~Calicut University to be the first university in Kerala to start IFRS programme~
New Delhi, 27th June, 2015: Students at Calicut University, the largest University in Kerala, now have an opportunity to gain a great understanding of International Financial Reporting Standards (IFRS), which are being adopted by India, following an agreement between Calicut and ACCA (theAssociation of Chartered Certified Accountants).
The Memorandum of Understanding between Calicut and ACCA will result in the Faculty of Commerce and Management Studies at Calicut University introducing additional IFRS elements in the curriculum of BCom/BBA/MCom courses, giving students an opportunity to gain a professional accountancy qualification that is globally relevant, as more countries adopt IFRS. The students will now have the benefit of acquiring an optional qualification that will pave way for diverse career opportunities not just in India but globally.
The Memorandum of Understanding (MoU) signed between the two bodies will help Calicut University, which was established in Kerala in 1968, to affiliate a vast majority of colleges to international standards across the state university of Kerala taking the professional qualification of accountancy to the next level for aspiring young professionals. Speaking on the occasion, Dr. TA Abdul Majeed, Registrar, Calicut University said, ““We are immensely delighted to announce our association with ACCA and be the first university in Kerala to incorporate IFRS into our curriculum. We have always believed in being the change and are thankful to ACCA to be helping us achieve the upgradation of academic qualification at Calicut University that we had set out for. These new tie-up will not only help us offer the latest qualification to our students but will also help our students upgrade their skills to the global professional demands. It is a leap forward and will open plethora of opportunities for our students which will enable them to fulfill their professional aspirations & goals.
The Calicut University will be including IFRS in its fifth semester of B.Com and BBA degree from 2015-16 academic year through ACCA’s quality partner in India, International Skill Development Corporation (ISDC), Bangalore. ACCA has championed IFRS for more than 20 years, as it believes that global standards provides a level playing field for businesses, investors and finance professionals, making cross border business less complex. Speaking on the occasion, Md. Sajid Khan, Head of International Development, ACCA said, “The MoU signed between ACCA and Calicut University will not only revamp the syllabi but is also a step towards upgrading the academic qualification to global standards generating better opportunities for the students. This step has been taken in a strategic time especially as India moves towards mandatory IFRS convergence from April 2016 as announced by the government of India and is going to largely benefit the young aspiring professional with better and more lucrative employment opportunities.”
ACCA will be responsible for providing the study materials as per the international financial reporting standards which is now widely accepted by more than 90% of the countries globally. ACCA will also be offering a special training program for a few select teachers from the university before the curriculum kick starts this academic year in July 2015. Students will have to pass through an online test based on the optional course offered to gain the ACCA IFRS certification.