Dear All,
Let me start my message with the words of a Gandhian Nobel Peace Laureate, Martin Luther King, Jr.: Let us not wallow in the valley of despair, I say to you today, my friends. And so even though we face the difficulties of today and tomorrow, I still have a dream…I have a dream that one day this nation will rise up and live out the true meaning of its creed: “We hold these truths to be self-evident, that all men are created equal.” I have a dream that one day…the sons of former slaves and the sons of former slave owners will be able to sit down together at the table of brotherhood. I have a dream that one day even…a state sweltering with the heat of injustice, sweltering with the heat of oppression, will be transformed into an oasis of freedom and justice. Equality of mankind-in terms of religion, race or sex-is the most fundamental premise of all change and development. I believe in it and I would recommend all to believe in it. Believe me, the change and development so achieved will be sustainable.
Now, let me take this opportunity to inform that our Institute and profession have touched new heights and reached some of the unfathomed corners of Building blocks of the profession are being consolidated and empowered. We are assisting the Government in streamlining their accounting procedures and responding actively to their requests and suggestions to satisfaction. The Chartered Accountants Act, 1949 is being revised to suit the needs of the hour. Our initiative to grow awareness about accountancy has not only helped the profession domestically by increasing number of students opting for CA education, but internationally too by creating space for Indian academics and professionals from the field of accountancy. New buildings are getting ready to house the ever-increasing actions for associates and fellows of the profession.
We are reaching our international stakeholders with our expertise in accounting and our strong conviction to help the industry in resolving the riddles of accountancy ethically. New Branches and overseas Chapters are being opened. New tie-ups in form of MRAs and MoUs are being formed. There have always been solid reasons why various world accounting associations like IFAC and IASB acknowledge our active role and contributions for the cause of profession. We are constantly creating new platforms and voicing our concerns for the profession at all possible and existing international forums of accountancy. Organising international conferences for members, academics, students and other related professionals is not only our effort to lodge our active presence but also to help and consolidate our profession globally. We are converging our accounting standards to bring ourselves on an international footing without losing our identity, as we fully understand our people and society, and their needs. We are really working hard to advance the cause of profession globally towards creation of a true international accounting fraternity. We are sure we will always have a bigger share in that fraternity. Therefore, we have decided and acted upon to converge our accounting standards with the IFRSs instead of changing ourselves and writing new codes of standards. We are playing a crucial role in this process of convergence in our nation by issuing the converged Standards efficiently.
It is a fact that our Institute and our profession have recorded a huge progress since its inception and, in fact, we have come far far ahead since then. Some of the significant achievements and decisions of the Institute regarding the profession in this Council year (2010-11) have been listed immediately after this message for your information. Meanwhile, let us look at some of the recent significant developments and opportunities created for the profession in particular and for our nation in general:
Shri Murli Deora Our New Corporate Affairs Minister |
We are happy to learn that Shri Murli Deora, a politician of long standing and senior Minister in the present Cabinet serving as Petroleum & Natural Gas Minister for the second time, has joined the Ministry of Corporate Affairs as Cabinet Minister succeeding Shri Salman Khurshid. Under his leadership, we wish, the Ministry of Corporate Affairs to usher in a new era of change, development and growth. We take this opportunity to congratulate and welcome Shri Deora for this appointment. We sincerely hope and are sure that his able leadership will create new pages in the development of corporate governance. We assure him to continue with our complete and dedicated cooperation, support and assistance, which we were extending to the outgoing Minster of Corporate Affairs Shri Salman Khurshid. |
International Initiatives |
International Conference on Accountancy Profession: We are glad to inform that International Conference on Accountancy Profession: Catalyst to Sustained Economic Growth was successfully held with more than 1,100 participants at Vigyan Bhawan in New Delhi. Chief Guest Hon’ble Union Minister of Finance Shri Pranab Mukherjee inaugurated the Conference. He also released six of our publications on the occasion. The then Hon’ble Minister of Corporate Affairs, Shri Salman Khurshid and Hon’ble Deputy Chairman, Rajya Sabha, Shri K. Rahman Khan graced the inaugural session as Guests of Honour, and Secretary of Ministry of Corporate Affairs Shri R. Bandyopadhyay was the Special Guest. An MoU with the Higher Colleges of Technology, UAE, was signed during the Conference. Shri Khurshid distributed the ICAI Awards for Excellence in Financial Reporting to the awardees for the year 2010. Eminent national and international experts from the field of accountancy addressed various sessions, which include C&AG of India Shri Vinod Rai, Planning Commission Member Shri Arun Maira, Controller General of India Shri C. R. Sundaramurti, NACAS Chairman CA. Y. H. Malegam, Financial Commissioner (Railways) Shri Samar Jha, IFAC CEO Mr. Ian Ball, IASB Vice-Chairman-Elect Mr. Ian Mackintosh, IAASB, Deputy Chair Ms. Diana Hillier, CPA Australia CEO Mr. Alex Malley, ICAA CEO Mr. Graham Meyer, SAFA immediate-past- President Shri Komal C. Chitracar, ICAP President Shaikh Saqib Masood and ICAWEW Vice-President Mr. Mark Spofforth. A cultural programme was organised at Siri Fort Auditorium for the dignitary delegates. On the last day, a joint Declaration was signed with Association of International Accountants, UK, which bestowed the undersigned with its honorary membership. To keep participants abreast of sessions during the Conference, a Daily Chronicle was published on all days covering the events and deliberations of the day. The details of the Conference are published elsewhere in this Journal. |
