Financial Daily from THE HINDU group of publications
Friday, Jun 07, 2002
Financial Daily from THE HINDU group of publications Friday, Jun 07, 2002 |
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Industry & Economy
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SSI Corporate - Accounting Standards SMEs urged to take up ICAI-prescribed norms Our Bureau
KOLKATA, June 6 SMALL and medium enterprises (SMEs) in India, many of which operate in emerging sectors, need to pay special attention to accounting standards prescribed by the Institute of Chartered Accountants of India (ICAI). This was stated here by Mr Nirupam Haldar, accounting expert and consultant to the Tata group, at a meeting organised by the Merchants' Chamber of Commerce. Accounting standards, as they are used in India, need to be in tune with international practices. Only then will they be able to serve their purpose fully, accountants feel. The standards are important because they bring in an element of uniformity and harmony. The standards may be categorised as those related to: introduction & general accounting, assets, revenue recognition, investments, disclosure etc, Mr Haldar said. According to Mr Rahul Roy, former president of ICAI, accounting standards create conditions for effective decision-making. Accounting, in its various manifestations, pertains to aspects like recording, measuring and valuation, he noted. In the US, Mr Roy maintained, the concept of accounting standards was more diverse, especially so with around 6,000 paragraphs devoted to several hundred standards. The Indian situation is still quite different, given the 28-odd standards that have been issued so far. In his address, Mr Sunil Kanodia, President of Merchants' Chamber, said that India's presence in the global economy made accounting standards a particularly relevant issue. ``With the globalisation of the economy and increasing inlfow of foreign funds into the country, the accounting standards and disclosure norms of Indian enterprises have to fall in line with international practices'', he said.
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