Background

On 22 January 2010, the Ministry of Corporate Affairs issued an Announcement, which confirms the manner in which IFRS convergence will be achieved in India. The key takeaways from the announcement are:

• Convergence with IFRS in a phased manner starting 1 April 2011
• Criteria for companies covered in each phase defined (For e.g. entities with net worth in excess of Rs. 1,000 crores will be covered in Phase I)
• Two separate sets of Accounting Standards under Section 211(3C) of the Companies Act, 1956 – IFRS converged standards and existing accounting standards
• Companies not covered will follow existing accounting standards; but may voluntarily converge
• Separate notification for Banks and Insurance companies to be issued by 28 February 2010

While MCA has given a phased roadmap to IFRS convergence, progressive companies are trying to get a headstart as the convergence process not only requires training people but also requires accounting software and systems ot be changed to make them compatible with the new standards.

Program Objectives

The program:

• Focuses on training finance professionals in issues that they would be facing during IFRS implementation in their organisations
• Provides an in-depth analysis of the accounting and disclosure requirements under IFRS
• Presents the information needed to navigate complex issues surrounding the recognition and measurement of financial elements under IFRS

The program also keeps the Indian financial reporting requirements (Indian GAAP) in perspective and explains the differences between Indian GAAP and IFRS. This helps the participants to appreciate the major areas of difference and thus provides necessary information and knowhow to restate Indian Financial Statements as per IFRS.

Further to overwhelming response to first 3 batch launches, NIIT Imperia in association with KPMG in India is pleased to announce 3 new batches of the program. The period March – June is expected to be a busy time for accounts and finance professionals. The launch of 3 batches also enables them to choose a batch based on their schedules.

ABOUT KPMG IN INDIA

KPMG is the global network of professional services firms whose aim is to turn understanding of information, industries and business trends into value. The Indian member firms affiliated with KPMG International were established in September 1993. As members of a cohesive business unit they respond to a client service environment by leveraging the resources of a global network of firms, providing detailed knowledge of local laws, regulations, markets and competition.

KPMG provides services to over 2,000 international and national clients in India. KPMG has offices in India in Mumbai, Delhi, Bangalore, Chennai, Hyderabad, Kolkata and Pune. The firms in India have access to more than 3500 Indian and expatriate professionals, many of whom are internationally trained. KPMG strives to provide rapid, performance-based, industry-focused and technology-enabled services which reflect a shared knowledge of global and local industries and our experience of the Indian business environment.

• Established IFRS practice in India with more than 100 engagements and more than 200 resources.
• Tranied Corporate India, across sectors on IFRS implementation using NIIT Imperia synchronous learning technology
• Committed to providing thought leadership in IFRS.
• Professional staff having international experience in implementing IFRS and are extremely well networked within core IFRS practice in Europe, Canada and Australia

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