Cos may face shortage of actuarial professionals
India Inc will face a severe shortage of actuarial and accounting professionals, even as the country plans to adopt International Financial Reporting Standards (IFRS) by April 2011.
By ET Bureau |
KOLKATA: India Inc will face a severe shortage of actuarial and accounting professionals, even as the country plans to adopt International Financial Reporting Standards (IFRS) by April 2011. Addressing a seminar on IFRS here on Saturday, organised by the Bengal Chamber of Commerce & Industry, Ernst & Young India director, Rahul Roy, said: ���A parallel framework of financial analysts needs to be prepared to interpret IFRS. There is a serious shortage of professionals in actuarial and accounting fields.���
He said the government needs to amend Company���s Act, 1956, before migration to IFRS. The government is understood to be planning to introduce the new Company���s Act (Amendment) Bill in the monsoon session of Parliament.
The move would ensure a smooth migration to IFRS by April 2011. Nearly 150 countries, including Australia, New Zealand, China, Singapore, Japan, Middle East, Africa & European Union, have either adopted or are converging to IFRS.
Consequently, over 8,000 EU-listed companies adopted IFRS in one go. The country���s accounting framework is characterised by multiple regulators of accounting standards.
Take the case of a listed bank: it has to follow the norms prescribed by Reserve Bank of India, Securities & Exchange Board of India and Institute of Chartered Accountants of India. At the seminar, Mr Roy opined: ���We have to have a singular standard.���
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