International IFRS Conference in India – My Views and Insights
Why?
I was invited to participate in an International IFRS Conference in Hyderabad, India on March 14-15 2015 and here, I’d like to share my own impressions and experiences from the touch with India’s professionals, professors, teachers, research scholars, practitioners, students and of course, people!
Overall, the words can hardly describe my view of amazing 5 days I spent in India, but at least, I will try.
If you are reading this and think it’s not for you – that’s OK, and my next article will be again totally focused on some practical IFRS issue.
But in my opinion, there’s always something to learn from the experience of others.
Believe me, for me, it’s very unusual to write this sort of personal report, but I feel obliged to do so due to all great people I met. It’s my word of thanks.
Impressions from India
Let me start with my impressions from India first, as that’s what interests you the most according to your e-mails.
It was my very first visit in India and coming from European country, I expected totally different experience.
What did I like about India?
India’s people
Nothing prepared me for Indian people. Their care, attention, hospitality and friendship simply amazed me.
Literally everybody whom I met was very kind, having nice discussions and trying to help me (a bit clumsy in foreign environment).
For example, I was lost in Indian food and yet there were many people helping me out to choose something that I can manage to eat without my mouth burned. 🙂
I was even invited to an Indian house for home-made Indian lunch and that was a unique experience, too! (I write a bit more in my word of thanks).
That’s not so typical for Western countries – we would simply take you to the good restaurant, as we usually show homes only to the best friends.
Streets in Hyderabad
When we traveled for a trip to Golkonda fortress by bus, it took about 90 minutes and I could not help myself from staring from the window all the time.
I was fascinated by the streets, full of people, little fruit stalls, beggars, vendors of various things, cows and hens searching food on the pile of trash, shiny pharmacies, numerous hospitals, inscriptions “Do not urinate here – fine of Rs.500” on the walls…
Lots of colors, smells, sounds and impressions. I really loved it.
What I did not like in India
Traffic
Oh my goodness, Indian traffic is “intuitive and responsive” as one good man wrote me. In other words – crazy and unless you are an Indian or a big adventurer, do not drive there.
It seems no one follows the rules, there are no lines on the road and you simply go where the free space is. Everybody honks and it makes an awful sound.
The buses are a special case. I wonder how the tickets are checked there, as the buses are literally crowded, with people hanging from the door and another people hanging on these people (maybe they hold each others’ pants).
I could not keep my mouth closed when I saw it – it was dangerous and funny at the same time, but people seem OK with that. Yes, you can get used to anything.
And that’s about it. Apart from traffic, I admired almost everything I saw, heard, tasted, smelled and touched !
Impressions from the Conference
Let me go on with my impressions from the conference itself.
It’s full title was “Implications of IFRS for Corporate Reporting Practices” and the conference was organized by the Department of Commerce, Osmania University in Hyderabad, India.
I must say that organizers did the great job, especially Prof. K.V. Achalapathi who was the “father” of the conference. I really admire that man and I wish to have such a great organizational talent as he has!
Sure, the credit goes to all coordinating team, too and I thank them in the last paragraph of this article, too.
What did I like the most about the conference?
Professional speakers
Prof. Achalapathi was able to invite and gather top accounting and financial brains from India to speak personally, including:
- Mr. CA A. Chopra (Chairman of NACAS);
- Mr. CMA Dr. A.S. Durga Prasad (President of The Institute of Cost Accountants of India);
- Mr. CA S.B. Zaware (ICAI),
- Mr. Prof. G. Soral (General Secretary, Indian Accounting Association),
and really, I can’t name all of them, but I enjoyed every single speech and presentation.
But not only India was present. Professor Achalapathi organized a live video call with the IFRS Foundation members, followed by Ms. Amanda Gonzales (teacher in Nebraska University USA, former IASB Project manager).
On top of that, 2 great Indian speakers related to IASB gave their presentations:
- Mr. CA K. Prabhakar Rao, currently director in KPMG USA, who spent 10 years creating all these IFRS standards for us directly there in the IASB (yes, understand: former member of IASB and the only one from India to this day)
- Mr. CA Raghava Tirumala, technical manager, IASB London.
