Institute of Chartered Accountants of India (ICAI), which is celebrating its Diamond Jubilee Year, will be organising a two-day National Conference on International Financial Reporting Standards ( IFRS ) here from tomorrow. Continuing Professional Education Committee and Northern India Regional Council of ICAI are organizing this conference. It will be inaugurated by Shri Amitabh Verma, Joint Secretary (Banking), Govt. of India, in the presence of Shri K. Raghu, who will chair the Conference. It will be spread over 8 Technical Sessions and will be addressed by the experts in the field of IFRS. A large participation from members in practice, members from industry and non-members from all across the country is expected during the conference.
The Conference will focus on challenges in adoption of International Financial Reporting Standards, First Time Adoption of IFRS and the issues related to change over to IFRS, besides other facets of accounting standards. With the increasing pace of globalization and societal expectations, a need to implement a single globally accepted financial reporting system has been felt. Therefore ,convergence with International Financial Reporting Standards (IFRS) is gaining momentum across the accounting world. Currently, 109 countries are making use of IFRSs for listed companies. In view of this, ICAI has also decided that IFRSs should be adopted for public interest entities, viz. listed entities, banks and insurance companies and large sized entities with effect from 1st April, 2011.
Earlier last week also ICAI had organized a Workshop on (IFRS) at Baroda, Gujarat, on 29th and 30th August, 2008. The workshop gave an overview of application of IFRS in Indian scenario Considering the fact that a lot of challenges are faced during the first time implementation, a special session was dedicated to sharing implementation experiences by various consultants and users both large and small.