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: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: VAT RATES :: empanelment :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: cpt
« ICAI »
 Public Notice in the matter of wrong marketing of ICAI course by private colleges/educational institutes.
 Guidance Note on Audit of Consolidated Financial Statements (Revised 2016) issued by the Auditing and Assurance Standards Board
 Clarifications regarding exemptions in a paper(s) in CA Examinations
 Request to give suggestions on the Draft Rules and Regulations to the Insolvency and Bankruptcy Code, 2016 as issued by the Ministry of Corporate Affairs.
 Hosting of exemption(s) in a paper granted in Intermediate and Final examinations, valid for November 2016
 The Chartered Accountants’ Students Benevolent Fund (CASBF)
 Details of Roll Nos. and Exam Centres of PQC Exams-Nov. 2016
 Group to review and realign the provisions of Chartered Accountants Act, 1949 and the Chartered Accountants Regulations, 1988
 Request for improving of annual filing compliance by pursuing companies so as to help the Ministry of Corporate Affairs in achieving the targeted compliance.
 Zone-shifting of candidates for NOVEMBER - 2016 CA Exams
 CPE Events 10 October - 15 October 2016

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