Accountancy professionals, corporates to get more freedom
January, 11th 2008
Gupta hopeful of Limited Liability Partnership Bill enactment
The Minister for Corporate Affairs, Mr Prem Chand Gupta (right), and the ONGC Chairman and Managing Director, Mr R.S. Sharma, during the inaugural session of global summit on management accounting, organised by the Institute of Cost and Works Accountants of India at Vigyan Bhavan in New Delhi
Corporates and accountancy professionals would in the coming days get more leeway in their functioning, with the Corporate Affairs Minister, Mr Prem Chand Gupta, on Thursday committing to provide more freedom to them under a self-regulatory regime with minimum Government interference.
Inaugurating a Global Summit with the theme Repositioning the Management Accountant here on Thursday, Mr Gupta said that the Government was hopeful that the Limited Liability Partnership (LLP) Bill would soon be enacted.
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 be fully operationalised 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.