Integrate accounting system to move to global level, Patel tells CAs

New Delhi, Feb 4 (UNI) Union Minister of State for Civil Aviation Praful Patel today called for integrating the country's accounting system to move it to the world level, so that Indian professionals, particularly chartered accountants, could compete and emerge top of the list.

He was speaking at the 58th annual function of the Institute of Chartered Accountants of India (ICAI) where he presented awards in various categories.

Among the awardees were Dr Reddy's Labs (manufacturing and trading enterprises, which bagged the gold shield for its annual report and accounts for 2006-07. IT majors Infosys and Tata Consultancy won the gold and silver shield respectively in the Information Technology, Communication and Entertainment category.

ICICI Bank Ltd and HDFC Bank Ltd were the winners of the gold and silver shields respectively among the Banking, Insurance and Financial Institutions.

Larsen and Toubro swept the gold shield for its annual reports and accounts for the year in Infrastructure and Construction sector.

Bombay Stock Exchange won the silver shield for its annual report and accounts in the Service sector.

Mr Patel admitted that despite the country making an impressive beginning, much more needed to be done to overcome two major stumbling blocks of inadequate infrastructure and the growing urban-rural divide.

Earlier, he launched the e-learning Information System Security in banks and CPA activities with the press of a button.

Outgoing ICAI President Sunil H Talati in his address stated the need for the profession to consider becoming global CAs in view of the greater acceptance of global accounting benchmarks worldwide and increased capital inflows into India.

UNI SD BJR HT2100