Students at Calicut University, the largest University in Kerala, now have an opportunity to gain a great understanding of International Financial Reporting Standards (IFRS), which are being adopted by India, following an agreement between Calicut and ACCA (the Association of Chartered Certified Accountants).

The Memorandum of Understanding between Calicut and ACCA will result in the Faculty of Commerce and Management Studies at Calicut 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.  

The Memorandum of Understanding (MoU) signed between the two bodies will help Calicut University, which was established in Kerala in 1968, to affiliate a vast majority of colleges to international standards across the state university of Kerala taking the professional qualification of accountancy to the next level for aspiring young professionals. Speaking on the occasion, Dr. TA Abdul Majeed, Registrar, Calicut University said, ““We are immensely delighted to announce our association with ACCA and be the first university in Kerala to incorporate IFRS into our curriculum. We have always believed in being the change and are thankful to ACCA to be helping us achieve the upgradation of academic qualification at Calicut University that we had set out for. These 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. It is a leap forward and will open plethora of opportunities for our students which will enable them to fulfill their professional aspirations & goals. “The Calicut University will be including IFRS in its fifth semester of B.Com and BBA degree from 2015-16 academic year through ACCA’s quality partner in India, International Skill Development Corporation (ISDC), Bangalore.

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.   Speaking on the occasion, Md. Sajid Khan, Head of International Development, ACCA said, “The MoU signed between ACCA and Calicut 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. 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 largely benefit the young aspiring professional with better and more lucrative employment opportunities.”

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 Calicut University:

The University of Calicut is the largest University in Kerala. Established in the year 1968, it is the second university to be set up in Kerala. The University aims to nurture excellence in education and research in its catchment areas of Northern Kerala, historically consigned to the periphery of Kerala’s academic map. The University lays its emphasis on fostering quality human resource and promoting productive research that benefit both local communities and wider humanity.

The University was created through a Government plan bifurcating Kerala University. As per the plan, the four post-graduate departments of the University of Kerala operating in Calicut were annexed to the new University along with fifty four constituent colleges spread across seven northern districts. With ‘Nirmaya Karmana Sree’ as it motto, the University has been able to surmount all challenges and emerge as the largest residential cum affiliating University in Kerala. With 30 post graduate departments and 373 affiliated colleges it has become a beacon of hope and enlightenment for hundreds of thousands of young men and women in North Kerala.