High-Level Delegation from the Ministry of Corporate Affairs Exchanges Views and Experiences on Regulatory Architecture

A high-level delegation from Ministry of Corporate Affairs headed by Shri R. Bandyopadhyay, Secretary, Ministry of Corporate Affairs visited Canberra and Sydney from 9th November – 12th November, 2010 and had in depth interactions with Senior Federal Australian Government functionaries.

The Indian delegation had extensive discussion with Dr. Ken Henry, Secretary of the Australian Treasury and exchanged views and experiences on economic policy and regulatory architecture at macro-level and possible mutual synergies in the area of Corporate Governance, CSR, Investor Education and Protection, Technical Standards implementation, in particular road map to IFRS and alike. The delegation also had in depth understanding on Accounting & Auditing Standards related issues with Mr. Jeff Lucy, Chairman of Australian Financial Reporting Council. The interactions also focused on various aspects of Corporate Reporting and Standard Business Reporting. The in depth discussion at Federal Australian Government Treasury continued for 2 days i.e. 9 – 10 November, 2010 and the two sides reiterated their commitment to work together and increasingly play the leadership role in the region and at the same time espouse joint voice at various international forums in areas of emerging paradigm.

The delegation from India had representation from ICAI, ICWAI and ICSI; the 3 professional bodies under the aegis of the Ministry of Corporate Affairs. The visit assumes importance in the wake of emerging trade scenario.