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profession in the world. He continued: Then: Being a 66 year-old institution, the ICAI with more than 235,000 members and 832,000 students, has played a crucial role in the economic development of our country…it has to play a bigger role in reforming the government accounting managing the losses of PSUs and investing in financial research.
Chief Guest Union Minister for Railways Shri (CA.) Suresh Prabhu made hard and important statements, and congratulated the ICAI President for his commendable job. He expressed: The Institute
must align immensely with the national priority schemes such as Make in India, Swachh Bharat Mission and Jan Dhan Yojana. He made an appeal to the ICAI to adopt Indian railway stations and help them in keeping them neat and clean. According to him, the mantra to accelerate growth is: search for domestic and global market and develop competition in overseas market. He
|advised the ICAI to launch portals where ICAI and Railways can work together.
ICAI Vice-President CA. Manoj Fadnis proposed the vote of thanks. He thanked both the Chief Guest and the Guest of Honour for their august presence, and expected that participants would be immensely benefited by the sessions and panel discussions of all the three days of the Conference.
Accountancy Profession-Meeting Governance Mandate ICAI Central Council member CA. Charanjot Singh Nanda hailed the role being played by various regulatory bodies
of SAARC countries under the supervision of SAFA. ICA Nepal President CA. Narendra Bhattarai drew the delegates’ attention to the situation of poor governance in most developing countries. He categorically appreciated the Indian Prime Minister for putting governance on high pedestal, i.e. Minimum Government, Maximum Governance. Chartered accountants with their character, capacity and commitment could play a decisive role in governance, he expected.
SAFA President Mr.
Arjuna Herath provided a brief account of SAFA, its activities and reminded the accountancy professionals that there could be many who talked about corporate governance but no single entity was custodian of corporate governance; chartered accountants could contribute here and professional rise across the entire South Asian region.
In the Session on India Emerging as Global
|Accountants’ course today is highly cost-effective in nature when compared to other professional courses, and this fact has helped the students from even very humble background in joining the journey of accountancy profession. He reminded the delegates that the ICAI today is the second largest accounting body and accountancy is the most popular profession in the world. ICAI President assured all the participants present that ICAI had been pursuing the agenda of accountancy through its 5 Regional Councils, 147 Branches and 26 Foreign Chapters in the world. ICAI has actively contributed to the all three special initiatives of the Indian Prime Minister, i.e. Swachh Bharat Abhiyaan, Make in India campaign and Jan Dhan Yojana, while extending unceasing support to all government departments and offices.|
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|a Mohandas Pai, Padma Shri awardee, advised the Indian professionals to increase their global competitiveness and that India must adopt the best global practices in accountancy, bring its regulations at par with the global standards, and provide chartered accountants an environment 3. where they could provide services globally with 4. ease.|
|The | session was moderated by ICAI Central Council member CA. Abhijit Bandyopadhyay|
|and the vote of thanks was proposed by ICAI Central Council member CA. Praful Chajjed.|
ONGC Executive Director Shri Alok Mishra addressed the delegates on Corporate Social Responsibility- Responsible Growth; Inclusive Development while justifying
social responsibility could actually lead organisations to attain a sustainable, inclusive and responsible development.
The first day also witnessed releases and launches of books and service portals at the hands of the Chief Guest Union Railways Minister Shri (CA.) Suresh Prabhu during the inaugural session.
- Portal for Senior Members
- BNA Bloomberg
- ICAI National Helpline Books
- FAQs on Management Accounting
- Technical Guides on Service Tax-Works Contract, CENVAT Credit, Mizoram VAT, Assam VAT, Uttarakhand VAT and Delhi VAT
Goods & Service Tax Kit Compendium of Generic Internal Audit Guide (Vol. I & II)
Day 2: Ind AS Implementation Deliberated from Perspectives of Regulators, Corporates and Government
International Conference on Accountancy Profession—Building Global Competitiveness; Accelerating Growth proceeded to DAY 2 successfully with enthusiastic participation of delegates and positive and constructive deliveries of national and international high-profile and prolific technical experts/ speakers. The day started on a strong note with its first session on financial reporting with a focus on governance and sustainability.
Session I: Essence of Reporting- Governance and Sustainability
ICAI Central Council member CA. Shiwaji Bhikaji Zaware
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|Special Address—Essence of Leadership and Contours of Holistic Living
The Art of Living spiritual leader Sri Sri Ravi Shankar brought a thematic shift in the ongoing discussion of the International Conference and spoke on leadership and its connection with the
i.e. environmental, economic and social, as ingredients of integrated reporting.
The first session started on a positive note with a powerful delivery from the Chief Strategy Office of the IIRC (International Integrated Reporting Council), Mr. Jonathan Labrey, on the topic, Moving towards Integrated Reporting. He advised the delegates that in order to deal with financial instability and capital core solution, intellectual, human and natural capitals including strategy and business management could be introduced. Integrated reporting environment that can bring consistency in reporting norms globally can be achieved by encouraging innovation, gaining trust from long-term investors, etc., among others.
