What evidence is there of British influence

on accounting in India?

Introduction

One of the major economic developments of this decade has been the economic growth of India with growth rates averaging in excess of 8% for the past years.
The British influence on accounting in India is a reality. Mostly due to the history and the political role of Britain in India, the British influence on accounting appears as an obvious fact. This essay will show you in which way government accounting in India largely follows the British pattern, giving each point which is relevant in this regard.

Overview

The United Kingdom of Great Britain and Nothern Ireland is the Union of England, Scotland, Wales, and Northern Ireland. The term Britain is often used for the United Kingdom. “British” is used to describe accounting in the United Kingdom.
India is the second most populated country in the world (1.11 billion). Hindi is the official language of India but English is largely used by government, science business and education. In 1619 until the end of the 17th century the British military posts and trading stations were established all over the India. The British continued to expend their influence into way to have the political, military and economical power. After the second world war and the intervention of Ghandi and Nehru the disobedience of Indian people increased against the British power. As a consequence, the independence from the British in 1947, India inherited one of the world’s poorest economies, but also one with arguably the best formal financial markets in the developing world, with four functioning stock exchange and clearly defined rules governing finance and accounting; a well-developed equity culture if only among the urban rich; a banking system with clear lending norms and recovery procedures; and better corporate laws than most other old colonies. After independence, a decades-long turn towards socialism put in place a regime and culture of