ICAI President Sunil Talati elected ICAI president

Ahmedabad, Apr 9 (UNI) It has become necessary to adopt International accounting standards in view of even small firms, who have entered the export trade following globalisation, Institute of Chartered Accountants of India (ICAI) president Sunil Talati said.

Mr Talati, who was speaking at a function held to felicitate him by Gujarat Chamber of Commerce and Industry and four other institutions on being elected as the President of ICAI, said that ICAI has evolved International Financial Reporting standards and hinted that Central government is likely to enact a law in this regard.

He advocated mergers and acquisition to save loss making small scale units. He requested the Chambers to support the proposed limited liability partnership act to be enacted soon for this purpose.

Mr Talati, however, demanded the inclusion of CA's in the executive committee of the chambers in view of the increasing importance of their profession in business and industry. Chartered Accountant has now turned into a complete business service provider, he said.

Senior Vice President of GCCI Paruben Jaykrishna said ''we are all proud of Sunilbhai because he is the first Gujarati and first Chartered Accountant from Gujarat to be elected president of ICAI in its 57 years of history''.

UNI