Mr. Goran Tidstrom, President, IFAC along with Mr. Russell Guthrie, Executive Director, IFAC visited India on October 29-30, 2012 to have interaction with accounting fraternity in India. The delegation met with Shri Sachin Pilot, Hon’ble Minister of Corporate Affairs and Shri Naved Masood, Secretary, Ministry of Corporate Affairs to discuss issues on convergence of national and international auditing and assurance standards; adoption of high standards of ethics for members and promotion of good ethical practices globally; ways of developing access of Accountants to various markets. The meeting also dwelled upon how Indian resources can be utilized in IFAC activities and how can Accounting Profession in India contribute more efficiently to the financial reporting system.

The delegation also met with Shri A K Patnaik, Dy. Comptroller and Auditor General of India and Shri Jawahar Thakur, Controller General of Accounts to discuss the promotion of IPSAS in India; accrual form of Government accounting; how India is preparing for adoption of high standards of ethics for members and promotion of good ethical practices globally. Discussions were also held on convergence to IFRS and International Auditing Standards and how the presence of Indian regulators be enhanced on global accounting profession platform.