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Lessons for Indian corporates in Implementing IFRS

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With the objective of preparing Indian companies to adopt International Financial Reporting Standards (IFRS) as corporate India gets closer to the April 2011 deadline, Get Through Guides (GTG) in association with ACCA (Association of Chartered Certified Accountants) organised the 'Implementing IFRS Conference' at The Leela Kempinski, Mumbai. The conference witnessed the presence of Chartered Accountants and Chief Financial Officers from leading companies in India such as Pfizer, Deutsche Bank, HSBC, JP Morgan, City Bank, KPIT Cummins, Indian Banks Association, IDEA Cellular Ltd. to name a few.

The conference sessions were addressed by prominent speakers to discuss the need for a clear and detailed roadmap to ensure a smooth convergence to IFRS. The eminent panel of speakers included Prabhakar Kalavacherla, Board Member, IASB; Aziz Tayyebi, Financial Reporting Officer, ACCA; Vandana Saxena Poria, CEO, Get Through Guides; Sai Venkateshwaran, Partner, Grant Thornton; Ramchandran Iyer ,Director, KPMG; Sanjay Sharma, Senior Director-AERS, Deloitte Haskins and Sells; Rajesh Garg, Finance Director-Asia, Cadbury; Kumar Dasgupta, Partner, PwC and P. R. Ravi Mohan, GM Banking Operations & Development, RBI who shared their views on what best practices Indian organisations can adopt to ensure a smooth transition to the new accounting standards.

Adding further, Ms. Vandana Saxena-Poria OBE, CEO, Get Through Guides, noted that "The objectives of the IFRS conferences were clear - to have the most eminent experts on IFRS, sharing real knowledge on how to make the transition easier and smoother. There is a lot to be done - so much training of not just employees of MNCs, but B.Com students and others who are going to wake up to an IFRS world before they know it. Our sole existence at GTG is to help produce the best IFRS and accounting professionals here in India, so that India is fully ready for the global onslaught of IFRS."

Sharing from his experience during transition to IFRS, Rajesh Garg, Finance Director- Asia, Cadbury said, "IFRS is here and happening! Cadbury India has already embarked on the conversion with a firm project plan in place. We are happy to share our learnings and challenges here at the Implementing IFRS Conference being organized by GTG and ACCA. It's been an informative session having shared our conversion methodology and plan with the audience."

SOURCE: India PRwire

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