IFRS opportunities

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sriniwas

Finance professional

48 Points Posted on 18 May 2010

Dear all,

As we can all see, IFRS is the next big thing happening in world accounting profession/industry. This is high time for all of us to know as much as possible about it and be prepared to grab the opportunity.

I request members to share their views on the following:

Types of opportunities that are being generated in India and abroad
IFRS and outsourcing.
How to get hands on experience in conversion/implementation.
Other valuable thoughts.

The objective of this post is to share and spread the knowledge. Let us restrict the posts only to above topics with out going into actual standards etc.

Thanks to all members for providing their valuable inputs on this site.

regards,

Sriniwas VN

Chartered Accountant,

Vasista Foundation

Replies (3)

Guest

Posted on 18 May 2010

Hi,

1. Excellent opportunity to those who already have IFRS experience, mostly those who have worked abroad where there are IFRS as ther applicable accounting standards

2.Outsourcing will be a major requirement as companies will be requiring ther accounts team well verse in IFRS to prepare the accounts before handing over them for audit, auditors generally wont ensure whether each and every things is as per IFRS, as preparation of financial statements as per applicable standards are responsibilty of management and not auditors.

3. To be frank as per my experince, IFRS is a ocean and no amount of classes or courses will help in getting hand on experience. Ppl need to go and train themselves on field to learn

4. My suggestion keep reading bare IFRS even though it goes above the head, cz reading will ensure u r used to various new terms used in IFRS