Task Force Emphasises importance of Corporate Social Responsibility

3rd Meeting of Indo-UK Task Force on Corporate Governance Conclude

A two-day meeting of the Indo-UK Task Force on Corporate Governance concluded here today. The Task Force was constituted in 2006 to promote bilateral collaboration between India and UK in areas of mutual interest in corporate matters, including corporate regulation and governance. UK was represented at this 3rd meeting of the Task Force by eight- member British delegation, led by Mr Geoffrey Stanley Dart, Director, Corporate Law and Governance, Department for Business, Enterprise and Regulatory Reform(BERR), Government of UK; while the Indian side was led by Shri Anurag Goel, Secretary, Ministry of Corporate Affairs, Government of India.

The discussions held by the Group covered various areas including the Limited Liability Partnership Bill, Private versus Public Enforcement of Good Governance in context of Shareholder Activism; and Practical aspects of IFRS implementation. The Task Force also discussed sharing of experience on economic crises and the role of various regulatory and professional institutions in meeting emerging challenges. Specific areas of discussions also on increasing Institution-to-Institution and business-to-business contacts between entities in UK and India. UK agreed to share its experiences on functioning of insolvency practitioners, their licensing, and forming joint intelligence committees. Insolvency Practitioners Association(IPA), UK will help the Society of Insolvency Practitioners in India by hand holding, training of trainers, joint projects and sensitization of creditors.

The Task Force also emphasized the importance of Corporate Social Responsibility , i.e. CSR, and Corporate Governance in business value creation and sustainability. It was decided to take up a joint Research Project on “CSR as a contributory factor to sound business strategy”. The research will be funded by the Indian Institute of Corporate Affairs(IICA). ICSI and CASS Business School also agreed to work together on research, training and networking on CSR and corporate governance areas. ICSI would organize an international conference in UK in April 2009. Company Secretaries from India would participate and study UK systems and capacity building particularly in context of small and medium practitioners.

In addition to ICSI, ICAI, ICWAI, it was also agreed to expand regulator-to-regulator contact in field of Competition and Insolvency. IICA & NFCG would contribute as think tanks and knowledge managers in various initiatives. In pursuance of B2B contacts between the corporate of the two sides, Networking of Indian and UK firms will be facilitated for sharing of experiences, draw out best practices, improve standards, promote member to member contact.

Source: PIB Website

Sign up, make money displaying Oxado contextual ads!

Do you like to be updated in Accountancy ?

Subscribe to Management Accountant by Email

Or

Subscribe in a reader

If you liked this article, please visit one of the links below. I would appreciate it…

Management Accountant Store, US – Powered by Amazon
Management Accountant Store, UK Stores – Powered by Amazon, UK

You may also like to read

1. Ethical Decision Making
2. Ethics on ACCA website 11-Feb-2008
3. Combined of Corporate Governance UK 20-April-08
4. 100 Most Influential People in Business Ethics 18-Feb-08
5. Professional Body 28-April-07
6. Resistance to Change 26-Apr-08
7. Business, Customer Value & Management Accounting 19-June-08
8. Activity Based Management – Dispelling the myths Par I – 13-June-08
9. How to Share Blog posts with friends 25-May-08
10. Management Accountant Blog Home

Filed under: Company Law, IFRS, India

Accounting Profession in India

I have never seen such nastiest comments in my life about the accounting profession in India where the readers have commented on the article “IFRS: The magnificent obsession of ICAI by P S Prabhakar”

The writer has makes a valid point,

ICAI draws a lot of consolation from the fact that the Standards Advisory Council — another organ of the IASB — has a 1/38th share for India (Sailesh Haribhakti, again not nominated by ICAI) among its members (including 7 representatives from organisations such as World Bank, Basel Committee, IFAC, UNCTAD, International Association of Insurance Supervisors, etc). The EU has 12 members, Africa has 2, Latin America has 3, the United States has 3, even Singapore has 2, while countries like Australia, China, Japan, Korea, Israel & Brazil have one each, like India.

