Dear Professional Colleagues,
As, I reflect over the recent developments and emerging trends shaping the future of the profession, I understand that one of our profession’s main premise is about building better future and supporting economic progress of society. As professionals, our role is to facilitate the development of society by effectively linking various aspects of performance, value creation, trust-building reforms, and innovative transformations that foster growth in a constantly evolving environment. Through our unique contributions, we aim to imbue economic progress with the qualities of resilience and sustainability, ultimately paving the way for a prosperous future for all.
Professional skepticism, judgement, and ability to create value have all contributed to the ascent of profession by fostering a sense of trust and confi dence among stakeholders. With the changing face of finance and its interplay with technology, and sustainability, the profession is poised to advance greater good in society by blending modern thinking with traditional approach to meet and realise the hopes and expectations of all stakeholders.
Over time, our profession has gradually become not only a guardian of public interest but also a reliable advisor to government bodies, institutions, and industries. Efficient Public finance has always been a key metric of the economy. As a professional our responsibility also scales up to the government to provide them with new avenues of revenue generation and devise innovative reforms for better efficiency. This issue of CA Journal discusses the various aspects of public finance and corporate finance. As we contemplate the future of our profession, the demands placed upon us will extend beyond the scope of audits, such as guaranteeing equitable and comprehensive growth, enhancing quality of life, creating value, and enhancing the reporting framework. Essentially, as a profession, we must continuously evolve and remain ahead of the curve, with the measure of our success being the advantages that the nation experiences.
Here are some of the recent developments related to the profession:
International Initiatives - Expanding Globally
Renewal of MoU with ICAEW
I am pleased to share with you that the MoU with the ICAEW, after receiving approval from the Union Cabinet, was renewed on April 24, 2023 in London. Ms. Julia Penny, President, ICAEW and Myself signed the MoU, on behalf of respective Institutes, in presence of CA. Ranjeet Kumar Agarwal, Vice President, ICAI along with other Council Members from ICAI and senior functionaries of ICAEW. The association between ICAI & ICAEW dates back to 2008 when the fi rst MoU was signed between the two bodies.
The renewal of this MoU would continue to enable appropriately qualifi ed members of either institute to join the other institute by receiving appropriate credit for their existing accountancy qualifi cation and bring a lot of professional opportunities for Indian CAs in UK. Further discussions were held with ICAEW on various issues of mutual interest like sharing of best practices in education and examination; Joint research in contemporary areas such as Technology, Sustainability, Insolvency, ESG and other emerging areas.
During the visit, Myself and CA. Ranjeet Kumar Agarwal, Vice President, ICAI along with the delegation also met with H.E. Mr. Vikram Doraiswami, Hon’ble Indian High Commissioner to United Kingdom and discussed regarding opportunities for ICAI Members in UK & proposal to increase ICAI’s presence in UK & Europe. It was also a pleasure to meet Mr. Andreas Barckow, Chairman, International Accounting Standard Board-IFRS Foundation and Ms. Linda Mezon Hutter, Vice-Chairman International Accounting Standard Board- IFRS Foundation for development of best financial reporting practices.
Meeting with PAIB and AICPA
I along with CA. Nihar N. Jambusaria, Past President, ICAI attended the IFAC PAIB Advisory Group meeting in New York. The meeting deliberations highlighted and discussed the changing professional landscape, emerging challenges being faced by the profession and the strategies for growth in consonance with time.
During the visit, I also met with Ms. Susan S. Coffey, Chief Executive Offi cer – Public Accounting, the American Institute of CPAs on March 30, 2023 wherein amongst others discussions were held on exploring possible MRA.
