ICAI to draft accounting norms for carbon trade

India is spearheading the process of establishing accounting standards in emission trading.

Even though enough carbon credits are being generated and transacted under the Kyoto Protocol, there are currently no international accounting standards on emissions. To enable India take the lead on this front, the Institute of Chartered Accountants of India (ICAI) - a statutory body established under an Act of Parliament - is soon going to constitute an expert group to formulate a draft to establish accounting standards on emissions.

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It is good to see the an Indian body is in forefront of setting accounting standard. I do not have a clue what it is all about. Can someone comment on it.

Regards,

Santosh Puthran

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