Representations and Meetings with Government Bodies |
Report to Parliamentary Standing Committee on Finance: We wish to inform that final consolidated report of ICAI on the Direct Taxes Code Bill, 2010 has been submitted recently to the Parliamentary Standing Committee on Finance, which has also desired to have a hearing of ICAI representatives later on the Bill. The undersigned and ICAI Vice-President CA. G. Ramaswamy along with Central Council colleagues CA. Jayant Gokhale and CA. M. Devaraja Reddy, and Secretary to Direct Taxes Committee of ICAI CA. Mukta K. Verma were nominated to represent the Institute for the same. Responding to request of oral hearing of ICAI representatives on the Bill, CA. Ramaswamy, and CA. Gokhale along with CA. Verma appeared before the Parliamentary Committee and presented the ICAI views on the Bill. |
Initiatives for Members |
More Recognition of CA Course: We are happy to report that Indian Institute of Management (IIM, Kozhikode, Kerala) and National Law School of India University, Bangalore have extended facility to our members to pursue Fellow Programme i.e., PhD programme. |
Development in IFRS Convergence |
Out of 38 IFRSs, we have sent 35 Indian Accounting Standards to NACAS to be forwarded to the Ministry of Corporate Affairs for notification. Out of the balance three, IFRS 9, Financial Instruments, and IAS 26, Accounting and Reporting by Retirement Benefit Plans, are not required to be notified at present, and IAS 41, Agriculture, has to be redrafted and, hence, need not be notified now. |
Infrastructural Initiatives |
New Branches of ICAI: We are delighted to inform that Latur Branch of WIRC was recently inaugurated by Shri Vilas Rao Deshmukh, the then Union Minister of Heavy Industries and Public Enterprises, and presently Union Minister for Rural Development and Panchayati Raj in the presence of the undersigned, Central Council colleagues CA. S. B. Zaware, CA. Jaydeep N. Shah and CA. Rajkumar S. Adukia, and WIRC Chairman CA. Sanjeev D. Lalan. The undersigned also formally inaugurated the Sri Ganganagar Branch of CIRC in the presence of Central Council member CA. Anuj Goyal and CIRC Chairperson CA. (Ms.) Kemisha Soni. |
Other Initiatives |
ICAI Vision & Mission Statement: It is a matter of satisfaction for us that draft Vision and Mission Statement of the Institute and profession has been postulated, which was placed as agenda item in a recent Council meeting for deliberation. Meanwhile, task to consolidate the key inputs and insights collected at various Vision Interactive Workshops has been initiated to draw out a comprehensive strategy and roadmap for achieving the Vision and Mission practically and qualitatively. |
Results of Final and Final (New) Examination, and CPT Declared |
We wish to inform that results of Final and Final (New) Examination held in November 2010 and Common Proficiency Test held in December 2010 have been declared. We are happy that overall results this time are better than satisfactory. In Final Examinations, on an average 10.79 per cent students have passed in both the groups against appearing in both; 29.65 per cent and 19.32 per cent students have passed in first and second group respectively against appearing in respective groups. In Final (New) Examinations, on an average 9.344 per cent students have passed in both group against appearing in both; and 20.37 per cent and 11.33 per cent students have passed in first and second group respectively against appearing in respective group. Toppers in Final and Final (New) Examination are from various regions. |
----------- |
Let me recall here the confession of a celebrated journalist Shri Khushwant Singh: It is work...that keeps me going... No matter what happens I don’t let everyday tensions come in the way of my work and the deadlines I have for the day. I jot down my deadlines for the day in the morning itself and don’t retire till I have completed the day’s work... There is really no substitute for work. I find myself in complete agreement with what he says. These are my recommendations too, to the members, students and staff of my Institute. I would like to assure them that the Council of the Institute will continue to work towards the growth and welfare of both the Institute and the profession. I have always believed in what John F. Kennedy had once told his citizens: … ask not what your country can do for you - ask what you can do for your country… what together we can do for the freedom of man. Let us show what we can do together for the uplift of the profession and the image of the Institute. |
May flowers always line your path and sunshine light your day. |
It may appear that a certain moment is over, but let me give you another perspective that together we have created some of the best moments of pride for the profession as well as for the Institute in the recent past and we will continue this joint endeavour in future too. Though some of our endeavours may suffer due to discontinuity, but endeavours of greater concerns will continue to stay before us till they get fulfilled; winds may extinguish a candle but eventually fan a fire, it is said. I have come to understand and realise that our journey in life is not about knowledge about everything we desire, but about taking our life head on and making the best of it with all our heart and courage. |
The task stands accomplished Nay-it has just begun |
Adieu! |
CA. Amarjit Chopra |