[MA blog]: ICAI told to help CPSE embrace global accounting norms.. Share this fortune with your friends

[Santosh Puthran]

[MA blog]: Updates on www.managementaccountant.in ... Share this fortune with your friends

ICAI told to help CPSEs embrace global accounting norms- Policy-Economy-News-The Economic Times Posted: 27 Jan 2009 04:59 AM PST From the page: "NEW DELHI: The government has asked the Institute of Chartered Accountants of India (ICAI) to prepare a roadmap for public sector companies to meet international accounting norms that would make their financial statements easily comparable with that of companies in more than 150 nations. International financial reporting standards (IFRS) would allow public sector companies to classify financial instruments based on their substance than their form, bringing more credibility and transparency into their books. IFRS would also give the companies holding massive real estate assets to show their market value in their books, as against the current practice of showing the purchase price (the historical cost) after allowing depreciation. Historical cost is good for record keeping but not useful for decision making. Adopting IFRS would also facilitate easy access to international capital markets. " This posting includes an audio/video/photo media file: Download Now

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