The Institute of Chartered Accountants of India (ICAI)

As one of the prominent accounting bodies worldwide, The Institute of Chartered Accountants of India (ICAI) has achieved recognition for its contribution in the fields of education, professional development, maintenance of high accounting, auditing and ethical standards. The Institute has been playing a proactive role in formulation and implementation of technical standards on accounting

Starting with a handful of about 1700 members, today, the strength of Chartered Accountant fraternity has grown to over 2.25 lakh members. On the education front, the ICAI began with mere 259 students and today approximately 8 lakh students are a part of ICAI. The ICAI has 5 Regional offices and 146 branches all across the country.The ICAI overseas Chapters continue to spearhead ICAI work program in 23 important jurisdictions globally.

In the year 2014-15, the focus is to “Move Towards New Frontiers” through undertaking specific initiatives mentioned in the Action Plan 2014-15.(Attached )

Areas of Strategic Focus

Members in Industry

• Institutionalizing interface with members-in-Industry in standard-setting process.
• Taking steps to enhance employment opportunities for Chartered Accountants in Government Departments and PSUs.
• Making online provision for member support services. Upgrading the Grievance Management System.
• Undertaking steps to enhance participation of companies in Campus Placement

  Members in Practice

• Introducing new Certificate Courses to equip the members to venture into new and emerging areas of practice.
• Identifying and addressing the new facets of audit emerging from the Companies Act, 2013 – internal control framework, risk management, fraud detection, internal audit and rotation of audit.

• Developing SMP kits including practice manual for  audit compliance.
• Promoting development of IT-based tools for managing the professional practice.

Young Member’s Empowerment

• Introducing ICAI Youngest CFO Award Introducing mentorship programmes for hand-holding the young CAs.

Women Empowerment

• Organising specialised training programmes for women members to prepare them for the role of women directors in companies.

• Promoting flexi working hours for women members through a dedicated women portal.
• Introducing ICAI Women Achiever’s Award to acknowledge and honour the accomplishments and contributions by women members 

Technology Initiatives

• Setting up ICAI Global Technology Centre.

• Establishing ICAI Knowledge Gateway with specialized knowledge under one roof.
• Introducing advanced ITT hi-tech labs to provide training to our students.
• Providing service interface through the Mobile-App of ICAI.
• Launching Online Store of ICAI. 

Student Initiatives

• Reviewing the course curriculum to meet the changing needs of society-: The Council of the Institute has constituted a High Powered Committee to review the existing scheme of Education and Training in a comprehensive manner so as to be in tandem with the anticipated changes in the economic environment.  
• Making training framework more focused on practical learning.
• Organizing capacity-building programmes for firms to impart articleship training to provide guidance in methodology and mechanism to make the training more effective.
• Opening 100 reading rooms and e-libraries across the nation to provide better infrastructure facilities to our students.
• Introducing Cloud Campus, a next generation interactive learning management system for Students-: With a view to bring all knowledge resources such as e-learning lectures, Power Point Presentations, Podcasts, etc. available on the Institute's website, it is intended to harness technology further and built up a Cloud Campus so that the education is easily accessible as well as become interactive to the extent possible. 

Global Recognition

Promoting the ICAI’s qualification abroad by reciprocal recognition through potentially important accountancy jurisdictions:

ICAI currently has MoUs with the following Accounting Institutes of the world:

·   Institute of Chartered Accountants in England & Wales

·     Institute of Chartered Accountants of Australia

·  Canadian Institute of Chartered Accountants

·   Association of International Accountants

·    New Zealand Institute of Chartered Accountants

ICAI has entered into MRAs with the following Accounting Institutes:

·         CPA Australia

·         CPA Ireland

These MRAs foster working relations between the two accounting institutes. The members at either end get opportunity to expand their profession horizon.

Developing interface and communication channels with multilateral forums including global standard-setters for twinning arrangements on technical cooperation, standard setting and rechannelling thought leadership to reflect the Indian perspective:

The ICAI recently hosted the International Forum of Accounting Standard Setters (IFASS) Meeting and the IFRS Regional Policy Forum at New Delhi, India. Various countries across the globe participated at the said events.

