Daily Chronicle

ICAI International ConferenceAccountancy Profession: Building Global Competitiveness, Accelerating GrowthJan 29-31, Bangalore Palace, Bengaluru

BENGALURU (INDIA) 29-31 JANUARY 2015

Accountancy Profession: Building Global Competitiveness, Accelerating Growth

DAY1

Speakers of Day 1 in the Health and Spiritual Sessions.

The International Conference would be an amalgamation of leaders of the profession which will certainly be an enriching discourse and experience for all concerned, initiating and facilitating exchange of ideas by the leaders in the industry on the best practices for indus-try and economy. The Conference would have renowned experts in the area of accounting and auditing from IFAC, IASB and other international bodies including doyens from Trade and Industry in India likely to do honors at the Conference in addition to senior functionaries of lead-ing global accounting institutions includ-ing those from SAFA & Asia Pacific partic-ipating at the event.

Today, the profession stands on a very strong foundation built since its incep-tion. Once known as a ‘traditional bean counter’ the Chartered Accountant is today regarded as a multi- dimensional professional offering a complete gamut of business solutions. This conference will further provide an opportunity to all participants to get abreast with the evolving global trends. Parallel sessions on Young and Women members, in addi-tion to International Networking Summit for SMPs, are also being held.

CA. Narendra Bhattarai

President The Institute of Chartered

Accountants of Nepal

CA. Manoj Fadnis Vice-President

The Institute of Chartered Accountants of India

Mr. Arjuna Herath President

South Asian Federation of Accountants

CA. K. Raghu President

The Institute of Chartered Accountants of India

Shri (CA.) Suresh PrabhuUnion Railway Minister,

Government of India

Shri (CA.) K. Rahman Khan Member of Parliament,

Rajya Sabha

CA. TV Mohandas Pai

Padma Shri Awardee Chairman

Manipal Global Education

Ms. Olivia Kirtley

President International Federation

of Accountants

Our world today is of Internet links, global networking, dissolving business frontiers and shrinking

distances. With the shrinking distance the world is now just one globe; new ideas and knowledge is at our doorstep; globalization is the reality of today and a new world order is fast emerging. It is in this scenario that the Accountants should acquire requisite knowledge and skills, on one hand and organizational and op-erational strength, on the other, in order to be able to compete globally.

The International Conference on ‘Ac-countancy Profession: Building Global Competitiveness; Accelerating Growth’ aims to bring together stake holders such as thinkers, policy makers, industry and financial institutions to ponder and con-ceptualize broad contours of strategic framework for Building Global Compet-itiveness for nation’s economic devel-opment, predicating positively for the future growth of our economy. The In-ternational Conference would be a ‘Win-dow to Future’ to understand and accli-matize to the unseen forces in the global businesses and regulatory landscape. The exchange of ideas and deliberations through the leaders would provide an indicative roadmap for development of professional accountants. An oppor-tunity would be at hand to participate

Chief Guest Guest of Honour

Bengaluru also known as Bangalore, is the fourth-larg-est metropolitan city in India. Located in southern

India on the Deccan Plateau, it is the capital of the southern Indian state of Karnataka. Located at a height of over 900 m (3,000 ft) above sea level, Bangalore is known for its pleasant climate throughout the year. Its elevation is the highest among the major large cities of India. Bangalore is known as the IT Capital of India and Silicon Valley of India because of its role as the nation’s leading information technology (IT) exporter. Indian technological organizations ISRO, Infosys and Wipro are headquartered in the city. A demographical-ly diverse city, Bengaluru is the second-fastest growing

major metropolis in India. It is home to many educa-tional and research institutions in India, such as Indian Institute of Science (IISc), Indian Institute of Manage-ment (Bangalore) (IIMB), National Law School of In-dia University (NLSIU) and National Institute of Men-tal Health and Neurosciences (NIMHANS). Numerous state-owned aerospace and defence organisations, such as Bharat Electronics, Hindustan Aeronautics and National Aerospace Laboratories are located. The city also houses the Kannada film industry. With a gross domestic product (GDP) of US$83 billion, Bangalore is fourth among the top 15 cities contributing to India’s overall GDP.

