Sub Heading : PricewaterhouseCoopers, IIM-C to develop training programmes for standards which come into effect in 2011
Author : Madhumita Mookerji/DNA
Content : PricewaterhouseCoopers (PwC) and the Indian Institute of Management, Calcutta (IIM-C) have joined hands to develop executive training programmes for International Financial Reporting Standards (IFRS).
The aim is to meet huge demand of IFRS-trained professionals that India will need once the Institute of Chartered Accountants of India (ICAI) adopts IFRS on April 1, 2011.
The course module will be jointly developed by both partners and taught by both institute's faculty and financial experts from PwC. Initially, there will be short duration classroom courses followed by satellite-based distance learning programmes.
The Centre for Governance at IIM-C, along with PwC will also undertake specific training courses on IFRS, risk accounting, and other issues for non-executive directors from the corporate governance point of view.
Kaushik Dutta, leader, IFRS Practice, PwC, said, "With new accounting standards, there will be a new accounting language and company directors need to know the Indian GAAP."
He said that while IFRS will be adopted in a phased manner, starting with listed companies, or those with a turnover of Rs 100 crore, it will benefit industry by allowing it to operate in a globally competitive environment.
While PwC brings its practical experience, IIM-C has expertise in designing courses to serve the developmental needs of various industries. N Ramesh Rajan, chairman, PwC, said that the training programme will be the first step towards adopting global standards.
Saibal Chattopadhyay, dean (programme initiatives) and Professor of Operations Management, said, "While our role will be to offer quality education, PwC's global experience will come in handy."
Experts feel India must adopt IFRS in its entirety to be globally accepted but political will is needed to implement this initiative.
Chances of errors in financial statements get diminished in IFRS and so it will bring about fundamental changes. Areas where IFRS could impact immediately are IPOs and debt governance, said Dutta. Currently, there are 31 Indian GAAP standards of which only two are fully IFRS compliant.
PwC to make India its global IT hub
PwC is looking to develop India as a global outsourcing hub in the IT space. It will focus on software development, processes and analysis, N Ramesh Rajan, chairman, PwC India, said. The consultant is also looking at acquisitions in all its business areas.
Though the contribution of PwC India’s business is small at present, Rajan said, it is very much on the PwC network. It is also planning to double the number of employees from the present 5,000 in India over the next 3-4 years.
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