| The Institute of Chartered Accountant of India today organised a Press Meet with the Sir David Tweedie Chairman and Warren McGregor Board member of International Accounting Standard Board. The President Mr.Ved Jain,Vice-President Mr.Uttam Prakash Aggarwal,Secretary Mr.Ashok Haldia also addressed the Press Meet. CA S. Gopalakrishnan and Dr.Avinash Chander Technical Director of the Institute of Chartered Accountants of India were also present. |
| |
| The IASB is committed to developing, in the public interest, a single set of high quality, understandable and enforceable global accounting standards that require transparent and comparable information in general purpose financial statements. The IASB co-operates with national accounting standard-setters to achieve convergence in accounting standards around the world. |
| |
| Convergence with International Accounting Standards (IASs)/International Financial Reporting Standards (IFRSs) (collectively referred to as IFRSs), issued by the International Accounting Standards Board (IASB) has gained momentum in recent years all over the World. More than 100 countries currently require or permit the use of or have a policy of convergence with IFRSs. Certain other countries have announced their intention to adopt IFRSs from a future date, e.g., Japan, Canada and Korea from the year 2011. China has already adopted IFRSs from 2007 for listed companies with a view to attract foreign capital. Financial Accounting Standards Board (FASB) of USA and IASB are also working towards the convergence of the US GAAPs and the IFRSs. The Securities & Exchange Commission (SEC) of USA has recently decided to permit filing of IFRS-compliant financial statements without requiring presentation of a reconciliation statement between US GAAPs and IFRSs. In this scenario, India being an important emerging economy in the World, is yet to adopt the IFRSs. Internationally, insofar as cross-border investments are concerned, a non-IFRSs compliant country is perceived as an additional risk factor. Within India also, in recent times, the issue of convergence with IFRSs has been raised time and again at various forums. |
| |
| Recognising the need for Convergence with IFRSs in India, the Council of the ICAI has decided to converge with IFRSs issued by the IASB from the accounting periods commencing on or after 1st April, 2011 for the listed entities and other public interest entities such as banks, insurance companies and large-sized entities subject to its confirmation from the government and other legal and regulatory authorities. |
| |
| -------------------------------------------------------- |
| |
| About ICAI: The Institute of Chartered Accountants of India (ICAI) is a statutory body established under the Chartered Accountants Act, 1949 for the regulation of the profession of Chartered Accountants in India. During its nearly six decades of existence, ICAI has achieved recognition as a premier accounting body not only in the country but also globally, for its contribution in the fields of education, professional development, maintenance of high accounting, auditing and ethical standards. ICAI now is the second largest accounting body in the whole world. |
| |
| The ICAI has made an implementation schedule.The issues involved in convergence are being taken with all the concerned.ICAI on its part has identified the changes required to be made in the existing standards to achieve convergence.Necessary revision is being carried out in the existing standards.Discussions are on with the various regulators and authorities for carrying out the required changes in the law.Principally there appears to be concensus among all for achieving convergence. |
| |
| ICAI has also worked out a comprehensive plan for educating and training the accountants so that the Country gets well prepared by 2011. |
| |
| |
| |