If, in spite of such scant respect shown to the Indian accounting profession and conscious ignoring of India’s premier accounting body, the ICAI, if the IASB is able to make ICAI simply dance to the tunes of IFRS (like cheerleaders), then what could be the motive?

However I believe that adopting IFRS by all the countries in the world will bring about standardisation as well as comparability of financial reporting. No local GAAP… less burden on business.

Amazon.co.uk Widgets

Press Release from MCA, India

Today, in pursuance of the statutory mandate provided under the Companies Act, 1956, the Central Government prescribes accounting standards in consultation with the National Advisory Committee on Accounting Standards (NACAS), also established under the Companies Act, 1956. NACAS, a body of experts including representatives of various regulatory bodies and Government agencies, has been engaged in the exercise of examining Accounting Standards prepared by ICAI for use by Indian corporate entities, since its constitution in 2001. In this exercise, it has adapted the international norms established by the International Financial Reporting Standards issued by the International Accounting Standards Board.

The MCA is moving in right direction where the NACAS with comprehensive mix of people will discuss on Accounting Standards and recommend as necessary. The role of Accounting bodies like ICAI and ICWAI should be primarily to train its professionals / students on accounting and auditing standards. (Judges do not prescribe laws). Globally you will notice that the standards are set by independent bodies FASB, IASB, IRBA, AASB.

Today NACAS is body in India without tooth. MCA should make NACAS proactive or provide more tooth. Similarly all the Audits (apart from External Audits of Companies) areas should be opened to members of ICWAI. More GOI should consider having another financial accounting body similar to ICAI where the training route to obtain the membership should be through employment (similar to ACCA, UK). It should attract more people to Accountancy. A step in this direction will bring competitiveness to the accounting profession in India which is currently dominated by members of ICAI by legal protection.

What about other professions in India where the practising members are more than accountants ? Does the apex bodies regulate the profession in practise. Read the objective they have been set up for. Click below:

• Medical Council of India
• Dental Council of India

The objectives of both the apex bodies mentions more about how they regulate the education standards rather than how it regulates the profession. The apex bodies do not mention how it promote standards in practise (professionals) and how does it protects the customers (patients). If the controlling body lacks tooth, how can the professions its monitors recognised internationally.

I do not feel good to read comments like

• CAs – GLORIFIED CLERKS
• CA is a course which ruins lifes
• CA’s are hopeless – A need for a new accounting regulator?
• Largest Body??

However the bottom line is ICAI (and ICWAI) has been protected statutorily for long enough. Now time to gear their professionals to develop 360 and face the reality of globalisation.

Regards,

Santosh Puthran

Do you like to be updated in Accountancy ?

Subscribe to Management Accountant by Email

Or

Subscribe in a reader

Visit MA Stores ? You will find something you are look for ….

MA Stores, US – Powered by Amazon
MA Stores, UK Stores – Powered by Amazon, UK
Digital Stores, US

You may also like to read

1. The word “Chartered” hot debate in India
2. Definition of Professional Body
3. Rivalry in Professional Services
4. Accountancy news June 10, 2007
5. Visionary approach of name change of ICWAI – ICAI’s member reactions
6. ICWAI applies for name change – ICAI’s ostrich approach to name change
   
7. ICAI’s new logo for its member
8. Big 4 make big plans for IFRS – www.cfo.com

Amazon.com Widgets

RSS Feeds to keep you alive and up-to-date

1. Management Accountant
2. Accountancy News
3. My Favorite Blogs that I track
4. SAP Jobs & Opportunities

Filed under: ICAI, ICWAI, IFRS, India

Accounting Profession in India

I have never seen such nastiest comments in my life about the accounting profession in India where the readers have commented on the article “IFRS: The magnificent obsession of ICAI by P S Prabhakar”

The writer has makes a valid point,

ICAI draws a lot of consolation from the fact that the Standards Advisory Council — another organ of the IASB — has a 1/38th share for India (Sailesh Haribhakti, again not nominated by ICAI) among its members (including 7 representatives from organisations such as World Bank, Basel Committee, IFAC, UNCTAD, International Association of Insurance Supervisors, etc). The EU has 12 members, Africa has 2, Latin America has 3, the United States has 3, even Singapore has 2, while countries like Australia, China, Japan, Korea, Israel & Brazil have one each, like India.

