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| Seminar on ‘Accounting Standards’ organized | | |
Jammu | June 22
A seminar on ‘Accounting Standard’, organized by J&K branch of NIRC of Institute of Chartered Accountants of India was held here today.
Various issues on accounting standards were discussed and it was felt that due to the several factors it was not possible to have a single accounting standard through the world. However, the need was felt to reducing the gap in accounting practices at any point of time than at present.
It was revealed at the Seminar that there has been a spurt in the number of Accounting Standards pronounced by the Institute of Chartered Accountants of India in the last eight years and the number has gone up from 15 to 29 and the same may swell up further. The need presently is to monitor the compliance with these accounting standards adding that the amendments in the Companies Act particularly in section 211 and 217-AA have served a great purpose towards this goal.
In his paper, Amarjit Chopra, FCA said that it was interesting to note that whereas members are quite conscious of compliance with the Accounting Standards, the Auditing and Assurance Standards have not been as popular amongst the Chartered Accountants fraternity from the view point of seminar, workshops and conference
‘Admitting that recent times have seen a number of corporate failures’, Amarjit said ‘partly it has been attributed to audit failures as well’ adding that laws world over have been made stringent to ensure better corporate governance including better quality of audit reports. ‘In India the revision of Maocaro and introduction of CARO instead is an important example of making the reporting far more transparent and onerous’; he said and maintained that it has added to the responsibilities of the auditors manifold.
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