Approaching IFRS through a converged set of accounting standards, as announced by India, is a highly inconsistent but alternative line of thinking, observes T. P. Ghosh, Professor in the Institute of Management Technology, UAE. For starters, it may help to know why there is a growing interest among all capital market participants, including the SEC in the US, for accepting a single set of robust accounting standards Full article on www.forum4finance.com
Approaching IFRS through a converged set of accounting standards, as announced by India, is a highly inconsistent but alternative line of thinking, observes T. P. Ghosh, Professor in the Institute of Management Technology, UAE. For starters, it may help to know why there is a growing interest among all capital market participants, including the SEC in the US, for accepting a single set of robust accounting standards Full article on www.forum4finance.com
# IAS 1- Presentation of Financial Statements# IAS 2- Inventories# IAS 3- Consolidated Financial Statements Originally issued 1976, effective 1 Jan 1977. Superseded in 1989 by IAS 27 and IAS 28.# IAS 4 - Depreciation Accounting Withdrawn in 1999, replaced by IAS 16, 22, and 38, all of which were issued or revised in 1998.# IAS 5 - Information to Be Disclosed in Financial Statements Originally issued October 1976, effective 1 January 1997. Superseded by IAS 1 in 1997.
EXECUTIVE SUMMARY :A) THE CONVERGENCE AGREEMENT BETWEEN FASB (OF USA) AND IFSB, AND BETWEEN IAS (INDIAN ACCOUNTING STANDARDS) AND IFSB is significant and will have dramatic impact of Indian companies listing in US and American companies listing in IndiaB) THERE IS NO SINGLE PATH TO CONVERGENCE, but an open-minded pursuit of the highest quality guidance should result in standards that foster superior financial reportingC) CONVERGENCE will require changes in US,Indian, Internationalstandards
Investors, analysts and other interested parties can access Brookfield Asset Management's 2009 Results as well as the Shareholders' Letter and Supplemental Information on Brookfield's website under the Investor Centre/Financial Reports section at www.brookfield.com.
The Financial and Operational Information Contained in This Press Release Is Based on Unaudited Consolidated Condensed Interim Financial Statements Prepared in Accordance With International Financial Reporting Standards (IFRS) and Presented in U.S. Dollars

