Dear Professional Colleagues,
"Sustainable development is the pathway to the future we want for all. It offers a framework to generate economic growth, achieve social justice, exercise environmental stewardship and strengthen governance." - Ban Ki Moon, Former UN Secretary General
As we celebrate India's G20 Presidency, the ascent of India as a global leader has been inspiring. As India hosts the G-20 Summit this month it is a very proud moment for all of us to showcase our potential not only as a 'Youth Nation' with innovative and entrepreneurial mindset, but also as a voice for Oneness, Inclusivity Equality and Sustainable growth, as envisaged in our G-20 theme "One Earth, One Family, One Future" or "Vasudhaiva Kutumbakam". The future of global economy lies on the path of sustainable development, as it is paramount to bring Environmental, Social and Governance (ESG) consideration as the focal point of financial reporting to counter climate change and make earth a better place for all. The drive towards Sustainable development, is a long road, and we should be mindful and realistic of our short-term, mid-term and long-term priorities; align our resources optimally in creating a more prosperous and sustainable world steadily. On a global scale, organizations are increasingly shifting towards adopting a responsible, growth-oriented economic framework for Sustainable Development. In India, the Securities and Exchange Board of India (SEBI) has revised its Business Responsibility & Sustainability Reporting (BRSR) format, integrating BRSR Core consisting of a set of Key Performance Indicators (KPIs) / metrics under 9 ESG attributes. From the financial year 2023-24, the updated BRSR format is to be used for BRSR disclosure adherence as a part of their Annual Reports which is already mandatory for the leading 1,000 listed entities based on market capitalization. Notably, SEBI has now outlined that commencing from the financial year 2023-24 foremost 150 listed entities shall mandatorily undertake reasonable assurance of the BRSR Core, which will gradually to be adopted by all 1000 companies by the FY 2026-27. Furthermore, disclosure of ESG aspects within the value chain will be obligatory for the foremost 250 listed entities commencing from the financial year 2024-25, on a comply-or-explain basis. These disclosures of value chain will also require limited assurance from FY 2025-26. These steps would mandate the industry to make committed transition towards sustainability reporting. The Institute of Chartered Accountants of India (ICAI) has been at the forefront of leading this movement by setting up the Sustainability Reporting Standards Board in 2020, to formulate standards which are in sync with Indian economy while being benchmarked to International practices. Since inception, the Board has made long strides in building a multi-stakeholder ecosystem to drive the movement of sustainability by creating awareness, competence and standards for compliance. The Institute is working with the regulators and institutions in a proactive manner and taking all necessary steps to develop Sustainability Reporting framework in India. Certificate Course on BRSR and formation of Institute of Social Auditors of India (ISAI) are the landmark step in this regard. This special edition of the journal is on Sustainability reporting to provide a forum to comprehend this evolving field and get acquainted with the recent developments. In the last 74 years we have phenomenally grown to be the largest accounting body in the world. It inspires me to see the growth of the members and institution since 1st April 1950, when there were just 1,689 members- 569 Fellows and 1,120 Associates and today we are more than 3,90,000 members. Further, today our members, the institute and profession are making impact across India by expanding its presence since formation of six branches in April 1962 namely, Ahmedabad, Pune, Coimbatore, Madurai, Bangalore, and Hyderabad to 171 branches (3 branches approved by the Council and under notification). Today we are contributing to the development of Bharat at grass root level with our presence in all States and 7 UTs. Let's have a look at some of the significant developments that took place since our last communication:
International Initiatives
- ICAI Global Professional Accountants Convention (GloPAC) We are fully geared up to welcome you all to the GloPAC- a congregation of brilliant minds from across the globe, converging to forge strong bonds and move ahead into a future of new emerging possibilities. This innovative and futuristic forum will provide you a transformative experience and will galvanise your professional growth through networking and learning new global experiences and knowledge. Over an engaging three-day span, luminous plenary sessions and resounding keynote addresses will provide a comprehensive outlook on the ever-changing finance landscape, while navigating the emerging trends, challenges, and opportunities that will define and shape the present and future of our profession. Further, the GloPAC will feature parallel tracks on Technology & Start-up, Emerging Avenues, Global Connect and Professional Excellence, designed to cater to distinct interests and professional aspirations of the delegates which will enable one to explore new avenues and build global connections. I urge you to register and be a part of the most prestigious global event for professional accountants and let's join hands to commemorate 75 years of trust, as we progress together on the path of growth and development.
