India, Russia agree to cooperate on corporate accounting

India and Russia, which are key constituents of BRIC and G-20, have agreed to cooperate in the field of corporate accounting as they underlined that intensive collaboration between the two sides would bring tremendous economic and social benefit to them.

The Institute of Cost and Works Accountants of India (ICWAI) and Institute of Professional Accountants and Auditors of Russia (IPAR) signed a Memorandum of Understanding (MoU) here in this regard.

The MoU was inked by ICWAI president BM Sharma and his IPAR counterpart VV Skobara in the presence of  R Bandyopadhyay, secretary, ministry of corporate affairs, who was on an official visit to Russia with a delegation of accounting professionals from India, an Indian embassy statement said.

Following the signing of the MoU, both sides expressed confidence that this would pave the way for sharing of experiences between the two accounting bodies.

Bandyopadhyay along with his delegation had parleys with Russian deputy minister of finance SD Shatalov and senior
finance ministry officials about the status of corporate sector in both the countries and prospects for mutual cooperation.

Responding to the Russian deputy minister's observations on the status of development of financial institutions in Russia as per global standards, Bandyopadhyay emphasised  the need for sharing of experiences between India and Russia, particularly in the context of both countries being important constituents of BRIC and G-20 blocs of the world's emerging and developed economies. 

He made a detailed presentation on the role being played by the ministry of corporate affairs in India in the area of investor education to seek development of a healthy capital market, promotion of a corporate governance framework, activating corporate social responsibility, administration of anti-trust laws and regulation of accountancy bodies such as the cost accountants and chartered accountants.

Shatalov expressed the hope that Russia will soon overcome the economic crisis and its efforts to develop Moscow as a major financial centre would also meet with success. 

Both sides agreed that intensive cooperation between the two economies would bring tremendous economic and social benefit to both the countries.

The Indian delegation also had meeting with senior officials of Russian Chamber of Commerce and Industry during which issues relating to corporate governance and corporate social responsibility were addressed.

Prior to his engagements in Moscow, Bandyopadhyay visited
St Petersburg, where he addressed the Annual Colloquium of the
European Academy of Business in Society.

In his address, he presented the role being played by the ministry of corporate affairs in India pertaining to corporate governance in the context of an emerging market.

He also addressed the students of St Petersburg School of Management as well as the faculty of St Petersburg University
of Economics and Finance.