WORKSHOP ON ACCOUNTING STANDARDS

The workshop on Accounting Standards was conducted by CA Sarvesh Mopkar. He is a Chartered Accountant from the Institute of Chartered Accountants of India (ICAI) and is a post-graduate in commerce from Pune University. He holds Diploma in IFRS (ACCA) and also a Diploma in Systems Audit (ICAI). He has experience of over 12 years in the audit industry and has handled financial reporting issues and audit assignments with various mid-sized audit advisory firms in India. Since 2018, Mr Sarvesh has been primarily working as a finance educator and content creator for ACCA.

The workshop on accounting standards was focused on the importance of following established accounting practices and principles in order to maintain accurate financial records and provide transparent information to stakeholders. Participants learned about the various accounting standards, such as International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP), and how these standards are used to guide financial reporting and ensure consistency in financial statements.

The workshop also covered the role of professional accounting bodies, such as the International Accounting Standards Board (IASB), and their responsibility in setting and updating accounting standards. The attendees were also provided with practical examples and case studies to demonstrate the application of accounting standards in real-life scenarios.

Additionally, the workshop addressed the challenges that companies face in implementing and complying with accounting standards, and offered guidance on how to overcome these challenges. The attendees were also introduced to the concept of financial auditing and its importance in ensuring the accuracy and reliability of financial statements.

Accounting standards improve the transparency of financial reporting in all countries. In the United States, the generally accepted accounting principles (GAAP) form the widely accepted accounting standards for preparing financial statements. International companies follow the International Financial Reporting Standards (IFRS), which are set by the International Accounting Standards Board and serve as the guideline for non - U.S. GAAP companies reporting financial statements. Generally accepted accounting principles are heavily used among public and private entities in the United States. The rest of the world primarily uses IFRS. Multinational entities are required to use these standards. The International Accounting Standards Board (IASB) establishes and interprets the international communities' accounting standards when preparing financial statements. The Case Studies, Numerical Problems in the various Accounting Standards were covered in the session

Overall, the workshop on accounting standards aimed to educate participants on the fundamental principles and practices of accounting, and to emphasize the importance of adhering to established accounting standards in order to maintain the credibility and integrity of financial information. CA Sarvesh wanted to inject the concept of ‘Substance Over Form’ into the DNA of all and by the end of the workshop he was successful.