National Conference-cum-Masterclass "Indian Accounting Standards"

With India standing out for its high economic growth, the correspondence in accounting standards across the world is essential to attract foreign capital into the country. In the current international business environment, organizations require a standard language of computation in the form of internationally correlated estimation. The objective is to eliminate the extent of inconsistency in financial statements and thereby increasing the reliability of the financial statements by way of established standards of accounting policies and procedures. Convergence is all the more relevant for an economy like India which is at the verge of heading up in the league table of the global economies.

The Reserve Bank of India has taken a step for a shift in stance for banks making asset provisions from incurred loss approach to expected loss approach. This is a step towards converging with globally accepted prudential norms. Also, the New Tax Audit Framework (New TF) introduced by the Indian Accounting Standards Board (The IASB) in its International Financial Reporting Standards (IFRS) 9 and IFRS 16 has brought about a fundamental change in the way tax audit is performed for accounting for deferred taxes. These changes are being implemented from AY 2023 onwards. A lot of guidance was provided by ICAI on the impact of these standards on Indian GAAP and their implementation and compliance. There were significant differences in the treatment of accounting standards under IFRS 9 and IFRS 16. The ICAI has released a revised guidance note on tax audit u/s 44AB to help auditors understand the nuances of tax audit under New TF and help them comply with the new standard.

Beyond an iota of doubt, accounting is the backbone of the business world and harmonisation of accounting standard is a want to create & expand international economy. Harmonisation will end result into true & honest presentation of economic declaration that may be effortlessly handy to all of the capacity customers such as capacity investors. ASSOCHAM is an important stakeholder of Accounting Standards Board of ICAI and has been contributing various industry inputs in the journey of amendments to Ind AS from time to time. Further, in view of above and to discuss the impact of various recent amendments, emerging global practices and challenges as well as to discuss and deliberate on the development of set of high quality globally accepted financial reporting standards, ASSOCHAM is organizing the 5th National Conference cum Masterclass on “Indian Accounting Standards: Recent Developments, Evolving Global Trends, Challenges and Way Forward” scheduled on January 20, 2023.

The conference and masterclass will be deliberated by eminent accounting practitioners and experts drawn from industry, profession and regulators and participants are from the government, regulators, professional institutions, directors on board of corporates, chartered accountants, company secretaries, CFOs, legal heads, compliance heads, among others.