Overview of IFRS

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Overview of IFRS opportunities for Company
Secretaries
Speakers logo

• Rammohan Bhave
• mohanbhave_at_gmail.com
• 9004043365 9322249833 6th November 2009

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IFRS OVERVIEW OPPRTUNITIES FOR CS PROFESSIONALS

• IFRS OVERVIEW
• Overview of IFRS and opportunities for Company
  Secretaries
• Session Best Practices in Financial /
  Non-Financial Disclosures

OR SHOULD IT BE Session Practices in Financial /
Non-Financial Disclosures/ Best
Non-disclosures
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COMPLIANCES / DISCLOSURES WHOSE
RESPONSIBILITY?
OF COURSE COMPANY SECRETARIES ITS HISTORICAL
CHALLENGE OPPORTUNITY WITH HUGE FINANCIAL
DISCLOSURES AND MORE SO NON-FINANCIAL
DISCLOSURES
SOMEBODY ASKED ME WHAT IS NOT TO BE
DISCLOSED?????
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Disclosures dilemma world over
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disclosures
Direct resp. e.g. valuer name
Huge number
Reopen Prior period adjustments
PROBABLE
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Creative accounting VS IFRS
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Form vs substancerevenue recognition
Legal contract
Substantially Consumed
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FINANCIAL INSTRUMENTS
Fair value Thru P L
Held to maturity
Loans receivables
Available For sale
SMEs 2 classes only
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Why M A do not happen thru balance-sheets?
WHY VALUATIONS ARE REQUIRED AT ALL? BECAUSE
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OLD DEFINITION OF BALANCE-SHEET
Shee(i)t of Balances from LEDGER
IFRS takes journey to Financial reporting (IFRS)
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DUE DILIGENCE VALUATIONS
GETTING SUBSTITUTED BY IFRS CONVERGED ACCOUNTS
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WHAT IS AUTHENTICATION?
WITNESSING COMPANY BILL WILL REMOVE THIS AFTER
ONE OR TWO YEARS
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MAJOR OPPORTUNITIES
FAIR VALUE
CONSOLIDATIONS RELATED PERSON CONTROLLED
ENTITY
HUGE DISCLOSURES 70 TO 90 UP EUROPE
EXPERIENCE, INDIA EXPECTED TO BE 2.5 TIMES UP
FINANCIAL INSTRUMENTS 4 CATEGORIES
SUBSTANCE OVER FORM LOANS, LEASES, USEFUL LIFE
(PPE), WARRANTIES, ESOP, EXTENDED CREDIT TERMS,
OFF-BALANCE-SHEET ITEMS
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COMPANY Vs ENTITY ICSI OR IGESI
INSTITUTE OF COMPANY SECRETARIES OF INDIA
INSTITUTE OF GROUP ENTITIES SECRETARIES OF INDIA
COMPANY SECRETARY OR
GROUP ENTITIES SECRETARY
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APPROACH CHANGES
PROFIT AS A CENTER FIGURE
TO EQUITY WORTH AS A CENTER FIGURE
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OLD CONCEPT PREPARE PROFIT AND LOSS CARRY
BALANCE TO BALANCE-SHEET BALANCE-SHEET MUST TALLY
PREPARE BALANCE-SHEET (SOFP) CARRY DIFFERENCE
TO P L (SOCI) SEE IF IT TALLIES
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IFRS KNOWLEDGE not to be few people's monopoly
ICSI ALREADY SPREADING THRU E-LEARNING SHOULD
GET INTO E-LEARNING MODE QUICKLY ON IFRS
KNOWLEDGE BANK VC WEBINARS ARE GREAT TOOLS
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WHOSE BABY?
SO WHO SHOULD DO THIS OF COURSE WE ALL, WITH
OUR LEADERS SPREAD (TOTAL COMPLIANCE) IFRS TO
MASSES INCLUDING SMALL CITIES SURPRISED???
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• STORY OF RAJUs vs RAJUs

LET ME SHARE 2 RAJUs did not follow corporate
governance, transparency
IFRS OTHER LAWS are tools for Our 2 RAJUs to
implement it (President Datla RAJU
Vice-president RAJU Khanvalkar)
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SO DEAR LEADERS BOTH THE RAJUS
MY APPEAL TO PRESIDENT AND VICE-PRESIDENT IS OUR
INSTITUTE ICSI A PUBLIC INTEREST ENTITY? YES
CERTAINLY
LET US SET EXAMPLE BY CONVERTING INSTITUTE
ACCOUNTS TO IFRS CONVERGED ACCOUNTS
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Opportunites for company secretaries
CRO CHIEF RISK OFFICER CCO CHIEF COMPLIANCE
OFFICER CDO CHIEF DISCLOSURE OFFICER CTO
CHIEF TRANSPARENCY OFFICER CGO CHIEF
GOVERNANCE OFFICER
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2nd NOV JAIPUR STORY
WHAT IS IMPACT OF IOC MISHAP AND ROLE OF CS?
ONE MORE LAW SAFETY LAWS ADDED TO ECONOMIC
LEGISLATION PAPER
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NON-FINANCIAL DISCLOSURES
Statement of legal position SOLP Statement of
compliance position SOCP Statement of
Ecological position SOEP Statement of
Governance position - SOGP
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WHAT ARE THE NUMBER OF LAWS IN INDIA?
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• ANY QUESTIONS OR HAVE I CONFUSED YOU ENOUGH?

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Thank you

• RAMMOHAN BHAVE

mohanbhave_at_gmail.com 91 9322249833 91
9004043365