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KPMG launches IFRS Institute

NEW DELHI: KPMG on Wednesday announced the launch of its International Financial Reporting Standards (IFRS) Institute in India which has been designed to assist various stakeholders in the planned convergence from Indian ‘generally accepted accounting principles’ (GAAP) to IFRS. The IFRS Institute is a web-based platform that seeks to act as a one-stop site for all information, updates and views on IFRS implementation in India. In addition to propriety KPMG content, the website will provide links to several other sources of information related to IFRS and its implementation. The site also provides a facility to register as a member where registered members would be entitled to receive invitation for KPMG sponsored IFRS events and IFRS web casts. Membership to the website — https:// www.in.kpmg.com/ IFRSInstitute — is free.

Commenting on the launch of the IFRS Institute, Jamil Khatri, Head of KPMG’s Accounting Advisory Services in India said: “The conversion from Indian GAAP to IFRS will impact all stakeholders, be it corporate preparers, audit committee and board members, auditors, regulators, investors, analysts and even the public at large.”KPMG is also launching an online survey to evaluate views of various stakeholders on IFRS implementation in India. There has been widespread debate on whether Indian companies have made sufficient progress on IFRS implementation as compared to other countries such as Canada and South Korea, which have a similar 2011 timeline for IFRS implementation. Recognising that no comprehensive survey has been done in India to evaluate preparedness, KPMG in India has designed an online survey, which is being rolled-out shortly.

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