A Tourist Destination: Bangalore often reminisces about its days as a sleepy cantonment area of the British - tree lined avenues with quaint sounding names like Rich-mond Town and Victoria Layout hint that the city does get sentimental about its past. The Bangalore Palace, the Attara Kacheri (High Court), St. Mary’s Basilica, Tipu’s Palace, ISKCON Temple and the Bull Temple highlight Bangalore’s many personalities and are monuments that mark its journey, ante-IT. Lonely Planet rating the city as the No.3 destination in the Best Travel Cities in 2012 has made Bangalore an overnight star, if it wasn’t already. Almost at the heart of South India, this cosmopolitan city is everything a world city needs to be.

Conference City—Bengaluru (Bangalore), India

The Institute of Chartered Accountants of India

“Let me compliment ICAI for their initia-tive to work with financial institutions in streamlining and fine tuning the financial reporting, auditing and accounting archi-

tecture of India… ICAI needs to be lauded for taking various initiatives for the implementation of India Accounting Standards converged with IFRS in letter and spirit.”

Shri Pranab Mukherjee Hon’ble President of India

“Yours is a profession in the society that has the onus as well as the capacity to save this entire economy and keep it growing… A chartered accountant’s role should be such that he knows

that he is not working just to add and subtract these numbers between 0 to 9, but he should feel that he is playing an important role in building the economic infrastructure of this nation…!”

Shri Narendra Modi Hon’ble Prime Minister of India

“The role of chartered accountant is of critical importance in modern business en-vironment. They can be businessmen’s best advisors in a complex corporate world. ICAI

deserves plaudit for producing quality profession-als.”

Shri Arun Jaitley Hon’ble Union Minister for Finance, Corporate Affairs, and I&B

“Chartered Accountants provide profession-al service to the corporate sector and other stakeholders in matters relating to account-ing and auditing, taxation and corporate

governance issues.”

“The 2 trillion dollar economy that is India is going to be in the coming months will be managed by CA force… the evolution of Indi-an economy is in a way happening along with

the evolution of the profession…I can see no other organisation in India like ICAI, who has the compe-tence, capabilities and potential to bring about the significant change in the India’s growth story.

Shri Shashi Kant Sharma Comptroller & Auditor General of India

Shri (CA.) Suresh PrabhuHon’ble Union Minister for Railways

Daily Chronicle

International ConferenceICAI29-31 JANUARY 2015, BENGALURU (INDIA)2

What Leaders Said about ICAI, Chartered Accountants

and Their Profession

• Membership Strength on 1st April, 1950: After the first Council of the Institute started

functioning, i.e., as on 1st April, 1950, there were 1,689 members—569 Fellows and 1,120 Associates.

• Interesting Statistics of 19541) Number of CPAs (United States): Just

crossed 50,000 marks.2) Number of U.K. Accountants (comprising

three Chartered Institutes, The Society of Incorporated Accountants, and the other Association): Over 41,000 Members.

3) Number of Members of our ICAI (as on 31.03.1954): 2,819 members

(Source: History of Accountancy Profession Volume 1)

• Membership Strength today stands at 230,000.

• First Among Indian Women CAs:1. The first lady to have qualified as Accoun-

tant was Mrs. Shirin K. Engineer, who be-longed to Mumbai. Having passed the B.Com Examination of the Bombay Univer-sity with Advanced Accountancy and Au-diting in the year 1930, she was awarded the GDA Diploma upon completion of her practical training in accounts in the year 1933. This enabled her to be enrolled as a Registered Accountant (R.A.) in December 1933, and as A.C.A in July 1949.

2. The first lady to have topped the CA Final Examination was Ms. Nandita Shah. She achieved this feat in November 1983 ex-amination.

3. The first lady to have got elected to the Council of The Institute of Chartered Ac-countants of India (ICAI) was Ms. Priya Bhansali.

