Business in India needs new standards of accounting: ACCA

Business in India needs new standards of accounting as converging to International Financial Reporting Standards (IFRS) will enhance India's ranking in terms of corporate governance and bring transparency in accounting standards, the ACCA said.
Speaking at the two-day national workshop on IFRS, which concluded here today at the University of Calcutta, Md Sajid Khan, Head of International Development, Association of Chartered Certified Accountants (ACCA) said the demand for skilled professional accountants has grown exponentially both in India and worldwide.
"The workshop will create an opportunity for faculties and experts of Commerce to access global skill share, researches, knowledge base and the best practices that are being followed worldwide by the corporates," he said.

Speaking on the occasion, Prof Swagata Sen, Pro-Vice Chancellor, University of Calcutta, stressed on the need of such a workshop on IFRS for the faculty members of University of Calcutta and its affiliated members.
"It will emphasise on the global standards of accounting and will enlighten about the latest trends in the area of IFRS," Sen said.
With more and more countries and companies adopting IFRS and the shifting business environment, a globally relevant qualification like ACCA would help students of the University gain competitive advantage through this world class professional qualification, Sen said.

The ACCA, in association with University of Calcutta and International Skill Development Corporation, conducted the workshop on IFRS at the Department of Commerce, University of Calcutta, highlighting the latest changes in the area of IFRS to the faculty and Commerce enthusiasts.

The workshop was part of the Memorandum of Understanding (MoU), signed between ACCA and University of Calcutta earlier this year, to jointly host events like seminars, conferences, skill development projects, research and exchange programmes.
ACCA has collaborated with the University of Calcutta to offer IFRS embedded programme (Including IFRS Certification) to M Com students of the University.
ACCA has also offered courses through one of its approved learning partners the International Skill Development Corporation (ISDC).