Global accounting standards convergence crucial for capital inflows: Khara

Khara said the accounting profession has contributed to identifying the quality of assets that are sitting in the books of various banks

With India standing out for its high economic growth, the convergence in accounting standards across the world is necessary to attract global capital into the country, State Bank of India chairman Dinesh Khara said today.

Convergence is all the more relevant for an economy like India which is at the cusp of moving up in the league table of the global economies.

Soon the Indian economy will be inching toward becoming part of the top three economies.  

A lot of global capital will move into the country. For that accountants will have to give confidence to investors across the globe, Khara said while