Hyderabad: ICWAI-Management Accounting Research Foundation (ICWAI-MARF) in association with C&K Management Limited introduced The Accounting Standards for Practitioners (ASP) at the ICWAI-MARF here today. The digital launch of the eLearning course was done by CMA Niranjan Misra, Central Council Member, Institute of Cost Accountant of India, in the presence of other dignitaries and the press. “Under this partnership practitioners and students – CA, ICWAI, ACS, MBA, M Com, B Com, BBA – will undergo intensive 130 hours of online courses covering 36 standards offered by C& K Management. Examination will be conducted by ICWAI – MARF and successful students will be awarded a Certificate by ICWAI.” said Mr. Niranjan. More than 100 accounting students, professionals and CEOs of companies attended the event.
Phase 2 commences on April 1, 2017
The Ministry of Corporate Affairs notified a road map for Ind-AS implementation in phases in February 2015 to usher in an era of higher transparency and comparability in financial reporting.
As per the phased implementation plan, the first set of companies with a net worth of over Rs 500 Crores – listed and unlisted – started the implementation from April 1, 2016. The second phase staring from 1 April, 2017 will cover all listed companies and unlisted companies with a net worth of Rs. 250 crores or more. In the third phase NBFCs will be required to comply with Ind-AS in a phased manner, from accounting periods beginning on or after 1 April 2018 for the first phase and 1 April 2019 for the second phase.
Ind-AS already has significant impact in the second quarter results of 2016
The New Accounting standard “Ind-AS” has already significantly changed the way corporate balance sheets are drawn and interpreted in these phase 1 companies. The second quarter (Sep 2016) results of corporates released recently is the first announcement as per the new Ind-AS. According to Mint newspaper there has been an upward profit revision of over Rs 10,000 Crores due to reevaluation of property, plant and equipment due to the new guideline.
Ind-AS implementation is likely to significantly impact the financial reporting systems and processes and as such, these changes need to be planned, managed, tested and executed in advance of the implementation date.
About the Program
Accounting Standards for Practitioners – ASP, is an extensive audio enabled e-learning program with coverage of 36 standards except the standards on Financial Instruments namely Ind-AS 32, Ind-AS 109, and Ind-AS 107. In the total duration of 130+ hours, an overview of each standard is explained to give a quick snapshot of various concepts within the Standard.
The ASP elearning course is priced attractively at Rs. 6000 (plus taxes) and the learners can register directly on http://icwai.indaseacademy.com/registration.aspx. On completion of the e-learning course, the participants can take up the on-line test. The pro-metric test will be conducted at the ‘Aptech’ Test Centres who are the exam partner. All participants who qualify the online pro-metric certification test, at the end of this program shall be awarded with a certificate by ICWAI – MARF. The fee for the Pro-metric test is Rs. 1800 + Applicable taxes. The payment for the same can be made either online or by DD/Pay Order.
ICWAI-MARF – ICWAI-Management Accounting Research Foundation.
ICWAI Management Accounting Research Foundation was incorporated under Section 25 of the Companies Act, 1956 by the Registrar of Companies, West Bengal on 17th August, 2009. The registered office of the company is 12, Sudder Street, Kolkata – 700 016. Contact phone Nos. – 033-22521031/1034/1035.
The nature of business of this company is research and consultancy. They provide tailor-made programs on various subjects such as:
• Corporate Taxation
• Cost Analysis
• Cost Management
• Cost Control and Cost Effectiveness
• Costing for Engineers
• Derivatives and Risk Management