Joint initiative by India and Japan for the implementation of IFRS

Joint initiative by India and Japan for the implementation of IFRS

The Institute of Chartered Accountants of India (ICAI), nodal agency for IFRS Implementation in India , coordinated with the Ministry of Corporate Affairs for the joint initiative taken by the Core Committee for Implementation of IFRS chaired by Shri R. Bandopadhyay, Secretary, Ministry of Corporate Affairs with the Japanese delegation led by Mr. Noriaki Shimazaki, Chairman, Internal Affairs Committee IFRS Council of Japan, for formulating coordination between the two countries for the effective implementation of IFRS. The ICAI will play a key role to implement the understanding reached between these two countries along with The Japanese Institute of Certified Public Accountants. The deliberations have taken place in the presence of Hon�ble Minister for Corporate Affairs (Independent Charge), Shri Salman Khurshid, Shri R. Bandyopadhyay, Secretary, Ministry of Corporate Affairs , the Japanese Delegates and the officials of ICAI led by Vice-President, CA. G. Ramaswamy. They have deliberated the issues for implementation of IFRS in both the countries. Shri R. Bandyopadhyay, Secretary,Ministry of Corporate Affairs chaired the meeting for formulating cooperation and guidelines between these two countries. Shri R. Bandopadhyay mentioned that the ICAI will play a lead role in effective sharing of knowledge in the context of the initiatives being taken for convergence with the International Financial Reporting Standards between the two countries and thereby provide leadership in the development, enhancement and coordination of the accountancy profession in India and Japan.It will also play a significant role in the exchange of views on legal, regulatory and other issues arising out of convergence with the IFRS and thereby explore the possibilities of mutual cooperation. The ICAI will address critical issues involved in convergence to IFRS and evolve consensus through process of consultation mutually agreed to.

The delegates from Japan along with the officials of ICAI and the Chairman of ASB of ICAI, Shri Manoj Fadnis participated in the deliberations for formulating the guidelines for future cooperation. Mrs. Renuka Kumar, Joint Secretary, Ministry of Corporate Affairs, guided the deliberations. Mr. Mohandas Pai, Member of the Board, Infosys, played a key role in formulating the understanding.

The Vice-President of ICAI, Mr. G. Ramaswamy expressed that this understanding will pave the way for greater cooperation between the two Institutes in future.