IFRS converged Accounting Standards Notified

The Ministry of Corporate Affairs (MCA) has earlier today notified 35 Accounting Standards which have been converged with IFRS*. The notification can be found here.

The converged accounting standards (to be called IND AS) are 1, 2, 7, 8, 10, 11, 12, 16, 17, 18, 19, 20, 21, 23, 24, 27, 28, 29, 31, 32, 33, 34, 36, 37, 38, 39, 40, 101, 102, 103, 104, 105, 106, 107 and 108. The details of each of these is at the end of this blog. The relevant MCA website link is here.

While the industry widely expected a tactical delay in the implementation, this has not happened. While the MCA notification mentions that the date of implementation of the IND AS will be notified by the Ministry at a later date. We believe that it is now unlikely that the implementation would be pushed beyond 1 April 2011. The original schedule for the phased implementation of IFRS is detailed below.

Phase Starts From# Applicability
I 1 April 2011
  1. Companies part of BSE Sensex / NSE Nifty 50
  2. Companies with Net Worth > Rs10 bn, whether listed or not
II 1 April 2013 Companies with Net Worth > Rs5 bn, whether listed or not
III 1 April 2014 All other listed entities

# for all reporting periods starting on or after this date, and comparable financial figures to also be provided.

Details of the 35 IND AS:

IND AS Name of Indian Accounting Standard
1 Presentation of Financial Statements
2 Inventories
7 Statement of Cash Flows
8 Accounting Policies, Changes in Accounting Estimates & Errors
10 Events After the Reporting Period
11 Construction Contracts
12 Income Taxes
16 Plant, Property and Equipment
17 Leases
18 Revenue
19 Employee Benefits
20 Accounting for Government Grants and Disclosure of Government Assistance
21 Effects of Changes in Foreign Exchange Rates
23 Borrowing Costs
24 Related Party Disclosures
27 Consolidated and Separate Financial Statements
28 Investments in Associates
29 Financial Reporting in Hyper-Inflationary Economies
31 Interests in Joint Ventures
32 Financial Instruments – Presentation
33 Earnings Per Share
34 Interim Financial Reportin
36 Impairment of Assets
37 Provisions, Contingents Liabilities and Contingent Assets
38 Intangible Assets
39 Financial Instruments – Recognition and Measurement
40 Investment Property
101 First Time Adoption of Indian Accounting Standards
102 Share-based Payment
103 Business Combinations
104 Insurance Contracts
105 Non-Current Assets Held For Sale and Discontinued Operations
106 Exploration for and Evaluation of Mineral Resources
107 Financial Instruments – Disclosures
108 Operating Segments

* IFRS stands for International Financial Reporting Standards