4. CA. G. Rajani was the first ever visually im-paired CA as recorded in ICAI history.

• ICAI Groups/Committees for Women CAs in recent years: A 17-member ‘Women Steer-ing Group’ was constituted in 2009 and a full fledged non-standing ‘Women Members Em-powerment Committee’ has been set up for Council Year 2014-15.

• Flexi Working Portal for Women Members: In yet first in ICAI history, a Flexi Working Por-tal for women members (http://womenpor-tal.icai. org/) was launched on 21st April 2014 to provide women CAs a platform to explore suitable opportunities with option for part time jobs, jobs with flexi hours or jobs with work-fromhome facility.

• ICAI Women Members: No of CA as Women

– 47,665, Associate Member – 41,483, Fellow Members – 6,182. Out of Associate members 10,866 had Full Time COP, 1,231 had Part Time COP, and 29,385 had No COP. Out of Fel-low members 4,900 had Full Time COP, 265 had Part Time COP and 1,017 had No COP.

• ICAI Girl Students: Girls had 36% share in ICAI’s active studentship. 1,12,205 of them were in CPT, 1,11,909 in IPCC, 60,789 were in Final.

The design of the Institute’s logo was suggest-ed by the great nationalist and philosopher Shri Aurobindo Ghosh (1872 1950) and the same was conveyed to then SIRC Chairman Sim C. S. Sastri, later our past President for 1956 1957, on his re-quest. Shri Aurobindo also suggested the motto for the logo from a sloka of the Kathopanishada, i.e. ya esa suptesu jagarti, meaning ‘one who is awake among those who are asleep’. He used to say: ‘Man is a transitional being. He is not final. The step from man to superman is the next ap-proaching achievement in the earth evolution. The Council considered the LOGO in its meeting held on 15th August, 1950, and approved the same. This day also happened to be the 78th and the last birth anniversary of Shri Aurobindo.

The ICAI has been one of the founding mem-bers International Federation of Accountants, having played a crucial role in its formation in 1977. The ICAI hosted 6th Plenary Session of the International Coordination Committee for the Accountancy Profession between 14th and 16th February, 1977, which was attended by repre-sentatives of 11 leading countries. This was an event of considerable importance to the profes-sion, as it gave final shape to the constitution of the International Federation of Accountants (IFAC), which came into existence at the Interna-tional Congress later held at Munich.

Representatives of more than 50 nations at-tending the 11th International Congress of Ac-countants in Munich (West Germany) signed an agreement for establishment of International Federation of Accountants on 7th October 1977. At that time, it was decided that the affairs of the IFAC will be managed by the 15-member Council. It is matter of great pride that India was elected as member of the Council for two suc-cessive 5-year terms, and Shri B. L. Kabra, the-then President of ICAI, was elected as one of the Vice-Presidents of IFAC.

Shri A. E. Cama was the first Indian to become a member of the Institute of Chartered Accoun-tants of England and Wales as early as in 1908.

Membership

Women in Accountancy

ICAI Logo

Role of ICAI in Formation of IFAC

First Indian to Become Member of ICAEW

Some Rare & Interesting Facts about ICAI

Our Lead SponsorsGold Sponsor Topaz Sponsor Emerald Sponsor Silver Sponsor Pearl Sponsor

