Wednesday, 7 September 2016

ELECTIONS IN DELHI UNIVERSITY

The Delhi University Student Union (DUSU) elections are due on Friday, September 9, 2016.
Many people are of the opinion, that student elections are a waste of time, energy and money and that they do not guarantee a stable political career most of the times. However, as of late, the nature of these elections has changed for good and is improving every year. As far as DU is concerned, we have some very dedicated intellectual candidates who work for the betterment of students in the University. And being a student, if you want to  see change or even righteously criticize the inefficacy of existing system, you have to be a part of it to bring the change you want to witness.

All the prospective candidates and organisations are campaigning voraciously. For the past one week, members of these organisations come to various colleges, declare their manifestos and previous achievements, distribute fliers and persuade people to vote in their favour. Some even try to maneuver public support in their favour by offering free movie tickets, discount vouchers, etc. Some heavily funded ones like the NSUI even offered to take students to so called 'fun n food villages'! If that is not a desperate attempt to practically bribe people, what is? Isn't it so similar to the tactics adopted by parties in 'larger-scale' elections?

At every corner in the campus, there is buzz regarding the elections. With NSUI almost out of the picture and SFI's ( Student Federation of India) perennial lack of adequate popular support, the prime competitors this time seem to be the AISA ( All India Students Union) and the ABVP ( Akhil Bhartiya Vidhyarthi Parishad).

AISA made an impressive move by having three women candidates in the panel of four. They also have been active in the protest against FYUP ( Four Year Undergraduate Programme) and  the recent CBCS (Choice Based Credit System) among other things, which very well is in their advantage.However, the recent infamous event involving accusation of rape against Anmol Ratan, a member of JNU AISA triggered mass fury. Given that AISA doesn't already have that strong a base in DU, this incident might have a negative impact on the faction of supporters it has.

ABVP, which forms the incumbent panel, is a strong contender. Apparently, it has a reputation of nurturing vandalism and hooliganism, but there must be much better reasons because of which it is the largest student organisation in the country and in the world, with roughly 3.2 million members!

Contrary to popular perception, ABVP is a highly self-funded organisation. It has sporadic nominal financial aide from the political organisations it is affiliated to. And as far as Delhi University is considered, ABVP has genuinely worked hard.
In almost 5-6 colleges, construction of new hostels have been commissioned; it was ABVP that 'cajoled' the protesting teachers of DUTA ( Delhi University Teachers Association) to start the long-delayed evaluation; it consistently persists the authorities for increasing the number of seats in colleges and hostels, etc.
The ABVP also encourages students to come forth with their grievances and quite surely, does look into the matters sincerely.

An innovative move during the elections this time, by some like-minded students of Miranda House, is the 'No Poster Party'. It seeks to protest against the littering of streets and the criminal wastage of paper, in the form of fliers and posters, during campaigning and wishes to promote paper-less campaigning.

The competition is in the air with all candidates giving invigorating speeches, groups shouting slogans, massive online campaigning, et al. Whose efforts bear fruit, we'll come to know after 48 hours.

Friday, 2 September 2016

Ind AS: Future of Financial Reporting

On 31 August 2016, the BRICS Chamber of Commerce and Industry (BRICS-CCI) organised a conference on Ind As: Future of Financial Reporting in the Indian Habitat Centre, New Delhi. The aim was to provide a platform for various Financial officers, Chartered accountants and other auditing professionals for a comprehensive deliberation on the introduction of a new accounting standard, the IFRS (International Financial Reporting Standards) or Ind AS (Indian Accounting Standards). The conference commenced with a brief welcome note by Mr. B.B.L. Madhukar, Secretary General of BRICS-CCI after which the Special Guest, Mr. Nilesh S. Vikamsey, Vice-Chairman of the Institute of Chartered Accountants of India (ICAI) addressed the gathering. Very eloquently, he expressed his views on the need, advantages, disadvantages, processes involved and probable challenges in the implementation of Ind AS. He talked about the systematic phase-wise execution of the new standard, the role of ICAI in this transition from the existing accounting standard Ind GAAP ( India-Generally Accepted Accounting Principles) to IFRS and called upon the industries to respond positively to the new standards.

Subsequently, an elaborate interactive session with the guests on the complex procedure of transition from the Ind GAAP to IFRS was conducted by Mr. Siddharth Talwar, Partner, Grand Thornton LLP, Mr. Amarjit Chopra, Senior partner, GSA & Associates and Mr. Keyur Dave, Director, GTI LLP, wherein all the major provisions in the new standards were extensively discussed. Comparison between current Ind GAAP and Ind AS, role of ICDS, carve outs in Ind AS, need for co-ordination between ICAI, NACAS and Industries were some points of discussion. The major topics under the IFRS that were talked on were:

1. Ind AS implementation roadmap and conversion process
2. Ind AS 1: Presentation of Financial Statements
3. Ind AS 16: Property, plant and equipment
4. Ind AS 17: Leases
5. Ind AS 109 and 32: Financial Instruments
6. Ind AS 18: Revenue
7. Ind AS 103: Business Combinations
8. Ind AS 101: First time adoption of Ind AS

Further, Professor Ambrish Gupta, FORE School of Mangement, talked about the Ind AS along with ICDS (Income Computation and Disclosure Standard) Tax, apprehensions of investors, concerns regarding effective execution on Ind AS and stressed on the need for “harmonization of all rules, regulations and standards for desired results”.
This was followed by a panel discussion on Ind AS, the panelists being Mr. Siddharth Talwar, Mr. Vijay Pal and Mr. Sumant Chadha, President, The Institute of Internal Auditors India. The enriching discusion covered issues like Fair Valuation, 'componentization' , Hedge accounting, possible changes in role of internal auditors in times to come, etc. Lastly, Chartered Accountant Gaurav Mittal shared his views on Taxation under the Ind AS regime.

Like the GST is to tax, IFRS is to accountancy. It will make book keeping more transparent and enhance the credibility of Indian Chartered Accountants abroad.(140 countries adhere to the IFRS including our neighbour Pakistan)

The IFRS was first introduced back in 2011 but due to stiff competition from industries and lack of adequate backing by the concerned ministries of the government, it could not be implemented. Hopes are, that it will finally receive a positive response in the coming financial year.