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Global Outlook for Indian Accounting Profession
Tags :
accountants, IFRS, accountancy
Industry :
Asset Management
Functional Area : Capital Management, Valuation |
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About "Global Outlook for Indian Accounting Profession" topic:
As the world veritably transits to being ‘Global Village’; the accounting profession as an integral instrument, in this process of transition has witnessed a paradigm change in its contributory role in every sphere of the transformation; financial reporting being the core. The shift in the business philosophies due to dawn of a new trade order further emphasizes a broadened role for the accountancy professionals as strategy formulators and facilitators. In this topic, let us discuss what holds for the accountancy profession in this globe village.......
1 insight
, 6 debates
, 4 idea contests
, 5 question
on topic: "Global Outlook for Indian Accounting Profession"
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Dear friends what are the advantages of transition to IFRS?
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anil nair
| Answered
| 2 years ago
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Advantages are many but critical ones relate to uniform procedures relating to Business Combination where emphasis is on Fair Values instead of Book Values of Assets and Liabilities.
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Sanjeev Kumar Singh
| Answered
| 2 years ago
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IFRS is a principle based model as compared to rule based US GAAP. IFRS requires extensive use of fair valuations for measurement of assets and liabilities. The objective of IFRS is to set the Balance Sheet right, and hence a significant...
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Subash Thomas
| Answered
| 2 years ago
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All the above answeres are more or less the same, as also the fact. Adopting IFRS enable us to present the financial information in a comparable platform, with the global competetors. Lot of advantages are there such as: 1. We can assess where we...
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Answer: " What are the advantages of converting to IFRS?" deleted from your view.
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Lack of adequate professionals
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Change in several Laws & Regulations
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Agbaeze Ogonnaya Okpo
| Added idea
"Add new Idea..."
| 2 years ago
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there should be a global accounting policies and principles,this will unify accounting system, operation and standards globally.
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Mallikarjuna Gupta Bhogavalli
| Added idea
"Are people ready to change and government ready to implement"
| 3 years ago
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The first question do the corporates really want to change? They many not like it because, the chances of window dressing will be reduced. The other major thing is does the government has the will to amend all the laws ?
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sivaramaprasad
| Supported idea
"Change in several Laws & Regulations"
| 3 years ago
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I think lot of changes in are required in the regulation of finance and presentation of accounting . And lack of professionals also will hurt the implementation in many companies. I think it will take time more than what we generally think.
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Ideate: "What are the hurdles and impediments in fully converging with IFRS? " deleted from your view.
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account should be frount work not back work
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Management Accountant as a statergic patner.
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Punyavrat Sharma
| Supported idea
"account should be frount work not back work"
| 2 years ago
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Every entry should be done at balance sheet stage, you will get always your balance sheet .
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lalit kumar
| Added idea
"accounts is the back bone of any company,as like back bone in human body"
| 2 years ago
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accounts is the back bone of any company.
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Ideate: "What are the changes in Management Accountants role?" deleted from your view.
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International Accounting Standards Board (IASB) has adopted new International Financial Reporting Standards (IFRS). So what the banks have done to face this transition?
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Rakesh Chakraborty
| Answered
| 2 years ago
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Indian banks are hiring consultants to train their employees in International Financial Reporting Standards (IFRS) as they take the lead in ensuring compliance with the new global accounting standard . Employees will be well versed with the new...
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Answer: "What the banks have done to face transition to IFRS?" deleted from your view.
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Debate: "Accounts" deleted from your view.
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Dear Sir, I have alerady register CA Student at 2002 but i am not appearing Exam from 2004. Right now i complete my MBA Finance from Fakirmohan University in Distance Mode. Right now i am interested ...
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Vikas Bhatnagar
| Answered
| 2 years ago
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Satya If you are working and intend to work further,then do course which is correspondence course as CA requires tough 3 years training.I wil give you three scenarios based on your long term plan and move accordingly 1.You are working and want to...
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Answer: "Can I appear CA" deleted from your view.
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Yes
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No
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CA SATY NARAYAN PRASAD
| Argues in support of
"Yes"
| 2 years ago
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Past and Present practice of Depreciation (Book and Tax) Accounting fails to the test of "Basic Principles of accounting". e.g it fails the test of Matching Principle of Accounting.
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Debate: "Past and Present practice of Depreciation (Book and Tax) Accounting fails to the test of "Basic Princips of accounting", How?" deleted from your view.
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Answer: "i am 10+2 with PCM, and pursuing B.Com from IGNOU. PLEASE TELL ME A SUCESS IN b.cOM " deleted from your view.
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Yes
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No
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MANISH CHOUDHARY
| Argues in support of
"Yes"
| 2 years ago
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i believe its a interesting topic to discuss
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Debate: "dont we stop saying heding a part of gambling?" deleted from your view.
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1
Auditing of previous document and contact directly vendor and customers and verification of system
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Finding files / mails on PC
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Nagalingam
| Added idea
"Auditing of previous document and contact directly vendor and customers and verification of system"
| 2 years ago
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We must audit previous documents specially vendors and found any price variance. We must directly contact the vendors and customers regarding problem they face with our system. We asses the system, and whether this is properly followed. Physical...
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Anish Goyal
| Added idea
"Finding files / mails on PC"
| 2 years ago
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Tracking and scanning of all files & e-mails of both existing or deleted ones, is a very important and efficient tool for an forensic accountant. Such tracking can lead to all the people involved into the fraud and actions taken by them can be...
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Ideate: "How does Information System support Forensic Accounting?" deleted from your view.
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