Transparency and relative comparability of financial positions of listed organizations is essential in today’s era to restore the confidence in a shattered financial market. Hence, understanding of accounting standards is of critical importance.

Students of PROTON business school had a knowledgeable session on ‘Accounting Standards & International Financial Reporting Standards’ by an eminent guest Mr. Abhishek Parwal (C.A.). The Dean (Academics) Prof. Vinay Goyal extended a floral welcome to the guest.

“To assess the accountability of management, you must be adept at accounting standards & policies,” explained Mr. Parwal. The speaker discussed various Indian and international accounting standards with students. He elaborated that to reduce the complexities and to eliminate incomparability of financial statements, certain standards have been set up by ICAI in India. 

He also discussed with the students the financial statements of various companies such as Bharti Airtel, Idea Cellular, Cinemax and ITC, so as to analyze the different accounting policies followed by them.

Further he said - “India is going to comply with International Financial Reporting Standard by April 2011 which will help India to create an extra ordinary market on a global basis.” He explained that IFRS is actually a common financial language that is helping in the development of accounting globally.

Finally the Dean proposed a vote of thanks and presented a memento on behalf of the entire PROTON family.