Accounting standards for banking, insurance sectors soon: MCA secretary

The Centre is developing new accounting standards for the banking and insurance sectors, Corporate Affairs Secretary Manoj Govil announced on Monday at the Institute of Chartered Accountants of India’s (ICAI) 75th foundation day in New Delhi. Govil revealed that the Centre is working with the Reserve Bank of India on banking standards and will soon introduce standards for the insurance sector. Additionally, the ministry is addressing accounting standards for Limited Liability Partnerships (LLPs) and aims to reduce the time for voluntary company closures from three months to two years. Govil emphasized efforts to elevate Indian accounting firms to global prominence and noted ICAI’s upcoming plan for firm aggregation and continuous professional education.