PwC and IIM-C have entered into a Memorandum of Understanding (MoU) to partner in areas of International Financial Reporting Standards (IFRS). As a part of the agreement, IIM-C and PwC will develop and deliver training programmes on IFRS.
The purpose of the training, which will be divided into a basic and advanced module, is an attempt to bridge the huge gap of IFRS trained professionals the country will need. PwC and IIM-C will also develop the concept and position papers on various IFRS related technical matters and industry related issues through joint research and collaboration. PwC national leader for IFRS, Kaushik Dutta said, "Our joint position papers on the best practices relevant to India will be a reflection of PwC's thought leadership in this area coupled with the rich knowledge, research and training expertise of IIM-C, a partner we are proud to collaborate".
Prof. Saibal Chattopadhyay, Dean, Indian Institute of Management, Calcutta said, "As a leading institute in management we play a pioneering role in designing courses to cater to the ever increasing learning and developmental needs of the various industries. IIM-C will now run a specially designed executive programme on IFRS jointly with PwC in order to update working finance and accounts executives with IFRS, so that they can also be the global players. The course module has been jointly developed by IIM-C and PwC. It will be taught jointly by our own faculty and by finance experts from PwC, India."
Professor Ashish Bhattacharya, Senior Professor in Finance and author of many books added, "The Centre for Governace at IIM-C along with PwC will also undertake specific training on IFRS, risk accounting and other issues relevant to non executive directors from the corporate governance point of view. This will be done in five to six cities in a focused manner".
"Going further, the current class room training, while currently housed on the IIM Calcutta campus, will be extended to professionals across the country through the distance learning delivery of training, which will be satellite based. The attendees would receive a participation certificate on successful completion of the programme", said Professor Ashok Banerjee.
Convergence with IFRS has gained momentum in recent years all over the world, informs IIM-C. More than 100 countries currently require or permit the use of or have a policy of convergence with IFRSs. Certain other countries have announced their intention to adopt IFRSs from a future date. The Institute of Chartered Accountants of India (ICAI) has announced that IFRSs should be adopted for all public interest entities such as listed entities, banks and insurance entities and large-sized entities from the accounting periods beginning on or after 1st April, 2011.
The concept paper issued by ICAI for convergence with IFRS recognises that for convergence of Indian accounting standards with IFRSs, all stakeholders in the standards-setting process, namely, the ICAI, the Government, the regulators, reporting entities, educational institutions and the industry-associations should support in creating necessary infrastructure and environment.
