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This publication has been prepared specifically for the purposes of press release etc & should not be used for any other purpose without prior written consent from the authors.

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Copyright © 2010 Rhapsody Studios, India

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Introduction

International Financial Reporting Standards (IFRS’s) are developed by IASB and are adopted by various jurisdictions as their applicable set of accounting standards- Eg. EU, Australia, South Africa etc.

In the last decade or so, IFRS has emerged as the leading accounting framework with global acceptance.

As of date, approx. 117 countries have adopted IFRS with the objective of adopting a harmonious set of accounting practices across the globe.

The Institute of Chartered Accountants of India (ICAI) had proposed in 2007 a roadmap for convergence with IFRS with effect from April 1, 2011.

Ministry of Company Affairs (MCA) vide press release on 22 January 2010 had announced that separate sets of accounting standards for IFRS / Converged Accounting Standard (IND AS) shall be notified under section 211(3)(C) of the companies Act.

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Introduction ( Contd..)

Per the press release Accounting standards fully convergent with IFRS (IND AS) to be applied in a phased manner as follows:

Phase I – Companies (BSE Sensex 30 or Nifty 50 or Listed outside and Indian companies listed or not, having net worth > Rs.1000 crores) to convert opening balance sheet as at 1 April 2011.

Phase II – Companies (listed or not, having net worth > Rs. 500 crores but < Rs. 1000 Crores) to convert opening balance sheet as at 1 April 2013.

Phase III - Companies (Listed companies with net worth of Rs. 500 crores or less) to convert opening balance sheet as at 1 April 2014.

There are also separate phase wise requirements for Banks and NBFCs and Insurance Companies. Insurance Companies have to convert from 1 April 2012 and Banks and NBFC’s in a phased manner from 1 April 2013.

Per the press release Accounting standards fully convergent with IFRS (IND AS) to be applied in a phased manner as follows:

Phase I – Companies (BSE Sensex 30 or Nifty 50 or Listed outside and Indian companies listed or not, having net worth > Rs.1000 crores) to convert opening balance sheet as at 1 April 2011.

Phase II – Companies (listed or not, having net worth > Rs. 500 crores but < Rs. 1000 Crores) to convert opening balance sheet as at 1 April 2013.

Phase III - Companies (Listed companies with net worth of Rs. 500 crores or less) to convert opening balance sheet as at 1 April 2014.

There are also separate phase wise requirements for Banks and NBFCs and Insurance Companies. Insurance Companies have to convert from 1 April 2012 and Banks and NBFC’s in a phased manner from 1 April 2013.

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Introduction ( Contd..)

The MCA comments, interviews and seminars over numerous occasions and forums have clearly indicated that IFRS conversion is imminent in India and is on target.

ASB of ICAI has finalised all necessary accounting standards and these have been approved by NACAS.

ICAI has also released ‘Near Final IND AS’s’ subject to final notifications/ ordinance by MCA.

All necessary clarifications and consultations with other ministries like Finance have been resolved.

MCA is slated to notify the IND AS’s in early February 2011.

So the big question is:

Are you ready for IFRS???

The MCA comments, interviews and seminars over numerous occasions and forums have clearly indicated that IFRS conversion is imminent in India and is on target.

ASB of ICAI has finalised all necessary accounting standards and these have been approved by NACAS.

ICAI has also released ‘Near Final IND AS’s’ subject to final notifications/ ordinance by MCA.

All necessary clarifications and consultations with other ministries like Finance have been resolved.

MCA is slated to notify the IND AS’s in early February 2011.

So the big question is:

Are you ready for IFRS???

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Why is it time for you to start thinking about IFRS

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First phase of conversion has already begun in India and there is a huge demand for IFRS professionals in: India Inc. Audit firms Advisory/Professional services firms, etc. BPO’s and KPO’sIn the first phase approx. 250 – 300 companies are getting covered. This number is likely to be in thousands over the next two/three phases including Banks, NBFC’s and Insurance companies.In the current scenario there are limited professionals in India with any form of experience in practical IFRS implementation.

Being familiar with the International standards will open up opportunities beyond the national boundaries as 117 countries have already adopted it and a number of large economies like US, Japan, Mexico and others are slated to be adopting some form of IFRS in the next 1-4 years.

