Vidyavardhaka Sangha (R.)
VIDYAVARDHAKA FIRST GRADE COLLEGE
PG CENTRE, DOS IN COMMERCE
Sheshadri Iyer Road, Mysuru - 570001
TWO – DAY NATIONAL LEVEL SEMINAR
ON “IND-AS : A ROAD MAP FOR IFRS IN INDIA”
March 18th & 19th 2016
ISBN : 978-93-5254-333-5
ABOUT THE INSTITUTION
Vidyavardhaka Sangha (R.) Mysuru was established in 1949 by great visionaries and Philanthropists namely Late Sri.Sahukhar Chennaiah & Late Sri. K Puttaswamy (former minister of Karnataka), to impart unparallel education to all sections of society. The Vision of Vidyavardhaka Sangha is to provide excellent education to the people of all caste, creed and religion. Vidyavardhaka Sangha located in the heart of the city of Mysuru stands as a synonym for quality education. At present, around 5000 students are pursuing education in diversified nine educational institutions starting from nursery to post graduation under the aegis of Vidyavardhaka sangha. Currently Vidyavardhaka sangha, is under the able guidance and leadership of Sri.Gundappa Gowda, Hon. President and Sri. P.Vishwanath, Hon. Secretary.
VIDYAVARDHAKA FIRST GRADE COLLEGE
Starting from one Commerce teacher with a scratch of 37 students in 1978 it has now grown in to a huge & reputed institution offering B.Com, B.B.M, and B.A courses with more than 1000 students and 50 faculty members. The college is regularly bagging number of distinctions in all the courses. The college is affiliated to University of Mysore and is also covered under Sec 12(B) & Sec 2(F) of UGC & is recognized by the Government of Karnataka.
Dr N Shankar
PG CENTRE, DEPARTMENT OF STUDIES IN COMMERCE
Vidyavardhaka First Grade College Post Graduate Centre was started in the year 2011 with M.Com course and affiliated to University of Mysore. It is housed in Vidyavardhaka First Grade college campus. The Department has highly qualified and committed teaching faculty who are actively engaged in research activities. The academic progress of the department is par excellence since it has to its credit of obtaining Ranks, Gold Medals and Cash prizes continuously from the very inception of the course. The department also provides campus placement opportunities to its students. The department is attached to Vidyavardhaka Research Foundation which is the only recognized Research Centre of the affiliated Colleges of the University of Mysore. The Research centre is facilitating research work leading to Ph.D. degrees in Commerce and Management.
Dr S MariGowda
Prof & HOD
ABOUT THE SEMINAR
About IFRS (Background of the Seminar)
Accounting is an efficient system that expresses the numerous activities of organizations in a concise manner. The communication of organizational activities through the financial statements is called Financial Reporting. The financial reporting will be effective if they are based on high quality reporting standards. It is not only the quality to satisfy the needs of the users in a particular region or area but it is important to reach the global level hence International financial reporting standards are of immense use for the dissemination of the information form the company to the users sitting around the global.
In order to enhance the quality, comparability and usefulness of the Financial Reporting System the International Accounting Standard Board (IASB) is making all-out efforts for efficient harmonization and reaching of the effective uniformity. In India, the ASB of ICAI is coming out with the new converged standards called IND-AS in conformity with National Financial Reporting Authority (NFRA) which will be effective from 1st April 2016. The promulgation of IND-AS is the need of the hour since India is not prepared to adopt the IFRS in total. If the effort of introducing and implementing IND-AS is not successful then the country will see the difficult time in reaching the global space. In this backdrop the Department of Studies in Commerce of Vidyavardhaka First Grade College, PG Centre, Mysuru is trying a little bit in creating a platform to know, understand and deliberate on the problems associated with promulgation of IND-AS vis-a-vis IFRS by conducting UGC sponsored two-day national seminar in association with Mysuru chapter of ICAI.
Objectives of the Seminar:
Ø To understand the concepts of IFRS in Indian Context.
Ø To gain familiarity of IND-AS
Ø To enlighten the teaching fraternity , Accounting researchers and Professionals to understand the need for implementation of IFRS
Ø Significance of Inclusion of IFRS in the pedagogy of the UG & PG Courses of Commerce & Management.