These gentlemen spoke a few times, but I especially liked their tandem presentation on the newest IFRS 15 – I think it left many people speechless! 🙂
And of course, several practitioners – top managers from high profile companies had their turn, too, including managers from Deloitte, Grant Thornton, Ernst & Young, and many others.
So as you can see, if you are into IFRS, this conference was packed with knowledgeable and resourceful people and all participants left full of the newest information and knowledge.
Cultural program
We all know that life’s not only about working and studying, isn’t it?
Prof. Achalapathi and his coordinating team invited all participants to light & sound show in Golkonda fortress followed by a dinner.
For me, it was really stunning to learn a bit about Indian history and Indian food, too – although I must admit that with my European palate, sometimes I had difficulties to eat it without a fire in my mouth and tears in my eyes – but it was worth it. On the other hand, Indian sweet deserts are simply delicious!
The other day, every participant was invited to a Flute ensemble concert with the leading artist Ms. Jayprada Ram Murthy, absolutely adorable woman with all her Indian bamboo flutes, surrounded by her male colleagues.
What’s on the “IFRS table” in India?
From what I heard during the conference, the BIG ISSUE in India right now is a mandatory implementation of IFRS converged Indian accounting standards for:
- Companies with net worth Rs 500 crore or more (for non-Indians: crore = ten million), which is approximately USD 80 mil., by 1st April 2016, with the exception of banks, insurance and non-banking financial companies;
- Companies with net worth of Rs 250 crore, which is approximately USD 40 mil. and those listed in any stock exchange outside India, by 1st April 2017.
It is estimated that the first stage will affect about 350 companies in India.
Although these deadlines were postponed a few times in the past, it is strongly believed that this time, they are final and fixed.
The truth is that many Indian companies with foreign ownership or participation already prepare their IFRS financial statements, and therefore, lots of research papers presented examined the impact of IFRS on the key performance indicators.
Interestingly, according to researches, the results are not really consistent – of course, because while some industry may not show a big IFRS impact, the other industry can be affected by totally different rules.
However, there’s one common fear related to IFRS convergence and mandatory implementation in India:
Lack of qualified human resources.
It’s true: if there’s not enough knowledgeable people capable of working on IFRS reports, who would then do the job? Expensive foreign consultants?
So yes, there’s an urgent need for training the right people. Although the first steps on an academic ground were made (e.g. there are some IFRS diploma studies available in India), the current status probably does not produce sufficient numbers of highly qualified professionals.
But here’s your chance, dear Indian students reading this article:
Go for IFRS studies! Your knowledge and skills will be highly demanded and the chances are that you’ll earn much more. Remember, scarce resources = expensive resources!
My message to all presenters of their research papers, scholars and students
Besides listening to all key speakers in the conference, I listened to all research scholars presenting their papers about their IFRS research and results.
To be totally honest, my impressions from this part of the conference are mixed.
Some of the presentations were really insightful and well prepared, but some of them lacked the sparkle and sometimes, the results were a bit confusing.
What makes a difference between great research and average research?
Simply speaking – it’s the attitude.
When you do the average job, you get the average results.
In today’s world full of competition, you need to be exceptional to stand out from the crowd.
Yet I felt that some researchers did their job just with one purpose: to get record. There was no intention to help someone with the research results.
Please, in anything you do, do it with passion and care. Only that way you’ll be the exception and you’ll stand out from the crowd.
And if you stand out from the crowd, you’ll be able to bring something to other people and to help. Of course, you’ll get more recognition and hopefully money, too.
My Word of Thanks
To finish my short report, I would love to thank all the people in the conference. I cannot name all of them – that would make a long list – but let me try:
- Prof. K.V. Achalapathi – Sir, thank you for putting up such a great event and for inviting me. You are a man of action with the heart and brain in the right place. It was a big success and a great job!
- Professors from Department of Commerce, Osmania University, Hyderabad – Ladies and gentlemen, thank you for accepting and welcoming me, for your presents and your time with me, I really appreciate!
