Piyush Goyal Union Minister for Railways, Coal, Finance and Corporate Affairs said that India’s growing clout in the international economies and geopolitics is clearly visible from the fact that India hosted Asian Infrastructure and Investment Bank summit this week in Mumbai and now we are hosting SAFA International Conference. He said this in his address at the South Asian federation of Accountants (SAFA) International Conference 2018, organised by the Institute of Cost Accountants of India (ICAI), here today. He said that in the brave new world, Asian countries need to work as a team to tackle the challenges of tomorrow. The world is becoming smaller in terms of cost accounting. Cost accounting is totally global in nature.
Goyal said it can significantly improve foundations of companies and also governance as competition requires cost cutting without compromising on quality. It requires planning and delivering the goods with consistency. Any organisation that does not have a cost analysis can’t succeed in today’s challenging world.
He said that since all our SAFA countries are developing economies and we must try to increase our GDP and provide relief to the millions of poor. This is only possible when businesses have competent and robust accountants as businesses can flourish fast only when the foundation is strong. The scope of accountants has not remained limited to just that of an accountant, auditor or a taxation expert rather it has widened into other critical areas such as corporate finance, investment banking, fund management, credit analysis, capital markets, arbitration, risk management, valuation of businesses and insolvency, he said.
