The Institute of Chartered Accountants of India (ICAI) is all geared up for assimilating the Indian Accounting Standards with the International Financial Reporting Standards (IFRS).
With the number of companies increasing and their operations expanding outside the country, there is a need for a uniform
accounting system.
Amarjit Chopra, president, ICAI, said, "We are ready to implement the IFRS from April, 2011. It would be initially applicable to companies having a net worth of more than Rs1000 crore. From thereon, it would be applicable to insurance, banking and other companies possessing net worth between Rs500 crore and Rs1000 crore."
The institute is also engaged in a capacity building exercise on a continuous basis for small and medium practitioners through approaches like modified networking, merger and de-merger schemes. All the professionals present at the conference paved way for implementation of new legislations. "The conference is helping us to get a panoramic view of the changes to be implemented in the system," said chairman, Niren Nagri of the Ahmedabad branch of ICAI.
Justice DA Mehta was the chief guest of the conference with other regional and national members of the ICAI too marking their presence.
With new legislations like Direct Tax Code (DTC), Goods and Service Tax (GST), International Financial Reporting Standards (IFRS) and company bill going to be implemented, a challenge lies ahead of professionals as they will have to undergo the process of re-learning.
