Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: empanelment :: cpt :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: form 3cd :: due date for vat payment
 
 
ICAI »
 CPE Events 25 September- 30 September 2017
 Indian Accounting Standards (Ind AS): An Overview (Revised 2017)
 Educational Material on Indian Accounting Standard (Ind AS) 18, Revenue (Revised 2017)
 Group to identify the issues for simplying the process for compliance of GST especially by small and medium enterprises, traders and professionals
 Next batch of the Certificate Course on Valuation at Bangalore from 11th November, 2017.
 Extension of date empanelment of members to act as observers for November / December 2017 examinations up to 25th September, 2017
 CPE Events 18 September- 23 September 2017
 Invitation for expression of interest from software development companies for providing software relevant to the Practitioners & CA Firms of ICAI by 31 October
 Peak Filing Preparation 2017-MCA 21
 Group for suggesting ways and means to resolve Inter unit reconciliations issues including re-engineering the process/procedures, revenue sharing, between HO and branches, various grants payable and accounting entries thereof, especially in GST regime
 Weightage of Marks at All Levels of CA Course Under Revised Scheme of Education and Training

India Inc not ready for global accounting
June, 20th 2008

Corporate India is not fully prepared to handle the new accounting regime that comes in force from April 2011 with the adoption of International Financial Reporting Standards (IFRS), an accounting process recognized by over 100 countries that would replace the Indian GAAP (Generally Accepted Accounting Standards), global consultancy major KPMG said.

Richard Rekhy, COO for KPMG in India, told TOI that Indian accounting professionals are yet to be exposed to the intricacies and methods that would come along with new standards, which recognize fair value accounting against the existing historic accounting model.

"It is an alarming situation that we still do not have enough trained people on IFRS. And with no previous experience with new standards, most of the current lot of accounting professionals will be redundant with important changes in IFRS," Rekhy said.

While corporate India currently follows the standards proposed by the Institute of Chartered Accountants of India (ICAI) and enforced by National Advisory Committee on Accounting Standards (NACAS), from April 2011 they need to switch over to IFRS, issued by the International Accounting Standard Board, a London-based independent body. Firms like KPMG and Ernst & Young have pitched for advisory and consultancy services as the transition means big business opportunity for them.

Following common accounting principles in convergence with IFRS will facilitate better comparability of performance with other businesses and also make financial reporting more transparent to investors, customers and business partners. This becomes crucial at a time when Indian businesses are going global.

However, Rekhy said the transition process is more complex than it appears and it requires changes not only in the accounting procedures but also in IT systems. He added that despite efforts by ICAI to gradually harmonize the existing standards with IFRS, a lot needs to be done and differences exist in many areas. "For example, on the legal and regulatory front, while IFRS require depreciation of all assets over their estimated useful life, Indian GAAP mandates that the depreciation rates cannot be lower than the rates prescribed under the law," he said.

Also, while IFRS uses the fair value concept while dealing with business combinations and financial instruments like investments, derivatives and others, the Indian accounting method is mostly based on the cost/carrying value approach. Changes would need to be made over treatment of employee benefits and share-based payments as well as related party disclosures and revenue recognition.

A senior official with ICAI, however, said steps are being taken to prepare the domestic accounting people for IFRS. "It is true that training of the accounting professionals is required on IFRS. But we are conducting various programmes on IFRS and are also planning a certification course on the various issues related to them," the official said, adding that ICAI is also planning to upgrade the CA curriculum to include changes that would come with the adoption of IFRS.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Portfolio

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions