Financial Daily from THE HINDU group of publications
Monday, Aug 16, 2004
Financial Daily from THE HINDU group of publications Monday, Aug 16, 2004 |
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Accounting Standards Malegam calls for task force on accounting norms Our Bureau
New Delhi , Aug. 15 AN `emerging issues' task force on accounting standards is required to forecast the need for standards on various new issues that arise in a rapidly changing business environment, according to Mr Y.H. Malegam, Chairman of the National Advisory Committee on Accounting Standards (NACAS). "You cannot visualise all accounting standards for all times to come. The needs develop faster than the accounting standards. Somebody must be there to see what is coming up and provide timely guidance," Mr Malegam said in his keynote address at a seminar on `Global Financial Reporting - Role of Indian Accounting Standards, International Accounting Standards and US GAAP' organised by the National Institute of Financial Management (NIFM). He also underscored the need for industry-specific accounting standards to supplement the accounting standards developed by the ICAI.
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