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International Financial Reporting Standards of ICAI

Posted on: 15/Nov/2010 1:28:51 AM

The Institute of Chartered Accountants of India (ICAI) is spearheading the convergence of Indian Accounting Standards with the International Financial Reporting Standards (IFRSs). IFRS is the need of the hour and in this direction, the Institute had already started a massive exercise to train its members in industry as well as in practice. ICAI is committed to meet the deadline of the convergence of the Indian Accounting Standards with the International Financial Reporting Standards (IFRSs) effective April, 2011 in select entities as per the roadmap laid down by the Government of India.

Addressing Media persons, CA. G.Ramaswamy, Vice-President, ICAI said In order to synergize the training process, ICAI has launched various programs with a view to familiarize the professionals with IFRS so as to equip them with essential knowledge of the same. The Institute has also taken various initiatives in creating awareness among the masses about the convergence .The Certification Course on IFRS was launched from December, 2008 and till date around 2100 CAs have attended Certification Course. The ICAI has also commenced training programmes for industry at 58 centers in India.

He added Exposure drafts of different standards have been issued, public opinion obtained and the approved standards have been sent to NACAS for final notification.

CA.G. Ramaswamy, Vice President, ICAI said A task force has been set up by the ICAI to look into the changes required in the Companies Act, Income Tax Act. SEBI & RBI guidelines have been worked out and the respective regulators have taken up the same for bringing necessary changes in the respective Acts and Regulations.

The workshops mainly dwelt on managing transition to IFRS that poses a great challenge to the makers and users of financial statements and to the reporting authorities, i.e., the practical implication of IFRS.

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