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K.R.Srivats

New Delhi, July 5 The Planning Commission Deputy Chairman, Mr Montek Singh Ahluwalia, has asked the Institute of Chartered Accountants of India (ICAI) to chart out a “credible approach” to the globalisation of the accountancy profession and help decide on how the country must meet the demand that will be made on it for greater access in this important area.

“How does the profession view the globalisation of profession? At some point, this is something we need to evolve an approach to. As we get past some of the constraints that have held back the multilateral negotiations of services, we need to have well articulated position of what should be India’s approach in terms of access in accounting,” Mr Ahluwalia said at ICAI’s diamond jubilee celebrations here recently.

While seeing merit in alignment of Indian accounting practices with the global standards, Mr Ahluwalia at the same time noted that one must bring to the table realistic assessments of what was needed under different circumstances.

“The important thing is not simply accept global practices. We don’t just accept global practices, but in the process of alignment reflect in global practices realties that may be relevant here. Combine the two and have evolution of standards there,” he said.

He said the world was willing to re-think best practices. “As our importance in global economy increases, we need to reflect our concerns properly in the evolution of standards. There has to be some meeting ground and some common perception.

It is not in my view at all conceivable that we can do well in a globalised world and yet follow standards that are not global standards. If we recognise that and we have constraints, then may be the solution lies in making sure that global standards reflect our constraints”.

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Evolve credible approach to globalisation of accountancy profession: Montek

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