Strengthening the existing foreign chapters and opening up new chapters of ICAI in the countries of strategic importance to India:

Opening up of Chapters abroad provides various facilities for ICAI members in foreign land such as training members for up-gradation of their knowledge and skills; conduct post qualification courses for members, technical documentation and the Chapter acts as a bridging unit for information regarding professional opportunities in the foreign country for members in India and vice versa. The ICAI had recently established its 23rd Chapter in Uganda.

ICAI is alsoLaunching welcome kits for its members intending to go abroad to help them to establish an interface with the country intended to visit to leverage Global Opportunities.

Extending technical cooperation to emerging and least developed economies, with a focus   on Middle East and African nations:

ICAI is also extending technical cooperation to countries like Pakistan, SriLanka and Bangladesh for institutionalization of accountancy profession and is in dialogue with various other countries wherein the framework for accounting infrastructure does not exist to develop the accounting profession in such countries. Talks regarding opening up of Chapters in cities like Vancouver (Canada), Dar-E-Salam (Tanzania) is also in process.

Research Initiatives

·      Bringing out sector-specific research publications to provide better insight into the complex issues faced by the businesses today.

Latest Initiatives undertaken

ICAI TV Channel – The Government of India, on January 2, 2009, had launched a centrally Sponsored Plan Scheme, namely, the National Mission on Education through Information and Communication Technology (NMEICT). This activity has the potential to revolutionize education delivery across the length and breadth of the country in a highly cost effective manner. For the viewers the service would be free.

In order to make use of the modern technology for its registered students, the ICAI has in the past been using all possible ICT modes, including delivery of audio video lectures extensively through GyanDarshan etc.In pursuit of fulfilling the objective of Ministry & ICAI to work together on this project, ICAI recently signed an MOU with MHRD to use the upcoming DTH platform of MHRD i.e. ICAI T. V. Channel for the benefit of more than 8 Lakh students pursuing Chartered Accountancy Course across the country.As a matter of fact, the ICAI is the first professional education body in the country to sign the first MOU for sharing the MHRD DTH Platform.

Work Shop with Election Commission-A workshop on “Election Expenditure Monitoring and Auditing and Accounts of Political Parties” was recently organized by Election Commission of India (ECI). The above workshop was attended by representatives of ICAI, officials of ECI and Auditors of some of the Political Parties. A presentation on “Guidance Note on Accounting and Auditing of Political Parties” was made by ICAI during the workshop. At the workshop “Draft guidelines on transparency and accountability in party funds and election expenditure matter” prepared by the ECI were also discussed. Some of the proposals from the aforesaid guidelines are as mentioned below:

• Political Parties to follow the “Guidance Note on Accounting and Auditing of Political Parties” issued by the ICAI, in preparation of their financial statements.
• Political Parties would be required hereafter to submit to the Election Commission a copy of audited annual accounts along with the auditors report for financial year March 31 before October 30 of each year.

It was also informed by the ECI at the workshop that Statement of Election Expenditure relating to LokSabha /Legislative Assembly is to be certified by the Chartered Accountants for all Elections to be held after Jan 1, 2013.

Campus Placement Programme- February- March 2014-The Campus Placement Programme, February- March, 2014 got concluded at 15centers.      

1. The Highest salary offered for Domestic posting is Rs. 21 lacs Per Annum

2.The Highest salary offered for International posting is Rs. 20.25 Lacs per annum

3.The average CTC offered is approxRs 7.37Lacs Per Annum.

Organizations like Axis Bank Ltd.,Blue Dart Express Ltd, CIPLA Ltd,Cognizant Technologies Services Pvt Ltd, CRISIL Ltd ,Deutsche CIB Centre Private Limited,JET Airways ,TATA Capital Limited,TRIDENT Limited and many moreparticipated in the Campus Placement Programe.

ICSI Introduces New Initiatives for its Students & Members for 2014-15

ICSI Introduces New Initiatives  for its  Students & Members for 2014-15

Kolkata, 2014:  The Institute of Company Secretaries of India (ICSI) , established by an Act of Parliament in 1980, is the country’s premier regulatory body for the CS profession . Top ICSI office bearers, including newly elected President of ICSI, CS R. Sridharan and Vice-President of ICSI, CS Vikas Y Khare, were in the city for an introductory meeting with their Eastern India Region counterparts at ICSI-House in Kolkata.

