Subject experts and commerce students from various colleges across the country participated the workshop held by VVCE in association with Mysore Branch of SIRC of The ICAI on Friday.
With the newly converged Indian Accounting Standards (Ind-AS) set to replace the current accounting standards in a phased manner from April 1, 2016, a lot of discussions are being held among the accounting fraternity across the country. Continuous efforts are being made by the subject experts to understand the new accounting norms and simultaneously address the issues involved at the implementation-level.
One such national-level seminar on accounting, with special focus on “Ind-AS: A Road Map for IFRS in India” was organised by the Vidya Vardhaka First Grade College, Mysuru, in association with Mysore Branch of SIRC of The Institute of Chartered Accountants of India on Friday.
The aim of the workshop was to gain familiarity of Ind-AS, enlighten the teaching fraternity, accounting researchers and professionals to understand the need for implementation of International Financial Reporting Standards (IFRS) and significance of inclusion of IFRS in the pedagogy of the UG & PG courses of commerce and management.
Subject experts and commerce students from various colleges from various parts of the country participated at the workshop to discuss on a range of topics including ‘Relevance of IFRS – An Accounting Reform’, ‘Ind-AS: Evolution or Revolution’, Adoption of IFRS as a Tool to Prevent Economic Crisis’ and Operational Challenges of Adopting Ind-AS (Converged IFRS).
Speaking after inaugurating the two-day seminar, University of Mysore Vice-Chancellor Prof K S Rangappa said that there was need for accounting reforms in the country. “Norms should always be open to modification to meet international standards. Local or national standards will have a little impact on the International Stock Exchange,” he said, adding, “A country’s financial state always has to be compatible with International standards.”
Prof Rangappa called upon the subject experts to share with him the output of the seminar and assured them that he would forward it to both Central and the State governments.
The Ministry of Corporate Affairs (MCA) had recently announced the implementation of Ind-AS in a phased manner from April 1, 2016. All the companies whose net worth is equal to or exceeds Rs 500 crore as on March 31, 2014, will be the first lot to report.