IFRS workshops by ICAI chain workshops on indian accounting standards converged with IFRS

April 29, 2010, Press Release, The Institute of Chartered Accountants of India (ICAI) organized the Curtain Raiser Ceremony of the Chain-Workshops on Indian Accounting Standards converged with IFRSs at New Delhi on April 29,2010. The function was inaugurated by Shri R.Bandyopahyaya, Secretary, Ministry of Corporate Affairs.

At the outset CA. Manoj Fadnis, Chairman, Accounting Standards Board(ASB) welcomed Shri R.Bandyopadhyay, Secretary, Ministry of Corporate Affairs, CA. Amarjit Chopra, President, ICAI, CA.G.Ramaswamy, Vice President, ICAI, Shri T.Karthikeyan, Secretary, ICAI, CA.S.Santhanakrishnan, Vice-Chairman, ASB and Central Council Members, ICAI.

While addressing the gathering CA.Manoj Fadnis said “The Institute of Chartered Accountants of India (ICAI) is co-partnering Ministry of Corporate Affairs in its various initiatives latest being the convergence of Indian Accounting Standards with International Financial Reporting Standards (IFRSs).ICAI is spearheading this initiative of the Ministry. In order to ensure that the convergence process is smooth and meets the stipulated deadlines, the ICAI proposes to launch intensive training workshops in 58 locations across the country.”

The ICAI has started a massive exercise to train its members in industry as well as in the practice. Last year, it launched an extensive 100 hours Certificate Course in IFRSs. So far, about 1600 members have successfully undergone the training of the IFRS certificate course. Besides this, the ICAI has also conducted several seminars and conferences on IFRSs to discuss various aspects related to convergence.

While addressing the gathering at the inauguration ceremony, Shri R.Bandyopadhyaya, Secretary, Ministry of Corporate Affairs said “A financial reporting system supported by strong governance, high quality standards, and firm regulatory framework is the key to economic development. Indeed, sound financial reporting standards underline the trust that investors place in financial reporting information and thus play an important role in contributing to the economic development of a country.”

Shri Bandyopadhyaya further added “I am really happy to note that the Institute is taking all necessary steps to organize IFRSs awareness programmes for the industry. This will certainly ensure a smooth transition to IFRSs.”

CA. Amarjit Chopra, President, ICAI shared that “The preparedness of industry also depends upon the readiness of professionals in carrying out tasks related to preparation and audit of financial statements in accordance with IFRS-converged accounting standards. The ICAI continuing its commitment to formulate Accounting Standards converged with IFRS dedicates to the nation chain training workshops on Indian Accounting Standards converged with IFRS.”

ICAI has decided to undertake training programs of short duration to meet the varying requirements of different entities/individuals. Accordingly two types of Training Workshops are being planned to be conducted at the 58 locations throughout the length and breadth of the nation:-

Two Days Training Workshops

* The two days workshops have been designed to equip the ICAI Members, Corporates and other stake holders with the essential knowledge in Indian Accounting Standards converged with International Financial Reporting Standards (IFRSs) covering the following aspects in its ambit:

o Introduction and dissemination of knowledge on Indian Accounting Standards converged with IFRSs

o Comparison of IFRSs with converged Indian Accounting Standards

One Day Training Workshops

* The one day workshops have been specially designed with the objective of equipping the ICAI members and others with general overview of the Indian Accounting Standards converged with International Financial Reporting Standards to enable them to develop an approach for acquiring structured knowledge about the same.

CA. G.Ramaswamy, Vice President, ICAI shared that “The ICAI is all geared up and is aiming to meet the deadlines for the implementation of Indian Accounting Standards converged with IFRS. We have planned and implemented programmes for enlightening professionals on IFRS, the Corporates and other stakeholders for expanding their knowledge base. I also believe that we shall be able to fulfill our commitment and meet our implementation deadlines successfully.”

While delivering Vote of thanks Shri T.Karthikeyan, Secretary, ICAI said “I would like to take this opportunity to convey our heartfelt thanks to Shri R.Bandyopadhyaya for the guidance he has extended to all of us. He also added that under the able leadership of the Ministry, the ICAI has taken the role of the ambassador of the profession at the national and international levels and would do its best in this field as well.”

The detail about the locations where the workshops shall be organized is placed at following link.