converging with IFRS (International Financial Reporting Standards) from April 1, 2011. With less than four years to go for the C-Day, if we may say so, there is a lot to do for convergence – from changes in laws to training of CAs. But first, a quick Q&A, for the beginner. Read More


India to Internationalize Accounting Standards

India plans to bring its accounting standards in line with International Financial Reporting Standards by April 1, 2011. The Institute of Chartered Accountants of India made the decision, which will apply to public companies in time for the deadline, according to the Business Standard of India. Private companies will come under the sway of IFRS in phases. Read More

Hurdles in converging Indian accounting standards with IFRS

Convergence of Indian accounting standards with the international standards may have to contend with more than one obstacle, point out experts in the profession.

For one, the accounting standards or accounting-related requirements are issued not only by the ICAI (Institute of Chartered Accountants of India) but various regulators, such as the Securities and Exchange Board of India (SEBI), the Reserve Bank of India (RBI), the Insurance Regulatory and Development Authority (IRDA). Read More

Benefits & pitfalls of new accounting norms

The move to achieve total compatibility of India’s accounting norms with the International Financial Reporting Standards (IFRS) seems to be happening with minimal voices of discord.

Ficci and Assocham have already vowed to extend their allegiance to the conversion, coming as it does at a time when Indian corporates are globalising with a vengeance. Read More

IFRS compliance costs may harm small firms, fears Ministry

Taking note of the decision of the Institute of Chartered Accountants of India (ICAI) to adopt an International Financial Reporting System (IFRS), the Union Ministry of Micro, Small and Medium Enterprises (MSME) has started consultations with business. Sources revealed that ahead of implementing IFRS, the ministry wants to know the impact of IFRS application on small and medium companies. Read More

Accountants advised to be more ethical

ACCOUNTANTS have to be more ethical to avoid financial scandals, the Association of Certified Chartered Accountants’ (ACCA) global president has advised. Read More

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