Faculty attended National Seminar on “Financial Reporting”.

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Dr. Anusha Agarwal and Prof. Neetu Purohit from PG Management Department, I.T.S. Mohan Nagar Campus attended ‘National Seminar on Financial Reporting- Transition to IND AS and GST: Challenges & Experiences’ organized by Confederation of Indian Industry (CII) at India Habitat Centre, New Delhi on 15th September 2017. The Seminar addressed the issues and challenges faced by the industry in the adoption of the new accounting standards i.e. Ind AS along with the along with the issues and remedies for harmonization of Companies Act with Ind AS and the GST impact on corporate sector.

The various expert speakers who deliberated on the theme during the Inaugural Sessions were Mr. Dipankar Chatterji, Chairman, CII National Committee on Financial Reporting; Mr. P.R. Ramesh, Co-Chair CII National Committee on Financial Reporting, Mr. Amarjit Chopra, Chairman, Natioanl Advisory Committee on Accounting Standards, Susanta Kumar Panda, Member CBEC, Ministry of Finance, Government of India and Mr. Sudhir Soni, Partner Indian Member Firm of EY Global.

Month Of Events:

September

Date Of Events:

Year Of Events:

2017

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Full Date Of Event:

Friday, September 15, 2017

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Later there were three panel discussions. The First Panel discussion was on ‘Transition to Ind AS- Experience Sharing’. The moderator for the panel was Dr. Sanjeev Singhal, Member, NACAS and Partner, Indian Member firm of EY Global, and the panelists were Mr. Vijay Kumar, Vice Chairman, Accounting Standards Board, ICAI and Chief Financial Officer, SIFY Technologies Ltd.; Mr. Jagannathan Chakravarthi, Chief Financial Officer, Mindtree Limited; Barindra Sanyal, Vice President (Finance), Tata Consultancy Services and Mr. Nitin Gupta, Group Finance Controller, Vedanta Limited. The panelists shared the various experiences of the corporate that have been encountered while implementing IFRS.

The Second Panel discussion was on ‘Harmonization of Companies Act with Ind AS-Issues and Remedies’ which was moderated by Mr. Sanjay Vij, Partner Indian member firm of EY Global and the panelists were Dr. Ashok Haldia, Managing Director & CEO PTC India Financial Services Ltd.; Mr. G. Sriram, Chief Financial Officer Mahindra Comviva; Mr. Rajiv Bajaj, Sr. Associate Director-Finance and Company Secretary Panasonic AVC Networks India Co. Ltd. and Mr. Ashish Gupta, Partner Walker Chandiok & Co LLP. The panelists discussed the various issues where there is disharmony in what is envisaged as per Ind AS and as stated in the Companies Act and the possible remedies.

The Third and the last Panel discussion was on ‘GST Impact on Corporate Sector- Disruptions & Way Forward’. The session was moderated by Mr. Bipin Sapra, Partner Indirect Tax EY and the panelists were Mr. Sanjiv Srivastava, Commisioner Central Board of Excise & Customs, Ministry of Finance, Government of India; Mr. Rajeev Yadav, Commissioner, GST Commissionerate CBEC, GOI; Mr. Anil Sharma, Chief Financial Officer, Heidelberg Cement India Ltd. and Mr. Sanjay Gulati, Group Vice President- Corporate Tax-GST GMR Group. The panelists discussed the challenges being faced by industries in transitioning to GST and how there might be further issues in product or service classification and the claim of input tax credited. The faculty found the Seminar highly informative and useful.