As part of its efforts in promoting learning and education among industry members PetroFed organised a one day workshop on International Financial Reporting Standards (IFRS) in knowledge partnership with member company, PricewaterhouseCoopers on September 29, 2008 at New Delhi.

Inaugurating the workshop Shri S. V. Narasimhan, Director (Finance), IndianOil highlighted the significance of India converging with IFRS form April 1, 2011 as announced by the Institute of Chartered Accountants of India.  Such a move, he said, will assist Indian companies in globalising their operations and the enhanced disclosures would be beneficial for investors and stakeholders.

Earlier, welcoming participants Shri A. K. Arora, DG, PetroFed drew attention to the fact that the United States would also be adopting IFRS and that the phenomenon is sweeping the world.

The programme focused on IFRS for the oil & gas industry elaborating on the complexities of the accounting requirements using financial reports and disclosures from operating companies.  The intensive programme covered the differences and requirements for the transition from national GAAP to IFRS.

The participants were addressed by PwC experts, namely Shri Sanjay Hegde, Executive Director, Shri Rahul Chattopadhyay, Associate Director, Shri Rakesh Agarwal, Sr. Manager and Shri Manish Baghla, Sr. Manager.