Demand of IFRS professionals will continue to grow exponentially in India as the adoption is going to be made in phases over next four/five years.

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Why is it time for you to start thinking about IFRS..contd

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Candidates having practical based knowledge of IFRS will definitely have an edge over others in: coming Campus interviews other job interviews or within an organisation you are currently working in.

For being able to appreciate, be comfortable and confident in IFRS it is important that professionals are : Well versed with the technicalities of IFRSGain practical exposure to the extent possible

IFRS by IASB is different from IFRS converged standards in India (IND AS). There are some significant carve outs in IND AS.

This will also make it tedious to appreciate nuances of IND AS vis-a –vis IFRS

It is therefore pertinent that professionals gain technical knowledge through good training programs, books and other reference material.

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Rhapsody launches IFRS Certificate Programme – An Overview

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Rhapsody Accounting and Advisory Services Private Limited ( or Rhapsody ) Announces the launch of the IFRS Certificate Programme in the cities of Kolkata and Delhi in the months of February and March 2011.

Rhapsody, incorporated in 2009 is an accounting KPO (Knowledge Process Outsourcing) largely focusing on IFRS practice and other areas.

The broad level services currently offered are :

IFRS Practice/GAAP accounting Education and training Corporate and Business AdvisoryVisit us at www.rhapsody-services.com for further details about us and our services..

Rhapsody initially is organising Road shows/ Free Seminars in Kolkata and Delhi to discuss some of the matters mentioned in the preceding slides and to enumerate the next steps forward on obtaining the necessary training skills on IFRS and practical exposure,

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Rhapsody launches IFRS Certificate Programme – An Overview

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These seminars are a a pre-cursor to the various training programme’s that Rhapsody has in its portfolio to offer to suit varied requirements of the Finance fraternity as a whole

The objectives of these seminars is to: Introduce in a simple and lucid way a practical and relevant outlook on IFRS/IND

AS and remove the mental block and expressions like 'Looks difficult/ complicated' etc., which some market players are trying to create.

Showcase Rhapsody's capabilities and credentials in Training and advisory Showcase the various training courses being conducted by Rhapsody Share Rhapsody’s thought leadership on the subject matter These seminars shall be followed by a 5 day Certification programme in these two

cities (Kolkata and Delhi) in the months of February and March 2011. The details of the Free Seminars/ road shows (Slides 9-15) and trainings (slides 16-

17) is given in the subsequent slides The purpose of introducing the training programmes is to offer an alternative to the

Finance fraternity as a whole to attend a training programme that is light years ahead of the market

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Details of Free Seminar on IFRS - Kolkata

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Title: ‘Its now time to start thinking IFRS’ Speaker: Ravindra Vadali Date: 5 February 2011 Venue: Mahajati Sadan , Kolkata Timings: 6.00 pm to 8.30 pm Registration: Limited seats - “Registration on first come first come basis” Contact: For Registrations please contact: Mohit Keshwani (m): +91 – 9654337076 (o) : +91- 0120-4235138 email:mohit.keshwani@rhapsody-services.com

Mukesh Kumar Sah (m): +91 – 9681146070 email: sahmukesh08@gmail.com

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Details of Free Seminar on IFRS - Delhi

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Title: ‘Its now time to start thinking IFRS’ Speaker: Ravindra Vadali Date: 12 February 2011 Venue: IMA, ITO, New Delhi Timings: 10.00 am to 2.00 pm Registration: Limited seats - “Registration on first come first come basis” Contact: For Registrations please contact: Mohit Keshwani (m): +91 – 9654337076 (o) : +91- 0120-4235138 email:mohit.keshwani@rhapsody-services.com

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Brief Profile of the Speaker- Ravindra VadaliOur services, Contd..

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Founder and Managing Director of Rhapsody Accounting & Advisory Services A member of the Institute of Chartered Accountants of India (ICAI) with

over 14 years experience working at organisations like KPMG, Deloittes, Olam International Singapore and Spice.

