KPMG India Thanks The SEC For IFRS
Actually, India signed on back in 2007. But the boost to business to all the Big 4 firms globally should be comparable, now that the US has also jumped on board…
KPMG sees big market in financial reporting standards
Chennai, July 10 From 2011, all companies in India will have to draw up their accounts in conformity with the International Financial Reporting Standards (IFRS). Migration from Indian GAAP to IFRS is emerging as big business opportunity for consultants.
KPMG for one sees huge potential for itself. According to Mr Russel Parera, Chief Executive Officer, KPMG India, many companies are approaching KPMG, asking the consultant to help them migrate to IFRS. Today, KPMG is working on 15 proposals, compared with nil last year.
Mr Parera told Business Line today that many companies wanted to prepare for the IFRS. They basically want to know “what will be my numbers like under IFRS”. If companies’ accounts have to be IFRS-compliant by 2011, their accounts for the preceding year will also have to be IFRS-compliant so as to make comparison of results meaningful, he said.
KPMG is gearing up to seize the upcoming business opportunity. Many Indian professionals who have worked abroad are coming back to India and are training professionals here. KPMG will also be able to access the talent available with it internationally to assist Indian companies migrate to IFRS, Mr Parera said...