M S university (MSU) on Sunday had a slew of experts and industrialists discussing how to face the challenges before harmonising the Indian Accounting Standards with the International Financial Reporting Standards (IFRS).

Every country, according to the experts, has different accounting standards to suit its business set up. They said matching the Indian accounting standards with the IFRS will also mean amendments in the Indian laws.

“From April 1, 2011, all the countries have declared to harmonise with the IFRS accounting system. However, this will mean change in various economic policies as well as laws,” said Sirish Kulkarni, a lecturer from MSU Commerce faculty.

Experts were of the view that on the face of it, Charted Accountants (CAs) should first be well versed about the Indian accounting standards, saying that only the CAs in the multinational companies are adept in both the IFRS and Indian accounting standards.

A participant said, “The language of IFRS is very technical. CAs should be preparing themselves with IFRS polices before chalking out plans to follow it.” “There are certain economic rules and regulations of India which match with other countries. The country should be first adopting the economic policies of these countries before taking up the IFRS,” he added.

Over 235 participants, including academicians, CAs, industrialist as well as people from public and private sectors, attended the day-long discourse presented by the University Grants Commission at the IG Patel Seminar Hall.