Indian Inc Waiting For IFRS

International Financial Reporting Standards, is the modern financial reporting framework that the whole world, including India, is adopting. Apart from the benefits of having a uniform accounting standard worldwide, IFRS would also enable Indian companies to tap global financial markets and will encourage free flow of capital, goods and labour across borders. Since some of these reporting standards are market sensitive, they sometimes have material impact on reported results which could lead to stock price volatility.IFRS is a new concept that in many cases is vastly different from the manner in which it treats the accounting of items in a company’s profit and loss account and the balance sheet. Since some of these reporting standards are market sensitive, they sometimes have material impact on reported results which could lead to stock price volatility.

The biggest names in the accountancy world come together for the first time to address issues involved in India's transition to IFRS at the Implementing IFRS conferences being organized by Get Through Guides (GTG) with ACCA as platinum sponsors. Implementing IFRS would witness eminent speakers from distinguished financial bodies, renowned accounting firms and financial heads of domestic companies sharing their views on the systems and processes that companies in India need to implement to ensure a smooth transition to IFRS.

India Inc will experience drastic changes in the way financial statements are reported. India is among the 150-odd countries that have decided to adopt the International Financial Reporting Standards (IFRS) in 2011. Starting fiscal year 2011, IFRS will be coming to about 400 Indian companies that constitute the Sensex, the Nifty 50 and companies whose securities are listed on stock exchanges outside India as well as companies having net worth of Rs 1,000 croreStarting fiscal year 2011, IFRS will be coming to about 400 Indian companies that constitute the Sensex, the Nifty 50 and companies whose securities are listed on stock exchanges outside India as well as companies having net worth of Rs 1,000 crore.