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The Nasdaq-listed Corporate Executive Board (CEB), a business advisory platform, has come up with an online resource — IFRSPortal.in — to help Indian companies make a smooth transition to International Financial Reporting Standards (IFRS) at lower costs. Through the portal, companies can access the CEB’s practical guidance, best practices research, execution tools and benchmarks to support the IFRS transition, Ms Kruti Bharucha, Director of CEB India’s Finance Practice, told Business Line. Resources provided through the portal will help companies displace over 20 per cent in auditor and consultant spend, up-skill their IFRS transition teams, and avoid costly pitfalls that transitioning companies could encounter. The Indian Government has expressed the intent to facilitate convergence of Indian accounting standards with IFRS by April 1, 2011.

TIME FOR TRANSITION

“Although it may appear that there is enough time (about 20 months) for the transition, there is actually only about eight months to go. One has to prepare the financial statements for 2010-11 also under IFRS to have proper comparison for the next year beginning April 1, 2011. The financial statements have to be comparable,” Ms Bharucha pointed out. She felt that awareness and expertise on IFRS and preparedness in India were low. “We have seen globally that the transition for a firm can take 12-36 months, but hundreds of CFOs in India have not yet realised the magnitude of effort and risk involved. The time is ripe for companies to invest in extensive IFRS transition planning,” Ms Bharucha said.

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