CS R. Sridharan, President of the Institute of Company Secretaries of India (ICSI) interacted with reporters on the sidelines of the meeting. 

CS R. Sridharan, outlined the major initiatives of the Institute and informed on the Institute’s plan to to introduce the ICSI Computer Based Examination (CBE) for its Foundation-level course which is  offered to Std. XII pass students / appearing students, and an Open Book Examination (OBE) system in elective subjects in module III of the CS Professional Programme from June 1^st  this year: 

The CS Professional Programme  offers five elective subjects in module III, viz. Banking Law and Practice; Capital, Commodity and Money markets; Insurance Law and Practice; Intellectual Property Rights Law and Practice; and International Business Laws and Practice.  A student has to opt for only one of these five subjects as per his/her interest. 

“The OBE will also make candidates  use  their study material, class notes, textbooks bare acts and other relevant papers while attempting their answers, as per the requirement of questions.  The emphasis would be on assessing the students’ understanding of the subject , application of mind rather than the ability to  memorise large text or rules of law”, added Mr. Sridharan.

“The OBE is  also aimed at developing skills of creative thinking, problem solving and decision making at professional level course and to test analytical ability, understanding of facts, concepts and mastery to apply the same”, he added. 

While  speaking on Companies  Act, 2013, Mr. Sridharan  informed that , ”The crucial role that a CS plays in a company can be gauged by the fact that the Companies Act, 2013 recognises Company Secretaries as a “Key Managerial Personnel” along with the Chief Executive Officer / Managing Director / Manager, whole-time director and Chief Financial Officer (section 203). Being Key Managerial Personnel, Company Secretary is required to be mandatorily appointed in every company belonging to such class or classes of companies as may be prescribed. 

Also the duties of Company Secretaries under the Companies Act, 2013 have been substantially enhanced and they are required to advise the Board of Director on adoption of good governance practices in the Company on the role and responsibility of Directors. They are also recognized as the Chief Compliance Officer of the Company as they have to report to the Board about the Compliance of all laws by the Company. The Act also empowers Company Secretaries to be appointed as Administrator, Company Liquidators, Technical Member of National Company Law Tribunal and have also been assigned duty to report fraud. As a Governance Professional a Company Secretary is required to strike a balance among conflicting demands and rising expectations of Stakeholders.

The introduction of Secretarial Audit of Non-Financial Information and the Secretarial Standards of ICSI have been landmark recognitions of the profession of Company Secretaries, where Company Secretaries will now have to assume enlarged roles and don the roles as Governance Professionals. 

President ICSI, said that ,”The institute will be doing a Nationwide Capacity Building exercises among the existing professionals and Members to meet the requirements of the enhanced and elevated position of CS in the New company Law. 

Senior ICSI office-bearers, including Secretary ICSI CS M.S. Sahoo, Chief Executive CS Sutanu Sinha, Director CS Alka Kapoor, Eastern Region Chairman 

CS Arun Kumar Khandelia ,  were also  present on the occasion.

Make Life Stylish with Fossil’s latest Spring Must-Have Timepieces

Make Life Stylish with Fossil’s latest Spring Must-Have Timepieces

For Fossil, the launch of its Spring Must-Haves for the season is a further manifestation of the company’s spirit of innovation. Classic, vintage-influenced pieces get new life through playful embellishments, rich colours, and elevated materials – resulting in a one-of-a-kind collection that’s as covetable as it is classic.

A timepiece that exudes glamour for any globetrotter is the AM4543 that comes in polished-to-perfection steel, featuring a two tone bracelet in silver and gold along with a glittering crystal incrusted top ring. Easy and elegant is the AM4529 in grey and gold, and the AM4532 in rose gold and sand. Fashioning roman numerals and three sub dials these timepieces are both ladylike and luxe for women.

The military-inspired JR1450 has a striking masculine vibe with a brown leather strap, handsome black steel and a matte dial making it the perfect addition to his casual closet. The all-black trend gains new depth with the JR1488. With an eye-catching pop of contrasting stark white dial details, this watch is perfect for the style – conscious guy.

Priced between Rs 8995/- and Rs 12,995/- onwards, the timepieces are available at select Lifestyle, Shoppers Stop, Helios, Ethos, Just in Vogue and other leading watch retailers across the country.

