ICAI plans to broaden scope for better effectiveness
March, 04th 2010
Interacting with the Chennai Media Corps as for the first time, President of ICAI CA Amarjit Chopra outlined the thrust areas for the year 2010 - 2011. Mr. Chopra said, today, the profession stands on a very strong foundation built since its inception. Once known as a 'traditional bean counter' the Chartered Accountant is today regarded as a multi- dimensional professional offering a complete gamut of business solutions. ICAI is all set to act as a catalyst and facilitate the implementation of IFRS in India.
Pointing out that the ICAI believes in advance preparation and planning, Mr. Chopra said that, to that end, it is felt that specified Indian corporate should be ready to comply with International Accounting Norms by April 1,2011. After deliberating on the various parameters to be applied as criteria for selection of the companies to be brought under the ambit of IFRS converged standards, it was suggested that the implementation of the IFRS converged standards should take place in a phased manner. This step by step induction is crucial to enable both the corporate as well as the profession to transit smoothly to the new converged standards while also giving an opportunity to understand its ramifications, both positive and negative. The IFRS will be introduced in India with respect to certain specific entities with effect from April, 2011.
Mr. Chopra further said that the focus this year will be to undertake research projects for Industry and Government particularly in such fields where the Institute can come up with clear suggestions with regard to optimum utilization of scarce resources of the economy. The Institute is also involved in actively making suggestions to Central and State Governments on various economic and commercial legislations. ICAI is also closely coordinating with various regulators like SEBI, IRDA, RBI etc. to ensure the compliance stipulated by them.
He added that the CA professionals were growing appreciably and have reached 1.60 lakhs currently, from a mere 1700 in 1949. ICAI is the 2nd largest accounting body in the world. Globally recognized for its high standards, the Institute has come a long way from 257 students enrolled in the Institute in 1949 to as many as 6.20 lakhs students on roll today. ICAI has 5 regional councils, 125 branches, and 34 central level committees. The Indian CA has transcended boundaries and many of them are working abroad supported by 21 chapters overseas.
The future of the profession envisages the amalgamation of the present knowledge economy and the expectations of the stakeholders. The ICAI is striving to develop its professionals duly dovetailed into skill sets as required by the emerging economy. ICAI's standards are considered to be world class and reviewed at regular intervals in the dynamic context.
The Strategic framework of ICAI in the current context focuses on the following action points:-
Efficient Administration through IT initiatives
Enhancing quality of Board of Studies including the course on General Management Communication Skills (GMCS)
Providing coaching classes either through IT medium or through physical structure to the students.
Re-orienting the examination system in a manner to test the application skills of the students.
Capacity building of small and medium practitioners through modified networking, merger, de-merger schemes and also by making them available the knowledge portal at negligible costs.
Optimum utilization of Centres of excellence.
Creating an atmosphere for the congenial relationship with all sisters' institutes.
Creating physical as well as IT infrastructure.
Ensuring speedy and effective Disciplinary mechanism.
Enhancement of professional opportunities for members both in practice and as well as in industry and at the same time ensuing maintenance of quality of services by the member through updating of their knowledge through Continuing Professional Education Programs (CPE). To create awareness amongst industry/trade, members and public at large with regard to the GST thereby facilitating the implementation of the same by providing suggestion and training to Government to ensure compliance and smooth transition to GST.
CA. G. Ramaswamy, the newly elected Vice President of ICAI hailing from Southern Region, on his maiden visit to Chennai, said that ICAI had conveyed suggestions on Direct Taxes Code ranging from Ability to pay, Equitable Principle of equity, Principle of Natural Justice, Simplification to create positive impact on economic development of India and as a business centre. These issues were deliberated upon very seriously with CBDT officials. He further stated that the detailed inputs and their implications are being comprehensively discussed by the Institute and waiting for the final version of the Direct Tax Code from the Government.