IMA Banking and Financial Services Shared Interest Group

  • 1.  Understanding standards of accounting in International Financial Centers

    Posted 13 days ago

    Hi

    Well, we all know that there are various international financial centers located across the globe like in London, Dubai, New York, Singapore etc and now in India too at Gift City. Be it Banking units or other banking units operating in such centers the accounting standards in which books of accounts to be maintained is very important to be comparable and measurable. Here at Gift City all of the units are required to maintain under IndAs for onward reporting to the Regulator. I understand it should be either USGAAP or IFRS or local standards for other centers. The discussion I request for need of uniformity in such reporting standards across financial centers. Seek your inputs pl



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    Sanjit Bose CMA
    Analyst
    Gandhinagar
    India
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  • 2.  RE: Understanding standards of accounting in International Financial Centers

    Posted 11 days ago

    Hi, 

    From a professional standpoint, financial centers should ideally move toward a common accounting standard to enhance comparability, transparency, and consistency in financial reporting-IFRS being the most suitable candidate given its global acceptance.

    An example is the transition of financial entities in Andorra from a specific local framework issued by the regulator (the PGC 2000) to IFRS following the Monetary Agreement with the European Union. This shift has significantly improved alignment with international practices and facilitated better comparability with other jurisdictions.

    This experience demonstrates that moving toward IFRS is both feasible and beneficial for integrating into the global financial system.



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    Laila Perillo CMA
    Accountant
    Andorra La Vella
    Andorra
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    Original Message


  • 3.  RE: Understanding standards of accounting in International Financial Centers

    Posted 11 days ago

    Hi, 

    That is indeed true that we require uniform accounting standards across various, Financial Centers in order to ensure comparability and alignment with the international standards. The units of the financial centers can be asked to prepare their statements in for both external international purposes like these and for also the normal financial reporting purposes as per the local law of the land. Just like how we prepare for Consolidation of the financial statements for subsidiaries and parent.   

    Additionally, maybe a framework or a format can be brought in by IFRS (since IFRS is the global level accounting standard) for the exclusive purposes of reporting just the essential and required items of the units in the financial centers across globe and the same my be adopted in the centers of the respective nation. It would be something like a separate format which we have for sustainable reporting where entities are required to report on certain issues. 

    This would be indeed a very huge and a tiresome process. This my point of view on this. 



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    K SAI SRI NIKHITHA
    None
    CHENNAI TN
    India
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    Original Message


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