The Guru Gobind Singh Indraprastha (IP) University has shifted its Day Care Centre to the staffs quarter at their Dwarka campus. Inaugurated by Prof Anil K Tyagi, vice chancellor of the university, this new location is more spacious and apt for the purpose. Rajiv Kale, registrar of the university and other senior officials and faculty members were also present on the occasion. The Day Care Centre, which was started two years backs, has 12 children of the University’s employees that have been cared in the centre.
JEE Calibrate
The EntrancePrime, an online test preparation portal, announces the launch of free all India online JEE simulation titled JEE Calibrate for JEE aspirants. The exam will be conducted from January 15 to 18, 2015 and the last date to apply is January 14 at www.EntrancePrime.com/JEECalibrate. The aspirants can register online for free and appear for the test. The test is also available on any Internet enabled devices and Android App of EntrancePrime. The portal will also share the detailed analysis of the result with the aspirants.
One-Globe 2015
IndiaFirst life Insurance announced the launch of ‘Happy India’ – a social change initiative for 11 to 16-year-olds. It will see participation from over 20,000 students from over 500 schools across 15 cities. IndiaFirst life in turn, will support 25 best ‘ideas for change’ with a grant of Rs50,000 each enabling them to create the change they dreamt of. These 25 best ideas for change will also be mentored by industry stalwarts – innovators, social scientists and authors during the entire implementation phase. IndiaFirst will hold a Happy India national conclave in February when the 25 teams will showcase their projects to the audience of corporate honchos, key public figures and media. Students can participate in teams of 3 to 4 students and register at www.happyindia.indiafirstlife.com or e-mail at happyindia@indiafirstlife.com.
VFest 2015
The Channel V brings the fifth edition of Microsoft VFest 2015. To represent the energetic vibe and effervescent spirit of the fest, Bollywood actor and heartthrob Varun Dhawan has been signed on for his strong youth connect. The Microsoft VFest 2015 finale is scheduled to take place on February 13 and 14, 2015 in Goa. On air, the finale will play out on March 7 and 8, 2015 only on Channel V.
All aspiring participants can register at www.vfest.in for the event of their choice from December 2014 to January 2015. Students will get a chance to showcase their talent across diverse fields of art, literature, music, sports, dance, theatre and more. Gratification includes internships, scholarships, prizes in cash and kind and dream-come-true career opportunities. All entries from the website will be shortlisted by Channel V and will be invited to the VFest zonals. It will be carried out in six cities. The Delhi zonals will be held at Ansal University on January 23, 2015, Kolkata zonals at Calcutta Institute of Engineering on January 23 and Mumbai zonals in the third week of January. All zonal winners will qualify to compete at the VFest grand finale to be held in Goa. Bollywood actors, Sonakshi Sinha, Irrfan Khan and Arjun Kapoor are among confirmed names who are all set to perform at the zonals.
Winter camp
The Oakridge International School (OIS), Visakhapatnam is conducting a two-day winter residential camp from January 10 to 11, 2015 at their visakhapatnam campus, NH 5, Maharajpeta Junction, Tagarapuvalasa. This is a fun thrilled activity camp full of activities, fun and learning with parents.
Camp includes activities like art and craft, games, sports activities and interactive learning for both parents and children. The registration fee is Rs3000 per family (parents and two children). It’s a perfect opportunity for all the parents to spend time with their children and make this winter a memorable one. Interested families can contact the Orissa representative Nalinikanth Tekkala at +91 809661110. For registrations call: 18002008171.
Implementation of Ind AS
The Institute of Chartered Accountants of India (ICAI) notes with great pride that the Government has accepted its recommendations with regard to the roadmap for implementation of Indian Accounting Standards (Ind AS) for companies other than banking companies, insurance companies and NBFCs. ICAI had recommended this roadmap to the Ministry of Corporate Affairs (MCA) in August 2014, subsequent to the Budget statement of the Hon’ble Finance Minister to implement the Indian Accounting Standards converged with International Financial Reporting Standards on voluntary basis from April 1, 2015 and on mandatory basis from April 1, 2016.
Ever since the notification of Indian Accounting Standards converged with IFRS by MCA in February 2011, the ICAI has been in the process of updating, revising and issuing new Ind AS converged with IFRS issued by the IASB after 2011 so that when the country moves towards implementation of the Ind AS, the same should be at par with the IFRS currently in force internationally as well. As a consequence to this preparedness, ICAI was able to revise all the Ind AS and issued the new Ind AS converged with IFRS and submitted them on timely basis to the National Advisory Committee on Accounting Standards (NACAS) constituted by the MCA. The NACAS has also completed the exercise and recommended all the Ind AS to the MCA last month. It is expected that the Ministry will notify the new set of Ind AS shortly.
ICAI recognises that notification of the Ind AS is only the first step though an important one. To be effective, the Ind AS have to be implemented in the same way as they are implemented internationally. CA K Raghu, president, ICAI said: “ Since the Ind AS require generation of new type of financial information which is to be reported in the Ind AS-compliant financial statements, the systems of the companies need to be modified appropriately to generate such information. Further, not only the professionals involved in the preparation of financial statements as per Ind AS need to have the necessary skill-sets to implement the Ind AS as these require judgements and estimates to be made which were hitherto not required, but also the auditors need to upgrade their skills in this regard. ICAI through its IFRS certification course has already trained large number of professionals.”
The ICAI plans to gear up its capacity building endeavours. Raghu added; “The ICAI is planning to hold chain seminars throughout the country with a view to develop the necessary skills and knowledge for smooth and effective implementation of the Ind AS. To begin with, ICAI is holding a workshop on January 15, 2015 of companies that have experience of preparing IFRS financial statements, to discuss the first-time adoption issues.” The ICAI plans to bring out educational materials for all Ind AS. The ICAI also plans to launch the Ind AS in electronic form so that the professionals and others concerned may use the contents of the Ind AS. As per the roadmap, after the initial phase of Ind AS becoming mandatory from 1st April, 2016 whereby about 550 listed companies are expected to implement the Ind AS (the number would be higher if unlisted companies having net worth of more than Rs500 crore are also covered). This number is likely to increase next year as all the listed companies and unlisted companies having networth of more than Rs250 crores will get covered in the next year.
Raghu added “Further, banks, NBFCs and Insurance Companies are expected to move to Ind AS 2-3 years thereafter. Accordingly, over the next few years more and more entities will apply Ind AS on mandatory basis while a few do so on voluntary basis with a view to bring their financial statements at the international level. The ICAI has accordingly geared itself on long-term basis to meet the challenges in the implementation of IFRS.”