| A delegation led by Mr. Hubert Reynier, Managing Director of the Regulatory Policy and International Affairs Division, AMF along with Mr. Patrice Aguesse, Head of Regulation of Financial Disclosures and Corporate Financing, AMF and Mr. Patrick Parent, Deputy Head of Corporate Accounting and Auditing Division, AMF had visited The Institute of Chartered Accountants of India and had met CA Ved Jain, President, CA Uttam Prakash Agarwal, Vice President, Dr. Ashok Haldia, Secretary , CA Amarjit Chopra, Chairman , Acccounting Standards Board, CA Harinderjit Singh, Chairman, Auditing and Assurance Standards Board, Dr. Avinash Chander, Technical Director and Mr. Vijay Kapur, Director on 2nd April 2008 at ICAI Bhawan, New Delhi to interact on the enforcement of accounting standards and auditors oversight in India. Along with Mr. Jitesh Khosla , Joint Secretary , MCA , Ms. Neelam Bhardwaj, General Manager, Division of issues and Listing, SEBI, Mr. Parag Basu, General Manager, Division of issues and Listing , SEBI and Mr. Nitesh Bhati , Manager, Division of issues and Listing , SEBI have also attended the meeting.
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| During the meeting, ICAI officials had deliberated on the history of accounting profession in India and steps taken by ICAI towards convergence with International Standards. Mr. Khosla had explained the role of National Advisory Committee on Accounting Standards (NACAS).in the process of formulation of Accounting Standards in India. The strong relationship between standards setters in India i.e ICAI , Capital market regulators i.e SEBI and the controlling authority i.e MCA in order to ensure better transparency in financial statements were also highlighted during the meeting.
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| Ms. Neelam Bhardwaj from SEBI had informed about the terms of reference being signed between AMF and SEBI in February 2008 with an objective to ensure better co-operation and fair and transparent market. Mr. Hubert Reynier from AMF had stressed on the common understanding of both economies in relation to the equivalence process with IFRS and IAS. He had also deliberated on the relationship between the standards setters in France i.e CNCC and market regulators i.e AMF in formulation of standards and the convergence process. The stringent role of auditor and the due diligence process in India along with the role of Peer Review Board and Financial Reporting Review board was also being one of the important issue taken by the two Institutes. |
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| Both the Institutes with SEBI and MCA had discussed on the challenges being faced by both the countries in the convergence programme. The terms like adoption, convergence and equivalence and issue on the restatement of accounts in case of non- agreement were discussed in detailed. The interaction between the two institutes had enabled to understand the standard setting process in France and India and working together for the convergence with International standards may help each other in resolving the differences so as to be IFRS compliant, so said CA Ved Jain, President, ICAI.
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