KPMG IFRS Conference

Financial reporting in India is on the cusp of an exciting and challenging phase of its evolution

1 March 2015 - 1 March 2018, 3:23PM - 3:23PM, IST Mumbai, Maharashtra, India

Financial reporting in India is on the cusp of an exciting and challenging phase of its evolution, with the convergence with International Financial Reporting Standards (IFRS) expected to become a reality for corporates in India. 

In this context, KPMG in India is organising a first of its kind IFRS conclave in India, 'KPMG IFRS Conference 2015: Navigating the convergence journey' – in association with the IFRS Foundation, on 5 and 6 February 2015 in Mumbai.

The IFRS Foundation is an independent, not-for-profit organisation working in the public interest, whose primary mission is to develop a single set of high quality, understandable, enforceable and globally accepted International Financial Reporting Standards based upon clearly articulated principles.  IFRS are developed by the International Accounting Standards Board (IASB), the independent standard-setting body of the IFRS Foundation.

The conference will provide an opportunity for participants to hear from regulators, policy makers and professional firms on the latest developments on Ind AS in India. The participants can also know more about the future direction of IFRS from the International Accounting Standards Board leadership. 

Overview of the revised IFRS convergence roadmap

The Ministry of Corporate Affairs (MCA) of the Government of India, through a press release, on 2 January 2015 issued a revised roadmap for companies other than banking companies, insurance companies and non-banking finance companies for implementation of Indian Accounting Standards (Ind AS) converged with International Financial Reporting Standards (IFRS).

As per this roadmap, Ind AS shall be applicable to companies as follows: 

On voluntary basis:

For accounting periods beginning on or after 1 April 2015, with the comparatives for the periods ending 31 March 2015 or thereafter

On mandatory basis 

  • For accounting periods beginning on or after 1 April 2016, with comparatives for the periods ending 31 March 2016, or thereafter, for:
    • all companies having net worth of INR500 crore or more 
    • holding, subsidiary, joint venture or associate companies of the companies in (a) above. 
  • For the accounting periods beginning on or after 1 April 2017, with comparatives for the periods ending 31 March 2017, or thereafter: 
    • companies whose equity and/or debt securities are listed or are in the process of being listed on any stock exchange in India or outside India and having net worth of less than INR500 crore 
    • companies other than those covered in paragraph (i) and paragraph (ii) (a) above i.e. unlisted companies having net worth of INR250 crore or more
    • holding, subsidiary, joint venture or associate companies of the above class of companies.

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Agenda

5 February, 2015 - Day 1

Session and time Duration Topic Speakers
Session 1: Inaugural session
2:15 p.m. 15 mins Welcome and introduction to the conference

Richard Rekhy

CEO, KPMG in India

2:30 p.m. 20 mins Keynote 1 – India’s convergence with IFRS

Mohandas Pai

Chairman, Manipal Global Education

2:50 p.m. 30 mins Keynote 2 – The future of financial reporting

Hans Hoogervorst

Chairman, IASB

3:20 p.m. 15 mins Embracing global standards – the way forward and impact on Corporate India

Mark Vaessen

Global Head of IFRS, KPMG International

3:35 p.m. 20 mins The Way Forward

Jamil Khatri

Deputy Head of Audit,KPMG in India &
Global Head of AccountingAdvisory Services

3:55 p.m. 30 mins Coffee break  
Session 2
4:25 p.m. 30 mins IASB Update covering key projects in progress and important IFRIC agenda items
(Macro hedging, Leases, Insurance contracts, Business combinations under common
control, Rate regulated entities and Conceptual framework)

Kumar Dasgupta

Technical Director, IASB

4:55 p.m. 30 mins

The Road Ahead for India Inc 

  • Roadmap
  • Bridging the gaps – the walk from Indian GAAP to IFRS
  • Impact beyond accounting

Sai Venkateshwaran

Head of Accounting Advisory Services,KPMG in India

5:25 p.m. 60 mins Investor focused IFRS update – managing key stakeholder communications,
discussing the effects of changes on financial analysis and valuations

Moderator – Menaka Doshi

Executive Editor, CNBC TV 18

Hans Hoogervorst

Chairman, IASB

Rajesh Gopinathan

Chief Financial Officer, Tata Consultancy Services

Saurabh Mukherjea

CEO, Institutional Equities, Ambit Capital

Saumen Chakraborthy

Chief Financial Officer, Dr. Reddy’s Laboratories 

Sai Venkateshwaran

Head of Accounting Advisory Services,KPMG in India

6:25 p.m. 5 mins Day 1 concluding remarks

Mritunjay Kapur

Head, Risk Consulting, KPMG in India

6:30 p.m. 15 mins Break  
Session 3
6:45 p.m. 75 mins Huddle with the experts – Informal networking session over cocktails  
8:00 p.m   Dinner  