- MoU between ICAI & CA Maldives I am elated to share with you all that the ICAI and the Institute of Chartered Accountants of the Maldives (CA Maldives) has signed a Memorandum of Understanding (MoU) to strengthen their bilateral ties during the SAFA IFRS and ISAs Forum 2023 hosted by CA Maldives on August 20, 2023. The objective of MoU is to establish mutual cooperation for the advancement of Accounting Knowledge, Professional and Intellectual Development, advancing the interests of their respective members and positively contributing to the development of the accounting profession in the Maldives and India.
- SAFA events in Maldives Institute of Chartered Accountants of the Maldives hosted the SAFA IFRS and ISAs Forum on August 19 and 20, 2023 and SAFA committee meetings and the SAFA Board meeting on August 21, 2023. I along with CA. Nihar N. Jambusaria, Past President, ICAI and President, SAFA attended the SAFA Board meeting on August 21, 2023, and respective ICAI representatives attended the other SAFA Committee meetings.
- Convention on Insolvency Resolution - Resolve 2023 ICAI through its Committee on Insolvency & Bankruptcy Code has successfully organized a two-day International Convention on Insolvency Resolution "RESOLVE- 2023" on the theme "Enabling Resolution Maximizing Value" on 4th- 5th August, 2023 at Singapore in association with the Insolvency and Bankruptcy Board of India (IBBI) and Indian Institute of Insolvency Professionals of ICAI (IIIPI) sharing and facilitating knowledge about best practices and emerging developments in the insolvency globally. RESOLVE-2023, which was held for the first time, attended by over three hundred professionals and other key stakeholders in person. The Convention was graced by the presence of Guest of Honour Mr. Vikram Nair, Member of Parliament, Republic of Singapore and Special Guests to the Convention, Hon'ble Justice Ashok Bhushan, Chairperson, National Company Law Appellate Tribunal and Mr. Sudhaker Shukla, Whole Time Member, IBBI. This Convention shall go long way in establishing brand CA on global landscape as part of our going global strategy.
Hon'ble Finance Minister graced ICAI National Conference
Recently I alongwith ICAI Vice President CA. Ranjeet Kumar Agarwal attended the National Conference at Bhubaneswar on the theme 'Possibilities for CA Profession in Digital Era' which witnessed the benign presence of Smt. Nirmala Sitharaman, Hon'ble Union Minister for Finance & Corporate Affairs as Chief Guest and Shri Dharmendra Pradhan, Hon'ble Union Minister for Education, Skill Development and Entrepreneurship as Guest of Honour. The Hon'ble Chief Guest impressed upon the Chartered Accountants to develop expertise and competence in new areas like ESG and Carbon Accounting. Further, she lauded the role of ICAI in spreading financial literacy amongst masses and urged to take it to all corners with the help technology and use regional languages to enhance its outreach amongst the masses.
Confluence on ICAI Vision 2049
A Confluence on ICAI Vision 2049 (VI-CON) with an objective to outline the institute's strategic path for the future was organized by Strategy Perspective Planning & Monitoring Committee on 1st and 2nd August, 2023, in Kevadia, Gujarat, wherein the Government Nominees on the Disciplinary Committee of ICAI, Appellate Authority and Members on Board of five Section 8 Companies constituted under the aegis of ICAI namely ISAI, XBRL, ICAI ARF, IIIPI and ICAI RVO were participated. The Confluence delved upon building a cohesive approach that sets the stage for developing broad contours of ICAI's path toward defining its Vision 2049 to continue to be pillars for economic development. During the Confluence, the significant points identified for further working are actively engaging with stakeholders to address the perception and expectation, embracing technology and upskilling members. Notably, sustainability emerged as a central theme, with members stressing the need for strategic focus on this vital aspect.
