New Delhi,
November 4, 2009: KPMG in India in collaboration with NIIT Imperia
announced the launch of Advanced Certificate Program on International Financial
Reporting Standards (IFRS). The six week Certificate program which commences on
2 December 2009 is designed to assist companies and individuals on the
forthcoming convergence from Indian Generally Accepted Accounting Principles
(GAAP) to International Financial Reporting Standards (IFRS).
The program will see
KPMG's senior professionals use NIIT's modern virtual classroom formats to
deliver the training. The training will be conducted simultaneously across
several cities using NIIT's Synchronous Learning Technology. This will allow
practicing professionals and in-job professionals to be in a classroom close to
their place of work. In addition, they can manage their day to day work since
there will be only one day of training in each of the six weeks. This well paced
program is designed for better understanding and absorption of the transition
process and will help the practising and on-job professional in implementing
IFRS smoothly and on time. Indian accounting and finance fraternity and those
others who are interested to enrich knowledge on IFRS transition may log on to
www.niitimperia.com for further
information about the program.
Commenting on the
launch of the Advanced Certificate Program on IFRS, Jamil Khatri, Head
of Accounting Advisory Services, KPMG in India said, “We are pleased to
come in association with NIIT Imperia during this important transition for the
Indian accounting fraternity. Through this collaboration we foresee participants
to gain not only the conceptual knowledge of IFRS but also the practical
perspectives that KPMG's professionals carry through years of experience. We
have seen very good interest in this program and look forward to interacting
with executives across the country during the IFRS training sessions.” He added,
“The training covers critical IFRS concepts along with case studies and will
culminate with an exam at the end, which will enable participants to obtain the
certificate.”
Shraman
Jha, Head, NIIT Imperia remarked, “We are pleased to extend our
offerings to now include Advanced Certificate Programs on IFRS, by KPMG- for
finance professionals. Through this alliance, IFRS Training will be offered in
19 cities simultaneously, over the NIIT Imperia network, thus helping
professionals overcome the challenges of mobility and time and gain from the
insights of KPMG’s professionals.”
Corporates, accounting
& finance professionals would need to swiftly understand IFRS and assess the
implications in their work environment. This is because current Indian
accounting practice & standards differs from IFRS in several areas of
accounting norms. Firstly, the accounting for M&A activities and for
financial instruments is largely driven by the fair value concept under IFRS, a
fundamental shift from the historical cost accounting under Indian GAAP.
Secondly, there are subtle but important differences in several other areas, for
example, the concept of control over an entity, capitalization principles
relating to property, plant and equipment, accounting for gratuity plans, the
way reportable segments are identified, etc. Thirdly, IFRS lays equal emphasis
on qualitative disclosures in addition to the quantitative disclosures that
Indian companies are well used to. All stakeholders, from promoters to finance
executives, from investors to analysts and from government agencies to bankers
need to become aware of the critical differences.
The six week Advanced
Certificate Program will enable Indian corporates to swiftly move towards IFRS
and further ascertain it as a common language for accounting and financial
reporting. By 2011, more than 150 countries are expected to adopt IFRS,
including countries like India, China, Brazil and South Korea. The SEBI has
already announced a proposal that may soon allow Indian listed companies the
option to prepare consolidated accounts under IFRS Instead of Indian GAAP.
Several Indian companies, from both the public and the private sector have
already started preparing IFRS consolidated financial statements to see the
impact on numbers, convergence effort, impact on systems, processes and related
areas.
About
KPMG
KPMG is the global network of professional services firms of
KPMG International. KPMG member firms provide audit, tax and advisory services
through industry focused, talented professionals, who deliver value for the
benefit of their clients and communities.
KPMG in India has
offices in Mumbai, Delhi, Bangalore, Chennai, Hyderabad, Kolkata and Pune and
services over 5,000 international and national clients. The firms in India have
access to more than 3500 Indian and expatriate professionals. KPMG member firms
have provided IFRS services to more than 1,400 organisations globally. Extensive
experience coupled with a structured approach to meet defined business
objectives and tested tools and methodologies enable to assist in achieving a
smooth and efficient transition for organizations to new accounting frameworks.
At KPMG in India, we have a large pool of trained and experienced IFRS
specialists who have successfully provide IFRS services to several Indian
companies in recent times.
About NIIT
Imperia
NIIT Imperia, Centre for Advanced Learning brings short and
long term duration executive management programs from the prestigious B-Schools
of India. Indian Institutes of Management (IIMs)—Ahmedabad, Calcutta, Indore and
Lucknow; IMT Ghaziabad and IIFT New Delhi offer a comprehensive portfolio of
programs for working professionals through NIIT Imperia’s state-of-the-art
learning facility.
Powered by NIIT’s
innovative synchronous learning technology, NIIT Imperia centres across the
country are helping professionals overcome their challenges of mobility and
time, and facilitating access to world-class management training.
NIIT Limited is a
leading Global Talent Development Corporation and Asia’s largest IT trainer.
NIIT Ltd. offers learning and knowledge solutions to over 5 million students
across 40 countries.
Please visit
www.niit.com
For further
information contact:Prateek Chatterjee,
Head- Corporate Communications, NIIT Ltd.
Email:
prateek.chatterjee@niit.com; Cell:
+91 9910201085