Launch of Arizona Chapter of ICAI
The Arizona Chapter of ICAI was inaugurated on March 31, 2023. This is the 8th Chapter of ICAI in the USA and overall 45th Chapter of the Institute. ICAI has chapters and Representative Offi ces spread across the globe in order to be able to serve the members better by positioning the Brand ‘CA India’ globally; to create more professional avenues; to assist in informational resource. Shri Randhir Jaiswal, Hon’ble Consul General of India to New York, USA graced the occasion as Chief Guest along with myself and CA. Ranjeet Kumar Agarwal, Vice President, ICAI and Ms. Helen Partridge, Director of Accountancy Education, IFAC joined virtually.
ICAI Global Professional Accountants Convention (GloPAC)
It gives me immense pleasure to announce that the ICAI has decided to organize its fi rst ever “Global Professional Accountants Convention” (GloPAC), on the theme- “Connecting the Globe, Creating Value” on November 24- 26, 2023 at Gandhinagar, Gujarat, India.
Today, the world is looking upto India as it has emerged as the Accounting and Finance hub of the world. The GloPAC would provide an apt opportunity for Indian CAs to connect with global players and enhance their professional opportunities.
GloPAC will be organized annually by the ICAI in place of the International Conference and will be a premier conference for accounting and fi nance professionals looking to expand their exposure and an apt opportunity to connect with global peers.
Meeting with Stakeholders
As an institution, we strive to continuously engage with the stakeholders to understand and realising their expectations. The institute and profession always endeavours to steer the agenda of development by learning from stakeholders and working along with them. In this context, I along with Central Council member ICAI, CA. Charanjot Singh Nanda had the pleasant experience of meeting Mr. Injeti Srinivas, IAS (Retd.), Chairman, International Financial Services Centres Authority (IFSCA), wherein discussions were held to build India into a leading Finance and Accounting Hub.
I along with the CA. Ranjeet K. Agarwal, Vice President, ICAI, CA. (Dr.) Debashis Mitra, Immediate Past President, ICAI & Shri Vijay K. Jhalani, Advocate, Govt. Nominee met Shri Rajesh Verma, Secretary to Hon’ble President of India. During the meeting, discussions were held about the development of the profession along with the economic progress of the country.
I along with Central Council Members CA. Prasanna Kumar D & CA. Abhay Kumar Chhajed also met Smt. Anjali Goyal, IRAS, Member (Finance) Railway Board on 17th April, 2023 and discussions were held to work together in further augmenting the accounting and fi nancial reporting system in the railways.
On 19th April, 2023, CA. Ranjeet K. Agarwal, Vice President - ICAI along with Central Council members CA. Umesh Sharma & CA. Abhay K. Chhajed met Dr. Bhagwat K. Karad, Hon’ble Union Minister of State for Finance and deliberated on promoting Financial & Tax Literacy across the Country by Ministry and ICAI.
ICAI Conferred with Green Ribbon Champions Award
ICAI has been at the forefront for leading the ESG drive in India with its pioneering initiatives like bringing out Social Audit Framework & Social Audit Standards, Standard on Assurance Engagements (SAE) 3410 - “Assurance Engagements on Greenhouse Gas Statements”, coming out with Sustainability Reporting Maturity Model (SRMM) Version 2.0, ICAI Sustainability Reporting Awards, and Certifi cate Course on BRSR, etc.
It gives me immense pleasure to share that ICAI has been conferred with the Green Ribbon Champions Award by Network 18 for its commitment to Sustainable Accounting, Leadership role and commitment towards sustainability and inspiring work in making the world a greener place, in Delhi. The Award was presented by Shri Rohit Kumar Singh, Secretary, Consumer Affairs, Food and Public Distribution, Government of India.
You may recall, last year, ICAI also successfully hosted one of the largest accountancy events in the world - the 21st edition of the World Congress of Accountants (WCOA) on the theme – ‘Building Trust Enabling Sustainability’, which was the fi rst Carbon Neutral Congress in the history of WCOA.
Past President’s Meet
“If I have seen further it is by standing on the shoulders of Giants.” – Isaac Newton.
