No Serious Allegations in India Makes for a Good Year in the Accounting Profession

You know it was a good year when no one got sued, at least according to Asish Bhattacharyya, Professor of Finance and Control at Indian Institute of Management – Calcutta. Here are his thoughts via Business Standard:

Although there was spill over, the year 2010 for the accounting profession was overall a very good year. The Institute of Chartered Accountants of India (ICAI) could complete its task of formulating new set of accounting standards, which are fully convergent with IFRS. There was no serious allegation against the Chartered Accountancy profession. Job opportunities for young chartered accountants were plenty. The Institute of Cost and Works Accountants (ICWAI) has also done a commendable job of issuing a significant number of cost accounting standards. It could improve its image in the public eye. We may hope that the year 2011 will be an excellent year for the accounting profession.

That may come off as a bit optimistic but if the power of suggestion won’t work, perhaps a threat will. We hope that the members of the accounting profession will take note of this expectation.

Transparency International places India low in terms of ‘corruption perception index’. The score of 9-10 represents very clean. India’s score for the year 2010 is 3.3. If, India is high in corruption, professionals, particularly the accounting profession, cannot escape the responsibility. The society expects that the accounting profession will make all out efforts to eliminate corruption and that it will not use its skills and knowledge to manage corruption.

Key request being “that the accounting profession will make all out efforts to eliminate corruption and that it will not use its skills and knowledge to manage corruption.” Be careful saying things like that out loud, the big firms might get some revenue source ideas that involve exotic commodotized services packaged as “consulting and advisory”.

I don’t think we can say the same of 2010 being a good year for accounting over here in the good old U S of A (some could argue US accounting has had a bad bad year) but it’s a good thing no one called us and asked us to do exactly that.

You know it was a good year when no one got sued, at least according to Asish Bhattacharyya, Professor of Finance and Control at Indian Institute of Management – Calcutta. Here are his thoughts via Business Standard:

Although there was spill over, the year 2010 for the accounting profession was overall a very good year. The Institute of Chartered Accountants of India (ICAI) could complete its task of formulating new set of accounting standards, which are fully convergent with IFRS. There was no serious allegation against the Chartered Accountancy profession. Job opportunities for young chartered accountants were plenty. The Institute of Cost and Works Accountants (ICWAI) has also done a commendable job of issuing a significant number of cost accounting standards. It could improve its image in the public eye. We may hope that the year 2011 will be an excellent year for the accounting profession.

That may come off as a bit optimistic but if the power of suggestion won’t work, perhaps a threat will. We hope that the members of the accounting profession will take note of this expectation.

Transparency International places India low in terms of ‘corruption perception index’. The score of 9-10 represents very clean. India’s score for the year 2010 is 3.3. If, India is high in corruption, professionals, particularly the accounting profession, cannot escape the responsibility. The society expects that the accounting profession will make all out efforts to eliminate corruption and that it will not use its skills and knowledge to manage corruption.

Key request being “that the accounting profession will make all out efforts to eliminate corruption and that it will not use its skills and knowledge to manage corruption.” Be careful saying things like that out loud, the big firms might get some revenue source ideas that involve exotic commodotized services packaged as “consulting and advisory”.

I don’t think we can say the same of 2010 being a good year for accounting over here in the good old U S of A (some could argue US accounting has had a bad bad year) but it’s a good thing no one called us and asked us to do exactly that.

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