- My subscribers who came to see me, especially K. Suman Kumar and K. Hima Bindu (thank you for carving out the time in your busy schedule just to talk to me and also for your lovely Ganesha present!), Neha, Praveen, Suman, Srinivas, Rao and all whom I met and talked to.
- My subscriber, Mr. Pravin Bhushan, who could not make it to the conference, but he send me a package with Indian souvenirs. It was waiting for me at the University and I did not expect that, thank you so much for your attention!
Here, let me also put the special word of thanks to people who took care about me during my stay:
- Ms. Divisha Golla – thank you for taking me to trip around the city, for getting me my Indian henna hand tattoo, for souvenirs, lunch and your time with me, it was my pleasure! You were like my mom 🙂
- Rajagopal (Babu) – special thanks to you for your idea to invite me for the conference, for your care and for inviting me to meet your lovely family!
- Ms. Bhanu Sireesha – I mention you the last on purpose as you were my closest friend there. Thank you for everything you have done for me: for our close talks, for your explanations of Indian stories, for your time in the temple and shops with me, for inviting me to your home, making a lunch for us and meeting your lovely daughter Vyahrthi and your husband. You will remain in my heart forever!
Finally…
OK, that’s it for today’s unusual post.
I hope you enjoyed my special report and the next post will be back to IFRS mysteries.
My trip to India was unforgettable lifetime experience and if you want to get the same, I encourage you to join the conference next year!
Please, if you have anything to say or comment, or if you participated on the conference, I’d love to hear from you. Leave me a comment right below. Thank you!
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Hi Silvia,
I got an excerpt of an you tube video featuring you!
Video link is here:
https://youtu.be/drmhHCQljAY
OMG, yes, that is from that conference 🙂
I missed to meet you,in the future if such kind of seminar organised in india then I will surely joined.
Silvia,
Good to receive your reply to my email and glad to receive the link on along with your views and post on IFRS conference held in Hyderabad between 13 to 15 th of March, 2015.
I think you excuse me for today’s delayed response since I received your link yesterday only and also busy in professional and other committments.
About the Traffic in Hyderabad generally people obey rules wherever control exists i mean traffic signals are working and police are monitoring the traffic and also as mentioned by Mr. Achalapathi indians follow the rules in India as welll as Out of India may be the roads you saw of the scenarios of which are not of the kind i mentioned above.
Further you would have been to city and Madahpur there definitely people follow the rules like any other respnsible citizens of any counry including India.
Af far as IFRS, IFRS and IFRS we learned in those 3 days i am glad to be part of the conference representing ICWAI institute and also i am facinated since I represented ICAI while delivering my views on the the conference including our trip to Golconda and dinner followed on 13-Mar-15.
IFRS is mandatory in India and we all professionals and acadamists will ensure that we catch the running train and we do help all the companies coming under the threshold to follow the rules of IFRS with effect from both 01-Apr-16 and 01-Apr-17 as well.
I do see your site sand views and give my responses and alos eager to join hands in IFRS implemntation in India and definitely reach of parent Institutes viz. ICWAI and ICAI including Osmania University from which I graduated in the year 1993 from Vijayanagar college of commerce.
I will by in touch with each one icluding Mr. AChalapathi whom met in the conference to ensure that implementaion of IFRS is grand success.
Regards
CA DNV Srinivasa raju
dnvsraju@gmail.com
#091 9177401557
Dear Sir,
thank you for your comment and for reading this report. It was my honor to be a part of the conference and learn a lot of things about India, its professionals and current issues.
I think you have great brains and amazing people there and although there is a lot of challenges, I’m sure that you can make it with good cooperation. India has a great potential.
I wish you all the best in this demanding task!
Kind regards
Silvia
I love you.
hi Silvia,
I am suprised that you R in India.Mam if you get chance to come to India do Visit Nepal.
There u need to spread knowledege of Ifrs.
You will enjoy the natural beauty of Nepal .
