Instructive session on IFRS and its impact on financial market, with Mr. Eish Taneja
September 8, 2014

In order to provide a detailed insight on International Financial Reporting Standard (IFRS), our students pursuing MBA, got an opportunity to attend an informative session on “IFRS and its Impact on Financial Market” on 8th September. The session was conducted by Mr. Eish Taneja who is CA and CPA with more than 18 years of experience in industry.

His session referred to the Finance Minister Shri Arun Jaitley’s comment on 10th July, “Indian companies will have to adopt the new Indian Accounting Standards(Ind AS) voluntarily from fiscal year 2015-16 and on a mandatory basis from 2016-17.” That means each company is bound to follow IFRS as per new government rule.

IFRS is followed globally as it is based on high quality global standards, but India is not exactly following IFRS but they have converged IFRS to Indian Accounting Standards.

IFRS – Need in India
Sec-211(3c) – Companies are required to follow Accounting standards prescribed under the Companies Act. There are 31 effective accounting standards in India.

As per Companies Act, 2013:
Section 133: NFRA (National Financial Reporting Authority) has been made and it would be preparing the Accounting Standards and ensuring that the auditors are performing well.
“marketing strategies that get channelized with the help of electronic platforms like website, emails, smartphone apps, etc to engage with customer”.He also shared the basic components of Digital Marketing:

Country Current Status
India Converging to IFRS
Australia IFRS(Adapted)
Switzerland IFRs or US GAAP
Spain IFRS for listed
Japan Converging to IFRS
Germany IFRS for listed
Canada Converging to IFRS
US Converging to IFRS
UK IFRS for listed
France IFRS for listed

By 2016 Global IFRS Platform will offer:
  • One common accounting language in the world.
  • Good career opportunities
  • Easy money access
  • Good growth of everyone
  • Better comparison of financials of every company wherever they are.

IAS 1 Presentation of Financial Statements
IAS 2 Inventories
IAS - 3,4,5,6 are deleted
IAS 7 Statement of cash flows
IAS 8 Accounting Policies, changes in accounting estimates and errors
IAS 10 Events after the Reporting period

This session initiated by the institute, really helped MBA students academically to understand the real time scenario of Indian financial market.
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