Accountancy Profession: Building Global Competitiveness; Accelerating Growth

DAY1

Daily Chronicle

International ConferenceICAI29-31 JANUARY 2015, BENGALURU (INDIA) 3

Abu Dhabi Chapter of ICAI

Australia (Sydney) Chapter of ICAIAustralia (Melbourne) Chapter of ICAI

Bahrain Chapter of ICAI

Botswana Chapter of ICAI

Brisbane Chapter of ICAI

British Columbia Chapter of ICAI, VancouverCanada (Toronto) Chapter of ICAI

Doha Chapter of ICAI

Dubai Chapter of ICAI

Eastern Province (Saudi Arabia) Chapter of ICAI

Indonesian Chapter of ICAI

Jeddah Chapter of ICAI

Kenya (Nairobi) Chapter of ICAI

Kuwait Chapter of ICAI

Nigeria Chapter of ICAI

Oman (Muscat) Chapter of ICAI

Port Moresby (Papua New Guinea) Chapter of ICAI

Riyadh Chapter of ICAI

Singapore Chapter of ICAI

Tanzania (Dar es Salaam) Chapter of ICAI

Thailand (Bangkok) Chapter of ICAI

Uganda (Kampala) Chapter of ICAI

UK (London) Chapter of ICAI

US (New York) Chapter of ICAI

Zambia Chapter of ICAI

This year ICAI aimed at putting brand Indian CA on global map and tap the ever-increasing

global opportunities for its members by having synergy with global accounting bodies and insti-tutions. With the perspective of strengthened relationship and bonding with international ac-counting bodies like IFAC, AICPA, CAPA and SAFA, the accountancy profession in India has made all possible efforts, be it participation in IFAC, CAPA, SAFA Board meetings, establishing new foreign chapters, representing in conferences/seminars or interacting with foreign accounting delega-tions.

Joining the League of World Accountancy ICAI President CA. K Raghu as IFAC Board Mem-ber: ICAI President joined the league of world accountancy with his election to the Board of the International Federation of Accountants (IFAC) for a period of three years starting from November 2014 to November 2017. From this highly responsible position, the ICAI President will aim to proactively link the Indian accoun-tancy vision and issues with the ultimate vision of IFAC.

Establishing/ Renewing Global PartnershipsMoU with SOCPA: ICAI signed MOU with the Saudi Organization for Certified Public Accoun-tants (SOCPA) on June 18, 2014 at New Delhi, India. SOCPA Assistant Secretary General, Mem-bership and Professional Development, Dr. Mo-hammad Alaqeel was the representative from SOCPA.

MRA with CPA Australia: MRA between ICAI & CPA Australia, signed on February 02, 2009, was renewed on the same terms and conditions ex-cept for minor modification which reflects the current position regarding the program and oth-er operational matter of CPA Australia. Revised MRA was signed on September 19, 2014 in Syd-ney.

MoU with ICAA: MoU with the Institute of Char-tered Accountants of Australia was renewed. The ICAI had signed an MoU with ICAA on 3 July 2009 and with the New Zealand Institute of Chartered Accountants on 8 August 2012. ICAA and NZICA are in the process of merging to a new entity, Chartered Accountants Austra-lia New Zealand. Revised MoU was signed on 19 September 2014 in Sydney.

MoU with ICAEW: Renewed MoU between ICAI and the Institute of Chartered Accountants in England and Wales, to foster working rela-tions between the two bodies, was signed on 8 November 2014 in Rome, coinciding with the World Congress of Accountants, 2014.

Extending Global CooperationProviding technical help in Institutionalization of Accountancy Profession in under developed Countries: ICAI has offered its whole hearted support in setting up accountancy institutions in such countries, strengthening of existing systems, developing the existing accountancy profession, capacity building and the like and received a positive response from the countries like Mozambique, Zimbabwe, Morocco, Malawi, Egypt and Togo.

Technical Co-operation with Pakistan & Sri Lan-ka: ICAI is keen to build capacity in transition economies to help them overcome the lack of professional knowledge in accounting domain. In this regards, ICAI is in talks with Pakistan and Sri Lanka to establish mutual cooperation be-tween the two Institutes.

Technical support to Afghanistan: International Customs Advisor (PCA and Risk Management), Second Customs Reform and Trade Facilitation Project, Afghanistan Operations Centre (AGOC) has requested ICAI to impart training to the se-lected Afghanistan Customs officers at its West-ern India Regional Centre in Mumbai.

