On 09th October 2024, the Department of Commerce & Management organised a guest lecture titled “Navigating the Basics: An Introduction to Ind AS & IFRS” for 44 students (26 male, 18 female) of FY BCom, Div A, in Classroom 215. Led by CA Saiprabha Kamath, an accounting standards expert with nearly a decade of experience in the field, the session aimed to provide foundational knowledge about Indian Accounting Standards (Ind AS) and International Financial Reporting Standards (IFRS).
CA Saiprabha Kamath began with an engaging introduction, emphasizing the significance of accounting standards in maintaining transparency and consistency in financial reporting. She briefly highlighted the historical development of Ind AS and IFRS, contextualizing it with a glance at Generally Accepted Accounting Principles (GAAP) followed in India. Key highlights included an overview of Ind AS and IFRS frameworks, focusing on their objectives, scope, and guiding principles. Significant differences, such as those related to revenue recognition, asset and liability measurement, and disclosure requirements, were discussed, along with practical implications using real-world examples to show how companies leverage these standards to enhance financial statement reliability.
The interactive Q&A segment encouraged students to engage with the material actively. Many students posed insightful questions, leading to vibrant discussions This engagement fostered a deeper understanding of the subject matter and stimulated critical thinking. Overall, the lecture was a valuable addition to the students’ academic experience, providing them with essential knowledge that will serve as a strong foundation for their future studies in financial accounting.
The lecture concluded with a gesture of appreciation for CA Saiprabha Kamath, who was presented with a potted plant. The vote of thanks was proposed by Assistant Professor Kalpana Parab, expressing gratitude for the valuable insights shared and the clarity of the presentation.
Expected Outcome of the Activity:
Students will gain clear understanding of the fundamental concepts of Ind AS and IFRS, including their purposes and frameworks. The interactive Q&A session will also foster critical thinking skills, allowing students to question and analyze accounting practices and standards.
