A Press Meet has been organized by Eastern India Regional Council of
ICAI on Wednesday, 9th May 2012 at Hotel Hindustan International,
Kolkata.
CA.Jaydeep N. Shah, President, ICAI and CA.Subodh Kumar Agrawal,
Vice-President, ICAI, CA. Prasun Kr. Bhattacharyya, Chairman, Eastern India
Regional Council along with other Regional Council Members and Central Council
Members from Eastern Region were present for the media interaction.
An update on the recent initiatives taken by the Institute for members,
students and in various other areas is mentioned below:
1)The Working Group set up by RBI had made
recommendations and it was proposed to carry
out changes in
allotment of bank
branch audits of the
public sector banks
by raising the
minimum threshold (advances) limit
of branches which
will not be subject to audit by
statutory auditors. It was mainly proposed that all branches having outstanding
advances of Rs20 crore and above as on March 31, 2012, need to be audited for
the year 2011-12. And of the remaining(branches
having outstanding less
than Rs20 crore),one fifth
branches were proposed
to be selected
at random in such a way that all the remaining branches are audited
at least once
in five years.
2)ICAI had
approached the capital market regulator SEBI and proposed that ICAI can act as
an extended arm of the SEBI in monitoring the Market Intermediaries like
Brokers, Merchant bankers, depositories, clearing corporations, Mutual Funds,
etc. ICAI also offered help and involvement in the forensic cell of SEBI to
establish and verify disclosures made by companies in their IPO offer documents
and also to take up cases related to accounts related financial malfeasance.
3)ICAI, with a
view to converge with IFRSs, had formulated the Indian Accounting Standards
(Ind ASs), which were approved by the NACAS and, thereafter, by the Ministry of
Corporate Affairs (MCA). ICAI will also be revising/issuing new Ind ASs
which will be issued by the IASB so that whenever the Government decides to
converge with IFRS, the Ind ASs corresponding to the IFRS effective on that
date are available.
IASB has undertaken
project of revising its Standard on leases. The aim of the project is to
develop a new single approach to lease accounting that would ensure that all
assets and liabilities arising under lease contracts are recognised in the
statement of financial position (balance sheet) of the lessee. The IASB had
issued an Exposure Draft of the proposed IFRS in 2010.The ICAI is organising an
outreach meeting with IASB to provide inputs from India on the proposed IFRS on
Leases on May 09, 2012 at Mumbai. The meeting will be attended by various
industry representatives, professionals, other stakeholders and experts on the
subject.
Initiatives towards Nation building:
• Indira Gandhi Open University (IGNOU)
• Netaji Subhash Open University (NSOU)
• Bharathiar University (BU)
• University of Madras (UNOM)
• The biggest issue before the institute is
‘globalisation of Indian accountants’. India is growing at a rapid pace. As a
part of International initiatives, ICAI would like to have strategic
collaborations with more international accounting bodies so that it can provide
a global outlook to CA members.ICAI is a founder member of various
International professional bodies and is playing a prominent role through its
nominees who have worked and are working on the Governing Council as well as
various Committees of those bodies.
• MoUs/MRAs with various Accounting Bodies: The Institute has signed MoUs/MRAs with various
Accounting Bodies namely:
• The Institute of Chartered Accountants in England
& Wales
• The Institute of Chartered Accountants of Australia
• CPA Australia
• CPA Ireland
• Canadian Institute of Chartered Accountants
• Association of International Accountants (AIA), UK
• This step entails coming together of the two
Accounting bodies working in tandem with each other to provide synergy. These
agreements facilitate mobility of members across the borders and further
strengthen the ties between India and its counterpart in other country. The
Institute is also working on a similar agreement with the New Zealand Institute
of Chartered Accountants.
·
Benefits to
Overseas citizens of India: A group had been constituted by the Institute to consider appropriate
steps for identifying a qualification bridging mechanism in line with the
arrangements in place for MOU, MRAs with various International accounting
bodies and feasibility of considering provision to be prescribed for licensing
of Overseas Citizens of India and to work out the modalities therein. The
proposed scheme, if approved ,will give an opportunity for Overseas Citizen of
India (OCIs) Chartered accountant professionals to practice the accountancy
profession in India subject to the conditions as laid down in the said scheme
of bridging qualification mechanism.
