The Hindu Business Line : ICAI plans standard for agri accounting

THE International Federation of Accountants, with a focus on developing countries, is working to create a favourable climate for investment by promoting an environment of greater integrity and trust in the accounting profession, its President, Mr Graham Ward, has said.

IFAC is also working towards free trade and lowered non-tariff barriers for providing accounting services.

The Institute of Chartered Accountants of India is working on an accounting standard for agriculture and agri-based industries to better reflect the nature of agri-business, the ICAI President, Mr Kamlesh Vikramsey, said.

Mr Vikramsey favoured a level-playing field and reciprocal lowering of barriers by GATT signatories.

The ICAI is pushing for amendments in some provisions of the Chartered Accountant Act, 1949, before opening up the sector, he said. It is also planning to conduct a study on the scope of independent directors on company boards and is also looking at the nature of the responsibilities of the chairman of the audit committee.

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