Converged Accounting Standards adoption: phased timelines, eligibility cut-offs and mandatory continuity of application clarified. Phased applicability and procedural rules for adoption of the first set of converged Accounting Standards are specified: Phase I entities must convert opening balance sheets (1 April 2011 for most companies; 1 April 2013 for specified banks and finance entities) and prepare subsequent financial statements under the converged standards, with cut-off balance sheet dates set for determining eligibility. Net worth calculation rules for applicability are prescribed, subsidiaries and group consolidation adjustments are addressed, early adoption is permitted for some group entities, and reversion to prior standards after adoption is not allowed.
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Converged Accounting Standards adoption: phased timelines, eligibility cut-offs and mandatory continuity of application clarified.
Phased applicability and procedural rules for adoption of the first set of converged Accounting Standards are specified: Phase I entities must convert opening balance sheets (1 April 2011 for most companies; 1 April 2013 for specified banks and finance entities) and prepare subsequent financial statements under the converged standards, with cut-off balance sheet dates set for determining eligibility. Net worth calculation rules for applicability are prescribed, subsidiaries and group consolidation adjustments are addressed, early adoption is permitted for some group entities, and reversion to prior standards after adoption is not allowed.
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