Currently Permanent faculty at ICAI for Advanced IFRS Certification course. Visiting faculty at CAG for IFRS trainings Trainer on IFRS at National Institute of Financial Management Working on various IFRS related projects with American Institute of Certified Public

Accountants Consultant to ICAI-ARF for IFRS assignments. Involved in more than two dozen IFRS conversions etc. till date Trained more than 700 professionals till date A core member of the IFRS conversion group and the private equity group while at KPMG. An accredited all India IFRS trainer while at KPMG for over 4 years training all levels of staff up

to partners. Associated with the Institute of Internal Auditors in developing a Professional development

programme on IFRS – Role of Internal Auditors. Empanelled with PHD chambers of Commerce as advisor as well as a speaker on IFRS matters.

 

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Topics to be covered – In the Free seminarOur target clients - India

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What is IFRS IFRS - A Global Movement. Experience of geographies.

India’s strategy for convergence.IntroductionConvergence… concept paperStatus of IFRS regulations in India as of 31 January 2011IFRS applicabilityStrategy for convergence.

Converged Accounting Standards – An overview.Impact of IFRS on India Inc. – An overview.About our trainingsAdvantages of training with Rhapsody

This is pre – cursor to our IFRS training programmes. For more details refer to our brochures (to be handed over on the day of seminar. The same can also be downloaded from our website www.rhapsody-services.com from 5 February 2011 onwards.)

*

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Why these seminars, Why Rhapsody..

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Trainers at Rhapsody AAS have already trained 700+ professional through various courses in various forums

Rhapsody has undertaken corporate training programs at corporates like: Aditya Birla Group Siemens Informations Systems limited S Tel Technotree Adidas Reebok Spice group Monnet ispat Bhushan Steel Many more in the pipeline

Trainers at rhapsody are also associated with: ICAI CAG NIFM Institute of Internal Auditors Skyline Business school

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Why these seminars, Why Rhapsody.. Contd..

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It is important for you to appreciate the real need for a good IFRS training

Judge for your self if the speakers have the requisite knowledge and experience to deliver a good training program

Clarify your doubts, queries questions in this regard

If and Once convinced, you may also enroll on to a Rhapsody training program that suits you the best.

Details of the training programmes will be shared and discussed at the end of the seminar. You may also visit our website: www.Rhapsody-services.com

SEE You soon at the Seminar

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Details Rhapsody IFRS Certification Programme (5 days)

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Duration Course duration is: 40 hours of live classroom training, and 40 hours of e-learning Written/e- quiz Classes are conducted over a period of 1 month

Course fee Certificate course for Qualified CA/CS/CWA /MBA Course fee is Rs. 8,100 + taxes*

(50% of the course fee shall be refunded if after joining the course and attending two days of training, trainee is not satisfied with the quality of the course).

*Fee is inclusive of Study material and lunch/snacks during class. Please Contact Training Centre manager at +91-9810306995 or +91-9654337076 for further details.

* Fee shall be announced at the time of free seminars as mentioned in the preceding slides.

For details of the trainings including topics, schedules etc please attend the seminars as mentioned above or visit our website: rhapsody-services.com or call us at +91-9810306995 or +91-9654337076

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Advantages of doing IFRS courses at Rhapsody

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Practical based IFRS/IND AS training programmes with detailed study material and illustrations and a quiz at the end of the trainings for people to test their own knowledge.

People who have designed the training programme are the same people delivering the training as well and are also involved in numerous conversion programmes

Detailed analysis of recent amendments to IFRS and up-to date training material, considering the dynamic nature of changes in standards etc, issued by IASB.

Diploma in IFRS - ACCA UK After attending this course, you can appear in the diploma exam conducted by

ACCA (UK) directly without going through coaching institutes..

Any other E-learning certificate courses After attending this course, you can appear in the IFRS certification (e-learning)

exam conducted by various premier institutes. Perform Successfully at forthcoming campus interviews of ICAI as well as other

interviews Enhance roles and profiles within an organisation on account of knowledge of

IFRS

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Light years Ahead … TM Our credentials, so far

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Ravindra Vadali

Managing Director(m): +91-9810406995(o): +91-120-4235138

e-mail: rravindra.vadalii@rhapsody-services.com website: www.rhapsody-services.com