Minister announces likely amendments to Companies Act

MUMBAI, INDIA: A national conference on "Corporate Governance and Financial Reporting Norms- A US GAAP & IFRS Perspective" was organized by SMC and ASSOCHAM in Mumbai recently. 

Speaking on the occasion, Minister of Company Affairs P C Gupta said, “Government has been keen to extend all possible help and we want our professionals to seize the opportunities emerging today in view of globalization of the market place. In order to achieve these objectives, it has been necessary to take steps to bring greater transparency and accountability".

He also said, that “The Government is considering a major revision in Companies Act 1956 and will also be introducing Limited Liability Partnership (LLP) The e-Governance Program MCA 21 is a major step towards enabling companies take a higher growth path.”.

The daylong conference discussed topics such as Accounting framework, Financial Statements, Consolidated Financial Statements including those of subsidiaries, various business combinations, Segment Reporting and Revenue Recognition.

The convention was aimed at CEOs, CFOs, Director (Finance), Financial Controllers, Chartered Accountants, Company Secretaries in Industry as well as in practice.

Sunil Talati, President, ICAI, M Ramadoss, CMD, Oriental Insurance Co. Ltd. and D K Mehrotra, Managing Director, Life Insurance Corporation discussed various issues on Corporate Governance and Financial Reporting norms. CFOs from top 500 Indian companies and multinationals had also participated in the event.