In a bid to
bring more transparency to the Mahatma Gandhi National Rural Employment
Guarantee Act, The Institute of Chartered Accountants of India are evolving
standards to audit the scheme in 2.5 lakh villages. Addressing a press
conference here on Friday, president of ICAI Subodh Kumar Agarwal said that
they are evolving a format for standardised auditing of the scheme.
Earlier, the
auditing of the scheme was unstructured and we are evolving a standard
procedure, he said. Currently, the process has already started, he added.
Agarwal also
said that the Union government has asked ICAI to give new dates on when it
wants to have the International Financial Reporting Standards be implemented.
“We have given the government a date for the same and that date is April 1,
2015,” he added.
IFRS is designed
as a common global language for business affairs so that company accounts are
understandable and comparable across international boundaries. They are a
consequence of growing international shareholding and trade and are
particularly important for companies that have dealings in several countries.
They are progressively replacing the many different national accounting
standards.
A road map
suggested by the Corporate Affairs Ministry had earlier proposed IFRS
implementation from April 1, 2011, for certain companies with a turnover of
over Rs.1,000 Crore, but implementation was put off in the wake of tax-related
issues.
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