The Institute of Chartered Accountants of India will soon ask the International Accounting Standards Board to upgrade India's ranking in terms of compliance with international accounting standards to positive from negative.
ICAI is already preparing a charter of demands to be put before the UK-based IASB, an independent and privately funded accounting standards-setter.
"India has started initiatives toward converging to the international accounting norms way back in 1997 and is already in the advanced stage of converting to the global benchmarks but still figures in the negative zone on the IASB website," ICAI President Sunil Talati said in New Delhi.
The US, which started the process only in 2001 well after Enron and Worldcom happened, is classified in the positive zone, he
said.
ICAI has constituted a task-force for preparing the charter, which would prepare an 'ABC' analysis of the global accounting norms, Talati told PTI.
In the 'A' group, such accounting norms would be put which 'we will change according to International norms'.
The 'B' group would comprise of Indian accounting norms that the 'global community need to adopt as we think they are better,' he said.
In the 'C' group, the institute would put such norms on which it needs to work out with the government, including the finance ministry and IRDA as changing such norms need legal changes and may take time, Talati said.
Presently, 102 countries have converged to the international accounting norms and the number is expected to touch 150 in the next five years, he said.
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