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?
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.
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:
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??
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