As we are entering into the 75th year of this coveted profession, our eyes are on building the blueprint for the next 25 years for the profession. We thought it fi t to learn from valuable experience of our Past Presidents to envision the profession in 2049 and put in place the broad contours for the next leap of growth of the profession. A meeting of Past Presidents was held on 21st April, 2023 to build the roadmap for supporting the sustainable and inclusive economic development of the nation as envisioned in the Amritkaal, and accordingly take measures to build the future ready profession to navigate the new economic order.
Regional Councils Chairmen Meet
An Interactive meeting with the Regional Councils Chairmen was held on 20th April, 2023 with all the fi ve Regional Councils Chairmen namely CA. Arpit Kabra, WIRC, CA. Gaurav Garg, NIRC, CA. Debayan Patra, EIRC , CA. Panna Raj S., SIRC and CA. Kishore Bardia, CIRC. In the meeting it was discussed and deliberated to work at the grassroot level with the stakeholders with the objective to promote various initiatives like Financial and Tax Literacy, empowering MSMEs and supporting local bodies to adopt accrual accounting. The meeting also deliberated on changing profi le of the profession and Chairmen were requested to create awareness amongst the members in their region about the emerging professional avenues.
Partners in Progress - MoUs for Capacity Building of MSMEs & Startups
MoUs with Government of Kerala and Odisha
MSMEs empowerment is one of the key focus areas in ICAI and various initiatives are taken in this direction by the ICAI through its Committee on MSME & Startup. The ICAI strives to build a cohesive ecosystem for supporting competence and capacity building of MSMEs by entering into MoUs with State Governments and institutions. Recently, the Institute signed MoUs with the Government of Kerala in Ernakulum on 01.04.2023 and the Government of Odisha in Bhubaneswar on 15.04.2023 for the development and capacity building of MSMEs in the respective states.
MoU for Capacity Building of Startups
The Institute has also signed MoU with AICMahamana Foundation for Innovation and Entrepreneurship IM BHU, Varanasi & AICNalanda Institute of Technology Foundation, Bhubaneswar, Odisha, for Capacity Building of Startups through ICAI Startup Gateway. These institutions are envisioned to be center for all Startup stakeholders to develop an end-to-end innovation and entrepreneurial ecosystem by creating pathways from “Mindto- Market”. The said arrangements aim to promote startups and support the government of India’s vision for entrepreneurship development, innovation culture and mutual integration of Startup Ecosystem.
Celebrated ‘Accounting Standards Day’
ICAI recognised and celebrated April 21st as the ‘Accounting Standards Day’ to mark the importance & significance of Accounting Standards in establishing a sound and robust financial reporting framework in the country. Financial statements prepared in accordance with accounting standards bring out transparency and accountability which, in turn, builds the trust and confidence of stakeholders in the financial health and sustainability of business entities. On April 21, 1977, the Accounting Standards Board was constituted to establish sound financial reporting system in India. Accounting Standards have evolved over a period of 46 years which has enabled transformation of Indian financial reporting systems and practices to becoming global standards. Accounting Standards forms a base for tax, governance, credit, investment and sustenance. I believe that strong accounting principles and practices, as well as a commitment to comply with these regulations create a solid foundation for the growth and success of business entities and economy.
In Conclusion
As a facilitator of credibility to the country’s financial structure and system, it is imperative that we should possess the most advanced skills, up-to-date knowledge, a clear mission, and the highest level of integrity to keep pace with the evolving facets of the Indian economy. It is our responsibility to embody excellence and ethics to meet the expectations of our nation today and in the future. The most crucial attribute of our success story is the dedication of us Chartered Accountants to lifelong learning and adaptability to the changing times. In this era of rapid transformations, ones who continue to learn will rise and thrive. As said by Albert Einstein, the measure of intelligence is the adaptability to change.
At this point I wish all my stakeholders to work smart, live healthy and enjoy every moment.
Jai Hind, Jai ICAI !!
CA. Aniket Sunil Talati
President, ICAI
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