Mumbai, (IndiaPRwire) SMC and ASSOCHAM organized a National Conference on "Corporate Governance & Financial Reporting Norms" A US GAAP & IFRS Perspective at 9.30am on 20th September, 2007 at Hotel Leela Kempinski, Mumbai. Mr. P.C. Gupta, Hon'ble Minister of Company Affairs, Mr Sunil Talati, President, ICAI, Mr M Ramadoss, CMD, Oriental Insurance Co. Ltd. and D.K. Mehrotra, Managing Director, Life Insurance Corporation discussed various issues on Corporate Governance and Financial Reporting norms. CFOs from top 500 Indian companies and multinationals had also participated in the event.

According to Mr. P. C. Gupta, “Government has been keen to extend all possible help and we want our professionals to seize the opportunities emerging today in view of globalization of the market place. In order to achieve these objectives, it has been necessary to take steps to bring greater transparency and accountability.

He also said, that “the Govt is considering a major revision in Companies Act 1956 and will also be introducing Limited Liability Partnership (LLP).”

He also highlighted “the e-Governance Program MCA 21 as a major step to help enable companies to a higher growth path.”

The full day conference discussed topics such as Accounting framework, Financial Statements, Consolidated Financial Statements including those of subsidiaries, various business combinations, Segment Reporting and Revenue Recognition.

The convention was aimed at CEOs, CFOs, Director (Finance), Financial Controllers, Chartered Accountants, Company Secretaries in Industry as well as in practice.

The summit was the appropriate platform to bring together experts to pave the right way to this transformation into the current globalised scenario.