We should not follow blindly the new system, without assessing the merits/ costs. Vested interests are definitely trying to sell the new system, when the rules are not clear & assumptions lead to lot of subjectivity & lead to duplication
Bring Back all Black Money to India and run IMF, World-Bank, make your own UN and stop changes and make changes as you wish them to happen.
Yes this is Possible.More than 154 countries are run by Indian-Money(Black or White) and stop of all that plus get all illegal-money from foreign accounts and put penalty on all such countries for encouraging people to evade laws of their land and storing ill-gotten wealth and all ACCOUNTING norms can be dictated by INDIA.
While the author puts in a very strong argument and the report that he refers to might have argued against the introduction of the IFRS I feel that it might be too late because the deadline for introduction of IFRS is just a month and half away. In matters like this the ICAI (or any such body) would try to save its face. So, they will hide the report and ignore the author (or worse call him a known troublemaker) and go ahead with the implementation. Coming to IFRS, it is not always hiding the truth. But there will be lot more responsibility on the auditors to review whether the fair value being stated by the Company is available or not. Historical accounting ignores certain basic factors, (like the appreciation in the value of land purchased a century back in the heart of Mumbai which if it had been valued at market value would have helped several Government owned textile mills to borrow more and fund their expenses) which need to be addressed. We need an overhaul of the present accounting standards. The ICAI seems to have taken the easy route by adopting the IFRS without proper research or preparation. Thankfully it is just the listed Companies (and any other BIG companies) which are required to implement IFRS from April 2011. I hope that the damage, if any, is limited.
