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Govt. says implementation of Ind AS good for corporate governance, transparency and accountability
The government is in favour of empowering the industry to adopt Ind AS, said Pritam Singh, Additional Secretary, Union ministry of Corporate Affairs today. He said that Indian economy and knowledge has surpassed that of many of its contemporaries, and now is the time to remove small irritants in the way of implementation of Ind AS, in favour of good corporate governance, transparency and accountability to the stakeholders.

Pritam Singh was delivering his Inaugural address at the National Conference on Financial Reporting organised by the Confederation of Indian Industry in New Delhi.

"The Income Computation and Disclosure Standards (ICDS) are for the purpose of computation of income, and disclosure of the computation thereof", said Pragya S Saksena, Joint Secretary, Central Board of Direct Taxes, Ministry of Finance, Government of India, as per a CII's release.

She further added that a Committee has been set up by the government to take up issues relating to Ind AS, and industry is welcome to offer suggestions to the Committee on issues relating to the subject.

Speaking at the conference, Amarjit Chopra, Chairman, National Advisory Committee on Accounting Standards commented that the toughest challenge for the regulators would be to monitor the implementation of the accounting standards.

Chopra furthers stressed that the implementation of Ind AS and ICDS would result in a great opportunity for industry and professionals, and 1st April 2016 should be taken as the sacrosanct date for implementation of Ind AS, and it should not be further postponed in favour of the Indian economy.

In his remarks, Dipankar Chatterji, Chairman, CII National Committee on Financial Reporting, said that "Corporate India is going through major changes in its regulatory environment and reporting formats. While Corporate India has learned to cope with market uncertainty, regulatory uncertainty is something that directly erodes business confidence. CII is hopeful that the lawmakers and regulators will take fast action to resolve all pending issues so that the road ahead is clear and Corporate India has its compliance objectives clearly in sight."

Vishesh Chandiok, National Managing Partner, Grant Thornton India LLP suggested the need to consider an alternative roadmap to permit the voluntary use of Ind AS until the time there is only one GAAP to be followed in the country.

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