Needless to say we expect Indian accounting profession to be among the world's best, if it is not already so in any specific aspect. Many of you would be aware that RBI has been making pro-active efforts to facilitate positioning of international financial standards and codes in relevant areas of the financial system in India.
As part of this process and to guide the overall process of implementation of appropriate changes in respect to various segments of the financial system, the RBI had, in consultation with Government of India, constituted a Standing Committee on International Financial Standards and Codes in December 1999.