If, in spite of such scant respect shown to the Indian accounting profession and conscious ignoring of India’s premier accounting body, the ICAI, if the IASB is able to make ICAI simply dance to the tunes of IFRS (like cheerleaders), then what could be the motive?

However I believe that adopting IFRS by all the countries in the world will bring about standardisation as well as comparability of financial reporting. No local GAAP… less burden on business.

Amazon.co.uk Widgets

Press Release from MCA, India

Today, in pursuance of the statutory mandate provided under the Companies Act, 1956, the Central Government prescribes accounting standards in consultation with the National Advisory Committee on Accounting Standards (NACAS), also established under the Companies Act, 1956. NACAS, a body of experts including representatives of various regulatory bodies and Government agencies, has been engaged in the exercise of examining Accounting Standards prepared by ICAI for use by Indian corporate entities, since its constitution in 2001. In this exercise, it has adapted the international norms established by the International Financial Reporting Standards issued by the International Accounting Standards Board.

The MCA is moving in right direction where the NACAS with comprehensive mix of people will discuss on Accounting Standards and recommend as necessary. The role of Accounting bodies like ICAI and ICWAI should be primarily to train its professionals / students on accounting and auditing standards. (Judges do not prescribe laws). Globally you will notice that the standards are set by independent bodies FASB, IASB, IRBA, AASB.

Today NACAS is body in India without tooth. MCA should make NACAS proactive or provide more tooth. Similarly all the Audits (apart from External Audits of Companies) areas should be opened to members of ICWAI. More GOI should consider having another financial accounting body similar to ICAI where the training route to obtain the membership should be through employment (similar to ACCA, UK). It should attract more people to Accountancy. A step in this direction will bring competitiveness to the accounting profession in India which is currently dominated by members of ICAI by legal protection.

What about other professions in India where the practising members are more than accountants ? Does the apex bodies regulate the profession in practise. Read the objective they have been set up for. Click below:

• Medical Council of India
• Dental Council of India

The objectives of both the apex bodies mentions more about how they regulate the education standards rather than how it regulates the profession. The apex bodies do not mention how it promote standards in practise (professionals) and how does it protects the customers (patients). If the controlling body lacks tooth, how can the professions its monitors recognised internationally.

I do not feel good to read comments like

• CAs – GLORIFIED CLERKS
• CA is a course which ruins lifes
• CA’s are hopeless – A need for a new accounting regulator?
• Largest Body??

However the bottom line is ICAI (and ICWAI) has been protected statutorily for long enough. Now time to gear their professionals to develop 360 and face the reality of globalisation.

Regards,

Santosh Puthran

Do you like to be updated in Accountancy ?

Subscribe to Management Accountant by Email

Or

Subscribe in a reader

Visit MA Stores ? You will find something you are look for ….

MA Stores, US – Powered by Amazon
MA Stores, UK Stores – Powered by Amazon, UK
Digital Stores, US

You may also like to read

1. The word “Chartered” hot debate in India
2. Definition of Professional Body
3. Rivalry in Professional Services
4. Accountancy news June 10, 2007
5. Visionary approach of name change of ICWAI – ICAI’s member reactions
6. ICWAI applies for name change – ICAI’s ostrich approach to name change
   
7. ICAI’s new logo for its member
8. Big 4 make big plans for IFRS – www.cfo.com

Amazon.com Widgets

RSS Feeds to keep you alive and up-to-date

1. Management Accountant
2. Accountancy News
3. My Favorite Blogs that I track
4. SAP Jobs & Opportunities

Filed under: ICAI, ICWAI, IFRS, India, Management Accountant

Closing the GAAP – Adoption of IFRS in Canada

As Canadians adopt international accounting standards, they should know the rules may change at the last minute.

