Friday, October 3, 2008

BPOs see big money in global accounting norms

NEW DELHI: Business process outsourcing (BPO) outfits in India are gearing up to rake in moolah as India Inc gets ready for convergence with the global accounting norms. Many of the Indian KPOs and BPOs have started assessing their capabilities in providing support for managing the required changes.

According to Nasscom officials, outfits that lack the necessary skills to provide the convergence-related support are putting their employees on training.

According to Grant Thornton partner Khazat Kotwal, International Financial Reporting Standards (IFRS) cannot be looked as a mere technical exercise limited to change from one accounting principle to another.

It is expected to impact all aspects of the way in which India Inc operates, including accounting policies and procedures, financial reporting and disclosures, and information technology systems.

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