Cost accountants suggest simple format to collect cos data
New Delhi: Amid instances of people getting duped by fraudulent money pooling schemes, the Institute of Cost Accountants of India (ICAI) on Saturday suggested a simple format for collecting financial data that would help the public to have a better understanding about the activities of companies.
"This simple format providing the aggregated revenue, cost and resulting profitability business vertical-wise will be a key input for the public to get an insight into the activities carried out by a company," the Institute of Cost Accountants of India said.
In a statement, the Institute said it would provide all support, if required, to any government agency in efforts to curb incidence of defrauding investors by promising logically improbable returns on investment.
"The Institute is also deeply concerned about the millions of investors who have been duped by wrong and misleading information provided by the corporate at the same time escaping legal action in the name of complying with the laid down legal procedures," it said.
Set up by an Act of Parliament, the institute regulates the cost and management accounting profession and practices in the country.
Various central government agencies are taking steps against alleged illegal raising of money by entities.
Following the instance of Kolkata-based Saradha group duping investors through money pooling scheme coming to light, the government has initiated a multi-agency crackdown on such activities.