Instructive session on IFRS and its impact on financial market, with Mr. Eish Taneja
In order to provide a detailed insight on International Financial Reporting Standard (IFRS), our students pursuing MBA, got an opportunity to attend an informative session on “IFRS and its Impact on Financial Market” on 8th September. The session was conducted by Mr. Eish Taneja who is CA and CPA with more than 18 years of experience in industry.
September 8, 2014
His session referred to the Finance Minister Shri Arun Jaitley’s comment on 10th July, “Indian companies will have to adopt the new Indian Accounting Standards(Ind AS) voluntarily from fiscal year 2015-16 and on a mandatory basis from 2016-17.” That means each company is bound to follow IFRS as per new government rule.
IFRS is followed globally as it is based on high quality global standards, but India is not exactly following IFRS but they have converged IFRS to Indian Accounting Standards.
IFRS – Need in India
Sec-211(3c) – Companies are required to follow Accounting standards prescribed under the Companies Act. There are 31 effective accounting standards in India.
As per Companies Act, 2013:
Section 133: NFRA (National Financial Reporting Authority) has been made and it would be preparing the Accounting Standards and ensuring that the auditors are performing well.
“marketing strategies that get channelized with the help of electronic platforms like website, emails, smartphone apps, etc to engage with customer”.He also shared the basic components of Digital Marketing:
|India||Converging to IFRS|
|Switzerland||IFRs or US GAAP|
|Spain||IFRS for listed|
|Japan||Converging to IFRS|
|Germany||IFRS for listed|
|Canada||Converging to IFRS|
|US||Converging to IFRS|
|UK||IFRS for listed|
|France||IFRS for listed|
By 2016 Global IFRS Platform will offer:
- One common accounting language in the world.
- Good career opportunities
- Easy money access
- Good growth of everyone
- Better comparison of financials of every company wherever they are.
|IAS 1||Presentation of Financial Statements|
IAS - 3,4,5,6 are deleted
|IAS 7||Statement of cash flows|
|IAS 8||Accounting Policies, changes in accounting estimates and errors|
|IAS 10||Events after the Reporting period|
This session initiated by the institute, really helped MBA students academically to understand the real time scenario of Indian financial market.
IN THE SPOTLIGHT
Life at FIIB: A Student's Perspective
CONNECT WITH FIIB
AuditoriumFIIB’s state-of-the-art auditorium can seat over 150 individuals and has provisions for video conferencing along with other ultra-modern technologies. Students also enjoy the provision of multiple conference and seminar halls if required.
CafeteriaA fully functional cafeteria serves sumptuous meals and beverages all through the day for the students to refresh and revive. Students not only enjoy the meals here but sometimes unwind sitting in the area over a cup of coffee.
ClassroomsThe state of the art classrooms at the Institute enhance the learning experience of students as they are equipped with the latest equipment including projectors, screens, options for video conferencing etc.
Electronic Resource CentreThe campus hosts a state-of-the-art computer lab housing over 180 terminals and 200 laptops. The campus is Wi-Fi enabled. Online Learning and Teaching Software is also provided for flexibility and access to learning material at all times.
Indoor GamesThe recreational centre has arrangements for several indoor sports like pool, table tennis, carom and chess. These may be accessed by students during their breaks and can be used as effective recreational tools to relax.
Knowledge Resource CentreStudents can access a fully computerized and air-conditioned library housing over 15,000 books, 195 periodicals/journals, 750 audio-visual and multimedia. The Library subscribes to major online research and informational databases.
Outdoor GamesThe Campus also has provisions badminton, volleyball and a number of outdoor games and activities
Recreational CentreThe recreational centre of FIIB provides its students space and opportunity to indulge in activities like indoor games and relax. The Centre is outfitted with television, student lockers and various indoor sports like pool table, table tennis, carom and chess.