Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: empanelment :: cpt :: VAT Audit :: TDS :: list of goods taxed at 4% :: VAT RATES :: ACCOUNTING STANDARDS
 
 
ICAI »
 Change in the date of Holiday on the occasion of Milad-Un-Nabi or Id-E-Milad.
 ICAI submits Pre-Budget Memoranda-2017
 Clarification - Fake Audio Clip in circulation under the name of President, ICAI.
 Examination dates of Certificate Course on Forex and Treasury Management conducted by Committee on Financial Markets and Investors Protection on 21st and 22nd January, 2017
  Syllabus for the Limited Insolvency Examination on 31st December, 2016 to become Insolvency Professional
 Extension of last date for submission of application forms for Information Systems Audit-Assessment Test (ISA-AT), upto 10th December 2016.
 Four Weeks Residential Programme to be held from 28th January, 2017 to 24th February, 2017 at Centre of Excellence, Hyderabad for Women Participants only.
 CPE Events 5th December - 10th December 2016
 Here's how your employer can help you save tax
 Introduction of facility for online submission of requests for issue of duplicate mark sheets/pass certificates.
 ICAI invites suggestions on revised Model GST Law

KPMG sees big market in financial reporting standards
July, 11th 2008

all companies in India will have to draw up their accounts in conformity with the International Financial Reporting Standards (IFRS). Migration from Indian GAAP to IFRS is emerging as big business opportunity for consultants.

KPMG for one sees huge potential for itself. According to Mr Russel Parera, Chief Executive Officer, KPMG India, many companies are approaching KPMG, asking the consultant to help them migrate to IFRS. Today, KPMG is working on 15 proposals, compared with nil last year.

Mr Parera told Business Line today that many companies wanted to prepare for the IFRS. They basically want to know what will be my numbers like under IFRS.

If companies accounts have to be IFRS-compliant by 2011, their accounts for the preceding year will also have to be IFRS-compliant so as to make comparison of results meaningful, he said.

KPMG is gearing up to seize the upcoming business opportunity. Many Indian professionals who have worked abroad are coming back to India and are training professionals here. KPMG will also be able to access the talent available with it internationally to assist Indian companies migrate to IFRS, Mr Parera said.

(Mr Parera was here in connection with the opening of a new office in Chennai. The office will help the firm further expand its operations and offer audit, tax and advisory services to various sectors in the South, he said. Currently KPMG employs over 3,000 in India and plans to raise this number to 5,000 to 2010, he said.)

The IFRS is an international effort to harmonise financial reporting globally. In India, the Institute of Chartered Accountants of India (ICAI) has said that all companies and banks should draw up their accounts under IFRS from 2011. To make this mandatory, of course, legislation (or regulation) would need to be suitably amended, but this is expected to be duly done.

Despite the fact that the deadline is fast approaching, not many companies are seized of the matter, according to Mr P Rajendra Kumar, Chairman, Southern India Regional Council of ICAI. He said that the institute has been trying to sensitise corporate India on the need to act quickly. Mr Kumar said that the accounting profession in India has sufficient bandwidth to help companies migrate to IFRS.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Article Management Solutions System Article Management Software S

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