Pillars of Growth and Development - Collaborating with Stakeholders
As a Partner in Nation Building, it is our conscious and conscientious endeavor to engage, collaborate and work with Government, Ministries and its various constituents providing support in the required areas such as research, capacity building & training or support in policy development, with the spirit that together everyone achieves more. The following initiatives were taken in this regard:
- Inspiring Life with Education - MoU with Government of Goa A significant stride taken by ICAI towards fostering excellence, disseminating knowledge, and nurturing collaborations that enrich both academia and industry. The Institute through Board of Studies (Academic) has entered into a Memorandum of Understanding (MoU) with Goa State Higher Education Council (GSHEC) and the Directorate of Higher Education (DHE), Government of Goa. The MoU Exchange ceremony took place in the esteemed presence of Hon'ble Chief Minister of Goa, Shri Pramod Sawant, and Secretary of Ministry of Education & Director, DHE, Shri Prasad Lolayekar during the Council Meeting on 14th August in Panaji, Goa. I am pleased to share that over the past two months, ICAI, through the Board of Studies (Academic), has entered into 12 more MoUs with other educational institutions from all over the country. The objective of these MoUs is to stimulate and facilitate the development of collaborative and mutually beneficial programmes, which will serve to enhance the intellectual life and cultural development within both ICAI and the respective Institutions.
- MoU signed with the Comptroller & Auditor General Office The ICAI (through its Committee on Public and Government Financial Management) signed a MoU with the O/o C&AG on 9thAugust, 2023 to collaborate on accounting & auditing issues and to strengthen accountability mechanism for good governance in local self-government bodies including all three tiers of Panchayat and Municipal Bodies. From ICAI, the MoU was signed by CA. (Dr.) Jai Kumar Batra, Secretary, ICAI and Ms. Yashodhara Ray Chaudhuri, Additional Deputy C&AG (Local Bodies) signed on behalf of the C&AG.
- Commemoration of Indian Cost Accounts Services Day Recently I had the privilege to interact and address the past and present officers of Indian Cost Accounts Services (ICoAS) on the occasion of Indian Cost Accounts Services Day on 9th August 2023 wherein Chief Guest was Finance Secretary and Secretary, Department of Expenditure Shri T. V. Somanathan. The event had also the presence of Shri Tuhin Kanta Pandey, Secretary, DIPAM. The role of ICoAS officers has been paramount in the economic development of the nation with their support and suggestions in bringing efficiency and cost reduction in government functioning.
- Capacity Building Initiatives for ICLS Officials The ICAI is being recognised for its knowledge prowess and it is matter of pride that the institute, as per request of ICLS Academy, provided training to the Indian Corporate Law Service (ICLS) officials wherein knowledge has been imparted about the functioning of the institute, standard setting boards and also about disciplinary process. I am sure that all these developments reflect the continuous trust and faith bestowed by the government and its constituents in the contribution being made by the ICAI and further strengthen our position as 'Partner in Nation Building' and 'Pillars of Economic Development'.
Conclusion
Teachers are the backbone of any country, the pillar upon which all aspirations are converted into realities - Dr. A.P.J. Abdul Kalam
Today our nation and the profession has leapfrogged into the bigger league on the global canvas. As we enjoy the admiration and respect of the world, earned over more than last seven decades with dedication, determination and discipline, we must remember our guiding lighthouses, our beacons of strength, architect shaping our dreams, moulding our characters, showing conviction on us, our parents, teachers, gurus, mentors who have steered us on the path of glory and success. On this Teacher's Day lets' bow to our revered pillars of strength, who with their knowledge, experience and teaching are transforming India, our lives and our profession. On this Independence Day, our Hon'ble Prime Minister emphasised that India's greatest strength is Trust, and it is the cornerstone for the nation's progress towards a brighter future. Moving ahead sustainable development will be the central theme of India's growth story, and it's imperative to foster a culture of conscientious choices and ethical practices to make positive impact not only on profit, but also on people and planet. As a profession, we continue to illuminate the path towards sustainable practices by working towards integrating environmental, social, and governance considerations into financial reporting; the profession is empowering decision-makers to drive growth that is both economically rewarding and environmentally responsible. As I am finalising this message, my heart filled with sense of immense pride on India's historic achievement in mission Chandrayaan - 3 and I take this opportunity to join hands with nation to congratulate the team ISRO for their untiring efforts and relentless pursuit in making history. What a great achievement to become the first Country to reach South pole of moon. Mission Chandrayaan -3 is an important scientific milestone and ignites our passion to think that everything is possible, as it signifies the importance of dreaming big, being different & persistent, never say never spirit, long range planning and execution, risk mitigation and ability to think & innovate at critical movements are truly inspirational. These qualities are important for professional success too. Once again congratulations to the entire nation on this historic achievement. Jai Hind, Jai ICAI !
CA. Aniket Sunil Talati
President, ICAI
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