International Financial Reporting Standards Service

IFRS were issued in 2003 by IASB. IFRS was issued with the objective of providing transparent and comparative information to the stakeholders- Institutional Investors, Retail Investors, government, etc to enable them to make informed capital decisions. Over the period business opportunities have expanded and service delivery has become quicker due to the use of information technology. This has resulted in a dramatic increase in companies establishing offices in multiple countries. Also, cross-border transactions have increased manifolds. The world’s capital markets operate more and more freely across borders due to these business complexities need was felt by the International Accounting Body –IASB ( Formerly known as IASC) to develop a single set of global standards which lay down the conceptual framework, principles, rules, scenarios, and guidelines for accounting of business transactions.

Currently, 140 countries across the world permit use of IFRS of which 90 countries have laid down regulations for the companies domiciled there to mandatorily adopt IFRS In India, the ICAI on request by the Ministry of Corporate Affairs developed Ind-AS ( Indian Accounting Standards ) with few carve-ins and carve-outs. Ind AS has emerged from IFRS to enable Indian companies to attract global investment. Ind As Accounting is mandatory from FY 19-20 for

• Listed Co.s and the companies in the process of being listed or
• Companies having a Net worth greater than Rs 200 crores.
• Group companies- Applicable to holding, subsidiaries, joint ventures, or associates of the companies covered in (1) and (2) above

We at Tax Planet proudly announce the addition of IFRS Services to our portfolio. Ms. Kanika Bali, FCA, DISA, and Dip IFRS –ACCA UK with over 20 years of work experience in the Industry will be taking the lead to handle IFRS Advisory business