Materials are inferior to the spirit. They cannot be enjoyed beyond a single life. The spirit is indestructible. Therefore, an understanding of its true nature is a cardinal aim of India and her indigenous religions.
Core values affect accounting. You have to keep track of your most precious assets. Society demands accountability for liabilities. There are notions of profit. Losses are perceived in a number of ways. Money is one of them.
Financial systems are related to worldly matters. They are followed in India as in other countries. Colonial powers have contributed the Industrial Revolution, professional business management, and the stock market system to the world, apart from Christianity.
Islam traverses the material and intangible worlds in its own way. It not only prescribes a philosophy of higher living, but dictates how business and commerce should be run as well.
India is blessed. She has received the fruits of western thoughts, as well as the full spectrum of Muslim evolution. Both western and Islamic systems of banking and commerce are welcome in this Holy Land. All religions are protected by the Constitution.
India does not receive alone, but offers just as lovingly. We have our unique system of accounts. Hindus and Sikhs both believe in Karma. Accounting is of actions and thoughts, rather than in currency terms. Reporting is to the Living Guru rather than to a stock exchange. The period of review covers an entire lifetime. The dividend is paid in terms of the next life, while the present form of the spirit represents accounts of the previous life. A business organization plans for future growth. Indian scripture aims for salvation.
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