Standards for Accounting in India

Its a vicious circle. Our legislatures are corrupt, we turn a blind eye because we ourselves have become so POLITICISED and our Political affiliations have become so strong that we do not see corruption of one party whereas see others as corrupt, then how can the Bureaucracy , and law enforcement agencies be remain untouched , and so the vicious circle goes on ; YOU SCRATCH MY BACK I SCRATCH YOURS and so common man suffers, now to say that COMMON MAN DOES NOT KNOW , is being too naive, he knows it all , and in some way he is also involved in this vicious circle ; HE TURNS A BLIND EYE, Behaves like an ostrich. more  

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As Mr. Subhash says, our system is very strong, but our people should know how to make it or break it. We involve in all sorts of malpractices and blame it all over. For the election each party spends in Crores, how will it be collected, by all sorts of malpractices and hafta. more  

There is nothing wrong in accounting standards, guidelines and other things. All frauds are committed with active participation of police, Babus, Banks, Income Tax , Excise and auditors and after paying due hafftta to politicians. So nothing s wrong in system. Problem is with persons as they are number one chor, robbers, haffttajhoem goons, extortionists, underworld dons, characterless limpettes and so on. So first fire the gang of existing goons first , every thing will be in order. Even without standards and audits we can have a fraud free corporate world. more  

As rightly spelt mr.kamath accounting work should not be out sourced as no accountability and it's danger for country more