In our previous post, we mentioned about the Benefits of Online Learning and just we thought to share a news on the Analysis done by Ambient Insight Research.

News Resource:  http://www.virtual-college.co.uk/news/Elearning-growth-set-to-rise-19-billion-by-2015–newsitems-800745262.aspx

The market for e-learning just keeps growing and growing, according to research and sales figures.

A survey by Ambient Insight Research has showed that the worldwide market for e-learning products was $32.1 billion (£20.5 billion) in 2010 and is expected to rise to $49.9 billion by 2015.

Products and methods of online learning that were deemed the most successful in sales rates included “how to” videos, step-by-step interactive guides and course notes which have multimedia inserts and annotations which directed learners to other resources.

There are online courses that offer recognized and accredited qualifications in everything from human resource management and marketing to project management and software applications development.

Training through online learning is now widely available on the internet and it can be beneficial to anything from flower arranging and PowerPoint presentations to health and safety.

According to research by Key Note from last year, instructor-led training represents the largest sector of the market, although e-learning teaching – which includes blended learning – showed the highest growth over the review period between 2005 and 2009.

Many academic scholars thought that online learning was a fad that would soon die out. Little did they know, that the advantages of online learning would continue to grow and continue to pull in more students. With more and more university offering some type of online coursework, online learning is here to stay. In the field of Business and Finance Education and Competitive Preparation, online education is especially useful given the amount of technology that students and professionals use on a daily basis. This allows them to gain familiarity with the technologies and programs that they will be using on a regular basis, distance learning programs give them the skills and tools they need to be successful. In fact, there are now universities that only exist online. If you have been wondering about going to college online, then here are some benefits that you may not have already considered.

1. Learn From Anywhere

With online universities, you have the ability to learn wherever you are most comfortable. You can lay on your couch and listen to the weeks seminar or go to your local coffee shop and chat with your classmates. By being able to learn from anywhere, you are not only granted the flexibility to choose what type of environment best suites your needs, but also can forget about that annoying daily commute to the classroom.

2. Learn When It Fits Your Schedule

Traditionally, it was very difficult for people to attend classes if they had a full-time job. This was especially true for working adults and people that were already supporting a family. Now that they can learn online, they are able to decide when it is convenient to attend class. Since all of the materials are online, they are not tied down to learning “every Monday, Wednesday, and Friday at 6:30″. When learning online, you can schedule your classes around your life instead of scheduling your life around your classes.

3. Pace Yourself

When learning online, there is far greater flexibility than there is in a traditional collegiate setting. Some students will complete their degree in two years, while other will take four or more years. Regardless of what you need, learning online can be adapted to it. Maybe you can only take two classes a semester, or need to take a year off; it is much easier to do when learning online.

4. Interactive Environments

One of the biggest problems that many students have is that their learning style is not the same as their professors teaching style. When learning online, classes offer a variety of resources and supplements to ensure that every student has an equal opportunity to learn, regardless of their learning style. Most courses will offer content that students can read, watch, and listen to. Many classes also have interactive classrooms so that the students and professor can still interact and meet any additional needs that a student may have.

5. Cost

Online Education is a more scalable platform and can leverage its advantages into time saved for both the professor and for the students. This means that the courses have a wider reach, yet are more intimate than ever before. These changes allow for massive cost savings most of which is passed along to the student, and for those who have trouble with that there are scholarships and funding available.

SCROM Compliance is the technology that helps to add advance feature in online learning environment.

Definiation:
Sharable Content Object Reference Model (SCORM) is a collection of standards and specifications for web-based e-learning. It defines communications between client side content and a host system called the run-time environment, which is commonly supported by a learning management system. SCORM also defines how content may be packaged into a transferable ZIP file called “Package Interchange Format”.

For most LMSs, what the LMS has to provide is a User ID when they launch the course, the “suspend_data” (2048 characters that the course set the previous time it was taken), the user name, the previous time on course, and a few other “core” fields. That is what is provided with a good SCORM course. There is no logic that the LMS is supposed to perform (with SCORM 1.2 and earlier): An LMS only provides data storage and retrieval. With AICC, since the course couldn’t really get to the content sent by the LMS, the requirement for data retrieval was minimal.

For SCORM 1.2, conformance, all that a course needs to do is send LMSInitialize and LMSFinish. This would make a course SCORM “conformant”. That is why you will see tools out there that can turn a Word document into a SCORM conformant “course”. Of course, instructionally this has no value except to track that someone has taken the course. A simple web statistics tracker could tell you that (you can see what users based on their IP address have seen what pages of content.)

A Deep information on scrom can be found here – http://en.wikipedia.org/wiki/Sharable_Content_Object_Reference_Model

The methodology of teaching is availing the benefits provided by one of the greatest invention still date, by using internet.

We have made it possible by reaching out to students online and deliver the courses in the same way, as the courses are taught in any normal traditional class.

Online, e-leaning software is used to interact with students, which enables the participants to join the Course and interact with the Teacher as well the other students.

