New Delhi: A workshop on International Financial Reporting Standards was organized here yesterday by the Department of Public Enterprises, Ministry of Heavy Industries & Public Enterprises in collaboration with the Institute of Chartered Accountants of India (ICAI).
"The workshop was organized as part of its continuing efforts to facilitate improvement in the performance of Central Public Sector Enterprises (CPSEs)", said on official release from the Ministry.
Increasing pace of globalization has necessitated adoption of single globally accepted financial reporting system, which is now being realized in the form of International Financial Reporting Standards (IFRS).
IFRS is gaining momentum across the world with 109 countries currently having adopted IFRS for listed companies and corporates.
India has also decided for absolute implementation of IFRS by public interest entities viz. listed entities, banks, insurance companies and large sized public sector enterprises with effect from 1st April, 2011.
In response to the initiative taken by the Department of Public Enterprises in organizing this workshop, the Committee on Public Finance, ICAI extended all technical support free of cost for the benefit of executives of CPSEs.
The workshop was inaugurated by Mr. R. Bandyopadhyay, Secretary, Department of Public Enterprises.
More than 60 senior Finance executives from various Navratna and Miniratna CPSEs attended the workshop.
The workshop was addressed by leading professionals including Dr. Avinash Chander, Mr. Tony Malik, Mr. Praveen Kumar and Mr. Eish Taneja.
The workshop covered important topics such as Overview of IFRS, Convergence to IFRS, Framework of IFRS, Presentation of Financial Statements and Challenges in adoption of IFRS.
Source: http://indiaedunews.net/Delhi/ICAI_conducts_workshop_on_International_Financial_Reporting_Standards_7310/
"The workshop was organized as part of its continuing efforts to facilitate improvement in the performance of Central Public Sector Enterprises (CPSEs)", said on official release from the Ministry.
Increasing pace of globalization has necessitated adoption of single globally accepted financial reporting system, which is now being realized in the form of International Financial Reporting Standards (IFRS).
IFRS is gaining momentum across the world with 109 countries currently having adopted IFRS for listed companies and corporates.
India has also decided for absolute implementation of IFRS by public interest entities viz. listed entities, banks, insurance companies and large sized public sector enterprises with effect from 1st April, 2011.
In response to the initiative taken by the Department of Public Enterprises in organizing this workshop, the Committee on Public Finance, ICAI extended all technical support free of cost for the benefit of executives of CPSEs.
The workshop was inaugurated by Mr. R. Bandyopadhyay, Secretary, Department of Public Enterprises.
More than 60 senior Finance executives from various Navratna and Miniratna CPSEs attended the workshop.
The workshop was addressed by leading professionals including Dr. Avinash Chander, Mr. Tony Malik, Mr. Praveen Kumar and Mr. Eish Taneja.
The workshop covered important topics such as Overview of IFRS, Convergence to IFRS, Framework of IFRS, Presentation of Financial Statements and Challenges in adoption of IFRS.
Source: http://indiaedunews.net/Delhi/ICAI_conducts_workshop_on_International_Financial_Reporting_Standards_7310/
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