PRESIDENT SPEAKS

Happy New Year 2010,

I take this opportunity to wish you all a very happy academically fruitful and prosperous 2010. I am honored and privileged to serve as president of Indian Accounting Association for the year 2010 and convey my gratitude to the members for the confidence reposed in me. At the same time I seek your cooperation in elevating the association to greater heights.

Globalization of trade has increased the importance of Accounting where we need harmonization of Accounting Standards. The year 2011 will be a milestone in global standard setting when about 150 countries (including India) around the world would have adopted the International Financial Reporting Standards (IFRS) would have been reduced from miles to probably in feet and inches. We have an important role to play in creating awareness and understanding of IFRS amongst faculty and students, I therefore request all the chapters of IAA to organize seminars on the knotty issues that the economy would confront on the path of convergence. I am always ready to extend cooperation in organizing seminars, conference and workshop on these burning issues in Accounting.

We have seen in corporate sector many Accounting scandals right from Moondare in (1957) to Satyam incorporation (2008). The CRISIL, one of the top credit rating agency of India which states that out of 600 companies studied in India, almost all of them with few exceptions, were found to have resorted to various Earning Management Games or Window dressing of their accounts by resorting to creative accounting tricks like playing with the figures of closing stock depreciation Provision for contingencies, Employees stock Option Scheme (ESOS) etc.

According to one of the senior partners of Stern, Steward Research, The Americans, G. Bennet steward III “The real accounting scandals is not that a harmful of companies like Enron and Worldcom broke accounting rules to inflate their earning but that almost every company is bending the rules to smooth earning and meet investors expectations”, under these circumstances, as Accounting Intellectuals, we have an important role to play by developing new techniques, rules and regulations so that frauds and manipulations and creative accounting practice may be controlled. I wish that regular interaction with these issues through workshop will help us to arrive at new methods and techniques in accounting. In this way we will not only be serving Accounting fraternity but to the common public at large.

Our past president right from Shri Raghunath Rai to prof. (Dr.) Shirin Rathore has contributed a lot in promoting the cause of Accounting Education and Research in India and abroad. It is due to their efforts and your cooperation the Accounting Association is the biggest body of Commerce and Management Education in India. Friends, let us join hands to make this association No.1 at world level.

Kindly do not hesitate to take my cooperation at any level to promote the cause of accounting education and Research.

Thanking you and wishing you a very happy and prosperous New Year.

Prof. (Dr.) G.L.Dave
President
Indian Accounting Association
Jodhpur (India)