The recent growth of accountancy profession in India has led the statutory body, ICAI to introduce considerable measures in the areas of education, high accounting, auditing, and ethics and within 66 years of its presence, the institute has achieved a lot and recognized as a premier accounting body in the country.
On the occasion of CA day, we would like to highlight some significant developments made in the Indian accountancy profession by ICAI since last month. The vision, which was set to take the profession of Chartered Accountancy at a level is finally living up to the expectations.
Some important developments by ICAI in the Accounting Profession:
1. The GST Draft Model
The 122nd GST Bill, 2014 had been passed by the Lok Sabha in May 2015 and was taken in front of Rajya Sabha for the sanction process. The draft Model GST Law has introduced by the Ministry of Finance of Government of India for taking comments and opinions from the general public. This is also a landmark opportunity for the professionals under Section 42 (4) of the defined model. The reason behind the creation of this model is to unite the efficiencies in the tax administration and overhaul the current problems. The basic funda of GST is to get a considerable levy of indirect tax on the manufacture, sale and consumption of goods and services at the federal level.
Recently, there was a meeting with the Goods and Services Tax Network (GSTN) officials to validate the details of ICAI members online beneath the proposed GST Law.
2. ICAI-ARF Applied Research Projects
Two Applied Research Projects for Indian railways, namely, Pilot Study on Migration to Accrual Based Accounting System at North Western Railways at Jaipur and Introduction of Cash based Government Accounting to Accrual based Accounting at Rail Coach Factory (RCF) at Kapurthala, are currently being executed by ICAI-ARF. Within the time 2-3 months, both the projects might get completed.
3. CAW CEOs Meeting
Recently, the Chartered Accountants Worldwide (CAW) CEOs Meeting was organized in London, where CA. M. Devaraja Reddy addressed the strategic ideas for the development and enhancement of CA brand in India provided that all ethical standards and highest accounting will be maintained.
4. ICAI at Edinburgh and IFAC Board Meeting in New York
Reddy also witnessed the IFAC Board Meetings in New York and Edinburgh, sharing the seat with the former ICAI president- CA K. Raghu.
5. ICAI to Support 25-Point Roadmap Suggested by PM Modi
ICAI is supporting the Prime Minister’s initiative Swachh Bharat Abhiyan Roadmap and making substantial contributions to it. The Indian polity has appreciated its firm endowment. Also, the institute is reinforcing the Swachh Bharat Abhiyan as well, which was started to achieve the Clean India initiative. The members have taken this pledge in order to have cleanliness in their offices and surrounding areas.
6. ICAI Shake Hands with Government to Propagate IDS, 2016
To create awareness and enhance the 2016 Income Declaration Scheme potentials, ICAI has collaborated with the Indian government. By this, they are considered a major part in making tough decisions to make this scheme a great success. they have informed all the branches to conduct knowledge proliferation programs on the scheme on July 2nd and include both- the general public and the members.
7. ICAI Placement Programme- Career Ascent
This unique Career Ascent placement program in successful Campus Placement Programmes has been initiated so that the Chartered Accountants with more than three years of experience can grab this opportunity and take part in the program. See more information about career Accent here- www.placement.icai.org.
8. Two-Day International Conference in Hyderabad
ICAI is delighted to apprise a two-day International Conference in Hyderabad in October 2016, where it is going to invite scholar accountants to share their expertise in the associated fields. The conference is scheduled for 22nd and 23rd of October 2016, though, the dates may get changed.
Arrangements for the prestigious event are under the final phase while the details will be disclosed very soon. All the members are cordially invited to enjoy the top-notch amenities of the capital city of Telangana and make it a huge success.