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Tuesday, Mar 16, 2004

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`India must avoid protectionism in accountancy'

K.R. Srivats

Jaipur , March 15

THE President of the International Federation of Accountants (IFAC), Mr Rene Ricol, wants India to refrain from embracing protectionist policies in the accountancy and auditing sector.

"Be confident in yourself. You don't need to take a protectionist approach. Open your doors to foreign players. You are useful and would continue to be useful. There is no reason not to be confident," Mr Ricol told an international conference, which was touted as the "maha-khumb" for the chartered accountancy professionals.

About 2,400 chartered accountants from within the country and abroad converged for the three-day conference that concluded here on Saturday. The conference was organised by the Institute of Chartered Accountants of India.

The IFAC President advised the Indian chartered accountants community to develop their firms to flourish in a globalised environment.

Mr Ricol told Business Line that despite globalisation, there is a "temptation" among countries to adopt "protectionist" approaches in opening the accountancy sector.

Meanwhile, the IFAC proposes to undertake a survey to assess as to why some of the organisations are finding it difficult to implement international accounting standards. The Confederation of Asian and Pacific Accountants (CAPA) is likely to assist IFAC in conducting this survey.

"It is critical that organisations of all sizes understand and implement the international standards," Mr Robin Hamilton-Harding, President, CAPA, said.

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