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RBI advisory group submits report on international accounting standards

The advisory group on international accounting and auditing, on Thursday, submitted its report to the standing committee on international standards and codes headed by the Reserve Bank Deputy Governor, Dr Y V Reddy.

The group is headed by Y H Malegam with N P Sarda, Mohinder Khanna and T V Mohandas Pai as members.

The standing committee on international financial standards and codes was constituted in December 1999 in order to identify and monitor developments in global standards and codes, consider aspects of applicability of these standards to Indian financial systems, periodically review the status and make available its reports to all concerned organisations.

It had constituted ten advisory groups with experts in different areas of financial markets.

The advisory group report, which has nine sections, made an attempt to address the issues pertaining to bridging the gap between the Indian Accounting Standards and International Accounting Standards Committee (IASC).

The group will also work on issues such as restructuring of the accounting standards board, the need for a single standards setting authority, convergence of corporate and tax laws with various accounting standards and the positioning of an effecitve implementation procedure for the accounting standards.

UNI

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