Extending Establishments Globally 26 Foreign Chapters of ICAI: New ICAI’s overseas Chapters opened in Vancouver, Canada, Dar es Salam, Tanzania and Bangkok, Thailand. As on date, ICAI has 26 Chapters across the globe. Fur-ther, stage is set for setting up of new ICAI for-eign Chapter at Ras-Al- Khaimah and three more foreign Chapters are lined up in Perth, Adelaide and Canberaa in Australia.

Possibility of New Chapters in US: ICAI is also exploring possibilities of opening up of ICAI US Chapters in the areas such as Washington DC, Chicago, San Francisco, Houston and Atlanta in order to serve its members in a better way.

ICAI Participates at Global PlatformsXIX World Congress of Accountants: India made an Impact with its accounting and finance vision at the XIX World Congress of Accountants organised in Rome, Italy under the auspices of IFAC. Two of ICAI’s ambitious projects – Women Empowerment and Reading Rooms, were show-cased in XIX World Congress of Accountants Project Gallery.

IFASS Meet and IFRS Regional Policy Forum in March 2014: The ICAI scored first in its history by organising the International Forum of Ac-counting Standards Setters (IFASS) Meet in New Delhi and simultaneously hosted the 8th IFRS Regional Policy Forum (IFRS-RPF).

SAFA-IFAC Regional SMP Forum and SAFA Women Conference in October 2014: ICAI orga-nized a SAFA-IFAC Regional SMP Forum on 10 October 2014 in New Delhi. Dr. A. M. Gondane, IAS, Joint Secretary (BC & SAARC), Ministry of External Affairs, Government of India, was the Guest of Honour on the occasion.

SAFA Women Conference in October 2014: Coinciding with the SAFA IFAC Regional SMP Forum, the ICAI hosted the SAFA Women Con-ference on the theme of CA Women Marching Ahead in New Delhi.

Additionally, the ICAI also participated in the meeting of World Standard-Setters in London, Financial Reporting for Economic Development (FRED) Forum in Sri Lanka, 6th Annual Interna-tional Conference in Muscat, 7th Meeting of Emerging Economic Group (EEG) of Internation-al Accounting Standards Board (IASB) in Mos-cow, annual meeting of International Auditing and Assurance Standards Board – National Stan-dards Setters (IAASB-NSS Meeting) and Edin-burgh Group Meeting in New York,

ICAI Global Career E-Kits: “ICAI Global Career E-Kit” was launched at Dubai, Kuwait & Muscat in order to make the potential ICAI members to capitalize on opportunities available in this era of technology.

ICAI Internationally—Achievements and Initiatives of 2014-15

Meeting with ICAEW President

World Congress of Accountants - 1

Accountancy Profession: Building Global Competitiveness; Accelerating Growth

DAY1

8th IFRS Regional Policy Forum in New Delhi

SAFA Events (28 January 2015, Bengaluru )

ICAI President CA. K. Raghu presents bouquet to SAFA President Mr. Arjuna Herath31st Meeting of SAFA Committee on Education, Training and CPD

Pearl Sponsor Other sponsors

Our Lead Sponsors

Daily Chronicle

International ConferenceAccountancy Profession: Building Global Competitiveness; Accelerating GrowthICAI

29-31 JANUARY 2015, BENGALURU (INDIA)4

About The Institute of Chartered Accountants of IndiaThe Institute of Chartered Accountants of India (ICAI) is a

statutory body established by an Act of Parliament viz., The Chartered Accountants Act, 1949 in the year 1949 for regulating the profession of Chartered Accountants in In-dia. The Institute, which functions under the administrative control of Ministry of Corporate Affairs, Government of In-dia, has five regional Councils at Mumbai, Chennai, Kanpur, Kolkata, and New Delhi. It presently has 147 branches cov-ering the length and breadth of the country, 26 Chapters outside India and an overseas office in Dubai.

