Press release from Business Wire India
Source: PIRON Consulting
Thursday, February 25, 2010 02:39 PM IST (09:09 AM GMT)
Editors: General: Consumer interest; Business: Accounting & management consultancy services, Business services, Education & training, Information technology; Technology
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Piron is Providing IFRS Implementation Key; a Unique Methodology for IFRS Adoption
New Delhi, Delhi, India, Thursday, February 25, 2010 -- (Business Wire India) -- Piron Consulting and Training, a division of PIRON Group, the leading provider of end to end services in IFRS is providing 'IFRS Implementation Key'; a unique rich Training integrated with Consulting Program for Companies and Finance professionals to help in the smooth transition into IFRS.
Companies have started the process of preparing IFRS compliant financial statements and are gearing up to adapt to the change in a timely manner to avoid last moment rush, as ICAI and Ministry of Corporate Affairs is committed to the deadline of IFRS adoption, which is April,2011. The list of companies includes IT firms like Wipro, Infosys Technologies and NIIT, automakers like Mahindra & Mahindra and Tata Motors, textile companies like Bombay Dyeing and pharmacy firm Dr Reddy's Laboratories to name a few.
In this process of IFRS adoption, the IFRS Implementation Key is set of services developed under the guidance of IFRS Board of PIRON Consulting. The whole process of IFRS implementation starts with getting the complete insight about company's current accounting and reporting system as well as the review of all the relevant contacts and agreements with an objective to identify what are the changes that will be required while shifting from IGAAP to IFRS. Then based on the analysis, drafting the accounting policies will be followed under IFRS. The objective of this exercise is to make the company aware of probable changes, their impacts and approach that are required to handle those changes.
As part of extended support, handholding in preparing Opening IFRS balance sheet , review of interim financial statements to ensure that they are IFRS complied and making the relevant changes in ERP are also included in this consulting service.
"The IFRS implementation key is a product that is a proactive process with no surprises that can be performed by any company through its own resources with little support from outside consultants", explained Anhishek Asthana, Director PIRON Consulting.
"The cost of this service is only 30 to 40 percent of what other consulting firms are charging for their consulting relating to IFRS adoption to a company. Due to the effectiveness and cost saving with IFRS IMPLEMENTATION KEY, our clients are showing interest in using these services for first time adoption", says Mr Anand Akhouri, Business Head, PIRON.
More than 12,000 companies from 100 different countries, including the listed European Union companies have already adopted IFRS. As per estimates, the number of countries requiring or accepting IFRS could grow to 150 in the next few years. Some of the countries that have plans are Japan and Mexico, among others. It is important for the organizations to move quickly to work within this framework. This will help them to get businesses from across the globe. In an increasingly competitive arena, those without IFRS, looking for business or investments, have to struggle against those already have taken the decision to enter the framework.
About Piron:
PIRON specializes in offering consulting and training services in the sphere of accounting and finance. It provides comprehensive solutions in the realm of IFRS through its various group companies.
PIRON Consulting, a division of PIRON Group, specializes in providing tailor-made in-house training & consulting services in IFRS:
Providing consulting in first time adoption of IFRs
IFRS Implementation key
Designing the IFRS diagnostic kit for companies
Training on IFRS Overview, tailor-made detailed IFRS workshop and industry specific workshops
PIRON Education specializes in providing IFRS certification programs in alliance with its European partners is providing training to corporate and individuals in Diploma in IFRS (DipIFR), approved by ACCA, the world's largest accountancy institute. Piron is the only institution in India providing ACCA's officially approved study material of DipIFR and also certified with the highly prestigious Gold Approved Learning Partner status by ACCA. Available in 105 cities in India through Reliance World Centers and all across the world through real time e-learning at www.flexiguru.com.
CONTACT DETAILS
Manleen Kaur, Value 360 Communications, +91 9810920020, manleen@value360india.com
KEYWORDS
CONSUMER, CONSULTANCY SERVICES, BUSINESS SERVICES, EDUCATION, IT, TECHNOLOGY
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