Bangalore University Collaborates with ACCA to Embed IFRS in its Curriculum

Association of Chartered Certified Accountants (ACCA) signed a Memorandum of Understanding (MoU) with Bangalore University, the largest University in Karnataka in association with Indian School of Commerce (ISC), a renowned college at Bangalore University and ACCA’s learning partner. The students will now have an opportunity to gain a great understanding of International Financial Reporting Standards (IFRS), which is being adopted by India, following an agreement between Bangalore University and ACCA (the Association of Chartered Certified Accountants). The MoU was signed between ACCA & Bangalore University on 29^th July’15 in the presence of Lucia Real-Martin, Director of Emerging Markets at ACCA and Mohammed Sajid Khan, Head of International Development at ACCA and Prof. B. Thimme Gowda, Vice Chancellor, Bangalore University.

Speaking on the occasion, Prof. B. Thimme Gowda, Vice Chancellor, Bangalore University said, “We are immensely delighted to announce our association with ACCA to incorporate IFRS into our curriculum as a step forward to upgrading the professional qualifications offered at Bangalore University. When the entire world is converging to IFRS, international standards and qualifications, it was an obvious and much awaited step for us at this stage. The 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 paving way for broader career and job opportunities not just in India but abroad.” The Memorandum of Understanding between Bangalore University and ACCA will result in the Department of Commerce at Bangalore 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.

Speaking on the occasion, Md. Sajid Khan, Head of International Development, ACCA said, “The MoU signed between ACCA and Bangalore 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. Since the modernization of Indian Companies Act in 1993, more and more corporates and businesses have gradually started making their shift to international reporting standards in India. This has led to a growing need and demand for professional accountants who are qualified and skilled for the same. Hence, it was increasingly important to offer courses that would equip today’s professional accountants to deliver on the growing demands of changing economies. 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 benefit the young aspiring professional with better and more lucrative employment opportunities.”

The Memorandum of Understanding (MoU) signed between the two bodies will help Bangalore University, which was established in Karnataka in 1964, to affiliate a vast majority of colleges to international standards across the state taking the professional qualification of accountancy to the next level for aspiring young professionals.

Lucia Real-Martin, Director, Emerging Markets said, “We, at ACCA, have been championing IFRS since 1990s being the first organization to base our qualification on IFRS. We understand the changing global economic scenario and hence we saw the value addition that IFRS convergence would bring to businesses, investors and shared service sectors in future while offering better and wider job opportunities to professional accountants. This tie up between ACCA & Bangalore University will help students attain new heights towards upgrading the academic qualification which is at par with global standards giving them a global exposure. It is a leap forward and will open lot of opportunities for the students of Bangalore University to fulfill their professional aspirations & goals.”

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, transparent and more accountable. 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.

Notes to Editors

About ACCA:

ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants. It offers business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management. ACCA supports its 170,000 members and 436,000 students in 180 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 92 offices and centres and more than 8,500 Approved Employers worldwide, who provide high standards of employee learning and development. Through its public interest remit, ACCA promotes appropriate regulation of accounting and conduct relevant research to ensure accountancy continues to grow in reputation and influence.

Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. It believes that accountants bring value to economies in all stages of development and seek to develop capacity in the profession and encourage the adoption of global standards. ACCA’s core values are aligned to the needs of employers in all sectors and it ensures that through its range of qualifications, it prepares accountants for business. ACCA seeks to open up the profession to people of all backgrounds and remove artificial barriers, innovating its qualifications and delivery to meet the diverse needs of trainee professionals and their employers. More information is here: www.accaglobal.com

About Bangalore University:

Bangalore University is located in the Garden City of Bangalore aptly hailed as the “I.T. Capital of India”, was established in July 1964.

Bangalore University has completed Fifty years of fruitful existence and has come to be hailed as one of the largest universities of Asia. The University was first accredited in 2002 by NAAC with Five Star Status and was re-accredited in the year 2008 with ‘A’ Grade. According to India Today – Nielsen survey of May 31st 2010, Bangalore University ranks 13th in the list of 50 top Universities in the Country.

Bangalore University has achieved milestones by establishing MOUs with Universities and Institutions of national and international repute. To cater to a student population of over three lakhs, the University is striving to provide access, expansion and excellence in higher education. The vision of the University is to make distinctive and significant contributions to the cause of higher education in Humanities, Social Science Law, Commerce, Science & Technology