The Institute of Chartered Accountants of India (ICAI) is often called the apex accounting body in news reports.
The ICAI is not the apex accounting body in the country, it’s just an institute created by Parliament working under the guidance of the ministry of company affairs. There are other Institutes like the Institute of Cost and Works Accountants of India (ICWAI) and the Institute of Company Secretaries of India (ICSI) that have also been created by Parliament and are working under the ministry of company affairs. In the case of building accounting standards, the members of the ICAI, the ICSI, the ICWAI, the Indian Institutes of Management, the Confederation of Indian Industry, the Securities and Exchange Board of India the Reserve Bank of India are involved, and these are approved by the National Advisory Committee on Accounting Standards.
Anil Joshi, on email
