The chartered accountants’ community needs to maintain high professional standards and play a significant role in boosting the world’s confidence in India, Union Power Minister Piyush Goyal has said.

“All the investments (inward) can go for a naught if we have few bad examples. A few examples (of professional misconduct) can kill the India story,” Goyal said at the 65{+t}{+h} annual function of the CA Institute in the capital on Wednesday.

Stating that the chartered accountants’ community had a “big responsibility” towards the nation, Goyal urged the members of the CA Institute to look at their profession as a “national service”.

Goyal also wanted the CA Institute to present a paper to the Government detailing the benefits of accrual accounting. The paper should suggest how the Government could transition from cash accounting to accrual form of accounting, he said. The CA Institute has also been asked to explain in the paper the experiences abroad in respect of accrual accounting

Railways’ accounting The Institute will soon enter into a MoU with the Railways to enable the latter adopt accrual accounting, the institute’s outgoing President K Raghu said.

The Indian Railways is currently adopting cash system of accounting. Any move to adopt accrual accounting is expected to improve transparency in the financial statements of the Railways. The CA Institute had recently entered into an MoU with the Employee Provident Fund Organisation to enable the latter adopt accrual accounting. Meanwhile, the central council of the institute on Tuesday approved a proposal to set up a chapter at Ras-al-khaimah in the UAE.

srivats.kr@thehindu.co.in

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