The Institute of Chartered Accountants of India (ICAI) has made several recommendations to the Union Ministry of Corporate Affairs with regard to guidance note on accounting for expenditure on corporate social responsibility activities and guidance note on reporting on internal financial controls, said M. Devaraja Reddy, vice-president of ICAI, New Delhi.
Speaking at a function brought up in connection with his official visit to the Salem branch of the Southern India Regional Council of The ICAI here on Thursday, Mr. Reddy said that the ICAI has achieved recognition for its contribution in the fields of education, professional development, maintenance of high accounting, auditing and ethical standards.
The ICAI’s membership strength has grown multifold from a meagre 1,700 to over 2.37 lakhs at present. The strength of the students pursuing CA course at present stood at 8.5 lakhs across the country. The ICAI has also grown internationally with chapters in 26 important jurisdictions globally.
He said Indian Railways has sought support from ICAI in carrying out a comprehensive review of its costing system. Various proposals have been submitted in this regard to improve the financial efficiency.
Chartered Accountants Worldwide, established in February 2013, is an initiative of leading world institutions of chartered accountancy. ICAI has received a request from the Chairman of Chartered Accountants Worldwide to join the organisation as an associate member.
The Union Ministry of Corporate Affairs and ICAI have embarked on giant move of updating, revising, and issuing new Ind AS (Indian Accounting Standards) converged with IFRS. Indian Government has accepted the recommendations of ICAI with regard to the roadmap for implementation of the same, the work for which was completed by ICAI within a record time of 6 months.
When Ind AS becomes mandatory from April 1, 2016, over 500 listed companies will come under its ambit. The scope of which will include banks, NBFCs and insurance companies. To cater to the demand of implementing the above accounting standards, ICAI has trained approximately 6,000 professionals through its IFRS certification course, he added.
The ICAI has always been pro-active in designing education and training schemes so as to produce competent professional Chartered Accountants. The ICAI is aware of the demands of modern dynamic society and therefore the CA course is regularly updated and revised so that the students should acquaint themselves with the latest in the fields of accounting, auditing, finance, IT, Mr. Reddy said.
A. Sowkath Ali, Chairman of the Salem branch of the SIRC of the ICAI, presided.
