International Financial Reporting Standards in India from April
January, 28th 2011
Institute of Chartered Accountants of India (ICAI) and Southern India Regional Council (SIRC) ICAI Bangalore Chapter, on Thursday, announced Convergence of Indian Accounting Standards with International Financial Reporting Standards (IFRS).
Briefing reporters, ICAI President Amarjit Chopra said, ICAI is spearheading convergence started way back in 2006 and is committed to meet the deadline of this initiative and IFRS will be effective from April 1, 2011 in select entities as per roadmap laid down by the Centre. According to this all standards that need to be given are going to be implemented except for agriculture.
Chopra also mentioned that the certification course on IFRS was launched from December 2008 and till date, 2,473 chartered accountants have attended the course.
The institute has also started training programmes at 58 centers in India in collaboration with Ministry of Corporate Affairs. The institute has started coaching classes for students through virtual classrooms.
The ICAI also reiterated its stand against fraudulent practices. In the light of the Satyam scandal and the recent Citibank fraud, the premier accounting regulatory body has made a representation to the government to confer it with powers to act against erring company and not only to the individuals concerned.
The institute has also taken initiative to start coaching classes for the students through virtual classrooms. To begin with, the classes would be in some of the metros but subsequently measures would be taken to spread it to the smaller cities as well.