Financial Daily from THE HINDU group of publications
Friday, Nov 18, 2005
Financial Daily from THE HINDU group of publications Friday, Nov 18, 2005 |
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Accounting Standards Government - Policy Cabinet okays changes for governing accounting bodies Our Bureau
The Human Resources Development Minister, Mr Arjun Singh, flanked by the Minister for Water Resources, Mr P.R. Dasmunshi (left), and Mr Natwar Singh, coming out after the Cabinet meeting in the Capital on Thursday. - Ramesh Sharma
New Delhi , Nov. 17 THE Union Cabinet on Thursday gave its nod for bringing further amendments to the legislations governing the professions of chartered accountancy, cost accountancy and company secretaries. The amendments are being made on the basis of the recommendations and discussions of the Parliamentary Standing Committee on Finance. Three Bills for bringing amendments to the Acts governing the three professions were introduced in the Rajya Sabha in 2003. These Bills were referred to the Parliamentary Standing Committee on Finance. In July this year, the Bills were referred to a Group of Ministers (GoM), which then discussed the recommendations of the Parliamentary Standing Committee. Briefing newspersons after the Cabinet meeting today, the Union Information and Broadcasting Minister, Mr Jaipal Reddy, told newspersons that the Cabinet nod would enable the implementation of the recommendations of the Parliamentary Standing Committee on Finance. He said that the Bills introduced in Parliament in 2003 would be withdrawn and three fresh Bills would be introduced in the forthcoming winter session. "By and large, most of the recommendations of the Standing Committee had been accepted by the GoM," he said. Some of the major decisions taken by the GoM included amendments to the proposal relating to power of government to issue directions to the central council of the Institute of Chartered Accountants of India (ICAI) and direct its dissolution. The GoM has said that the Central Government can direct the council only in the event of non-compliance by the ICAI council with the provisions of the Chartered Accountants Act. In case of persistent default in complying with the directions of the Government, dissolution can be ordered. On the provisions of special audit, the GoM has recommended that in the event it was brought to the notice of the council that its accounts do not represent a true and fair view of its finances, then the council may itself order a special audit. However, if such information has been sent to the council by the Central Government, the council would have to furnish a report to the Council on the actions taken by it. The GoM has clarified that the changes proposed by it were specifically aimed at the Chartered Accountants Act. As regards the issue of name change of the Institute of Cost and Works Accountants of India (ICWAI), the GoM had recommended that status quo be maintained in regard to the request for change of name of ICWAI to the Institute of Cost and Management Accountants of India.
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