Docstoc

CA.RAKESH CHOUDHARY RAKESH CHOUDHARY _ ASSOCIATES

Document Sample
CA.RAKESH CHOUDHARY RAKESH CHOUDHARY _ ASSOCIATES Powered By Docstoc
					        CA.RAKESH CHOUDHARY
        RAKESH CHOUDHARY & ASSOCIATES
        CHARTERED ACCOUNTANTS


                           Comments to Draft Q&A 2011/01
                             IFRS for SMEs Section 1, Issue 1
Use of the IFRS for SMEs in parent’s separate financial statements published by the
SME Implementation Group (SMEIG), which assists the IASB1 in supporting the
implementation of the International Financial Reporting Standard for Small and
Medium-sized Entities (IFRS for SMEs) S for SMEs Section 1, Issue 1

Issue
1. In some jurisdictions parent entities are required, or choose, to prepare separate financial
statements in addition to consolidated financial statements.Separate financial statements are
sometimes presented together with the consolidated financial statements and sometimes as a
separate document.

Comments:
In the implementation of the International Financial Reporting Standard for Small
and Medium-sized Entities (IFRS for SMEs),Full IFRS should be complied with for
Consolidated Financial Statements,prepared and complied as a mandatory requirement and a
separate financial statements for subsidiary entities should be prepared under detailed Annual
Report as a schedule to notes on accounts for public accountability and disclosures to
regulatory bodies,stock exchanges,Stakeholders and other agencies.It should also be made
mandatory for family based entities,parent entities holding assets in a fiduciary capacity for a
broad group of outsiders for listed entities.
CA.RAKESH CHOUDHARY B.SC.,MIMA.,MICA.,FICWA.,FCA
CHARTERED ACCOUNTANT
STC-1/804,SUN TOWER,SHIPRA SUN CITY,INDIRAPURAM,GHAZIABAD-201014,UTTAR PRADESH,INDIA.
rakeshchoudhary1@indiatimes.com M:09868500351


2. If a group is required to present consolidated financial statements in accordance with full
IFRSs, can the parent entity present its separate financial statements in accordance with the
IFRS for SMEs?
Comments:
Yes, In the implementation of the International Financial Reporting Standard for
Small and Medium-sized Entities (IFRS for SMEs),Full IFRS should be complied for
Consolidated Financial Statements and should be prepared and complied for as a mandatory
requirement and a separate financial statements for subsidiaries should be prepared under
detailed Annual Report as a schedule to notes on accounts as per IFRS for SME’S for public
accountability and disclosures to family based entities,parent entities holding assets in a
fiduciary capacity for a broad group of outsiders and non-listed entities.
CA.RAKESH CHOUDHARY B.SC.,MIMA.,MICA.,FICWA.,FCA
CHARTERED ACCOUNTANT
STC-1/804,SUN TOWER,SHIPRA SUN CITY,INDIRAPURAM,GHAZIABAD-201014,UTTAR PRADESH,INDIA.
rakeshchoudhary1@indiatimes.com M:09868500351



Address:STC-1 / 804,Sun Tower,Shipra Sun City,Indirapuram,Ghaziabad- 201014,U.P,India.
M: 919868500351     PH: 91-120-4568054
EMail: rakeshchoudhary1@indiatimes.com

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:1
posted:11/8/2011
language:English
pages:1