As the balance sheets of many of the Indian companies start changing in tune with Ind-As, the new accounting standards that Indian companies are transitioning to, it is critical to train those who write and read these reports. For instance, one of the important elements of the new accounting standards is around the re-evaluation of assets. It would only mean balance sheets will have to be read even more carefully now. For, better financials could well be an outcome of a one-time correction on account of asset re-evaluation rather than say a result of a more sustainable effort at improved operations. In a bid to address some of these and other issues, the ICWAI-Management Accounting Research Foundation (ICWAI-MARF) in association with Hyderabad-based C&K Management has launched 'The Accounting Standards for Practitioners (ASP)'. It is an e-learning course. Under this, accounting practitioners and students - CA, ICWAI, ACS, MBA, M Com, B Com, BBA - will undergo intensive 130 hours of online courses covering 36 standards. C&K Management, a 'corporate training solutions' entity is part of the Hyderabad-based TMI Group, which is one of India's leading talent acquisition and management companies.
Last year, the ministry of corporate affairs had notified a road map for Ind-AS implementation in phases. As per the 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 April 1, 2017 will cover all listed companies and unlisted companies with a net worth of Rs 250 crore 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 April 1, 2018 for the first phase and April 1, 2019 for the second phase. "Students studying the courses - CA, ICWA, ACS, MBA, M.Com, B.Com, BBA - need the Ind-AS certification for a big value add to their resumes at the time of placement. Like computer skills, accounting skills will require outside the curriculum courses and this Ind-AS course will fill this need," said T. Muralidharan, Chairman of TMI Group. The course, 'Accounting Standards for Practitioners - ASP,' in the total duration of over 130 hours, provides an overview of each standard -- it gives a quick snapshot of various concepts within the standard. It is priced at around Rs 6000. On the completion of the course, the participants can take the online test. The pro-metric test will be conducted at the 'Aptech' Test Centres, the exam partner. All participants who qualify the online pro-metric certification test, shall be awarded with a certificate by ICWAI - MARF.