SCMS GROUP OF EDUCATIONAL

INSTITUTIONS
AN OFFICIAL PRESS RELEASE
IFRS Industry Institute Interaction Session
Held At SCMS Cochin For PGDM Students
PRESS RELEASE - KOCHI, COCHIN, KOLKATA, DELHI, BHUBANESWAR, GUWAHATI
SEP 24, 2014 13:36
On 10th of September 2014, the current PGDM batch attended the III session on
International Financial Reporting Standards (IFRS). It is important for the PGDM students
to understand the finer nuances of IFRS since they are now adopted globally.
SCMS Cochin School of Business organizes Industry Institute Interaction (III) sessions
throughout the year to introduce students to new concepts and business practices that can
increase their knowledge and employability.
On 10th of September 2014, the current PGDM batch attended the III session on
International Financial Reporting Standards (IFRS). It is important for the PGDM students to
understand the finer nuances of IFRS since they are now adopted globally. IFRS were first
designed to harmonize accounting across the European Union, but the concept was soon
adopted world over, making company accounts understandable and comparable across
international boundaries.
Mr. Mahesh Mohan, External Quality Assessor, IAAP, UK, and Prof Dr. Gopal Sharma, National
Trainer, IFRS, addressed the 23 students who were eager to learn the features and challenges
of IFRS. The session began with the main speaker, Mr. Mohan, a member of the International
Association of Accounting Professionals (IAAP), talking about the importance of IFRS as a
Global business accounting language. He explained that IFRS are specifically crucial for
multinational companies, and how their significance has increased with international
shareholding and trade. He further surprised the audience with the fact that, IFRS has been
adopted and is practiced by 174 countries including India.
IFRS are set by the IASB (International Accounting Standard Board) and have become global
standards for preparing financial statements. The globally comparable financial statements
enable public companies to compete abroad, raise capital, and win global contracts. Mr. Gopal
Sharma spoke to the students next and discussed the importance of understanding and
practicing the IFRS. He said, IFRS needs to be understood and followed in letter and spirit
when preparing financial statements since the balance sheets and accounting statements
communicate the health, wealth and pulse of a business to its stakeholders.
The floor was eventually thrown open for discussion and the students posed questions to and
interacted with the experts to clear their doubts and queries. The session was concluded by
Dr. Filomina P. George, Dean- Academic Administration, SCMS Cochin School of Business, who
informed the students about the inclusion of IFRS in the PGDM curriculum.
Categories:
Education, College / University, Post Graduate
Tags:
best pgdm college kerala, iii scms, mba college
kerala, scms cochin, scms cochin school of
business
- Sobia Joseph, PGDM, Batch 23
Company Contact Information
Admissions Team
SCMS GROUP OF EDUCATIONAL INSTITUTIONS
Prathap Nagar, Muttom, Alwaye, Cochin, Yantrapur Harihar - 577 602 Karnataka (India)
683106
91-484-2623803
Original Source: www.i-newswire.com