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FREEDOM ELASTICIZED FOR ACCOUNTING PROFESSIONALS & CORPORATES

Mr Prem Chand Gupta, the Corporate Affairs Minister, on Thursday committed to provide more freedom to Corporates and Accountancy Professionals under a self-regulatory regime with minimum Government interference.

Mr Gupta Inaugurated the Global Summit organized with the theme ‘Repositioning the Management Accountant’ on Thursday.

He said that the Government is putting its efforts to implement the Limited Liability Partnership (LLP) Bill & is ensuring its execution.

The Bill seeks to pave the way for foreign nationals to enter into partnerships, besides providing a platform for accounting professionals and small and medium enterprises to operate more efficiently.

The three-day summit is being organised by the Institute of Cost and Works Accountants of India (ICWAI).

Mr Gupta said that the Government hopes to introduce a Bill in the forthcoming budget session to enable comprehensive revision of Companies Act, 1956.

“We are also working on development of a regulatory framework for regulation of valuation professionals. However, reform is a continuing activity. It is our objective to facilitate change through reform of the relevant statutory and institutional framework,” he said.

The Corporate Affairs Minister also said that the Competition Commission of India would come into existence within six months. He urged management accountants to constantly re-equip themselves to keep pace with the global developments and ensure that the needs of their clients are met with requisite skill set, knowledge and experience.

 




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