From your post, it seems professionals in India use the abbreviation of their qualifications before their names like:
•Mr. CA A. Chopra (Chairman of NACAS);
•Mr. CMA Dr. A.S. Durga Prasad (President of The Institute of Cost Accountants of India);
•Mr. CA S.B. Zaware (ICAI),
Why is it? It looks strange.
I really don’t know 🙂 Maybe some Indian professional can reply this, if someone’s reading it 🙂
Since professionals inclding professors, doctors and lawyers use their qualification before their names
example CA DNV
CMA Murthy
CA Deva Rajareddy
Dr Raju
Prof Raju
This is not only in India all the other countires also do this.
Please check and confirm please.
CA.CHARTERED ACCOUNTANT,
CMA , COST ACCOUNTANT
As Similar to DR.DOCTOR
Regards
CA.K.SARANYA
Hi Silvia
I was one of the participants of the event and I must admit that your session is one of the main highlights of the one and half days I spent on the conference.
I liked the way you felt at home in a new country and met and greeted the people with smile. I found you too humble and grounded in spite of your rich knowledge and experience. Nice meeting you and hope to be able to listen to your lecture some other time.
Hi Latha,
thank you for your comment 🙂 I remember you, my “good student” 🙂 It was very nice talking to you and meeting you!
Kind regards, S.
Silvia ,
Can we have the same typo conference in Pakistan with the collaboration of Institute of Chartered Accountants of Pakistan and Institute of Certified Management Accountants of Pakistan. Though, We are following IFRS , Yet the new standards is going to affect all of us. Appreciate your efforts and time.
Thanks and regards
Masroor Shaikh
Dear Masroor,
I wish you all the best with organizing a conference – not an easy thing to do, but definitely worth it. A lot of people would benefit. And sure, if you invite me, I’ll gladly participate and spread the word! Have a nice day, S.
Thanks Silvia ,
Appreciate your confidence. Will get back to you on this shortly , as I am out of country now.
Regards
Masroor Ahmed
Thank you for this report.
Thats a intereset subject for me.
Hi! Silvia,
Thanks for such an excellent report. Your observation about the papers presented seems to be good to some extent. However for all the research scholars it might be a good lesson for their future endeavors.
Looking forward to your next visit to Hyderabad, India, as you have been a great source of motivation for many to learn IFRS.
Hi Silvia, read your articles on visit to India, that was great; your articles on IFRS are very useful and helpful…thanks a lot for your continuous support…btw your henna cladded hands are really looking beautiful…
Regards,
Amrendra
New Delhi
Thank you! In fact, I loved my henna tattoo – I’m just sorry it did not last longer 🙂 S.
Dear Sylvia
Thank you very much for the article I had the same experience ..I visited India almost 10 times the country of history and dreams..One of my assignments is to establish a mortgage finance company in egypt I was lucky to work with a such proffesinoal team and a first class company HDFC..I understand quit well all what you are talking about….however based on my experience India people can make it ..yes it is not an easy task however knowing Indian inside and they will make it..specially we had the samee problem in egypt when starting implementing IFRs..from Egyptian local standard considering in egypt still behind ..
Finally not hanks Sylvia and my very best regards to the country of dreams
Hi Amr,
thank you for your comment. You know, it’s always inside the people. But what I saw in India was a lot of passionate and eager people who can be excellent at some point of time. It just takes time. All the best! S.
Hi Silvia,
I am reading your articles regularly, glad to see you visited India and wrote again an excellent article. Thanks
Dear Sylvia,
Being an Indian myself really glad that you liked my country a lot :). I recently completed my ACCA and i am a great admirer of your articles. Keep publishing such good works & all the best for your future!!
I am an Indian and pursuing CA, still a semi qualified but I thought of doing a certification in IFRS from ACCA last year and found your website while searching on IFRS. The articles and the short videos on your YouTube channel were a great help along with Deloitte IFRS e-learning. Glad to hear that you visited us and that you actually enjoyed your stay in India. Thank you for this article and for all the efforts you’re putting in to make IFRS learning easier.
Hi, Very good article. Thanks for given information about implementation IFRS in India.
I congratulate, what excellent answer.
