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Credit Suisse for reforms

The Satyam fraud has raised many questions about the accounting practices and their implementation. Scams, of such a high order, increasingly frequent in these times, call for accounting-related reforms, feels Switzerland-based international financial services company Credit Suisse.

india Updated: Jan 12, 2009 21:51 IST
HT Correspondent

The Satyam fraud has raised many questions about the accounting practices and their implementation. Scams, of such a high order, increasingly frequent in these times, call for accounting-related reforms, feels Switzerland-based international financial services company Credit Suisse.

Infrequent, incomplete and late balance sheets remain top concern, as per the Credit Suisse’s wish-list. It felt unavailability of quarterly consolidated numbers and subsidiary balance sheets may hide many abuses, and hence urged regulators to make quarterly publication of minimum balance sheet details as well as consolidated account reporting for quarterly results mandatory.

It suggested that the Institute of Chartered Accountants of India should reduce items related to write-offs permitted in the balance sheet. Thus, mark-to-market losses and impairment charges and such other items should flow through profit and loss statements instead of direct reporting in the balance sheets.

In order to deal with abuses related to intra-company financing, the wish-list called for regulations to make companies declare average cash levels and investments every quarter, in addition to interest income and expenses on them while also making a detailed explanation necessary if there are unusual trends.

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