ICAI Mulls Sector-Specific Accounting Norms
The Institute of Chartered Accountants of India (ICAI) is planning to introduce sector-specific accounting standards to bring in more transparency in handling corporate accounts. ICAI's Committee for Members in the Industry (CMII) has already formed three groups — in sectors such as insurance, retail and hospitality — and is in the process of forming another 19 groups representing various industrial segments to recommend such additional standards.
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