Standards for Accounting in India
Why do we have so many corporate frauds being reported and then the stock prices tank literally wiping off wealth of common shareholders while the company owners have enough wealth created for themselves.
What is lacking in our accounting and financial reporting standards? Who sets them? I am not sure if BIS does but this is one area in need of intervention. more
There is nothing wrong in accounting standards, guidelines and other things. All frauds are committed with active participation of police, Babus, Banks, Income Tax , Excise and auditors and after paying due hafftta to politicians. So nothing s wrong in system. Problem is with persons as they are number one chor, robbers, haffttajhoem goons, extortionists, underworld dons, characterless limpettes and so on. So first fire the gang of existing goons first , every thing will be in order. Even without standards and audits we can have a fraud free corporate world. more
As rightly spelt mr.kamath accounting work should not be out sourced as no accountability and it's danger for country more
The menace is outsourcing. Every activity is split into specifications. And specialised agencies are created and they also split their job and this vicious circle is created and each split job is out sourced. So no one knows his purpose and reason of his work in the larger picture. And some of the third party authentication are made mandatory by law. So that you can avoid accountability for your decisions. here again split and out source. So a small error at any one place can create a havoc at final stage. And that is what is happening. more
IndAS, is also called Indian Accounting Standards are being updated with comparison of InVAS International Accounting Standards. We are valuers as per International Valuation Standards IVS 2017. Latest standards are being incorporated in IndVAS. more
My Friend, It is because people who are entrusted in good faith and trust to report proper financial reports are hand in gloves with the concerned organisation and accommodate them to commit financial crime.
There are several and more example before us, eg., Sathyam Group more