Indian accounting standards

The paper examines the perception of officials and professionals in implementing IFRS at pre-initial stage. India accepted to implement the IFRS from 1st April 2016 despite reluctance from practitioners. Paper explores the responses towards challenges in implementation of IFRS rather than its effects after implementation.

18p viankara2711 04-12-2019 24 0   Download

Based on first set of Ind AS compliant financial statements released by Indian companies in Phase I of the IFRS convergence process, this study aims at examining whether profit and equity are significantly impacted because of IFRS convergence, and whether such impact is size dependent.

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Following the same logic, the magnitude of the effect of an event is considered sufficient if the effect on the policyholder is significant when compared to the minimum benefits payable in a scenario of commercial substance. Payments made which do not compensate the policyholder for the effect of the insured event, e.g. payments made for competitive reasons, are not taken into consideration in the assessment of insurance risk. However, IFRS 4 does not limit the payment by the insurer to an amount equal to the financial impact of the adverse event.

69p bin_pham 06-02-2013 49 5   Download

IFRS 4 does not provide quantitative guidance for assessing the significance of insurance risk, because the IASB felt that creating an arbitrary dividing line would result in different accounting treatments for similar transactions that fall marginally on different sides of the line. When assessing the significance of insurance risk two factors should be considered. The insured event should have a sufficient probability of occurrence and a sufficient magnitude of effect. The probability and the magnitude are measured independently to determine the significance of the insurance risk.

44p bin_pham 06-02-2013 48 4   Download

The requirement that insurance risk is always transferred risk, means that only risks accepted by the insurer, which were pre–existing for the policyholder at the inception of the contract, meet the definition of insurance risk. Lapse, persistency or expense risks, resulting from contracts written, do not constitute insurance risk as they are not transferred risks – even if these risks are triggered by the same events that trigger insurance risk.

34p bin_pham 06-02-2013 46 5   Download

Throughout this publication we have made reference to IFRS 4, the Implementation Guidance and Basis for Conclusions accompanying the Standard, as well as other current statements of IFRS. Direct quotations from IFRSs are included in dark blue within the text. A column noted as Reference is included in the left margin of Sections 1 through 15 to enable users to identify the relevant paragraphs of IFRS 4, the Interpretation Guidance and Basis for Conclusions as well as references to other applicable Standards.

41p bin_pham 06-02-2013 48 4   Download

In the future, the domestic voluntary carbon offset market may be largely superseded by a mandatory U.S. trading program for greenhouse gas emissions. Even if it is, there may be grounds for government oversight of the voluntary market today. Oversight may be desirable, for example, to protect consumers and the public interest, to allow learning for regulators, and to provide greater certainty for investors.

5p taisaovanchuavo 26-01-2013 43 3   Download