ICAI comes with a new format of financial reporting

Updated on: Monday, January 30, 2012

As part of a nation-wide programme aimed at infrastructure expansion, the new premises of ICAI's Southern India Regional Council were inagurated by its President G Ramaswamy here.

"We want to improve the lot of the numerous small and medium-level practitioners in the country. International accounting standards have been adapted to Indian market conditions and when applied, can help us face the challenges of a growing economy," Ramaswamy said at the inaguration function.

He said all educational institutions in India would be brought under a uniform financial reporting structure and this would be carried out in different phases from next year.

"In the first phase, all higher education institutions registered with bodies such as the AICTE will be trained in the new format of financial reporting," he said.

The Institute of Chartered Accountants of India (ICAI) had signed an MoU with Madras University to provide an opportunity for students pursuing chartered accountancy to complete an MBA or a research programme in other disciplines.

The agreement, which is the fifth such in the institute's history, will allow students to take up these programmes, under which they will be exempt from writing certain papers.

The next branch slated for inauguration is in Kannur, Kerala.

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