Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« General »
Open DEMAT Account in 24 hrs
 How to calculate income tax on stock market gains along with your salary?
 Moonlighting for Additional Income? Know Its Tax Implications
 Have you claimed education cess? Be prepared to pay tax as per the new rules
 Reserve Bank - Integrated Ombudsman Scheme, 2021 (RBIOS, 2021)
 How is tax computed for selling a house?
 How much tax do you pay on equity investments?
 Fuel taxes: Centre s gains striking since FY16
 Tax rules for NRIs on sale of assets located in India
 ITR filing: Know tax rules that apply to freelancers in India
 Delhi Real Estate News: NDMC extends last date for property tax payment with amnesty scheme
 Citizens must file THESE ITR related forms before due date Income Tax Returns

Global accounting systems is a market need
August, 02nd 2010

The biggest hurdle in business today is the lack of global accounting systems, G Ramaswamy, vice president of the Institute of Chartered Accountants of India (ICAI) said here on Sunday. In the next few years, a wide field of opportunities will open up with the convergence of Indian Accounting Standards with International Financial Reporting Standards (IFRS).

From April next year, companies listed with BSE, Nifty 50 and other 100,000 network companies will converge with IFRS to implement international accounting norms. ICAI has decided to launch a certificate course on IFRS for its members. The aim is to enhance the knowledge of the members which would benefit them in the global service market.

Speaking on the sidelines of a seminar organised by Pune-based study circle Chartered Accountants Conference on its completion of five years, Ramaswamy said, with convergence IFRS, an Indian company will be able to follow the balance sheets of a company listed in NASDAQ or LSE.

The idea is to make the Institute more suitable for the current market needs and open up new opportunties by including current developments into the curriculum. With the emergence of carbon trading, environmental accounting is the next big thing. We are trying to make the existing chartered accountants course more practical and applied along with the theoretical concepts, as a way of getting away from the age old system of mugging up a few text books, said Ramaswamy.

V Balakrishnan, chief financial officer of Infosys, one of the few companies in India that follow the IFRS norms, said, Along with the institute, we are trying to make it more IT savvy. We are working on a collaboration project to help reduce paperwork in its internal administration.

The ICAI is entering into collaborations with Japan for IFRA forums as Japan is willing to use the knowledge base and expertise available in India. At present India has 1,60,000 CAs, but according to estimates, another 2 lakh are needed to meet the industry demands, said Ramaswamy.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting