The Hindu : Kerala News : CII seminar focusses on accounting standards

Online edition of India's National Newspaper
Friday, Feb 11, 2005

Kerala

Kerala

CII seminar focusses on accounting standards

By Our Staff Reporter

KOCHI, FEB. 10. A conference organised by the Confederation of Indian Industry (CII), Southern Region, Kerala State, on `Indian accounting standards' here on Wednesday pointed out that the best corporate governance will include the best accounting standards.

Addressing the conference, S.D. Balasubramanian, author of `First Lessons in Accounting Standards,' expressed the need to keep pace with the changes in the business environment and the economic environment. Accounting standards are no longer the domain of chartered accountants and auditors, as it has been traditionally. This is mainly due to the number of additions and rectifications in the Indian Accountancy Standards.

He pointed out that the Indian accounting standards were not rule-based, but rather principal-based.

L. Venkatesan, adviser, TVS Electronics Ltd., in his presentation on AS 28, which focuses on impairment of assets, said that the misuse of accounting practices could lead to huge capitalisation of pre-operative expenses. He emphasised that AS 28 focused on accounting for the impairment of all assets other than inventories, assets arising from construction contracts, deferred tax assets and financial assets.

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