Accounting harmonisation positively affects businesses
TIRUCHI: Professionals, businessmen and academics have a duty to perform their tasks in the best possible interests of stakeholders and the public, David. M. Hunt, President, Institute of Financial Accountants, United Kingdom, said on Monday.
Delivering a special lecture on ‘A Strategic view of fair values – How Accounting Harmonisation is affecting ordinary business’, as part of the International Level Special Lecture on Accounting organised by the Department of Commerce and Financial Studies, Bharathidasan University, Prof. David said that accounting harmonisation positively affected ordinary businesses world over.
He explained that harmonisation is accountancy profession’s response to many troubles that have beset it over the last decade and that fair value is part of the response.
David. R. Woodgate, Chief Executive Officer, Institute of Financial Accountants, United Kingdom, emphasised that sound accounting knowledge is a must for students to get better placement worldwide.
Delivering a special lecture on International Career in Accountancy Profession, he spoke of future opportunities for accountants worldwide and observed that the profession is highly remunerative. The possible roles of auditors in the recent crisis of Satyam Computers was a cause for concern, he said.
Offering felicitations, Chartered Accountant S. Chenthilkumar said that accounting knowledge was a necessity for every manager to take decisions.
Department of Commerce and Financial Studies Head M. Selvam appealed to all institutions of higher education in the country to incorporate accounting standards approved by Institute of Chartered Accountants of India (ICAI) and International Accounting Standard Committee (IASC) into the curriculum for the benefit of students. J. Gayathri, Lecturer, also spoke.
Inaugurating the programme, S.Sridharan, Controller of Examinations, Bharathidasan University, dwelt on the professional ethics of auditors, noting that companies cannot indulge in fraudulent activities without the knowledge of internal auditors.