ICAI to frame new norms for Software, BPO industry

New Delhi
The Economic Times Business Standard The Times of India

Accounting regulator ICAI is planning to come out with accounting norms for the software and the BPO industry.

"Though we have 32 accounting standards (AS) and they apply to all the business entities, we have been receiving specific problems related to sectors like software and Business Process Outsourcing. We are planning to bring out norms pertaining to them," ICAI President Uttam Prakash Agarwal said.

Agarwal said the Institute of Chartered Accountants of India (ICAI) has invited people from the software industry and practicing chartered accountants in the sector for dialogue and discussions and will come out with the new norms only after that.