The Institute of Chartered Accountants of India (ICAI) has been a strong believer and ardent practitioner of the dictum “Knowledge is Power”. The education pedagogy and the curriculum followed by ICAI is regarded as one of the best in the world and is in conjunction with the International Educational Standards. Accounting Standards issued by ICAI in the area of financial reporting are paving the path for the growth of Indian economy. These standards are set through an immaculately laid down system based on careful studies of International standards and unique aspects of Indian systems.

Research, being an integral corollary of any education system, has always been a quintessential tool used in ICAI to understand various practices and phenomena involved in the evolution of various standards and is instrumental in providing guidance to the business fraternity. ICAI has been extending its research-based services to a number of organizations in the form of studies, opinions, suggestions, guidance and research inputs thereby helping them to raise the bar of financial reporting, auditing, corporate governance, strategic management and managerial systems.

As a major thrust towards the area of research, ICAI had initiated Research Project Scheme 2020, under the aegis of Research Committee of ICAI to encourage keen researchers to undertake research projects on contemporary topics. Taking the above endeavour one step further, ICAI has taken up ICAI Research Project Scheme, 2021 to further promote research in the areas of accounting, fiscal and economic issues.

We are sure that the scheme will encourage all Chartered Accountants specially to those possess prior experience in research domain and have served as the faculty of reputed academic Institutes to take up research projects and derive practical implications that may be of use to stakeholders at large. We are very hopeful that research work and the findings shall prove to be useful for the regulators and policy makers in taking key decisions for the ultimate benefit of the society in general.

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