Founded 64 years ago with just seventeen hundred members, the Institute today is a family of over one mil-lion people with more than 2,28,000 chartered accountant members and 8,50,000 CA students as of now. A significant majority of our membership is in practice with a good deal of specialisation in traditional areas of accounting, audit-ing, direct/indirect taxes and in emergent specialism’s in-ter-alia, in financial services, information technology, insur-ance, joint ventures, mutual funds, foreign exchange risk management, risk and assurance service, environment/energy/quality audits, investment counselling, corporate structuring and foreign collaborations. The other half is in employment, many occupying senior management posi-tions such as CMDs in Banks/Financial Institutions, CEOs in leading and reputed public/private sector companies, etc.

One of the important elements of the developmental role of the Institute is to make contributions to government authorities and regulators viz., the Ministry of Corporate Affairs, Trade Policy Division of the Ministry of Commerce, CBDT, RBI, IRDA, C&AG, SEBI etc. to name a few, on relevant matters of importance to the economy and profession.

On International front, the Institute, a permanent mem-ber of International and regional Accounting bodies, like In-ternational Federation of Accountants (IFAC), International Accounting Standards Board (IASB), Confederation of Asian and Pacific Accountants (CAPA) and South Asian Federation of Accountants (SAFA) has made its presence felt through its effective and sustained contribution. Professional bodies like American Institute of Certified Public Accountants (AIC-PA), in U.S.A., The Institute of Chartered Accountants in En-gland and Wales (ICAEW) in U.K., The Institute of Chartered Accountants in Australia (ICAA) in Australia and a host of similar bodies in many other countries have signed MoUs with our Institute for professional collaboration in areas such as education, examination, training etc. and on issues confronting the accounting profession worldwide.

The Institute, being a statutory body, is administered by a Council which is the highest policy making body of the chartered accountancy profession in India. The Council is comprised of 40 members of whom 32 are elected from among its members spread all over the country. The re-maining eight members are nominated by the Central Gov-ernment representing authorities such as the Comptroller and Auditor General of India, Ministry of Finance, Minis-try of Corporate Affairs and persons of eminence from the fields of law, banking, economics, business, finance, indus-try, management, public affairs, etc.

Bangalore Branch of SIRC, which is the larg-est branch of The Institute of Chartered

Accountants of India, came into existence on 1 April 1962. It is a unique, most vibrant and dy-namic branch of the Country. It conducts a lot of programmes catering to the needs of char-tered accountants, CA students pursuing the Chartered Accountancy Course and society at large. Initial membership of the Bangalore Branch was 110. At present, Bangalore is the largest Branch in the Country having around 10,000 members and 35,000 CA students.

Most notably, this Branch is being adjudged the BEST BRANCH continuously for many years in the past. Like all other Branches, this Branch too conducts various programmes for the ben-efit of members including Conferences, Sem-inars, Workshops, Teleconferences, Study Cir-cle Meetings, Study Tours and so on. As part of the corporate social responsibility, the Banga-lore Branch has conducted many customised programmes for the corporates and people other than chartered accountants suited to their requirements.

About Bangalore Branch of SIRC of ICAI

3:00PM to 3:30 PM Registration and Tea Break

3:30 PM – 5.00 PMInaugural Session: Chief Guest- Shri Suresh Prabhu, Union Minster of Railway

Guest(s) of Honour-- Shri K Rahman Khan, Member of Parliament

5.00 PM – 5:30 PM Special Address : Accountancy Profession – Meeting Governance Mandate

5:30 PM-6:00 PMIndia Emerging as Global Hub for Accounting Professionals

CA.T.V Mohandas Pai, Chairman Manipal Global Education Services

6.00 PM-6.30 PM

Address and MoU Signing Ceremony with Institute of Chartered Accountants of Nepal

CA. Narendra Bhattarai, President, ICA Nepal

6.30 PM- 7.00 PMCorporate Social Responsibility – Responsible Growth; Inclusive Development

Shri Alok Misra, Executive Director (CSR), ONGC

ICAI International Conference on Accountancy Profession: Building Global Competitiveness;

Accelerating Growth at Bangalore Palace, Bangalore29th – 31st January, 2015

Day – 1 – 29th January 2015 3:30- PM-7:00 PM

DAY1