The Institute of Chartered Accountants of India will soon ask the International Accounting Standards Board to upgrade India's ranking in terms of compliance with international accounting standards to positive from negative.
ICAI is already preparing a charter of demands to be put before the UK-based IASB, an independent and privately funded accounting standards-setter.
"India has started initiatives toward converging to the international accounting norms way back in 1997 and is already in the advanced stage of converting to the global benchmarks but still figures in the negative zone on the IASB website," ICAI President Sunil Talati said in New Delhi.
The US, which started the process only in 2001 well after Enron and Worldcom happened, is classified in the positive zone, he