Guest Lecture on Accounting standards

With reference to guest lecture on accounting standards n GAAP by CA Mohammad Salim on 3rd April 2014

Organised by ims noida which was attended by approximately 100+ students along with faculty members in Ims noida seminar hall.

The guest lecture was scheduled on 10:00 am and as per scheduled time CA Mohammad Salim came into seminar hall and was attended by faculty members and students. Mrs. Reenu Bansal faculty ims noida introduced out guest to the students. 

At 10:15 Our guest took the mike to begin the session. He started it by having an interactive session with the students. At the very beginning he asked students what do they know about GAAP and accounting standards. Students responded to his question and gave their answers. After that Our guest give us a detailed explanation about what GAAP and Accounting standards is all about. He told us accounting standards consist of GAAP. These accounting standards were introduced in 1973 and also told us that their were no such accounting standards before. He told us that accounting standards tells us how accounting is to be made in a particular transaction. These accounting standards were formed in order to establish an uniformity in accounting. He told us that In India ICAI issues the indian accounting standards, Financial statement shows the position of a business organisation in order to avoid window dressing these Accounting standards were established which creates harmonisation with accounting principles, Accounting is itself a language because it communicates the financial position of the business to its stakeholders . He introduced us to section 3a and section 3b of accounting act 1979 which says that it is mandatory to follow these accounting standards while accounting and he also introduced us to Section 227(3) which says that it is mana satori for every company to get their accounts audited by a charted accountant and section 217 which says that financial report of every company need to have directors report with it. He told us that new companies act i.e companies act 2013 states that now it's penal offence if anyone doesn't follow these accounting standards while accounting. 

After this detailed explanation he told us about every accounting standards in detail, he told that accounting Standards consist of 28 standards and went further in detailed explanation of these accounting standards.

At the end of the session Mrs. Harkiranjeet Kaur programme coordinator gave a special thanks to CA Mohammad Salim by giving him a boket and Mrs. Renu Bansal gave a thanks note to our guest on behalf of students and faculty members.

The whole session was at great success and very good learning moment for us. All the students heartily appreciated the guest lecture.