The students can view all the activities performed by Teacher, which can be by using Course Material and presentations, workings with the help of our e-learning Software, viewed in the same manner as the teacher used to post or reply on Questions.

The students  can discuss a query with the teacher and is seen by everyone present in the course and can ask for repeating a particular matter for clarification, viewed by everyone.

The other features include using chat, if the participant wishes to share anything in writing with all the students and can also be assigned the authority of being the presenter in a session, if the main presenter feels, the participant has something valuable to be discussed with the entire audience.

The best thing is, one can view the videos of the lectures delivered, on our website, the next evening, in case anyone misses the class, for fulfilling other important obligations.

This is the way you can avoid travelling and get the best at your home, saving time and money.

Moreover, you get a chance to interact with the professionals at different levels in the industry, all around the world.

I assure you, it will be a great learning experience, as rightly said knowledge is power and gain it wherever you get a chance to grab it, and here it is right at your doorstep.

PIRON Education is a leading provider of learning management system and Content Development, based out of India and USA.

May 18: India Inc is close to accepting the global accounting standards which will make its accounting system more predictable, enhance transparency and more important enable investors to predict the nature, timing and uncertainty of future cash flows. If investors understand a company they will be willing to invest in them, said Mr Prabhakar Kalavacherla, member, International Accounting Standards Board (IASB).

This will also decrease the cost of capital he said India has been discussing the pros and cons of adopting the International Financial Reporting Standards and there were many issues to be resolved like taxation and whether the IFRS provisions were compatible with the rules and regulations of various regulatory authorities in India.

Several speakers at the CII 3rd edition of IIFRS Summit 2011 said the differences that needed to be bridged between the Indian and International accounting standards (AS) ranged from about 12 to 45-50.

Mr M.M. Chitale, chairman, National Advisory Committee on Accounting Standards (NACAS), stressed that the standards set so far under the Indian AS, which is a derivative of IFRS and the old accounting system of the nation, need to begin implementation and can be modified as time goes by, to suit the needs of the industry and the world. It will not just reduce the cost of capital, but firms can raise it in a more dynamic way, said Mr Gautam Chhaochharia of UBS Investment Research.

Source: http://www.deccanchronicle.com/channels/business/news/india-close-accepting-ifrs-525

Source: http://www.integralsearch.co.uk/news

A consultation group within the International Accounting Standards Board (IASB) is set to publish guidance on how International Financial Reporting Standards (IFRS) will affect small to medium-sized enterprises (SMEs).

The SME Implementation Group will advise the IASB about how small businesses should approach the new IFRS guidelines, due to come into effect this year.

A draft document exploring the issue is open for comment until April 4th and can be accessed via the IFRS website.

The organisation stated: “[The document] intended to be non-mandatory guidance that will help those who use the IFRS for SMEs to think about specific accounting questions.”

It will also publish selected responses to the consultation later this year.

According to the IASB, SMEs account for 95 per cent of businesses around the world.

People in tax jobs could be interested to note that the organisation also publishes a free monthly newsletter for SMEs about IFRS news and resources.

Source: India Infoline News Service / 09:06 , Feb 28, 2011

Reliable, consistent and uniform financial reporting is important part of good corporate governance practices worldwide in order to enhance the credibility of the businesses in the eyes of investors to take informed investment decisions.

In pursuance of G-20 commitment given by India, the process of convergence of Indian Accounting Standards with IFRS has been carried out in Ministry of Corporate Affairs through wide ranging consultative exercise with all the stakeholders.

Thirty five Indian Accounting Standards converged with International Financial Reporting Standards (henceforth called IND AS) are being notified by the Ministry and placed on the website. . These are: IND ASs 1, 2, 7, 8, 10, 11, 12, 16, 17, 18, 19, 20, 21, 23, 24, 27, 28, 29, 31, 32, 33, 34, 36, 37, 38, 39, 40, 101, 102, 103, 104, 105, 106, 107 and 108.

The Ministry of Corporate Affairs will implement the IFRS converged Indian Accounting Standards in a phased manner after various issues including tax related issues are resolved with the concerned Departments.

It would be ensured that the implementation of the converged standards in a phased manner is smooth for the stakeholders. The date of implementation of the IND AS will be notified by the Ministry at a later date.

Source: Times of India, Feb 21, 2011

Corporate India can look forward to a clearer roadmap for shifting to International Financial Reporting Standards (IFRS) for accounting with the government expected to issue tax-related clarifications in the Budget.

The convergence of the Indian Account Standards, currently used by domestic companies, and IFRS is one of the major issues concerning India Inc as this would lead to a revaluation of their assets and liabilities and in several cases the new accounting norms will also result in change in income recognition norms.

One of the biggest changes will be the move towards fair value accounting which will require companies to move their assets and liabilities to market value, resulting in mark-up or mark-down in values. The change in value will not just result in a change in the balance sheet position but will also have an impact on the bottomlines of companies due to changes that will be required in the profit and loss accounts.

A higher profit due to the accounting change will result in higher tax liability for companies and the converse also holds true.