It’s rare to think of accountants and bold change in the same sentence. However, accountants will be leading the next wave of major regulatory changes affecting the Canadian business world: the adoption of International Financial Reporting Standards (IFRSs).

Accounting transactions are governed by a set of rules known as Generally Accepted Accounting Principles (GAAP). Each country has its own GAAP; the goal behind IFRS is to create the same set of accounting standards for all nations, which should ultimately make it easier to conduct business internationally and raise funds in global capital markets.

Read the full article by Karine Benzacar, Financial Post

Regards,

Santosh Puthran

Do you like to be updated in Accountancy ?

Subscribe to Management Accountant by Email

Or

Subscribe in a reader

Visit MA Stores ? You will find something you are look for ….

MA Stores, US – Powered by Amazon
MA Stores, UK Stores – Powered by Amazon, UK
Digital Stores, US

You may also like to read

1. How to avoid IFRS Headache
2. KPMG establishes IFRS Institute
3. Corporate Governance, UK
4. Combined Code of Corporate Governance
5. Honda 50cc Bike – Imposed Strategy
6. Red Monkey Innovation

RSS Feeds to keep you alive and up-to-date

1. Management Accountant
2. Accountancy News
3. My Favorite Blogs that I track
4. SAP Jobs & Opportunities

Amazon.com Widgets

Filed under: IFRS

Closing the GAAP – Adoption of IFRS in Canada

As Canadians adopt international accounting standards, they should know the rules may change at the last minute.

It’s rare to think of accountants and bold change in the same sentence. However, accountants will be leading the next wave of major regulatory changes affecting the Canadian business world: the adoption of International Financial Reporting Standards (IFRSs).

Accounting transactions are governed by a set of rules known as Generally Accepted Accounting Principles (GAAP). Each country has its own GAAP; the goal behind IFRS is to create the same set of accounting standards for all nations, which should ultimately make it easier to conduct business internationally and raise funds in global capital markets.

Read the full article by Karine Benzacar, Financial Post

Regards,

Santosh Puthran

Do you like to be updated in Accountancy ?

Subscribe to Management Accountant by Email

Or

Subscribe in a reader

Visit MA Stores ? You will find something you are look for ….

MA Stores, US – Powered by Amazon
MA Stores, UK Stores – Powered by Amazon, UK
Digital Stores, US

You may also like to read

1. How to avoid IFRS Headache
2. KPMG establishes IFRS Institute
3. Corporate Governance, UK
4. Combined Code of Corporate Governance
5. Honda 50cc Bike – Imposed Strategy
6. Red Monkey Innovation

RSS Feeds to keep you alive and up-to-date

1. Management Accountant
2. Accountancy News
3. My Favorite Blogs that I track
4. SAP Jobs & Opportunities

Amazon.com Widgets

Filed under: IFRS, Management Accountant

How to avoid the IFRS headache

Recent statistics — including those from an Ernst and Young Canada coproduced report on Canadian IFRS readiness — have shown that while half of all senior finance executives have started to evaluate the impact of IFRS, almost three quarters of those executives don’t have a dedicated team in place to execute the changes. And with financial departments still lagging behind the curve, it’s not surprising how far behind some IT departments are on IFRS.

“In our experience, most Canadian companies’ IT departments have low to nonexistent knowledge of IFRS standards,” said Karen Higgins, partner and national director of accounting services at Toronto-based consultancy Deloitte. “Since conversion projects of this type are generally led by the finance department, one key success factor in the planning process is to ensure IT’s involvement and input from day one.”

Read Full Article on The Standard

The Question: Does your company has a good IT system for IFRS reporting ?

Regards,

Santosh Puthran
AICWA

Amazon.co.uk Widgets

Do you like to be updated in Accountancy ?

