Needs of Ifrs Education in India
Needs of IFRS Education in India
Prepared By
Dr. Atul Bansal, Principal ,M.Com., LL.B., PM&IR, M.B.A (Fin.), Ph.D., MIAA, MICA
C.Z.Patel College of Business and Management (S.P.University ),
Vallabh Vidya Nagar – 388120.
Distt. Anand ( GUJARAT)
Mobile : 09377023808 Fax : 02692-236700
e.mail : dr.atulbansal@gmail.com
Introduction
“In the age of globalization India insulates itself from development taking place worldwide and it is imperative for us to make a formal strategy for convergence with IFRS to harmonize with accounting standards accepted worldwide.”
The global trend towards IFRS represents a significant change and opportunity for many investors, companies and capital market. IFRS a global set of accounting standards may provide benefits such as greater transparency and comparability of financial information across countries. As companies compete globally, the movement towards IFRS is rapidly becoming one of the most important issues for companies to address today. Starting April 1, 2011, India has made it mandatory for every listed company to adopt International Financial Reporting Standards or IFRS. One year is a very short time when it comes to a major overhaul of the accounting process.
Currently, India has an extremely limited pool of resources that have any form of training or experience in IFRS. To broaden the pool of trained resources, it is important to incorporate IFRS training in colleges, universities, and the professional accounting syllabus of the ICAI. Initiative by individual institutions to come up with the task of providing training and expertise in IFRS will also go a long way as it’s a big task and ICAI alone will not be able to bridge the gap. This paper throw lights on importance and need of IFRS education in India, the extent to which IFRS are recognized around the world and explore the possibilities of implementing IFRS in the Indian Keywords: IFRS, Accounting, Research, Purpose, Applicability, Education, IASB,
Prepared By
Dr. Atul Bansal, Principal ,M.Com., LL.B., PM&IR, M.B.A (Fin.), Ph.D., MIAA, MICA
C.Z.Patel College of Business and Management (S.P.University ),
Vallabh Vidya Nagar – 388120.
Distt. Anand ( GUJARAT)
Mobile : 09377023808 Fax : 02692-236700
e.mail : dr.atulbansal@gmail.com
Introduction
“In the age of globalization India insulates itself from development taking place worldwide and it is imperative for us to make a formal strategy for convergence with IFRS to harmonize with accounting standards accepted worldwide.”
The global trend towards IFRS represents a significant change and opportunity for many investors, companies and capital market. IFRS a global set of accounting standards may provide benefits such as greater transparency and comparability of financial information across countries. As companies compete globally, the movement towards IFRS is rapidly becoming one of the most important issues for companies to address today. Starting April 1, 2011, India has made it mandatory for every listed company to adopt International Financial Reporting Standards or IFRS. One year is a very short time when it comes to a major overhaul of the accounting process.
Currently, India has an extremely limited pool of resources that have any form of training or experience in IFRS. To broaden the pool of trained resources, it is important to incorporate IFRS training in colleges, universities, and the professional accounting syllabus of the ICAI. Initiative by individual institutions to come up with the task of providing training and expertise in IFRS will also go a long way as it’s a big task and ICAI alone will not be able to bridge the gap. This paper throw lights on importance and need of IFRS education in India, the extent to which IFRS are recognized around the world and explore the possibilities of implementing IFRS in the Indian Keywords: IFRS, Accounting, Research, Purpose, Applicability, Education, IASB,
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