CFO Forum on IFRS....organised by CII & EY

Today I attended the CFO Forum on IFRS, with a focus on Technology, Real Estate & Manufacturing.

Jayaram, Convenor - CII, Karnataka, gave the welcome address.

The speakers were the experts in the area. Yes, we had
  • Ruth (Global IFRS Leader of EY and a member of the IFRIC).
  • Dolphy (IFRS Leader, India EY)
  • Harriet (IFRS expert)
  • Kaustav & Navin (EY Partners & IFRS experts)
We had the opportnity of listening to Ruth, who is an IFRIC member representing EY on the global experience.

Dolphy took us through the transition plan in India

Kaustav & Navin took us through the sector specific issues and covered, Technology, Real Estate & Manufacturing.

After this we had a panel discussion, where the CFO of well known companies from the Real Estate (Shobha), Infrastructure (GMR), Engineering (ABB), Techonology (HP) were present.

It was a good knowlege sharing session, which ended with a conculding remarks from Sunil of EY.

Since we were nearing the deadline of implementation of IFRS, we had some good insight to the subject and learning.

Some key learning:
  • IFRS implementation is sure. No postponement
  • Relevant changes to Companies Act, will be made to take care of the financial reporting
  • Tax implications, still a grey area
  • US is committed to move to IFRS.
  • India will be adopting the IFRS, as it is and no changes / tinkering.
  • CA Institute and MCA is working towards the smooth implementation.
I would request all accountants to get prepared for the IFRS, learn it (First unlearn the existing standards) and make use of the situation (the demand for the IFRS experts).



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