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Parliament's Standing Committee on Finance for widening scope of accountant's definition

New Delhi, Sat, 31 Mar 2012 ANI

New Delhi, Mar.31 (ANI): The Parliament's Standing Committee on Finance has recommended that the definition of an accountant needs to be widened.

The committee, which is headed by former Finance Minister and senior Bharatiya Janata Party (BJP) leader Yashwant Sinha, has in its 49th report recommendations to the finance ministry said that "The Ministry may therefore re-consider the suggestion to widen the scope of the definition of "accountant".

The Standing Committee on Finance also observed that the finance ministry's reasoning for non-inclusion of related professionals in the definition of accountant is a very strict construction of the term, and has called for some sort of relaxation.

The president of the Institute of Cost Accountants of India, M.Gopalakrishnan, has welcomed the recommendations of the Standing Committee on Finance, saying that finally the cost and management accounting profession in the country is getting its due recognition in direct taxation areas.

Gopalakrishnan further said that the Standing Committee's acceptance of the representation from The Institute of Cost Accountants of India to change the definition of an accountant is a very important step.

He said that the change in definition would allow for the wider inclusion of related professionals as compared to the strict interpretation of the past.

The ICWAI, he said, is of the view that its members are predominantly engaged in all financial matters, including the preparation of financial ledgers, books, records and statements of a company or firm, and not restricted in their work.

Gopalakrishnan felt that the government should accept the Standing Committee on Finance's views and recommendations on the definition of an accountant. (ANI)

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