Seminar Theme “ IND-AS : A ROADMAP FOR IFRS IN INDIA”
Ø Relevance of IFRS – An Accounting Reform
Ø IND-AS : Evolution or Revolution
Ø Adoption of IFRS as a tool to prevent Economic crisis
Ø Operational challenges of adopting IND- AS (Converged IFRS)
UGC Sponsored Two -Day National Level Seminar on “IND-AS: A road map for IFRS in India” in association with Mysuru Branch of SIRC of Institute of Chartered Account of India was held on 18th and 19th of March 2016. The topic chosen for the seminar was more pertinent and contextual in the present scenario of the accounting transition. To make the endeavor more relevant the seminar began with an inaugural session with an eminent and versatile personality Prof. K S Rangappa, Hon. Vice Chancellor, University of Mysore, Mysuru, who felt very happy to inaugurate such a learned and academic congregation. He wished all the success and the credit to the college for conducting such a program which commensurate with centenary celebration of University of Mysore. His inaugural speech was very apt highlighting the importance of IFRS in accounting arena. He further remarked that IFRS is most timely and very crucial for more than 160 countries around the world. He stressed that the new generation should accept new challenges and in this respect a discussion on IFRS is definitely a very good guidance for their future.
Dr. N Shankar gave the opening remarks and emphasized on the economic and financial changes that is about to happen in future. Another renowned guest Sri.Mohan R Lavi, Chartered Accountant, Bangalore delivered a thought provoking key note address, where he gave an insight about the fact that the focus is not on Accounting but Financial Reporting and that is why IFRS has gained such a momentum at present. He further mentioned the study on IFRS will definitely be a torch bearer for students in their career. Another guest of honor Chartered Accountant Vishwanatha A, Tresurer, Mysuru Branch of SIRC spoke about the essentialities of IFRS in India. He stressed upon determination, importance of knowledge, justice to work by delivering Sanskrit shlokas and examples that were a source of inspiration. The session had a gracious presence of Hon. President Sri.Gundappa Gowda, Hon secretary Sri. P Vishwanath, Hon.Treasurer Sri. S.N Laxminarayana. Dr. S. MariGowda, Professor and Head, welcomed and introduced the guests. . Smt Rajeshwari.G.M Asst. Professor rendered vote of thanks while compeering was done by Smt Ashwini.S, Asst.Professor. Invocation was done by Miss.Jyothi and Miss.Niveditha of M.Com Pre-Final.
The seminar received overwhelming response from academicians and practitioners. The number of registered delegates surpassed 150 mark. There were 2 technical sessions and a paper presentation session on 18th March 2016 followed by 2 technical sessions and 1 panel discussion which witnessed the integration of the academic luminaries, accounting professionals, industrial practitioners on 19th of March 2016 .
After inaugural warm up, the first technical session was held between 11.45 am to 1.30 pm on 18/03/2016. The session was chaired by renowned Chartered Accountant Mr.Sabareeshan C K where he highlighted on the Relevance of Convergence of IFRS. He stressed that IFRS is a standard and a Benchmark for the Accounting Principles. The theme of the session was ‘Relevance of IFRS – An Accounting Reform’ The resource person of the session Dr.K.NanjeGowda, Director and Professor, D.Banumaiah’s PG Centre, deliberated that Accounting is as old as civilization. He opined that standards are better than principles, however, IFRS is not just a boon but equally bane. C.A Mahesh B V Charted Accountant, Mysuru was the rapporteur of this session .
IND-AS Evolution or Revolution was the theme of this session which was held between 2:30 pm to 3:45 pm. Dr.B Nagaraju , Professor , DOS in Commerce , University of Mysore, Mysuru chaired the session. In his introductory remark he emphasized that it is a stage of revolution and not evolution while stressing on the issues of diversity, delegation and coordination in accounting aroma. The resource person of the session Sri. Shivakumar, Chartered Accountant expressed that IFRS is a principle based standard and it emphasizes ‘substance over form’ and fair value concept . He exclaimed that if IFRS is being implemented correctly the achievement is made possible within a couple of years which is not achieved from the past 42 years. Dr.G.H Mahadev Swamy, Professor, Department of Commerce, Maharani’s Commerce College, Mysuru was of the rapporteur of the session.
