Bangalore, Dec 18 (UNI) The International Accounting Standard Committee (IASC) Foundation, which is advocating adoption of Single Accounting Standard worldwide, needs to have monitoring committee to oversee its functions, IASC Chairman Philip Laksawy today said.
Delivering a special address at a function organised by the Institute of Chartered Accountants of India (ICAI) here last night, he said there was a need to bringing the functioning of ICAI under a monitoring committee.
While inviting comments, suggestions and inputs on adopting International Financial Reporting Standard (IFRS), he said by 2011 all companies in US would be following IFRS instead of US-GAAP.
Stating that the IFRS was more transparent, simple and principle based accounting standard, Mr Laksawy made a strong plea to evolve a mechanism which would oversee the functioning of the ICAI the governing body for setting accounting standards worldwide. The adoption of IFRS would not only help to reduce cost but also increase the efficiency and productivity.
After initial apprehension, the European Union, Canada and Australia were already following single accounting standard under IFRS, he said.
''While China has put the proposal of adopting IFRS on fast track, India, Japan and other South Eastern nations were also following suit,'' he said.
Infosys Director T V Mohandas Pai, who is also a trustee of ICAI, presented a rosy picture on the adoption of single accounting standard in India. ''The Country will benefit immensely once IFRS was adopted fully'' he said.