Understanding IFRS across the organization is vita for its best implementation and taking mileage out of it. Non-finance Executives pay a key roe. Asset componentization, significance of major parts and minor parts, annual review of useful life and residua value, age-analysis of inventories, nature of agreements and its accounting significance, impact of delayed payment or advance payment, provisioning out of contractual obligations are some illustrative areas wherein involvement of non-finance executives is essential.
More Information about Indian Accounting Standards (IND AS) and IFRSs for Non-Finance Executive
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