presentation on ifrs gla

8/7/2019 presentation on ifrs gla

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OVERVIEW OF IFRS -

GLOBAL GAAPS


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INTRODUCTION

IFRS is an accounting framework that establishes

recognition, measurement, presentation anddisclosure requirements relating to transactions

and events that are reflected in the financial

statements.


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CONTENTS OF IFRS LITERATURE

IFRS comprises:

8 IFRSs and 31 IASs

12 IFRIC and 11 SICs


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OBJECTIVE OF SIP

To know whether the IFRS mandatory for Indian

organization.

to know the changes to be made while adopting IFRS in

India.

Why IFRS implementation is important for an organization.

challenges faced by organizations while implementing IFRS.

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IFRS AND INDIAN CORPORATE

The Institute of Chartered Accountants of India (ICAI)

has recently released a concept paper onConvergence with IFRS in India, detailing the

strategy for adoption of IFRS in India with effect

from April 1, 2011.

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Companies which are part of NSEIndex Nifty 50

Companies which are part of BSESensex BSE 30

Companies whose shares or othersecurities are listed on a stockexchange outside India

Companies, whether listed or not,having net worth of more thanINR1,000 crore

Phase 1 :

Opening balance sheetas at 1 April 2011

Companies not covered in phase 1and having net worth exceeding INR500 crore

Phase 2 :

Opening balance sheetas at 1 April 2013 Listed companies not covered in

the earlier phases

Phase 3 :

Opening balancesheet as at 1 April

2014

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ROADMAP TO IFRS IN INDIA


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WHY IFRS IN INDIA?

One language

Comparability enhanced

Understanding enhanced One set of books

Access to Global capital markets

Low cost of capital

Attract foreign investment

Elimination of multiple reports


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RESEARCH METHODOLOGY

Exploratory Analytical

Data collectionprimary data

direct interview

Secondary data

internet, annual report, induction manual

Sample size- 15

Sampling method- convenience and judgmental


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FINDINGS

ICAI has stated that IFRS will be applied to companies

above Rs 1000cr from April 2011.

Organizations having access globally can report under a

single set of accounting standards.

Due to various conflict in implementing IFRS like The

Companies act, The Income tax act and some other acts

do not comply with IFRS organizations seems not much

confident while implementing IFRS.

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ORGANIZATION PROFILE

Ultra Tech Cement Ltd is a subsidiary of Grasim cement.

In July 2004, Grasim acquired a majority stake and

management control ofL&T which was then renamed UltraTech.

Grasim, along with Ultra Tech cement has an annual

capacity of 45.7 million TPA and is a leading cement playerin India.

UltraTech Cement Ltd has an annual capacity of 18.2 million

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THANK YOUTHANK YOU

presentation on ifrs gla

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