The vicissitudes and progressions in business practices, legal framework and escalating complexities in the dynamic milieu have led to a radical transfiguration of role of accounting. The traditional role of stewardship has been replaced by a proactive role in financial decision making, strategic management, constructing resilient internal controls and a forceful role in
planning taxes so as to abate tax burden and capitalize on income, within the legal boundaries. Accounting professionals, in this era of globalization, have been progressively levitating their standards to match the global parameters with emphasis on greater accountability and transparency, to bring the Indian and global perspectives together on issues of contemporary relevance to accountancy profession.