whether its family based poltical dynasty (congress gandhi
dynasty or THE FAMILY PARTY ) or family based conglomerates
(satyam etc) in india when size becomes massive beyond
management control, manipulation & intimidation replaces
fairness.Its just my personal opinion.
The long overdue Satyam saga could just be a tip of iceberg
of many more hidden ones. Important thing is to resuscitate
the indian economy by creating & maintaining trust among
investors through timely & conservative
disclosures.Indian accounting standards are not considered
at par with those in britain,canada, hong kong etc. as some
of immigrating indian accountants might have learnt. they
have to upgrade to western standards. Its high time that
there be a overhaul and resuffling of indian accounting
standards towards adapting INTERNATIONAL FINANCIAL REPORTING
STANDARDS (IFRS) issued solely by International Accounting
Standards Board (IASB) located in London, England. The Board
has 14 members, seven of whom are direct liasons with seven
national standard-setting bodies ( the UK , USA ,Canada
,Australia ,Germany , France and Japan ).
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