Finance professionals in India need to be well-versed with IFRS accounting norms but much work and education is required in this regard, global body for professional accountants ACCA's chief Helen Brand said.
The Association of Chartered Certified Accountants (ACCA) has 1.62 lakh members and more than four lakh students worldwide, including India, and is looking to expand its presence in the country in the next 5-6 years.
"It is absolutely crucial that finance professionals in India, as they are around the world, are well versed in full IFRS (International Financial Reporting Standards)," ACCA Chief Executive Helen Brand told PTI in an interview.
"IFRS is often different from local GAAP (Generally Accepted Accounting Principles) and there is no question that much work and education is needed to ensure that India and its professionals are ready for the workable application of IFRS," she said.
India is only converging with the IFRS norms.
As part of expansion plans, Brand is working towards doubling ACCA members, affiliates and students base in India by 2020 from the current level of nearly 10,000.
The number of Indian members in ACCA has already multiplied in the last few years, Brand said.
India is key market for accounting jobs in the world as the increase in number of multinational companies has led to a rise in demand for accounting professionals, she said.
"Indian accounting professionals are of the highest calibre and they are/will pick up IFRS quickly," Brand said.
She also noted that "attraction and retention of good quality (accounting) professionals is huge issue for the financial world, including India".
The ACCA has already commenced programme with some of the top colleges in India, including Christ University, Symbiosis College of Arts and Commerce, Stella Maris College of Commerce and Apeejay Satya Group to help promote the accounting profession.
"Many students are also interested in ACCA to enhance their global career prospects, and many have become members enjoying successful careers in all aspects of finance," Brand said.
