Celebrating Accounting Foundations
Diamond Jubilee Celebrations of SIRC: Just couple of years back it was very special moment for all of us when we celebrated Diamond Jubilee year of the Institute with great enthusiasm. We have similar occasions to celebrate this year as well in which all of our Regional Councils are entering their Diamond Jubilee year. More reasons of happiness will come as many Branches are also entering/completing their Golden or Silver Jubilee. It’s really time for celebrations, and personally it’s very satisfying to be part of these moments of joy and happiness as President of this esteemed Institute.
It was quite heartening for me to participate in the inaugural function of the Diamond Jubilee Celebrations of the Southern India Regional Council in Chennai along with the ICAI Vice-President CA. Jaydeep N. Shah. CA Final Examinations Gold Medallist CA. S. Viji, Chairman, Sundaram Finance Limited and Managing Director, Brakes India Limited, was the Chief Guest, and Shri Nalli Kuppuswami Chetti, Managing Partner, M/s. Nalli Chinnasamy Chetty also graced the occasion. The occasion grew all the more important with the presence of past-Presidents and past members of the Central Council of the Institute, past-Chairmen of SIRC, past members of the Regional Council of SIRC, present members of our Central Council and the Regional Council of SIRC. It was heartening to note that senior most members had come to receive the honours with enthusiasm, which is a sign of our neverending involvement and dedication for profession. I would like to fondly recall here that the SIRC had celebrated its Golden Jubilee in 1999 during my term as SIRC Chairman. It was a proud privilege for me to be one of the recipients of the award being the past- Chairman of SIRC. I also had the honour of unveiling the Diamond Jubilee logo of SIRC and releasing a four-page supplement booklet on the occasion.
Fifth Anniversary of Kuwait Chapter of ICAI: I am happy to share with you that our Kuwait Chapter celebrated its fifth anniversary and I was more than happy to attend the function with ICAI Vice-President CA. Jaydeep N. Shah. The patron of the Chapter and Ambassador of India His Excellency Shri Ajai Malhotra was present on the occasion. Chairman of the Chapter CA. M. S. Mathew, founder Chairman CA. Jagdeesh Joshi and other members along with their family participated in the celebrations. The ambassador expressed his pleasure on the Chapter getting the due recognition with the presence of ICAI leadership, and said that many large businesses in Kuwait relied on and respected the professional standards of our members of the Chapter. I acknowledged his compliments with gratitude and said that our members had earned this reputation through their professional integrity following the high ethical standards, and informed the gathering of our professional agreement with other international professional accounting bodies.
Initiatives for Members
ICAI Connect - Membership Revival Campaign: It is quite satisfying to acknowledge that a membership revival campaign, ICAI Connect, has been launched among the chartered accountants in industry. It has been observed that many members working in industry do not renew their membership, which prevents them from getting latest updates on development in the profession. We will make a special effort to reach out to those members through ICAI-Connect programmes to be held at various corporations. I would request the membership to help us in this noble and benevolent initiative, ICAI Connect, and make this revival campaign a grand success.
Capacity Building Measures: Tax Suite/ROC software: I am pleased to inform you that the Executive Committee of the Institute has decided to procure the tax compliance software called Tax Suite which combines facility for income tax, TDS, audit reports, project report/CMA, Form Manager, Annual Information Return, Service Tax and document management, to empower our members for their general and specific practices. The Committee has also decided to procure the ROC software pertaining to manage all secretarial requirements and generating all forms as per the MCA-21 requirements, which will provide our members a facility to prepare auto filling of e-forms, shares records/certificates, meetings and minutes, resolutions/drafting, annual return forms, and maintain their registers and reports. The content of these software will be made available shortly on the ICAI website, so that the software setup may be downloaded and installed conveniently, free of cost.
Chain of Workshops on XBRL: In my last communication, I had informed that the Ministry of Corporate Affairs had mandated certain class of companies to file their financial statements in XBRL format for the year ended 31st March, 2011. In order to educate our members on XBRL and providing handson training on the process, XBRL India has planned a chain of workshops to be organised at various locations across the country. During the first phase, workshops will be organised to provide training on XBRL filings in selective big cities using the resources of the Information Technology Training Centres of the Institute. Three leading companies having expertise in XBRL filings will be the knowledge partners for this initiative. I sincerely hope that this training will help our members to understand XBRL, which is emerging as the most popular reporting language across the world. In view of the importance and need, we have also focused on XBRL in this issue of the Journal and five articles on the subject have been published. More articles and case studies will also be published on regular basis in the coming months to educate the members.
Group on LLP Conversion Formed: In my last communication, I had also informed that the Council had decided to allow all CA firms to convert themselves into LLPs which would enable CA firms to grow bigger and increase their capacity. Pursuant to this decision of the Council, rules for conversion and format for preferring an application for conversion into LLP are required to be formulated. Accordingly, a group has been constituted for this purpose with my Central Council colleague CA. S. Santhanakrishnan as its Convenor and Central Council colleagues CA. Abhijit Bandhyopadhyay, CA. Manoj Fadnis, CA. Jayant P. Gokhale, CA. Charanjot Singh Nanda and CA. Dhinal Ashvinbhai Shah as its other members, for making suitable recommendations for the consideration of the Council.
ICAI-BU Coordination Committee Meeting: Recently, a meeting of the ICAI-BU Coordination Committee was held in New Delhi, represented by the Vice-Chancellor Dr. C. Swaminathan and other senior officials from the Bharathiar University (BU) and myself, ICAI Vice-President CA. Jaydeep N. Shah, ICAI Secretary Shri T. Karthikeyan, Director Board of Studies Shri Vijay Kapur from the ICAI. I am happy to share with you that the Coordination Committee has decided to increase the number of admissions to the various courses under the joint programme. The Committee also decided to hold a joint seminar in the month of June/July 2011 and to hold the Examination from 2nd June, 2011, to 7th June, 2011, in six centres, viz. Delhi, Kolkata, Coimbatore, Mumbai, Chennai and Ernakulam. I sincerely hope that the students would do well in the coming examinations.
Special Campus Placements Programmes
Special campus placement programme was organised to appoint Education/Executive Officers in the Institute. Hundred candidates have been shortlisted for the final round of interviews out of more than 1000 registrations for this placement. The recruitments of our young members would be for our technical and non-technical Committees with a view to provide better services to the growing membership. Campus placement for small- and medium-sized enterprises and CA firms was also organised at eight centres in Ahmedabad, Bangalore, Chennai, Kolkata, Mumbai, Nagpur, New Delhi and Pune quite successfully. I am sure such special placements will eventually empower our small and medium firms in building their capacities.
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Summer has finally arrived at our doors equipped with abnormally soaring temperatures. Despite a timely start, there have been a lot of irregularities in our climate in the recent past and this appears to be alarming. Somewhere our irresponsible and noncommittal attitude towards our existence as well as our atmosphere, towards our heritage as well as our future, and towards our sense of righteousness as well as the forbidden is responsible for all such critical existences. If we continue with such attitude, we may invite larger environmental crises in our lifetime.
I know one thing: our training as chartered accountant has taught us to be ethical and responsible. Now let this training transcend its spirit on to our way of living. And I am sure, we will be able to build a better and secure time for our generation next.
Let our professional ethics and integrity take over the reign of our life. Amen!
CA. G. Ramaswamy
President, ICAI
May 25, 2011