PricewaterhouseCoopers and IIM Calcutta partner for IFRS training programmes

KOLKATA, 05 August, 2008 – PricewaterhouseCoopers (PwC) and Indian Institute of Management Calcutta (IIM-C) have entered into a Memorandum of Understanding (MoU) to partner each other in areas of International Financial Reporting Standards (IFRS) and how it affects the stakeholders. As a part of the agreement, IIM-C and PwC will develop and deliver training programmes on IFRS. The purpose of the training, which will be divided into a basic and advanced module, is an attempt to bridge the huge gap of IFRS trained professionals the country will need.

PwC and IIM-C will also develop the concept and position papers on various IFRS-related technical matters and industry related issues through joint research and collaboration. PwC national leader for IFRS, Kaushik Dutta said, “Our joint position papers on the best practices relevant to India will be a reflection of PwC’s thought leadership in this area coupled with the rich knowledge, research and training expertise of IIM-C, a partner we are proud to collaborate”.

Prof. Saibal Chattopadhyay, Dean, Indian Institute of Management, Calcutta said, “As a leading institute in management we play a pioneering role in designing courses to cater to the ever increasing learning and developmental needs of the various industries. IIM-C will now run a specially designed executive programme on IFRS jointly with PwC in order to update working finance and accounts executives with IFRS, so that they can also be the global players. The course module has been jointly developed by IIM-C and PwC. It will be taught jointly by our own faculty and by finance experts from PwC, India.”

Professor Ashish Bhattacharya, Senior Professor in Finance and author of many books added, “The Centre for Governace at IIM C along with PwC will also undertake specific training on IFRS, risk accounting and other issues relevant to non executive directors from the corporate governance point of view. This will be done in five to six cities in a focused manner”.

“Going further, the current class room training, while currently housed on the IIM Calcutta campus, will be extended to professionals across the country through the distance learning delivery of training, which will be satellite based. The attendees would receive a participation certificate on successful completion of the programme”, said Professor Ashok Banerjee.

Convergence with IFRS has gained momentum in recent years all over the world. More than 100 countries currently require or permit the use of or have a policy of convergence with IFRSs. Certain other countries have announced their intention to adopt IFRSs from a future date. The Institute of Chartered Accountants of India (ICAI) has announced that IFRSs should be adopted for all public interest entities such as listed entities, banks and insurance entities and large-sized entities from the accounting periods beginning on or after 1st April, 2011.

The concept paper issued by ICAI for convergence with IFRS recognises that for convergence of Indian accounting standards with IFRSs, all stakeholders in the standards-setting process, namely, the ICAI, the Government, the regulators, reporting entities, educational institutions and the industry-associations should support in creating necessary infrastructure and environment. “PwC and IIM-C recognise the importance of training and appreciate the role they can play. We are going all out to ensure a smooth transition”, concluded Kaushik. “Also, we believe that responsible business behaviour and business success go hand in hand. This is our small contribution to making a positive difference to the world in which we operate.”


About PricewaterhouseCoopers:
PricewaterhouseCoopers Pvt. Ltd. (www.pwc.com/India) provides industry - focused tax and advisory services to build public trust and enhance value for its clients and their stakeholders. PwC professionals work collaboratively using connected thinking to develop fresh perspectives and practical advice.
PwC now has offices in Ahmedabad, Bangalore, Bhubaneswar, Chennai, Gurgaon, Hyderabad, Kolkata, Mumbai, New Delhi and Pune.
“PricewaterhouseCoopers”, a registered trademark, refers to PricewaterhouseCoopers Private Limited (a limited company in India) or, as the context requires, other member firms of PricewaterhouseCoopers International Limited, each of which is a separate and independent legal entity.
The name PricewaterhouseCoopers is one word, with uppercase P, uppercase C, and all other letters in lower case.

About Indian Institute of Management Calcutta:
The Indian Institute of Management Calcutta was established as the first national institute for Post-Graduate studies and Research in Management by the Government of India in November 1961 in collaboration with Alfred P. Sloan School of Management (MIT), the Government of West Bengal, The Ford Foundation and Indian industry. IIMC was registered on Fourteenth day of November, One thousand nine hundred and sixty one under the Societies Registration Act, XXI of 1860 having no. S/4906 of 1961-62. The institute is managed by IIMC society and board of governors, consisting of 26 members representing Government of India, State Government, AICTE, AIMA, NPC, SC/ST nominees, officials from Indian industry and professors from the Institute.

Over the years, IIMC has grown into a mature institution with an enviable reputation, imparting high quality management education. It has been playing a pioneering role in professionalising Indian management through its post graduate and doctoral level programmes, executive training programmes, research and consulting activities. ENDS