International Financial Reporting Standards (IFRS) as a global accounting language seeks to bring about a convergence in the way corporate accounts are prepared and reported globally. The fundamental difference among IFRS, other countries' Generally Accepted Accounting Principles (GAAP) and US GAAP is the underlying principles on which these standards are based. Thus, GAAP in a few countries, including US, are formed on rule-based system where as IFRS is based on principle-based system. Such standards are qualitative and to apply them, capturing the economic substance underlying a transaction is essential. This process will result into more transparent and accurate financial reporting. By 2016, it is expected that more than 150 countries including USA will move to IFRS. Presently, approximately 120 nations have accepted IFRS for domestic listed companies. Of these, about 90 countries have made it mandatory for their companies to follow IFRS. India has decided to converge than adoption of IFRS. In India, though the Government has deferred the implementation of IFRS which was due on April 1, 2011 but felt necessary that the industries should be given enough training before they convert and understand their accounts. The government said the convergence will happen after various tax-related and company law-related issues are resolved. The convergence requires that the awareness levels and competency needs to be raised on a war footing across the entire financial community, with an emphasis on substance, not merely, formats. The level of technical preparedness of industry, accounting professionals expertise with international standards and economic environment prevailing in the country would pose challenges to smooth switch to IFRS.
This Programme would be useful to the banking professionals who wish to enhance their knowledge in preparing and understanding of financial statements. It also facilitates in analyzing the financial statements in the light of global accounting framework and language.
Programme Themes and Coverage:
Banking professionals who belong to the functional area of accounting and finance from banking sector would greatly benefit from this Programme. However, professionals belonging to other functional areas may also benefit from this Programme provided they possess the basic knowledge of accounting tools and techniques and their job structure requires them to understand and analyze financial data for planning and decision making purposes. Financial Controllers, Finance Managers, Bank Managers, Accountants, Auditors, Financial Analysts, professional members like CA, CS, CWA, and corporate and investment bankers would greatly benefit from this Programme.
The participants would understand the role of IFRS in the new emerging accounting world; learn the concepts and implications of IFRS across various industries and sectors through an appropriate mix of classroom lectures, interactive discussions, case studies and class exercises. Both conceptual and practical aspects of IFRS will be focused throughout the duration of the Programme.