About the company: Fossil Group Inc. (NASDAQ: FOSL) is a global company specializing in the design, innovation, and marketing of fashion lifestyle and accessory products.  At the heart of Fossil’s vision is a commitment to fostering creativity and delivering the best in design through the company’s namesake FOSSIL brand and a portfolio of internationally recognized owned and licensed brands. The FOSSIL brand is rooted in authenticity and a distinctive modern-vintage design aesthetic. With nearly 400 stores worldwide and a strong global e-commerce business (www.fossil.in), Fossil is internationally known for its eclectic assortment of lifestyle and accessory items including watches, jewellery, handbags, and clothing.  The company is constantly developing its multi-brand portfolio through its core competencies in innovative branding, world-class design, and dynamic global distribution.

The Students of JD Birla Institute, organized a street play “ Abhayam – The Fearless One” on the occasion of International Women’s Day in the City

The Students of JD Birla Institute, organized a street play “ Abhayam – The Fearless One” on the occasion of International Women’s Day in the City 

Kolkata, 8^th March,2014 : The Students of JD Birla Institute, organized a street play “ Abhayam – The Fearless One” on the occasion of International Women’s Day in the City . The theme of  street play was about pressing issues like  Women’s Security and increasing cases of rape in the Country .  Ms Rita Bibra, The Chief Administrator,  JD Birla Institute flagged off the students group from the College . Ms Manjula Ghosh, Vice President of the ‘All India Women’s Conference’ (AIWC) and Principal of JDBI, Ms Deepali Singhee were also present.

About the J.D. Birla Institute:

J.D. Birla Institute, which is a private un-aided college, was established in June 1962 when late Smt. Sushila Devi Birla established a college for girls to provide scientific education to young women from Kolkata's conservative family. Over the 50 glorious years, JDBI has grown with the needs and demands of the changing times. The Institute has made rapid strides over the decades to emerge as a centre of excellence. The name was changed to J.D. Birla Institute in 2002 with the launch of a satellite campus to house the co-educational Department of Management. Today the Institute, which has an `A' grade from National Assessment and Accreditation Council (NAAC), provides graduate, post-graduate degrees under affiliation to Jadavpur University and several short term courses

Launching of ICAI T.V. Channel ICAI Spearheads Education Revolution in Collaboration with MHRD, Government of India

Launching of ICAI T.V. Channel 

ICAI Spearheads Education Revolution in Collaboration with MHRD, Government of India 

The first MoU  signed between CA. K. Raghu, President, ICAI and Mr. Praveen Prakash, Joint Secretary [TEL], MHRD in the presence of Dr. M. M. Pallam Raju, Hon’ble Minister of HRD 

The Government of India, on January 2, 2009, had launched a centrally Sponsored Plan Scheme, namely, the National Mission on Education through Information and Communication Technology (NMEICT). This activity has the potential to revolutionize education delivery across the length and breadth of the country in a highly cost effective manner. For the viewers the service would be free. 

In order to make use of the modern technology for its registered students, the Institute of Chartered Accountants of India (ICAI) has in the past been using all possible ICT modes, including delivery of audio video lectures extensively through Gyan Darshan etc. The ICAI intends to use the upcoming DTH platform of MHRD i.e. ICAI T. V. Channel for the benefit of more than 8 Lakh students pursuing Chartered Accountancy Course across the country. 

Signing of MoU - ICAI Spearheads the Education Revolution

In pursuit of fulfilling the objective of Ministry & ICAI to work together on this project, Dr. M. M. Pallam Raju, Hon’ble Minister of HRD presided over the function, wherein CA. K. Raghu, President, ICAI and Mr. Praveen Prakash, Joint Secretary [TEL] & Mission Director, NMEICT/MHRD signed the first MoU (on sharing the MHRD DTH Platform) at the Ministry of Human Resource Development, Department of Higher Education, Shastri Bhawan, New Delhi on March 3, 2014.

Speaking on the occasion Shri M. Mangapati Pallam Raju ,Hon’ble Minister HRD said “DTH channels would be used  for imparting education for the first time, conventionally it is being used only for entertainment. We have made a beginning with one of the most credible body in the country that is the ICAI. This  is a great synergy between two bodies .” He Further added that such initiative will be of great help in providing useful content to the students.

