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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
tones. 11
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THANK YOUTHANK YOU