Subscribe to Management Accountant by Email

Or

Subscribe in a reader

Are you looking for something ? You will find it in MA Stores

US Stores
UK Stores
Digital Stores, US

You may also like to read

1. KPMG establishes IFRS institute
2. Ersnt & Applauds IASB
3. Buy Books on IFRS
4. Buy Books on IFRS in US

Filed under: IFRS

How to avoid the IFRS headache

Recent statistics — including those from an Ernst and Young Canada coproduced report on Canadian IFRS readiness — have shown that while half of all senior finance executives have started to evaluate the impact of IFRS, almost three quarters of those executives don’t have a dedicated team in place to execute the changes. And with financial departments still lagging behind the curve, it’s not surprising how far behind some IT departments are on IFRS.

“In our experience, most Canadian companies’ IT departments have low to nonexistent knowledge of IFRS standards,” said Karen Higgins, partner and national director of accounting services at Toronto-based consultancy Deloitte. “Since conversion projects of this type are generally led by the finance department, one key success factor in the planning process is to ensure IT’s involvement and input from day one.”

Read Full Article on The Standard

The Question: Does your company has a good IT system for IFRS reporting ?

Regards,

Santosh Puthran
AICWA

Amazon.co.uk Widgets

Do you like to be updated in Accountancy ?

Subscribe to Management Accountant by Email

Or

Subscribe in a reader

Are you looking for something ? You will find it in MA Stores

US Stores
UK Stores
Digital Stores, US

You may also like to read

1. KPMG establishes IFRS institute
2. Ersnt & Applauds IASB
3. Buy Books on IFRS
4. Buy Books on IFRS in US

Filed under: IFRS, Management Accountant

KPMG Establishes IFRS Institute

NEW YORK, April 22 /PRNewswire/ — KPMG LLP, the audit, tax and advisory firm, today announced the establishment of the KPMG IFRS Institute to raise awareness and address the information needs of companies, investors, academics and others who may be affected by a transition by U.S. companies to International Financial Reporting Standards (IFRS).

“As companies expand their reach and economies globalize, the ability to compare financial statements across borders has become imperative. The question about whether the world is going to global standards is no longer ‘if,’ but ‘when,’” said Timothy P. Flynn, KPMG LLP chairman and CEO.

Amazon.com Widgets

Click here to read more on EarthTimes

Do you like to be updated in Accountancy ?

Subscribe to Management Accountant by Email

Or

Subscribe in a reader

You may also like to read

1. Good Bye GAAP
2. Ersnt & Young Applauds the success of IASB
3. Steps to Common Global Standards

Filed under: IFRS, News Makers

KPMG Establishes IFRS Institute

NEW YORK, April 22 /PRNewswire/ — KPMG LLP, the audit, tax and advisory firm, today announced the establishment of the KPMG IFRS Institute to raise awareness and address the information needs of companies, investors, academics and others who may be affected by a transition by U.S. companies to International Financial Reporting Standards (IFRS).

“As companies expand their reach and economies globalize, the ability to compare financial statements across borders has become imperative. The question about whether the world is going to global standards is no longer ‘if,’ but ‘when,’” said Timothy P. Flynn, KPMG LLP chairman and CEO.

Amazon.com Widgets

Click here to read more on EarthTimes

Do you like to be updated in Accountancy ?

Subscribe to Management Accountant by Email

Or

Subscribe in a reader

You may also like to read

1. Good Bye GAAP
2. Ersnt & Young Applauds the success of IASB
3. Steps to Common Global Standards

Filed under: IFRS, Management Accountant, News Makers

Good Bye GAAP

Audit firms and multinationals have been pressuring the SEC to keep the global-standards movement on the fast track ever since the end of 2007, when the agency began allowing foreign companies to submit their IFRS-prepared filings without reconciling them to GAAP. That effectively blessed IFRS as high-quality, notes Margaret Smyth, vice president and controller of United Technologies Corp., some of whose international subsidiaries use the global standards. “If it’s good enough for the SEC, I would think it’s good enough for most people,” she says.

Click here to read More on www.cfo.com

Do you like to be updated in Accountancy ?

Subscribe to Management Accountant by Email

Or

Subscribe in a reader

You may like to read

1. Earlier Posts on IFRS
   

Buy Book on IFRS

Amazon.com Widgets

Filed under: IFRS