Saturday, December 27, 2008

'Amortisation deductions for intangibles have a material impact on tax rates'

IFRS transition should be in a phased manner

A common myth about IFRS (International Financial Reporting Standards) is that transition is swift and painless, observes Mr N. Venkatram, IFRS Country Leader, India, and Partner in Deloitte Haskins & Sells, Mumbai. There is a belief that since India has adopted accounting standards which are based on the international standards, conversion for most companies would entail passing a few more journal entries, in order to transform accounts as per Indian GAAP (generally accepted accounting principles) into IFRS financial statements, he explains.


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