CA.K Raghu, President ICAI on this occasion added “The content that shall be beamed through ICAI channel can be of tremendous help not only to CA students but to commerce students as well. With this facility we can reach out to the remotest corners of the country.”

The ICAI is the first professional education body in the country to sign the first MOU (on sharing the MHRD DTH Platform)

An Interactive Medium

Government has decided to use ICT to make deep inroads in education system, than ever before and for this purpose DTH is the first choice.Since, TV, being most widely available ICT delivery tool, has the potential of reaching out to approximately 160 Million Indian homes (67%) out of 239 Million Households.  Indeed T.V. combined with interactive features is the most powerful medium to deliver the education in most cost effective way to reach masses.

Besides DTH delivery, the content is also intended to be streamed online and shall further be converted to e-content and made available on demand, to be viewed on IP connected devices that include, PC‟s, smart mobile phones, tablets, ‘Aakash’etc.

he viewers, across the country can interact live with the teacher and ask questions and clear doubts through video conferencing (Skype & A-VIEW, etc.), mobile, landline, SMS‟s, e-mails etc.  The teachers/Subject Matter Experts shall answer the questions instantaneously on broadcast mode.

About ICAI

The Institute of Chartered Accountants of India (ICAI) is a statutory body established under the Chartered Accountants Act, 1949 for regulation of the profession of Chartered Accountants in India. ICAI has achieved recognition as a premier accounting body not only in the country but also globally, for its contribution in the fields of education, professional development, maintenance of high accounting, auditing and ethical standards. 

Blumerq expands its presence in Kolkata

Blumerq expands its presence in Kolkata

Plans to add 5 standalone new stores and 80 multi brand outlet in Kolkata, Asansol and Siliguri

Kolkata, 2014: BLUMERQ, upcoming men’s smart casuals brand with 314 retail points including exclusive outlets nationwide, after a successful test launch and constructive recognition in the selective market for the last 12 months generating sales of 50 million, announced its expansion plans   with 85 retail outlets across prime cities of West Bengal. Blumerq is an exclusive brand of men’s casuals apparel especially designed to cater to the young men. The Blumerq apparels are designed, tailored and inspired by music. Speaking the universal language of music and yet, touching upon a wide range of styles, Blumerq offers the trendiest range of  Shirts, Tees, Polos, Shorts, Denims and Chinos.  

Men’s wear market is the fastest growing apparel segment in India that is expected to grow by 11% to Rs 10,320 billion by 2020. “West Bengal being India's third largest economy offers significant scope for Blumerq. I feel this is the right time to expand growth in the territories of West Bengal”, opines L. Joseph Muthaiyan, CEO, Blumerq.

The optimistic test launch result has given way for BLUMERQ’s team to expand rapidly across India.  “The competitive retail landscape has been witnessing aggressive growth, style and innovative positioning, targeting Indian youth by multiple players. The stores expansion will drive growth and allow us to reach a new set of young consumers across West Bengal. We are expanding our presence by adding 5 standalone new stores and 80 multi brand outlet in Kolkata, Asansol and Siliguri” adds L. Joseph Muthaiyan.

Blumerq stands out in a market full of generic apparel as it resonates with the Pop culture, very fresh in its approach by travelling in the road less travelled.  Blumerq designs are all backed by a motivated team of creative talents who promise to capture every trend in music and display it on every shelf of Blumerq stores in the apparel markets across India. 

The brand has presence in Karnataka, Kerala, Andhra Pradesh, Tamilnadu, Bihar, West Bengal, Orissa, Maharashtra, Gujarat etc and also in the leading e-commerce sites. The price range varies from 399 to 1899 and has the trendiest options in Shirts, Tees, Polos, Shorts, Denims and Chinos. Blumerq is one of the fastest growing brands for the youth segment trying to bridge the gap due to lack of choice between ever changing tastes and flavours.

 Blumerq’s spring summer 14 is going to be colourful like never before with flashes of yellows and lime green, cooled by the blues. The story of this season- digital aesthetics & sensuous nature is given a twist with interplay of colors.

