Question

What evidence is there of British influence on accounting in India?

Answer 1

British influence Indian accounting in the following ways:-

1. They created a separate stream in curriculum known as commerce. Almost all accountants still come from commerce background.

2. Britishers used to import qualified professional accountants from Britain for accounting in India. They are qualified from The Institute of England and Wales. Right after Independence, India also established the Institute of Chartered Accountants of India and other institutes, similar to Britishers.

3. Cost accounting principles were introduced in India by the ICWAI and it is still functional in India.

4. Furthermore, India uses the double accounting system which it has received in heritage from Britishers.

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