Proper understanding of the global accounting standards, will help in raising the bar on the reporting framework, besides enhancing comparability, by providing better investment options and ensuring the transparency in the processes.
By Sai Nikesh D
Income Tax authorities in India should focus more on the international accounting standard, say experts. A group of experts discussed changing faces of financial reporting and tax reporting and implementation of accounting standard at an event organized by the Confederation of Indian Industry (CII) on Thursday.
Speaking at the inaugural session, H Srinivasulu, Member (Finance), Telangana State Electricity Regulatory Authority, and former Income Tax Commissioner, said, “Tax should be what the citizens like and not the government.”