National conference on financial reporting to be held tomorrow

Pritam Singh, Additional Secretary, Ministry of Corporate Affairs will address the national conference on financial reporting, which is being organized by the Confederation of Indian Industry (CII) to understand the new standards and also address the key challenges that would arise in its implementation.

Pragya Saksena, Joint Secretary, CBDT (ICDS), MOF, and Amarjit Chopra, chairman of the National Advisory Committee on Accounting Standards (NACAS), will address the session to be held at Silver Oak, India Habitat Centre.

The financial reporting in India is undergoing a phase of significant developments, with the recent notifications of Indian Accounting Standards (IndAS) by the Ministry of Corporate Affairs, coupled with the Income Computation and Disclosure Standards (ICDS) by the Central Board of Direct Taxes (CBDT).

It is a paradigm shift that introduces several new and complex concepts and brings in detailed qualitative and quantitative disclosures, which will lead to a better reflection of financial performance of the company and also move the Indian Financial Reporting standards at par with the leading global standards.