Can India Bridge The Gap With International Financial Reporting Standards?

Can India Bridge The Gap With International Financial Reporting Standards?

After years of slow progress, India has taken an important step toward integration with global financial reporting norms. In February of this year, the government presented a roadmap for the country’s nonfinancial companies to adopt Indian accounting standards (Ind-AS), which are essentially a diluted version of International Financial Reporting Standards. Select Indian nonfinancial companies (those that are listed on the stock exchanges and have a net worth of at least 5 billion Indian rupees) must follow these standards starting with fiscal 2017 (ending March 2017), and they will roll out for all nonfinancial companies in the following fiscal year. In addition, India’s securities market regulator is contemplating measures to improve disclosures in Indian companies’ financial statements. These developments will likely help enhance the transparency of Indian companies’ financial statements and make international comparisons easie

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About AIWMI

The Association of International Wealth Management of India (AIWMI) is a not-for-profit organization and a globally recognized membership association for finance professionals. AIWMI primarily focuses on the broad and strategic role of developing a more robust and forward-looking training infrastructure for the financial services sector and to promote more active industry involvement and collaboration in training and continuing education. AIWMI is offering advanced international certification programs along with a wide variety of high-quality executive education programs. AIWMI programs combine state-of-the-art knowledge and skills with practical experience and insights into the functioning of the financial sector. All AIWMI courses and educational events have an intense and pragmatic curriculum. Participants are exposed to the latest developments within the financial services sector. AIWMI plays a key role in guiding the development of the financial services sector. AIWMI works with key industry participants’ viz. the Government, the Regulators, the Industries/Associations, the Corporate, the Media and the General Public to achieve its objectives. Besides enhancing technical competence and professionalism in the industry, AIWMI organizes events and facilitates discussions to promote best practices in leadership and talent development in the financial sector with an aim to become Asia’s premier center of excellence for financial education.

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