RINL Chairman-cum-Managing Director P.K. Bishnoi on Sunday asked Chartered Accountants to comply with the proposed international financial standards.
He was interacting with CA of VSP, NTPC and practicing CA on the proposed IFRS, which will be implemented in the country by large organisations from April, 2011. Mr. Bishnoi asserted that these financial standards prescribe rules and the concerned practitioners need to re-educate themselves and the auditors for the evaluation should be accredited for the success of IFRS.
Mr. Bishnoi was chief guest at a seminar on ‘Overview of IFRS' organised by Chartered Accountants Continuous Professional Education Circle of Ukkunagaram.
The Circle with an aim of development of the members of Institute of Chartered Accountants of India was inaugurated by J.K. Rao, Executive Director (finance and accounts) of VSP.
P.R. Ramesh of M/s Deliotte &Touche of Mumbai stated that the Indian corporate sector was likely to experience the impact of cataclysmic change due to simultaneous changes in a number of areas such as Goods and Services Tax, New Direct Tax Code and New Companies Act which will affect compliance of convergence to IFRS and that the transition to IFRS is the ‘Indian Accountants' greatest test so far.
Keywords: chartered accountants