One option under consideration is to mandate that companies prepare two sets of accounts with the one based on IFRS to be used by shareholders and the other by regulators. For tax purposes, separate accounts based on historical standards could be mandated. Ministry of corporate affairs (MCA) has, however, approached the tax authorities to issue clarifications for a smoother roll-out of the new accounting norms.

Already, to make the new system more palatable, the government and regulators have opted for a four-stage implementation.

In the first stage, starting April, companies that are part of the nifty or the sensex, those with shares listed overseas or with a net worth of over Rs 1,000 crore are expected to move to IFRS. From April 2012, insurance companies would be added to the list.

From April 2013, companies with a net worth of over Rs 500 crore, banks and large non-banking finance companies are expected to adopt IFRS. In the fourth stage, starting April 2014, listed companies with a net worth of less than 500 crore, NBFCs with a net worth of over Rs 500 crore and urban cooperative banks with net worth of Rs 200-300 crore would be required to shift to IFRS.

The government has also said that unlisted companies with a net worth of under Rs 500 crore and urban cooperative banks with a net worth of uder Rs 200 crore won’t be required to adopt IFRS.

According to highly placed sources, IFRS, which was to come into effect from April 1 this year for all big corporates, is now likely to be made optional — meaning companies may not have to compulsorily transition, at least on that date.

They could be given a choice to either report their financial statements based on the existing Indian accounting standards, or adopt IFRS.

A notification to this effect is likely in the next few weeks, sources said. IFRS are a set of international accounting principles, promulgated by the International Accounting Standards Board.

The whole of Europe adopted IFRS a few years ago, but the US is yet to make it mandatory.

India had agreed to implement IFRS in three phases starting this April. The first phase covers all Sensex and Nifty companies and companies with a net worth of over Rs1,000 crore.

But over the last few months, many corporates made representations to the ministry asking for exemption from IFRS implementation.

They argued that IFRS, which is based on fair value or market value accounting, would lead to a lot of volatility in financial reporting.

A large section of the chartered accountant fraternity is also opposing its implementation.

But PR Ramesh, audit head at Deloitte India, said the move would be inappropriate because an accounting framework cannot be optional in its application.

“IFRS-equivalent standards were to be made applicable to public interest entities with a view to ensuring that financial reporting in India is of an international quality. Allowing a choice would, in effect, permit entities to choose their own levels of quality standard of financial reporting,” Ramesh said.

DD Rathi, director, UltraTech, the cement major, points out that large corporates are generally prepared for IFRS but there is no clarity on tax treatment under the regime.

“Also, the government is yet to make amendments under Companies Act. In this situation, it is best to defer IFRS by a year,” he said.

MR Venkatesh, a Chennai-based chartered accountant, said the chartered accountant fraternity is also totally unprepared for ‘this paradigm shift’.

“Not only the accounting fraternity but also revenue department seems clueless on how to go about the situation,” he said.

Problems also multiply because not all companies are making the shift to IFRS from April 1.

This engenders a situation where, two companies doing the same transaction may be taxed differently because one follows IFRS and the other the Indian accounting standard.

Experts said there are also issues regarding companies needing to maintain two sets of accounting records for direct and indirect taxes — or go for a converged IFRS presentation.

The Institute of Chartered Accountants of India president Amarjit Chopra had earlier said the organisation has started spearheading the convergence movement five years back in 2006 and is committed to meet the April 1 deadline.

source: Livemint.com – dated 9th Feb 2011

Revenue recognition policy under IFRS has been changed for Indian real estate firms

Companies will have to prepare their financial statements for the year 2011-12 based on the IFRS norms instead of the present accounting system, the Generally Accepted Accounting Principles (GAAP). In phase I, this would apply to companies listed in India or outside and firms that are not listed but have net worth of at least Rs1,000 crore. Phase II will include companies, whether listed or not, having a net worth of at least Rs500 crore but not exceeding Rs1,000 crore. Phase III will begin in April 2014 and include listed companies with net worth less than Rs500 crore.

IFRS norms

As per the internationally accepted IFRS norm, real estate companies are able to book revenue only through project completion method. They can recognize revenue only upon completion of the project. But since real estate companies sell during the construction period, the new norm would have prevented them from showing the sale proceeds in the revenue. Therefore, the government decided that real estate companies can show these sales figure from a particular project in their quarterly results.

GAAP norms

Under GAAP, real estate companies can book revenue even before they start construction. This is possible by use of the percentage of completion method of accounting. This allows companies to book revenues provided an agreement of sale has been signed with the buyer and a specified percentage of the project cost, including land and approvals, has been incurred. As a result, Indian real estate companies’ revenues are higher compared with the work done by them. For example, a company announces a project in, say, October 2010 and starts booking apartments. The company will show these booking amounts as revenue in the October quarter result. However, the construction of the project will take at least three-four years.

What it means for you

As an investor, it would be easy for you to compare two realty companies on the basis of their revenue recognition policy. As a consumer, you can get information about the sales performance of the company. Since companies will disclose the amount of space sold every quarter, it would give you an indication of the status of various projects.