Meet our mentor @CA. Dr. Anand Banka
Being selected in the small research team during articleship to research on IFRS, Anand grab the opportunity to learn something new which later on turned out to be his area of specialization..!
Recently, we interacted with CA. Dr. Anand Banka in which he shared about his journey of selecting CA as a career option, opting for PhD, his valuable experiences and advice to young Chartered Accountants looking to specialize in Ind-AS & IFRS domain.
1. What excited you to select CA as a career option?
I was an active kid. I used to work as an intern during my school holidays. I used to look through newspapers for vacancies and apply for them while in school. I have sold payphone subscriptions and auto loans during my holidays. It was not for money, but for the experience. The next year I did internship at a CA firm doing bank reconciliation statements. The year after, in another CA firm, I was involved in an audit of a media group. All these were informal jobs for me that gave me an insight into what my life as a CA would be. I just loved the experience and hence decided to pursue CA as my career.
2. Can you share about your articleship experience and how you developed your interest towards Ind AS/ IFRS?
Frankly, it was my Partner at Haribhakti & Co. that had the vision to create a separate team of 2-3 members specializing in IFRS. He selected me and I grabbed the opportunity to learn something new. This was way back in 2006, when there was nothing available in India to learn IFRS – no classes, no books, nothing. We had to go through the bare text and discuss the interpretation within the team and arrive at possible implications. I realized then that accounting is not simply posting entries, but understanding the substance of the transaction, framework of the standards and accordingly reflecting in the books. I realized that very few people in India specialized in IFRS and hence this is a domain I can specialize in.
3. Can you share your journey of becoming a visiting faculty for ICAI and other platforms?
While I was specializing in IFRS, we were teaching the subject to our colleagues in other departments and to our clients. I slowly started taking up lectures at study circles in Mumbai. It was difficult at first to manage senior people, I was made fun of during the sessions. Some people like fooling around. However, that experience taught me how to manage the crowd. I was later given opportunity to present at western region of ICAI level. I have had mentors during every part of my professional life who I can never thank enough. I travelled across India including far-off regions and various countries to deliver lectures. If you do good work, opportunities follow.
4. Many congratulations on completion of your PhD. Can you please share your journey?
Thank you. PhD is a dream come true. However, the journey was not easy. A crucial part of PhD is a research idea that one is excited about and can devote their scarce time cultivating it. When the ICAI came up with the concept of re-creating accounting standards for SMEs on the lines of IFRS/ Ind AS but in a simplified manner – I was excited. I was part of the prestigious Accounting Standards Board (ASB) of the ICAI then. It then struck me I should research for a simplified method for measuring deferred taxes – one of the most complicated standards. Once I had decided the topic, it took me 4 long years to finalize the methodology which I christened as ‘Modified Income Statement Approach’. The research is the most difficult part of the course.
5. You are wearing 3 hats – Corporate job (Vedanta), Visiting faculty and Author. How are you able to manage your time?
I have a very active mind, can’t sit idle. There was a time I used to work 365 days a year, 16 hours a day – professional work/ job on weekdays and giving lectures on all weekends. Post working hours, I used to work on updating my knowledge, reading books or writing books. I am known to work smart and fast and hence able to manage time for everything.
However, I am not a social person and that is something I don’t like about myself. One has to learn to balance work and life, I am still trying to learn the same.
6. What according to you are the opportunities for CA in IFRS and Ind AS?
IFRS/ Ind AS has become part of life now. Every CA has to deal with it in some or other way whether you’re an accountant, auditor, valuer, analyst, tax advisor, etc. Whatever domain you choose, Ind AS is part of the domain. I believe the opportunities are endless. With the mergers and acquisitions and various complex transactions on a rise, companies have started hiring Technical Accounting teams. One had never seen such positions a few years back. If you see the job portals, every other job requires knowledge in IFRS/ Ind AS. I believe that one may gain expertise in any domain, but knowledge of Ind AS would always come handy.
What’s even better? He is willing to mentor young students and professional on their career path and taking right career decisions.
Book a One-to-One mentoring sessions with him at Ace Mentor Club now.
And Yes..! It’s FREE..!!