IIM-C in pact with PwC for joint training in IFRS

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PricewaterhouseCoopers and the Indian Institute of Management Calcutta (IIM-C) will start a joint training programme on the international financial reporting standards (IFRS) for working finance and account executives.

By April 1, 2011, Indian GAAP (generally accepted accounting principles) will have to follow the global accounting standards, IFRS. The IFRS are the accounting standards adopted by the International Accounting Standards Board .

The MoU between PwC and IIM-C was signed here on Tuesday. According to Kaushik Dutta, partner of PwC, the mode of imparting training would be both class room-based and through satellite. The IIM faculty and finance consultants of PwC will jointly conduct the course.

"Besides training, we will do researches jointly, create thought leadership on issues concerned with accounting standards and develop papers on best practices on corporate governance," said Datta.

Saibal Chattopadhyay, dean of IIM-C, said the understanding is not only to provide training but also to help corporates and practising accountants adopt the IFRS quickly.

Datta said out of 32 Indian GAAP standards, only two could be applicable without any modification to the IFRS. Ten standards require legal intervention and have to be amended by the legislative body before IFRS accept those. The rest 19 standards require modifications.