Implementation of IFRS in India

Abstract

IFRS, International Financial Reporting Standards, are issued by IASB, International Accounting Standard Board (IASB is the independent standard setting body of the IASC Foundation). Earlier the issuing body was known as IASC, International Accounting Standard Committee, and the standards issued by IASC were known as IAS, International Accounting Standard. IASC worked from 1973 till March 2001. From April 1, 2001, IASB took over IASC. IASB adopted the existing IAS and continued developing the standards with the name IFRS. Interpretations of IAS and IFRS are developed by the IFRS Interpretations Committee. The Interpretations Committee replaced the former Standing Interpretations Committee (SIC) in March 2002. The Interpretations Committee's mission (from the IASCF Constitution) is "to interpret the application of International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) and provide timely guidance on financial reporting issues not specifically addressed in IASs and IFRS, in the context of the IASB Framework, and undertake other tasks at the request of the IASB".

Presently there are in total 29 IAS, 11 SIC, 9 IFRS AND 19 IFRIC.