Very useful message
You not the expert, casually?
Dear Silvia,
It’s very nice and wonderful meeting you in Hyderabad, It’s great experience meeting and talking to you which helped in improving our knowledge. Your Experience about India and culture is presented very systematically. Hoping to meet you again.
Thanks & Regards,
Suman Kumar.K
Hi Suman,
for me, it was a pleasure to meet you and your sister Bindu personally! I have your (now mine) Ganesha on my desk 🙂
Have a nice day!
S.
Hi Sivia,
Your report is interesting.I am glad you had a memorable experience in India. I once went to India and I also visited hydradabad. You reminded me of the wonderful moments I spent overthere. Indians are really warm people.
I wish them all the best for the implementation of IFRS.
Wish you all the best.
Naseem
It is so good and well done madam.
Namaste madam
It was really an awesome moment and more fascinating as well.Several nepalese cultures,traditions and beliefs are similar to Indian context But Some different exists really. I am really impressed and implementation of IFRS started here.
Glad to read it and watch video as well.
Thank you Prabesh, glad you liked it! 🙂
Thank I liked your article about India.Very simple words but with many expressions
thank you Silvia …i have learnt a lot from your articles ,,,as a ACCA final student i found your website beneficial to me especially the way you simnplify these IFRS ,you just make them more ordinary than techncal…even a non accountant can easily grasp them.(from zimbabwe with love)
Thank you, that’s exactly what I want – to show, that IFRS is not a monster, but with the right approach, it can be managed well! Have a nice day! S.
Hi Silvia, thank you so much for sharing this wonderful experience.. It was indeed well enjoyed! I just want to express my profound gratitude for your mentoring work; I need a working text on IFRS; i need you to recommend one for me; as well as one that would aid ACCA-Diploma exams. My email is orejulius@yahoo.com.
Thank you so much.
Hi Julius, thank you! Please, write me an e-mail and I’ll be able to help you. All the best, S.
I love your style of presentation
Hi silvia… I always read ur articles with grt enthusiasm. I am from India and am Chartered Accountant. Currently I am taking IFRS Certification classes of ICAI to get expertise in d topic. I also teach this topic to CA students so that I can learn more in better way as I believe that by teaching I will get better understanding of the topic. Ur words….”Your Knowledge and skills will be highly demanded and the chances are that u will earn much more”. These words are motivational for me. I wish to meet u once..
and yes one thing more ur article on IFRS 15 was great bcoz it contains good examples.
Thank u soo much silvia
Hi Jai, thank you very much for your nice words. I’m indeed happy to be an inspiration and a bit of motivation – that’s a great feeling. Good luck with your career! S.
Dear Sylvia
Excellent report on your trip to India. I am a regular reader of your articles and IFRS writings. I must admit that you are a great source of reference and source of information for my ACCA studies. I would for sure attend your seminars or talks if ever you are in my country Mauritius. Thanks for all the good advice in your writings.
Thank you Yogesh, I’m glad to help! S.
Very nice
I missed to meet you
Great scenes there! Great culture display of a great people. I am very happy and thankful to be one of those you shared this experience with.
Thank you, Joseph 🙂
Thank you very much for your article it was and is still very insight full thank you
Dear Silvia,
Good & short article on Indian experience. As far as research study concerned, i do agree with you where the relevant topic is not made by some without passion and care which is relevant to topic & users (for application)…I made my website http://www.gcap.in on IFRS, corporate reporting& other areas etc as free learning to all users…but later realised that yes i dont have great research contents hence did not upload till now and still researching on even small area till I feel yes I can upload (hopefully by this year end or next so but it must have to be great value) and will help users to implememnnt in theier professional work. I tried to subscribe your IFRS kit but did not till now though regularly visit your website for any article relevant to me (though subscribed instead eifrs iasb & pwc paid services)…Hopefully I will subscribe this year, ask you many questions and take out your best in you in terms IFRS practices…:-)
Dear Amulya,
it’s great to read that you’d like to spread your knowledge via website – this way you can reach a lot of people and help!
