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One of the informative and educative, Guest Lecture Program on Indian Accounting Standard 1 (IND AS 1), Held at Poorna-prajna Evening College, Udupi.

An IQAC took initiative to organize an expert lecture on the Indian Accounting Standard 1 - ’Presentation of the financial statement’ under the banner of department of commerce in association with Commerce Association. Prof Ganesh Nayak, Department of Commerce, Milagres College, Kallianpur Udupi was being invited as the resource person.

This program was designed for final-year B.com students pursuing degrees in accounting and finance on 3rd and 10th October, 2023 aiming to enhance their understanding of IND AS 1 and its implications in the field of accounting.

The lecture began with a comprehensive introduction to IND AS 1, outlining its purpose, scope, and significance in financial reporting. The speaker Prof Nayak explained the structure of IND AS 1 and delved into the key concepts, including the presentation of financial statements, guidelines for preparing balance sheets, income statements, and cash flow statements.

Practical applications and case studies were presented to help students understand how IND AS 1 is applied in real-world scenarios. This provided a deeper understanding of the standard’s implications for businesses. An interactive question and answer session allows students to clarify doubts and seek expert advice on accounting standards and practices.

Feedback from the final-year students was overwhelmingly positive. They found the lecture highly informative, engaging, and relevant to their academic and future professional endeavours.

This guest lecture program not only enhanced our students’ knowledge but also inspired them to pursue careers in accounting and finance with a deeper understanding of IND AS 1. In the future, various Colleges in the surrounding, plan to organize similar programs on this and other important accounting standards and industry-specific topics.