ACCA, ICASL to hold 5-day course on IFRS

Friday, 17 June 2011 00:27 - - {{hitsCtrl.values.hits}}

The Institute of Chartered Accountants of Sri Lanka (ICASL) in partnership with Association of Chartered Certified Accountants (ACCA) will hold a comprehensive five-day course on the International Financial Reporting Standards (IFRS) from 20 - 24 June at the Auditorium Centre for Banking Studies at Sri Jayewardenepura Mawatha, Rajagiriya.

It is designed to ensure that finance and banking professionals involved in financial reporting have a good understanding of IFRS as its application is more complex in the financial services sector.

ICASL and ACCA have insights to over 100 years of providing world-class accounting and finance qualifications and are well known to champion global standards in finance and accountancy with the aim to meet the current and future needs of international business.

The programme will provide an up to date relevant conversion course giving a detailed knowledge of international financial reporting standards and how they are interpreted and applied. Participants can gain the necessary knowledge to understand the major technical differences between GAAP and IFRS requirements, plan ahead for the implementation of new convergence-related standards and become familiar with the requirements for first-time adoption of IFRS.

The main resource person will be Vandana Saxena Poria the CEO of Get Through Guides (GTG) UK. GTG is a global provider of professional education in finance, management and accounting. Working closely with various prestigious professional accountancy institutes around the globe and having been commissioned to develop publications/training for some of them, including a prestigious client list that consists of KPMG, Ernst Young, Grant Thornton, Shell, and many other global corporations.

The organisers said IFRS are gaining acceptance across the globe with more than 100 countries adopting it. With the year 2011, Sri Lanka will be keeping an important step in the field of financial accounting, as it will report the first comparative financial statements based on the international accounting standards.

The convergence from Sri Lanka accounting standards to the international standards will undoubtedly impact many areas of the business from sales and marketing to research and development to tax and strategy etc.

It will carry total company wide impact and will require numerous system changes to capture the right information at source. The main aim of the convergence is to be in line with international practices as the world becomes more and more integrated and interdependent. It will definitely serve as a positive in attracting FDIs in a post war economy by increasing comparability of investments across borders and enhanced transparency.