Supriya Chougule,Assistant Professor,

D.R.K. College of Commerce, Kolhapur

Today in the era of globalisation the nations are changing their

scenario in many ways and we are part of that change. As From 1st

April, 2011 we had accepted to converge our Indian Accounting

Standards into International Financial Reporting Standards. Now it

is at the first stage because this convergence process is at beginning.

IFRS is applicable to listed entities at Nifty and Sensex in India and

Companies whose shares or other securities listed on stock

exchange outside India and lastly on companies whether listed or

not who have net worth in excess of Rs. 1000 crores.

In the present paper attempt has been made to highlight

challenges before accountancy teachers due to implementation

of IFRS in India.

Increasing complexity of business operations and

globalisation of capital markets make mandatory a single set

of high quality reporting standards. The government has

adopted a policy of enabling disclosure of company accounts

in a transparent manner at par with widely accepted

international practices, through a process of convergence with

International Financial Reporting Standards (IFRS).

IFRS is a single set of high quality, understandable and

enforceable global accounting standards. It is a "principles

based" set of standards which are drafted lucidly and are easy

to understand and apply.

Convergence means harmonisation of national GAAP with

IFRS through design and maintenance of accounting standards

in a way that financial statements prepared with national

accounting standards are in compliance with IFRS.

Country Adoption Target Date For Convergence to IFRS

Brazil 2010

Russia Limited adoption in initial phase

India Companies with net worth of Rs.1000 crores and those which are part of BSE, Sensex , NIFTY and listed in overseas exchange

April, 2011

India Banks and non banking finance companies

April, 2013

India All listed companies with net worth of Rs.500 crores or less

April, 2014

Canada 2011

Japan 2011

Malaysia 2012

United Kingdom 2012

United States of America 2014-2015

Same language Cross border investments leading to economic growth Comparability of financial statements of any two companies

anywhere in the world Globalisation of economy and world trade For multinational companies: - Consolidation of group financial statements made easier - Accounting and audit functions made easier and cheaper

- Compliance with regulatory requirements of bodies such as

stock exchanges -Mergers and acquisitions made easier -Access to multinational funds

The job of governments and standard setters in the developing countries made easier

The job of tax authorities made easier Time and money saved by international professional accounting firms

in planning and execution of accounting and audits. Benefits for national regulatory bodies

- Improved regulatory oversight and enforcement

- A higher standard of financial disclosure

- Better information for market participants to underpin

disclosure based regulation

- Better ability to attract and monitor listings by foreign

companies Administrative

Reduction in Costs of accessing the capital markets around the world

Benefits for policy makers -Strengthened and more effective Indian capital market -Better access to the global capital markets -Promotion of cross-border investments

Need to bring changes in Curriculum/ Syllabi

Create Awareness

Need for Training to teachers

Need to consider practical application of IFRS

How to get Information?

Industry Liasioning

Non availability of study Material

Less costly online courses

Need to bring healthy coordination between Educational

Institutes and ICAI

Huge need for Research and Development

Yet there is lack of understanding about impact of IFRS on

financial statements. Hence it is responsibility of educational

faculty to come out with some writings to facilitate

information about IFRS.

Separate courses should be started in the universities and

affiliated college on the International Financial Reporting

Standards.

Separate text books containing case studies along with some

practical examples should be prepared by the academicians.

There is need to undertake the projects for the research work on IFRS and

universities, UGC should give some funds on the research work of IFRS.

Universities and colleges should revise their syllabi and curriculum at

various levels like B.Com, M.Com, M.B.A. and other Accounting Courses

and include IFRS as a part of syllabus.

Academic institutes should organise the conferences, seminars, workshops

on IFRS and related issues along with interaction or with the coordination

of ICAI.

There is huge need to train the accountancy teachers, students, and

officials so, training camps should be organised by the authority bodies.

Educational material should be prepared focussing on important issues

related to IFRS.

Thank You