6 February, 2015 - Day 2

Session and time Duration Topic Speakers
9:25 a.m. 5 mins Day 2 opening remarks  
9:30 a.m. 75 mins

Perspectives on IFRS convergence: Businesses, Investors and Regulators

  • Challenges and opportunities for users and preparers 
  • Challenges and opportunities for regulators both in standard setting and
  • financial reporting oversight and enforcement

Moderator – Govindraj Ethiraj

Founder, Ping Network

Hans Hoogervorst

Chairman, IASB

C. B. Bhave

Trustee, IFRS Foundation and Former Chairman of the Securities and
ExchangeBoard of India

Suresh Senapaty

CFO, Wipro

Akhil Bansal

Practicing Chartered Accountant

Mark Vaessen 

Global Head of IFRS,KPMG International

 

10:45 a.m. 30 mins Coffee break  
11:15 a.m. 45 mins Managing the tax implications of IFRS convergence : Income computation and
disclosure standards

Jamil Khatri

Deputy Head of Audit, KPMG in India& Global Head of Accounting
AdvisoryServices

12:00 p.m. 60 mins Implementing IFRS 9: Financial instruments (non-financial institutions)

Kumar Dasgupta

Technical Director, IASB

Suresh Senapaty 

CFO, Wipro

V. Venkataramanan

Practicing Chartered Accountant

1:00 p.m. 60 mins Lunch break  
2:00 p.m. 60 mins Implementing IFRS 3, IFRS 10, IFRS 11 and IFRS 12: Business combinations and
consolidation

Mark Vaessen

Global Head of IFRS, KPMG International

Koosai Lehery

Partner, KPMG in India

Dr. Paritosh Basu Professor

NMIMS

 

3:00 p.m. 60 mins Implementing IFRS 15: Revenue from contracts with customers

Brian O’Donovan

Partner, KPMG International Standards Group

Vijay Mathur

Practicing Chartered Accountant

4:00 p.m. 30 mins Coffee break  
4:30 p.m. 60 mins Convergence in India - First time adoption of Ind-AS and carve-outs from IFRS

Archana Bhutani

Practicing Chartered Accountant

Charanjit Attra

Executve Director, 3i Infotech

Dr. Paritosh Basu Professor

NMIMS

Mritunjay Kapur

Head, Risk Consulting, KPMG in India

5:30 p.m. 15 mins Wrap-up  

 

Guide

Who should attend 

Chief Executive Officers, Executive Directors, Chief Financial Officers and Finance Controllers of companies that are required to transition to Ind AS standards. 

This would help these key decision makers understand the wider business and organisational implications of the transition to Ind AS standards beyond just accounting. 

Day 1 of the conference is aimed at providing a wide-ranging overview and is suited for Chief Executive Officers, Executive Directors and Chief Financial Officers. 

Day 2 is aimed at providing more insight into some of the key areas of change from a financial reporting perspective, and is suited for Chief Financial Officers and Finance Controllers.

Speakers

Eminent speakers from the regulatory, corporate and consulting world would be present at the conference. The confirmed speakers include:

IASB speakers:

  • Hans Hoogervorst ,Chairman, IASB
  • Ian Mackintosh ,Vice-Chairman, IASB

Guest speakers:

  • C. B. Bhave, Trustee - IFRS Foundation and former chairman of SEBI
  • Mohandas Pai, Chairman, Manipal Global Education 
  • Suresh Senapathy, CFO, Wipro 
  • Rajesh Gopinathan, CFO, Tata Consultancy Services 
  • Saurabh Mukherjea, CEO - Institutional Equities, Ambit Capital 
  • Saumen Chakraborthy, President and CFO, Dr. Reddy’s Laboratories 
  • Ramesh Swaminathan, CFO, Lupin 
  • Charanjeet Attra, Executive Director, 3i Infotech

KPMG speakers:

  • Jamil Khatri, Deputy Head of Audit, KPMG in India 
  • Sai Venkateshwaran, Head- Accounting Advisory Services, KPMG in India

Conference information 

Date

5 - 6 February 2015

Time (IST)

Day 1 - 14.00 - 18.30 hrs. 

Day 2 - 9.30 - 17:30 hrs. 

The first day's sessions will be followed by a networking dinner at the venue.

Venue

Taj Mahal Palace, Mumbai 

(Non- residential)

RSVP

Ms. Siera Dcosta

+91 22 3090 2726

Fees

The conference fee for this two day non-residential programme is INR 50,000 (Indian national rupees fifty thousand only) excluding taxes. This fee covers program materials, session costs, meals and snacks.

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