ICAI Central Council member CA. Shiwaji Bhikaji Zaware offered the vote of thanks and appreciated the speaker for his message of live and let live and his practice by that.
IFRS Implementation: Key Learnings The second part of Session I, i.e. Essence of Reporting—Governance and Sustainability, started with an assortment of perspectives (e.g. regulators, corporate and government) on the issue of IFRS implementation. ICAI Central Council member CA. Sanjay Agarwal introduced the speakers and moderated the session.
To provide the Indian Government’s perspective on IFRS implementation, Ministry of Corporate Affairs Joint Secretary Shri Ajai Das Mehrotra presented the views and opinions of the Government on the matter.
He accepted that the Government had recognised the role of chartered accountants, and the Section 211 of the Companies Act, 1956 and Section 133 of Companies Act, 2013 could be referred to corroborate the same.
While recognising the importance of universal financial reporting for a robust economy, he informed that the implementation of Indian accounting standards had been proposed in three phases.
ICAI President CA. K. Raghu then invited the next speaker to address the corporate perspectives of the IFRS implementation. A series
of perspectives in implementation was reported by Executive Director and Chief Finance Officer of WIPRO Ltd., CA. Suresh Senapathy, who said that raising funds across borders was going to be an increasing trend, while highlighting the Indian PM’s vision of upgrading India’s economy from a $2 trillion to $20 trillion. He discussed the preparedness of India to implement IFRS by redesigning the IT and MIS systems, assessing impact on debt covenants and ratios, calibration of compensation measurement systems, etc., among others. India must embrace IFRS and lead with advocacy in the international community collaboratively.
NACAS (National Accreditation of Accounting Standards) Chairman (and ICAI past-President) CA. Amarjit Chopra provided an insider’s perspective on behalf of the nations’ regulators. He appreciated the robust process followed by ICAI in formulating the Indian accounting standards converged with the IFRSs and their commendable job in this regard. He said: ICAI took IFRS as the starting point and made required changes in sync with the accounting principles and practices and economic conditions prevailing in India. He said: For me, IFRS means Indian Formulated Reporting Standards.
ICAI Vice-President CA. Manoj Fadnis and Central Council member CA. Sanjeev Chaudhary were also present on the dais during the session.
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holistic approach to living. He informed that life might be viewed through three Cs—context to life, commitment to life and compassion. He indicated the fact that we were more committed to accessories and infringements rather than to the life’s core. He conducted yogic and meditation exercises with the delegates and said that such exercises that are easily doable in office could help us in having a stress-free life.
ICAI Central Council member CA. Anuj Goyal offered the vote of thanks to the spiritual leader. ICAI Vice-President CA. Manoj Fadnis was also present on the dais.
Session II: Managing Change – Regulation and Developmental Context
ICAI Central Council member CA. Naveen N. D. Gupta moderated this post-lunch session. He said that change was the only constant thing in the world.
Accountancy and assurance expert CA. P. R. Ramesh took the opportunity to address the delegates on Assurance Services: Moving beyond Regulatory Requirements Global Perspective and informed that assurance function had moved towards risk-based function and that the role of auditors was dynamic in scope. He said that auditor independence is one of the fundamental professional challenges. There are three essential phases of a transformation—orient (explore and envision), embark (design and act) and evolve (learn and adapt). In order to survive, human beings would have to justify and create value in what they do, he opined.
The vote of thanks for the session was jointly proposed by the ICAI Central Council members CA. Mukesh Singh Kushwah and CA. Atul Kumar Gupta.
Special address: International Taxation- Building Industry Competitiveness in the Borderless Economy
While speaking on international taxation, industry competitiveness and borderless economy,
- T. P. Ostwal stressed on a strong relationship between global trade and IT practices, and informed that technology evolves faster than taxation; therefore, taxation had to be updated. International mergers and acquisition, inbound structuring, taxation of immigrants and emigrants, and advance pricing arrangements are among the emerging areas in global practice in taxation. E-commerce is another challenging sector for taxation.
This session was moderated by ICAI Central Council member CA. Dhinal Ashwinbhai Shah and the vote of Thanks was offered by the ICAI Central Council member CA. M. Devaraja Reddy.
Session III: Management and Leadership: Frontiers of Growth
In the third session, Le. Management and Leadership—Frontiers of Growth, ICAI Central Council member CA. Charanjot Singh Nanda introduced the speaker, Shri Ashish Kumar Chauhan and welcomed him.
BSE (Bombay Stock Exchange) Managing Director and Chief Executive Officer Mr. Ashish Kumar Chauhan informed that he clearly dreamt of a situation when inflation, fiscal deficit and current account deficit would come down. Other than them, goods and services tax, labour laws and revenue deficit are other problematic issues. He praised technological developments (e.g. nanotechnology, cloud campus, robotics, etc.) for effecting a positive change in industry. Role of a stock exchange is to mobilise household savings, channelise savings for capital market use, fund entrepreneurs who create jobs, etc., among others.
ICAI Central Council member CA. Jay Chhaira offered the vote of thanks