The International Accounting Standards Board and the Institute of Chartered Accountants of India are likely to work together for globalising India's accounting norms in line with the increased integration of the Indian economy with the rest of the world. This was indicated by Minister of Company Affairs Prem Chand Gupta after his meeting with IASB Chairman David Tweedie here on Wednesday. India has already taken steps to ensure that the financial reporting is of international standards in the country. The accounting standards are prepared based on well-laid down procedure specified in the Companies Act, 1956. So far 28 Accounting Standards have been notified by the government.
