**Summary:**
In response to Lok Sabha Starred Question No. 2 on July 21, 2025, the Minister of Finance and Corporate Affairs confirmed that India has been elected uncontested to the United Nations Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) for the term 2025-2027. The election took place at the United Nations Economic and Social Council (ECOSOC) management session in April 2025. As a member of ISAR, India will contribute to improving the quality and international comparability of financial reporting and non-financial disclosures. This includes participating in global harmonization efforts of reporting frameworks and standards and shaping policies that promote economic stability, enhance investor confidence, and encourage sustainable financial practices.
Key Entities Referenced
MINISTERY OF CORPORATE AFFAIRS: A ministry within the Government of India responsible for corporate affairs.
LOK SABHA: The lower house of the Parliament of India.
International Standards of Accounting and Reporting ISAR: An initiative related to accounting and reporting standards at the international level.
Dr. Amar Singh: A member of the Lok Sabha who posed a question to the Minister of Corporate Affairs.
SMT NIRMALA SITHARAMAN: The Minister of Finance and Corporate Affairs.
United Nations Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting: A United Nations working group focused on international standards of accounting and reporting (ISAR).
United Nations Economic and Social Council ECOSOC: One of the six principal organs of the United Nations, responsible for coordinating the economic and social fields of the organization.
2025-27: The term for which India has been elected to the United Nations Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting ISAR.
GOVERNMENT OF INDIA
MINISTERY OF CORPORATE AFFAIRS
REPLY TO THE PARLIAMENT QUESTION
LOK SABHA
STARRED QUESTION NO. 2
ANSWERED ON MONDAY, THE 21ST JULY, 2025/
ASHADHA 30 1947 (SAKA)
Election to International Standards of Accounting and Reporting (ISAR)
QUESTION
*2. Dr. Amar Singh:
Will the Minister of CORPORATE AFFAIRS be pleased to state:
(a) whether India has been elected uncontested to the United Nations Inter-
Governmental Working Group of Experts on International Standards of
Accounting and Reporting (ISAR) for the
term 2025-27.
(b) if so, the details thereof; and
(c) whether India’s participation during the term will contribute to shaping
global policies that promote economic stability, enhance investor
confidence and encourage sustainable financial practices and if so, the
details thereof and if not, the reasons therefor?
ANSWER
THE MINISTER OF FINANCE AND (SMT NIRMALA SITHARAMAN)
CORPORATE AFFAIRS
(a) , (b) & (c): - A statement is laid on the Table of the House.STATETMENT REFERRED TO IN REPLY TO PARTS (a),(b) & (c) OF THE
STARRED QUESTION NO.2 FOR ANSWER IN LOK SABHA ON 21.07.2025.
(a) & (b): Yes Sir, India has been elected by acclamation as a member of the
United Nations Intergovernmental Working Group of Experts on International
Standards of Accounting and Reporting (ISAR) for 2025-27 term at the United
Nations Economic and Social Council ECOSOC management session elections
in April 2025.
(c) India as a member of the Intergovernmental Working Group of Experts in
International Standards of Accounting and Reporting can play a pivotal role in
improving the quality and international comparability of financial reporting
and non-financial disclosure, including through contributing to continued
global efforts towards harmonization of reporting frameworks and standards
and shaping policies that promote economic stability, enhance investor
confidence and encourage sustainable financial practices.