CorporateMOM
Corporate Management Orbiter Mission.
Podcast Episode 89 Why do we need an ICGI? For Accounting to Accountability
7.02 Why we need ICGI – Accounting.mp3
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Podcast Episode 89 Why do we need an ICGI? For Accounting to Accountability
Why do we need ICGI? For Accounting to Accountability
Here are 5 key points summarized from the transcript:
1. The Institute of Corporate Governance of India (ICGI) is needed to move from accounting towards accountability in corporate governance.
2. Cowrie shells were widely used as currency across many regions, including India, from ancient times until around World War I.
3. Modern accounting practices evolved from simple shopkeeper ledgers to more complex systems as businesses grew larger, but the core principles remained transactional.
4. The role of a modern Chief Financial Officer (CFO) is compared to that of a “Gumazda” (accountant) from 2,000 years ago, suggesting that accounting fundamentals have not changed significantly.
5. The transition from cowrie shells to modern currencies took a long time, with attempts to introduce alternatives (like copper coins) often failing to displace cowrie shells initially.
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