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| NIRC of ICAI conducts two day workshop on IFRS | | | Early Times Report
Jammu, July 10: The J&K branch of Northern Indian Regional council of institute (NIRC) of Chartered Accountants of India (ICAI) conducted a two day workshop on "International Financial Reporting Standards (IFRS)" here today. The chairman CA.Virender K.Maini highlighted the need for such workshop. The adoption of international Financial Reporting Standards (IFRS) as a universal financial reporting language is gaining momentum across the glove. Several countries are in the process of implementation of IFRS to converge their accounts form GAAP to IFRS. The ministry of corporate affairs, Government of India too has announced the roadmap for IFRS implementation for Indian companies. as per press release aims to bring all the countries across the world under a common set of global accounting standards that provide transparency, consistency and comparability in financial reporting. In fact, regulators across various countries are already demanding IFRS complaint financial statements. India is among the 150 countries that have announced its decision to adopt IFRS in 2011. In India IFRS would apply to a wider group of entities than their international counterparts. The ICAI has undertaken the task of familiarizing its members, corporate and other stakeholders with such converged accounting standards.
The two days workshop was designed to equip all the stake holders with the essential knowledge in Indian Accounting Standards converged with covering the major aspects in its ambit. ICAI recently released a concept paper on Convergence with IFRS in India, detaining the strategy for adoption of IFRS in India. ICAI has announced that IFRS will be mandatory in India for financial statements for the periods beginning on or after 1 April, 2011. The Workshop was addressed by professionals of National and International repute from ICAICA. Amit Chugh, CA. Manish lyer, CA. Ravindra Vadali and CA.Urvesh Thakkar. The Workshop covered important topics such as Overview of IFRS, Convergence to IFRS, Framework of IFRS, Presentation of Financial statement and challenges in adoption of IFRS. The workshop was attended by a large number of chartered Accountants.
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