Date:27/09/2008 URL: http://www.thehindu.com/2008/09/27/stories/2008092757800600.htm

Tamil Nadu

Book on corporate disclosures released

Special Correspondent

CHENNAI: ICICI Bank chairman N. Vaghul on Thursday underlined the need for reading up on historical incidents as they had immense value and pointed to the future.

Releasing a book, ‘Corporate Disclosures – The Origin of Financial and Business Reporting 1553-2007 AD,’ he said: “I used to think that I need not spend time on historical data, but concentrate on the present. But, after reading 13 volumes of Toynbee’s ‘A study of History,’ my views changed. It predicted the dawn of East Pakistan, and it happened in 1971.”

Mr. Vaghul, who has written a foreword for the book authored by chartered accountant Shankar Jaganathan, said: “Double entry bookkeeping originated in India and not Venice as it is made out.” The book explains why companies were formed and what made them share information in over 40 episodes.