The Institute of Chartered Accountants of India (ICAI) is at the forefront of forging global professional partnership with an aim to increase Indian accounting profession’s role in global standard-setting processes. Towards that, ICAI recently organised the IFASS (International Forum of Accounting Standard- Setting) Meeting in Mumbai.
IASB Vice-Chair Ms. Sue Lloyd and IFASS Chair Ms. Liesel Knorr along with the representatives from more than 25 countries and various other accounting bodies across the globe participated in the meeting.
IFRS Foundation Trustee and former Comptroller and Auditor General of India Shri Vinod Rai as Chief Guest inaugurated the Meeting. Speaking on critical role played by the accounting and auditing profession in certifying the truth and fairness of financial information, Shri Rai stressed on the need to meet the expectation gap of stakeholders at large. .
In the two-day meeting, various relevant issues, including the consolidation of CSR trusts and accounting for business combinations under common control, were discussed