Govt to notify accounting standards in '06
The Centre is planning to notify accounting standards by January, 2006, according to Ministry of Company Affairs Secretary Komal Anand.
By PTI |
CHENNAI: The Centre is planning to notify accounting standards by January, 2006. This was revealed by Ministry of Company Affairs Secretary Komal Anand while inaugurating a conference on good corporate governance practices organised jointly by Confederation of Indian Industry (CII) and National Foundation for Corporate Governance, on Wednesday.
"The government is aware of the need to notify accounting standards (in the changed economic scenario) and these will be notified shortly, soon after the National Advisory Committee on Accounting standards submit its recommendations. It is planned to notify 29 such standards by early 2006," she said.
She said e-governance would be in place in the all 53 branches offices under the ministry, by April ���06. "This would enable filing of documents and returns by the companies using IT, without having to visit government offices," she said.
According to her the new company law, which is going to be introduced in Parliament in March, 2006, would emphasise more on self regulation (by companies) with greater accountability through disclosures.
"The new law would provide a legal framework (for companies) in tune with the emerging economic scenario, encouraging good corporate governance and enabling protection of interest of all stake holders, including the investors. We expect that our proposals for revision of the company law would enable Indian firms to compete globally," she said.
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