PAPER PRSENTATION SESSION
The chair person of this session was Dr. G. Kotreshwar, Professor, DOS in Commerce, University of Mysore, Mysuru. The jury (Co- Chairperson) was Sri. Keshav Dongre, Chartered Accountant, Mysuru. About 40 research papers deliberating on various themes of IFRS were received, out of which 22 were presented . Dr. G.Kotreshwar and C.A Keshav Dongre appreciated the efforts of the paper presenters.
TECHNICAL SESSION- 3
The third technical session focused on the theme of “Operational Challenges of adopting IFRS” which was held between 10:00am-11:35 am. It was chaired by Dr. Yeshwanth Dongre, Professor, DOS in Commerce, Hemagangotri PG Centre, Hassan of University of Mysore and in the introductory speech he stressed on the worthiness of IFRS and contended that it was a right time to think about the operational issues of IFRS. The resource person was CA Krishna M. He dwelt upon the Convergence Model of IFRS and its implementation. Accordingly, he quoted that IND-AS will let us do comparability between different companies and there will be increased disclosures. The rapporteur of the session was Dr. R.Nalini, Professor, Department of Commerce, Maharani’s Commerce College, Mysuru.
TECHNICAL SESSION - 4:
“Adoption of IFRS as a tool to prevent economic crisis” was the theme of technical session-4 which was held between 12pm -1:30 pm. The session was chaired by Dr. N Nagaraja, Professor, DOS in Commerce, University of Mysore, Mysuru. He pointed that the syllabi contents are never taught and is not in real practice. CA Darshan Verma, Chartered Accountant, KPMG Hyderabad, stressed if IFRS concept is not taken into account it will result in economic crisis. He further emphasized that the very reason for adopting IFRS is to avoid disparity in financial statements while emphasizing on concept of fair value. CA Sunil M.L Chartered Accountant from Bengaluru, another resource person, deliberated that in order to mitigate the risk of investors the implementation of IFRS is vital. He exclaimed that in nations where there is weak financial disclosure, investors demand for additional disclosures.
The theme of the panel discussion was “Accounting Regulations and Academic Challenges” which was held between 2:30 pm -3:45 pm. The panelists of this session were Dr K. Nagendra Babu, Chairman and Professor, DOS in Commerce University of Mysore, Mysuru, Shi Thejasvi, Chartered Accountant , Automotive Axle Ltd., Mysuru, Shri Vageesh Hegde, Chartered Accountant, J.K Tyres Ltd., Mysuru. Dr B. Mahadevappa, Finance Officer, University of Mysore, Mysuru was the moderator of the session. The session embarked upon a revolutionary process that resulted in new enlightenment on IFRS. Panelists gave clarifications to the pertinent questions raised by several delegates. The session was effectively moderated and concluded by Dr .B. Mahadevappa , Finance Officer, University of Mysore, Mysuru.
The Seminar concluded with the valedictory program. The chief guests for the valedictory program were Sri Tanveer Sait, MLA, Narasimharaja Constituency, Mysuru, and Prof. Lingaraj Gandhi, College Development Council, University of Mysore. Sri Sanjay S.K, Chartered Accountant and Chairman, Mysuru branch of SIRC of ICAI, Sri Chandrashekaran B.N, Chartered Accountant and Secretary, Mysuru branch of SIRC of ICAI, Dr. N. Shankar, Principal, VVFGC, Mysuru, were guests of honour. Sri Gundappa Gowda, Hon. President VV Sangha (R), Mysuru rendered presidential address. Dr. S. MariGowda, Professor and Head, welcomed and introduced the guests. Miss Sahana.S Research Scholar, Vidhyavardhaka Research Foundation read out the conference report. Smt Ashwini .S, Asst. Professor, rendered vote of thanks while compeering was done by Smt Rajeshwari.G.M.. Invocation was done by Miss. Jyothi and Miss. Niveditha of M.Com Pre-Final.
Dr. S.MariGowda, was the Seminar Secretary, Sri Satyanarayana, Chartered Accountant and Sri Mahesh B.V Chartered Accountant were Seminar Coordinators, Smt Ashwini S, was Seminar Convener and Sri Chethan K.C, Smt Rajeshwari G.M, Smt Shruthi S and Miss Sahana S were Seminar committee members.