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A single set of accounting standards for everyone. Are we ready?

Created by : Bikash Bhattacharyya, Investment Advisor, Kotak Mahindra  | 06 13 2008 03:40:34 +0000
Industry : Asset ManagementFunctional Area : Valuation(Corporate Finance)
Keywords : Set Ready Accounting Standards Single Everyone
Activity:  401 views;  last activity : 07 06 2010 20:18:09 +0000

The push for a single set of global accounting standards has reached fever pitch. Traditionally, the standards that dictated the accounting industry on an international setting were as diverse as the world’s population. Each country used to have their own accounting standards applicable in their country. Corporations have become international and that made things worse for accountants and auditors.

Are we going to see a single set of accounting standards for everyone. Let us debate over the "pros and cons" of such a step. 

  
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I believe in the single accounting format. I know it's not easy to adapt to a new accounting standard. but we have been watching the ICAI's Accounting Standrads, there were modifications, introduction of new standards, deletion, from its origin. We can have a global accounting standard. Indian accountants are not recognized worldwide. This will enable them to have access to the global community. People working in an MNC find it difficult to match with the accounting standards, also auditors need time to verify the accounts as per Indian standards. so its all time consuming and chaos.


By SRIRAM VENKATRAMAN, EXECUTIVE- Secretarial Assistance & Tech Support, K. S. RAMASUBRAMANIAN, COMPANY SECRETARY  04 20 2009 04:47:31 +0000
 
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I think globalisation has made the entire world more complex, the main issue is corporate transparency. Accounting standards are too complex and frankly, transparency didn’t exist. I can't say what accounting standards will look like if convergence happens and moreover India do not have fully formed financial markets.
By Rakesh Chakraborty, Sr. Associate, ING  06 14 2008 00:25:35 +0000
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Yes as an accountant i too believe in single accounting format that wll support and makes the system more speedy and understandabe
By Kaushik , Insurance Advisor/Analyst, Pranita accounting services  | 09 16 2009 07:14:37 +0000
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in the era of globalisation there is no point in preparing financial statements in different methods. apart from cost of preparing, it will be difficult to comprehend the statements. maximum some time can be given to prepare the business community.
By Mehul Shah, Head/VP/GM/Financial Controller Gremach Infrastructure Equipment & Projects Ltd  | 08 16 2008 19:25:33 +0000
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Due to the inexorable globalization process the effort to set international accounting standards is obviously necessary and inevitable.
By Prakash Khairnar, Sr. Associate, DSP Merrill Lynch  | 08 06 2008 01:30:40 +0000
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Yes,  a single set of accounting polices are need of the hour in the era of ivillage. If you see the profit as per US GAAP and our accounting standards it is different. To publish the reports in both the countries it will be difficult to maintain to sets of accounting for any one. and  it will be even more difficult if you are listed in multiple countries and having operations.
By Mallikarjuna Gupta Bhogavalli, Sr. Product Manager, Oracle India Pvt Ltd  | 06 30 2008 21:42:04 +0000
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Dear Raju and Rakesh, high quality globally accepted accounting standards will be implemented soon. A team to converge Indian accounting standards to the IFRS has been formed, and it should come out with its report sooner or later.
By Prakash Khairnar, Sr. Associate, DSP Merrill Lynch  | 06 17 2008 06:48:29 +0000
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Existing Scenerio of Finance - Accounting - Controlling in India does not have a room to accomodate SSAS at a g\lobal level as the financial corpus lies with large small and miedium scale busines units as compared to very few giants or large scale baus with implementation of basic accounting solutions avilable for SSAS such as SAP.It may be acceptable at a future date in 2015 whereat the IFRS rocks it bottom line and it gets wide spread down the line to medium and small scale profit centres.   
By Rushikant G Pandya, Financial Controller(freight&forwarding) ABB Limited  | 07 11 2008 23:35:04 +0000
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I feel we india still not ready for single set of accounting. We need to educated our people,our enterpreneur. If we talk about IFRS, it differs with Indian GAAP in many respect. We especially CAs have to the understands the impact,if one will go for IFRS or US Gaap. What are the pros and cons of that. we really need to put our best effords in the area like Fixed Assets, Depreciation, Consolidation part etc.
By Raju Kumar Dokania, Chartered Accountant/CPA Shalimar Paints  | 06 16 2008 22:37:59 +0000
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