About Blumerq:

Blumerq a Brand owned by Blue Mercury Apparels (p) Ltd was established in the early 2012 exclusively addressing the identity and aspirations of today’s youth. Their new line epitomizes new, casual chic styles that will set every young man rolling in glamour and charisma.  Speaking the universal language of music and yet, touching upon a wide range of styles, they have the trendiest options in Shirts, Tees, Polos, Shorts, Denims and Chinos. These have been especially designed to cater to the urban youth, particularly targeting young men who are inclined towards music. Very fresh in its approach, Blumerq resonates with the Pop culture and therefore, stands out in a market full of generic apparel.

Nobel Biocare pioneers world’s most advanced full mouth restoration solution in India

Eat and laugh like you are 40 at 70!

Nobel Biocare pioneers world’s most advanced full mouth restoration solution in India 

Kolkata, 2014: With the life expectancy rate climbing steadily, the number of elderly people is growing significantly. Modern health systems and higher standards of living are allowing them to push the frontiers on what they can do well into their 70's, or even beyond. In a welcome addition to medical advancements that allow elderly to enjoy a higher quality of life, Nobel Biocare, a world leader in innovative, restorative and aesthetic dental solutions has pioneered one of the world’s most advanced full mouth restoration solutions, the All-on-4® treatment concept. This technique reduces the number of dental implants required to support a fixed denture to just four. 

Sharing his views on the subject, Mr. Rakesh Julka, Regional Director - South Asia, Nobel Biocare, said, “In India, patients do not immediately approach their dentists for dentures. This time delay leads to excessive bone loss which reduces the support for the denture. Historically, these patients were either treated with bone grafting or were simply rejected any treatment. Graftless solutions like the All-on-4® treatment concept have revolutionized the approach to treatment and many patients who have understandably rejected treatment in the past can now be treated with this solution. The All-on-4® treatment concept is a proven long term solution, with up to 10 years patient follow up studies available showing survival rates of up to 98%.” 

Nobel Biocare, in collaboration with a well known Dental researcher from Portugal, Dr. Paulo Maló, developed, institutionalized and systematically analyzed the All-on-4® concept in the 1990s. The procedure is best for patients with significant tooth loss or decay and also for people whose excessive bone loss in the jaw prevents them from getting traditional dental implants. Since dental implants are known to hold the jaw bone together, using dental implants to support full denture also arrests any future bone loss. Until now, similar clinically-proven global alternatives for edentulous patients were not available here in India. 

Compared to conventional dental implant-based treatment, the All-on-4® concept is cost efficient as well as time saving since it eliminates the need for bone grafting in patients with severe bone loss. The procedure is faster, less painful and recovery is easy. The same day delivery of a fixed denture enables patients to carry on with their regular work with ease. 

Mr. Julka added, “With this breakthrough technique, long recovery period and embarrassment due to ill-fitting dentures would soon be a thing of past. Nobel Biocare India has devised rigorous training programs with foreign faculty to enable Indian Doctors to provide a global standard of care to edentulous patient in our country.” 

Nobel Biocare India:

Nobel Biocare India Pvt. Ltd. is the Indian arm of Nobel Biocare which was the first in its space to establish a subsidiary in India, back in the year 2005.  The entire range of its products and solutions are available in India already. Most leading dentists and dental centers use Nobel Biocare extensively and it is widely perceived by the dental community to be among the most reliable and advanced. Currently the Indian presence covers 11 cities and large towns across India.

About Nobel Biocare: 

Headquartered in Zurich, Switzerland, Nobel Biocare has a strong global presence with 34 direct sales organizations and a distribution network spanning over 60 countries besides a firm foothold in the high-growth BRIC markets.  It runs seven state-of-the-art manufacturing facilities in Sweden, the USA, Canada, Japan and Israel.  The company has a 40 year heritage of scientific research and innovation in restorative and aesthetic dentistry and continues to advance safe and effective dental solutions. The focus at Nobel Biocare is the ‘patient’ and  it follows the mission, ‘Designing for Life’ by improving the patient’s quality of life with superior products and solutions designed to give functional and natural-looking tooth restorations that aspire to last a lifetime.  It invests significantly in training and educating dental professionals to treat their patients better and has immense faith in the clinical talent base available here in the country.  Nobel Biocare offers the complete range of widely-acclaimed products including implant systems, temporary/prefabricated/customized abutments, guided surgery software and surgical drill motors. For further information, please visit http://www.nobelbiocare.com