Dear Sir,
 
I am a Chartered Accountant with more than two decades experience audit including listed and private companies and giving consultancy to various other corporate entities.
 
To become IFRS compliant, what are the Accounting Standards, which need to be modified substantially and what are the factors that need to be considered to make the Corporate India’s Financial Statements to be IFRS compliant.
 
What are the opportunities as an Indian I will have in international area and in emerging economies I will have in the next one or two years and Can I associate with any of the Small and Medium auditing and accounting firms internationally to have a good exposure to IFRS before it is implemented in India.
 
Regards,
CA Mohan J


Dear Mohan,
 
This is Piyush Jain , me to a C.A from India.
If you go through the IFRS and Indian Accouting Statndards, the difference are not major in terms of Accouting but Disclosure requirements are much more . Few Accouting standards like Treatment and Disclosure of Investments , FInancial Instruments , Lease Accouting , etc have differences.
 
I believe that with IFRS Implementation there will be lot of hot opportunites no only in India but in Europe, Australia too.
 
Trust this will help you in what you are trying to find out.
Are you into auditing with some Industry of working with Audit Firm
 
regards
 
Piyush


Dear Mohan, Glad to have you on this list. My experience with Indian CAs is that most of the
seniors are not IT savvy or not even email enabled! That shows that you are a
pioneer!! My congratulations and a warm welcome! This was the major topic for discussion at the recently concluded convention of
ICAI (SIRC) at Bangalore where more than 4000 CAs from South India converged.
CA N P Sarda gave an insight into the basic differences between Indian
Accounting and IFRS. Fortunately, India has always tried to adopt the best of
accounting practices that are derived from various accounting standards. I have
printed copy of his notes and therefore unable to share the information as it it
is. Will attempt to convert the same into an digital copy and share it with you
and others who may like to take a reference. In the meantime, you may like to
take a look at this link to get an early comparison made by ICAI
http://www.icai.org/icairoot/resources/statement2005.jsp This is an intelligent question! According to CA Sarda’s report there are around
105 countries that are required to or permit IFRS as a standard and I expect
another 50 countries to follow suit in the near future. One of the major role
Indian CAs can play is to collaborate with their counterparts to effectively
migrate to new standards and also to provide back-office support for their
counterparts in other countries who can focus on high end decision support for
their clients while the routine or bulk book keeping / data migration can be
outsourced to accountants elsewhere. Indian CAs can also provide expertise for
other countries who plan to transition at a later stage.

I must express at this juncture that P2P Accounts is in the process of creating
a network for global CAs, CPAs and other financial consultants who focus on
SMEs to expedite collaboration to help each other in expanding their practices
and enable their SME clients to reach out globally.

Any suggestions in this regard are welcome.

PS: As someone earlier mentioned, this list needs an archive for lurkers and
latecomers to dig before starting multiple threads for same topics.

Regards,

Rajesh
http://www.p2paccounts.com


Dear Piyush Jain,

I am having my own firm practising.
 
Regards,
Mohan