Highlights 8.1 The Indian position which recognises the significance, scope, limits and contextual degree of relevance of international financial standard and codes has been considered by a broad spectrum of experts, intellectuals and market participants as reasonable. 8.2 Second, the need to assess Indian standards and codes with international benchmarks has also elicited broad support.
8.3 Third, the impact of the process could often be indirect and not necessarily direct and instant. For example, the Secretary Department of Company Affairs in a recent address to the Accountants and Auditors referred to the work of the Standing Committee and related it to the ongoing amendments to the Company Law.