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Role of accountants in fostering economic growth

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04 Feb 2006

Dr Y V Reddy, Governor of the Reserve Bank of India, spoke about the role of accountants in fostering economic growth at the International Conference on Role of Accountancy Profession in Anchoring Economic Growth, organised by the Institute of Chartered Accountants of India (ICAI) in Mumbai on 19 January 2006. He expressed strong support for ICAI's recent efforts to look to IFRSs in developing Indian accounting standards.

Click to download (PDF 28k). An excerpt:

In this regard, it is heartening to observe that the accounting and auditing standards in India are being increasingly benchmarked against international standards. I am also happy to note that the ICAI is making sustained efforts to align the Indian accounting standards with the international ones. A Review of the recommendations of the Advisory Group by the Reserve Bank in December 2004 shows that the gap between International Accounting Standards and Indian Accounting Standards has been gradually narrowing, reflecting the foresight of the profession in recognising the importance of international comparability.

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