CA.Jaydeep N. Shah, President, ICAI and CA.Subodh Kumar Agrawal,
Vice-President, ICAI, CA. Prasun Kr. Bhattacharyya, Chairman, Eastern India
Regional Council along with other Regional Council Members and Central Council
Members from Eastern Region were present for the media interaction.
An update on the recent initiatives taken by the Institute for members,
students and in various other areas is mentioned below:
1)The Working Group set up by RBI had made
recommendations and it was proposed to carry
out changes in
allotment of bank
branch audits of the
public sector banks
by raising the
minimum threshold (advances) limit
of branches which
will not be subject to audit by
statutory auditors. It was mainly proposed that all branches having outstanding
advances of Rs20 crore and above as on March 31, 2012, need to be audited for
the year 2011-12. And of the remaining(branches
having outstanding less
than Rs20 crore),one fifth
branches were proposed
to be selected
at random in such a way that all the remaining branches are audited
at least once
in five years.
2)ICAI had
approached the capital market regulator SEBI and proposed that ICAI can act as
an extended arm of the SEBI in monitoring the Market Intermediaries like
Brokers, Merchant bankers, depositories, clearing corporations, Mutual Funds,
etc. ICAI also offered help and involvement in the forensic cell of SEBI to
establish and verify disclosures made by companies in their IPO offer documents
and also to take up cases related to accounts related financial malfeasance.
3)ICAI, with a
view to converge with IFRSs, had formulated the Indian Accounting Standards
(Ind ASs), which were approved by the NACAS and, thereafter, by the Ministry of
Corporate Affairs (MCA). ICAI will also be revising/issuing new Ind ASs
which will be issued by the IASB so that whenever the Government decides to
converge with IFRS, the Ind ASs corresponding to the IFRS effective on that
date are available.
IASB has undertaken
project of revising its Standard on leases. The aim of the project is to
develop a new single approach to lease accounting that would ensure that all
assets and liabilities arising under lease contracts are recognised in the
statement of financial position (balance sheet) of the lessee. The IASB had
issued an Exposure Draft of the proposed IFRS in 2010.The ICAI is organising an
outreach meeting with IASB to provide inputs from India on the proposed IFRS on
Leases on May 09, 2012 at Mumbai. The meeting will be attended by various
industry representatives, professionals, other stakeholders and experts on the
subject.
Initiatives towards Nation building:
• Indira Gandhi Open University (IGNOU)
• Netaji Subhash Open University (NSOU)
• Bharathiar University (BU)
• University of Madras (UNOM)
• The biggest issue before the institute is
‘globalisation of Indian accountants’. India is growing at a rapid pace. As a
part of International initiatives, ICAI would like to have strategic
collaborations with more international accounting bodies so that it can provide
a global outlook to CA members.ICAI is a founder member of various
International professional bodies and is playing a prominent role through its
nominees who have worked and are working on the Governing Council as well as
various Committees of those bodies.
• MoUs/MRAs with various Accounting Bodies: The Institute has signed MoUs/MRAs with various
Accounting Bodies namely:
• The Institute of Chartered Accountants in England
& Wales
• The Institute of Chartered Accountants of Australia
• CPA Australia
• CPA Ireland
• Canadian Institute of Chartered Accountants
• Association of International Accountants (AIA), UK
• This step entails coming together of the two
Accounting bodies working in tandem with each other to provide synergy. These
agreements facilitate mobility of members across the borders and further
strengthen the ties between India and its counterpart in other country. The
Institute is also working on a similar agreement with the New Zealand Institute
of Chartered Accountants.
·
Benefits to
Overseas citizens of India: A group had been constituted by the Institute to consider appropriate
steps for identifying a qualification bridging mechanism in line with the
arrangements in place for MOU, MRAs with various International accounting
bodies and feasibility of considering provision to be prescribed for licensing
of Overseas Citizens of India and to work out the modalities therein. The
proposed scheme, if approved ,will give an opportunity for Overseas Citizen of
India (OCIs) Chartered accountant professionals to practice the accountancy
profession in India subject to the conditions as laid down in the said scheme
of bridging qualification mechanism.
