MANGALORE: India is on the verge of great economic change, which will see the nation emerge as a leading economic power. Professionals, including chartered accountants must gear up to meet these challenges, director (human resources, education and research), Infosys Technologies Ltd., Bangalore, T.V. Mohandas Pai has said.

Delivering the keynote address at a continuing professional education seminar on practice management organised by Mangalore branch of Southern India Regional Council of the Institute of Chartered Accountants of India here on Thursday, Mr. Pai said the Indian economy was expected to go up three times in next 20 years.

The increase in gross domestic product in the next 20 years would be comparable to what India had added over last 55 years. The number of professionals, including chartered accountants, needed to manage such burgeoning economy would be three times the present number. However, professionals would need to have deep domain expertise, he added.

Clients would increasingly seek technical competence from their chartered accountants and rewards generated in having such expertise were immense, he said.

It was also important for chartered accountants to adhere scrupulously to code of ethics, he said.

There are two sets of global accounting standards followed in USA and rest of the world that was creating dissonance in world financial markets, he said. A convergence group set up by the US Securities and Exchange Commission and International Securities Exchange was trying to arrive at a consensus. Nearly 160 countries followed the International Financial Reporting Standards.

Financial statements

A common standard would ensure that financial statements across the world are comparable and of great quality.

T.N. Manoharan, president of ICAI, inaugurated the seminar and released a bulletin brought out by Mangalore branch of SIRC of the Institute.

Praveen Shetty, president of Mangalore branch welcomed the gathering.

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