‘Accounting standards important for cos in global environment'

Accounting standards will be critical for companies in India and abroad in this global environment, according to Mr Dhanendra Kumar, Chairman of the Competition Commission of India (CCI).

Inaugurating the International Conference on Accounting and Finance, organised by T.A. Pai Management Institute (TAPMI) at Manipal on Thursday, he said that strategic accounting leads to better governance and gives direction to the company.

It was during the tenure of late P.V Narasimha Rao, the then Prime Minister, that regulations were amended and in-depth knowledge on accounting standards and competition was required. On this line, the Competition Act was brought in, which imbibed fairness, innovation and healthy competitive agreements in the market.

Stating that competition and accounting standards are linked with each other, he said discussions on this front are the need of the hour.

He specified the importance of Government's involvement as a facilitator in order to have healthy competition, and the Prime Minister, Dr Manmohan Singh's insistence on having transparency without any cartel between the firms.

He concluded the keynote address by emphasising on how conferences like this would be the first step for future managers on enhancing their knowledge about finance and accounting.

Speaking on the occasion, Dr H.S. Ballal, Pro-Chancellor of Manipal University, said that the International Conference on Accounting and Finance would be the first step in having a great exchange of talents from all over the world.

He advised young managers that commitment, transparency and competence are absolutely necessary for good governance.

Dr Saji Gopinath, Director of TAPMI, welcomed the gathering. The participants included management students of TAPMI, faculty members and heads of institutions of Manipal University besides other invitees.

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