Good luck with that. And of course, I’ll be happy when you subscribe and you can always ask me questions, I try to respond as much as I can.
All the best!
S.
I have been to Cheenai once, and I have a breath taking experience of the culture there. Amazing really.
Btw, I am from Malaysia.
Hi Diana,
thank you! I’ll visit Malaysia in April 2015 and I’m very looking forward to it! 🙂
Why ? Any conference there ? If yes, wanna meet there
Not any that I would know about. But it’s on my long-term plan 🙂
there is an accounting conference at International Islamic University Malaysia, Kuala Lumpur. I was working there for e17 years and the department of accounting is one of the best in the country. the syllabus for the degree is partly ACCA based and Malaysia has converged to IFRS.
look at http://www.iium.edu.my, kulliyah of economics and management science, dept of accounting
also i am a Malaysian subscriber but born in India.
great to see your report on the conference in India.
Hello Silvia
Will you be having a conference in Malaysia or will you be on holiday ?
Hi Sheila,
it’s a mix of both. I am leading the 2-day IFRS Workshop on April 20-21 in Malaysia, it will be very intensive. The difference between Indian and Malaysian event is that while in India, I had a short turn, this time, people will listen to me the full 2 days 🙂 But it will be fun!
And then, I’m taking the short vacation on the beach, as in this time of the year, it’s quite chilly in my country, so I’m taking the opportunity.
Have a nice day!
S.
hello Silvia
trust you are well
you are just my inspiration and it was so kind of you to share to us your experience in INDIA. I am a trainee Accountant/Auditor and I just started and hopefully your posts are going to help me in the near future.
When are you coming to cape town 🙂
“big hug xoxoxo”
Hi, Hlengiwe, thank you! Well, I’m not sure about Cape Town, but I hope that one day, I get there! 🙂
Hi Sylvia
Glad you hsd a fantastic time in India.
I haven’t been to India but will definitely make a trip there.
You’re may think that’s odd for person with Indian name. I was born in Malaysia but now living in NZ.
Well thanks for sharing. Good to read a Non IFRS subject for a change.
Cheers
Raj
Wow, that’s interesting, you have a very Indian name 🙂 Thank you!
Your report was interesting.
My country, Nigeria, has similar characteristics with that of India.
Also, your report about research scholars was objective. Most research scholars in developing countries, if not all, do not put their heart in research study. In Nigeria, some research scholars, if not all, engage in research in order to upgrade their academic status or position .They sometime provide paper based solution (non-practical solution) rather than passionately providing acceptable solutions to current and emerging issues which will make them to flourish tremendously.
However, funding among others has been a major problem to research scholars. I could remember vividly when I did a research on “Technical Challenges,Implications and Implementation of International Financial Reporting Standards (IFRS) Adoption in Developing Countries: The Case of Nigeria “in 2012 ,I was financially handicap at a point .My research project supervisor asked if could continue with the study. I told him by God’s grace I could which was successful .
Research scholars need see beyond doing research “to get record” . The essence of research is solving peoples’ or society’s problems
Exactly, Johnson. And I would say – not only research scholars. If we all do the things with the aim of helping the others, we usually help ourselves, too.
You are right with the financial constrains, I fully understand that sometimes, this might be an issue. But on the other hand, why to perform underfunded research which helps no one? I think there’s just another waste of time. Also, the research does not need to be that expensive to help others. I would rather shorten the scope and focus on 1 point, then trying to cover everything, but in a mediocre way.
Thank you for your valuable comment!
S.
Your report is excellent. I wish every research scholar reads your objective report on their presentations. Whenever we say that they need to put their heart and soul for effective results, they think that we are outdated generation for them. Your comments were apt on Indian Traffic. Same Indians behave excellent in USA. They become more responsible citizens in foreign countries but they would become nuisance when they come to India.
Dear Sir,
Thank you for commenting as the first one, I really honor you and appreciate your comments.
And yes, of course, I agree with your comments on Indians in the USA – simply, people use to adopt to the environment in which they are.
Wishing you safe and happy journey and please get back after you return home!
S.