National Conference on Changing Landscape of Accounting and Reporting

The fundamental objective of accounting standards is beyond an obligation to compliance, but it pertains to maintaining transparency, reliability, consistency, and comparability in financial reporting. The adoption of Ind AS converged with IFRS in the present form represents a notable progression within the realm of financial accounting, as it brings India’s financial reporting system into harmony with global standards. This shift not only offers widespread advantages to stakeholders but also serves as a key driver in stimulating economic expansion and enhancing India’s reputation as a transparent and appealing destination for global investment.

In an era of interconnected economies with changing dynamics of regulations, the accounting and reporting landscape is evolving in various ways which adversely affect the interpretation of results in financial reports and especially, if adoption to the changes is not delineated carefully and timely. It becomes duty of responsible accounting and audit professionals to examine and disclose any deviations from the standards and thereby, enable to the management to delve into the intricacies of compliances, respond to the asks from the regulators, and benefit out of competitive advantage by presenting the legitimate financial reports of business. At the same time it is important that various links, from preparers to users of financial statements do understand and appreciate reporting requirements and their role in improving the quality of financial reporting.

As a recent most development in this field, the Ministry of Corporate Affairs on 12th August 2024 has notified Ind AS 117 which is converged with IFRS 17 and the same would be effective from 1st April 2024. The financial statements of several businesses including insurance sector companies both life insurance and general insurance are guided by the Ind AS 21 converged with AS 11 which has also undergone key changes alongside Ind AS 101, Ind AS 103, and Ind AS 117. These changes underscore the need of bringing together the professionals, practitioners, regulators to foster in-depth discussions on emerging trends, best practices, regulatory developments and prepare for the future of financial accounting and reporting. Thus, to discuss and deliberate upon the various developments & issues, ASSOCHAM is organizing National Conference on “Changing Landscape of Accounting and Reporting: Navigating Global Standards and Best Practices” on Thursday, 17th October 2024 at New Delhi.