The meeting started with introduction by YP Rahul Agarwal on “IFRS – An Overview”. He gave a brief description of the regulatory background and span of the framework. After his introduction Mentor Vikash Jain suggested that this must be followed by more technical overview of the standards.
YP Rahul Chowdhry followed it up with an extensive coverage of the same.
After giving the basic concept and description of terminologies used, he explained the traditional emergence of the standards. This was followed up by the need for convergence and the Concept Paper by ICAI on this convergence. He also explained the difference between “Convergence” and “Adoption” of a standard by exemplifying IFRS 1- First time adoption and IAS 19, AS-15 (Employee Benefits). The different stages of adoption and the categories into which it is segregated were also discussed.
The document was very much appreciated by all the mentors. They also provided us with their valuable feedback with regard to the speaking and presentation skills.
Mr. Vikash Jain added to the importance of IFRS in todays world. He also made us aware about the Institute’s initiative about training modules in IFRS. Other initiatives viz recognition of ICAEW, Convocation ceremony were well brought through.
Mr. Vikash Baid advised all the YPs to circulate the matter to be discussed beforehand so that the audience can come well prepared. YP Rahul Chowdhary was complimented for the comprehensive preparation and was also advised to make his presentation more interactive rather than informative.
Mr. Jhawar gave us a valuable suggestion of deciding the agenda for next 4 to 5 weeks beforehand to keep a clear roadmap of future. There were more encouraging words from the mentors before they excused themselves which was followed by a interactive session on the standards continued by YP Rahul. He exemplified the use of IFRS by presenting a model set of Financial Statements with few additional disclosures unprecedented in Indian GAAP viz SOCIE (Statement of Changes in Equity), Revenue from continued and Discontinued operation etc. This comprehensive discussion was followed up by YP Ashok Kumar Mahawar who highlighted the impact of IFRS on assurance. The opportunities for auditors and challenges for the enterprises that are planning to implement the same were interactively discussed. He also gave a comparative analysis of various AS corresponding to the relevant IFRS viz (AS-21, 14, 28, 30, and 31). The merits and concerns of IFRS implementation were well put forward.
YP Mudit Shah discussed various problems of the implementation of IFRS in this recessionary economy like Fair Value, Unrealised profit etc. The group tried to have a review of the speakers which was followed by decision on topics for the weeks to come. It was decided that topic of discussion for the next week LLP ( Limited liability Partnership) and the speakers are:
1) YP Neha Dhanuka
2) YP Prashant Dalmiya
3) YP Mohit Jain
4) YP Neha Singhania.
The group also decided to dedicate last half an hour alternatively for a technical discussion on IFRS and a Group discussion on topics to be decided on the very day.
