Dear Professionals, |
"The illiterate of the 21st century will not be those who cannot read and write, but those who cannot learn, unlearn, and re-learn." As a professional, I believe in these words of Alvin Toffler. I also recall Mahatma Gandhi’s words when he said: Live as if you were to die tomorrow, learn as if you were to live forever. Bharat Ratna Dr. Radhakrishnan, in whose memory we will be celebrating Teachers Day on 5th September, had also said that the soul of success lies in life-long learning. These words of wisdom are worth emulating by all of us because our profession is also a process of life-long learning, acquiring knowledge and striving for excellence. |
“Effectively playing our part as a partner in nation building, we have been continuously taking a lead role in all the initiatives of the new government. Taking a leap forward in this direction under the aegis of Ministry of Corporate Affairs, we have joined hands with Institute of Company Secretaries of India and Institute of Cost Accountants of India, and successfully operationalised the repository for Independent Directors. This repository (http://independentdirector.in) would provide opportunity to individuals who are willing to act as independent directors as well the companies which wish to select independent directors for their Board. This initiative offers a big opportunity to our members...” |
Life Long Learning-Leveraging Technology: In this backdrop, we have successfully put in place an interactive learning environment for our members and students, by leveraging technology to its full potential. It is with this spirit that we have launched important initiatives like Knowledge Gateway, ICAI Now-Mobile App, E-learning, Publications Online Store, Digital Library, Webcasting, Cloud Campus, Video Podcasts, and Social Media platforms to enable members and students to learn at their convenience. |
Our Recommendation on Tax Audit Accepted |
The CBDT has revised the format of Tax Audit report. However, we felt that despite all the good intent of the CBDT, the timing of the revision was not convenient. Hence we represented to Hon’ble Finance Minister, Revenue Secretary, and Chairman CBDT, expressing our concerns. I am happy to inform you that acting on our recommendation, the CBDT has now extended the due date for obtaining and furnishing of Tax Audit report under Section 44AB for Assessment Year 2014- 15 in case of assesses who are not required to furnish report under Section 92E of the Act from 30th September 2014 to 30th November 2014. The CBDT has also clarified that the Tax Audit report under Section 44AB of the Act filed during the period from 1st April 2014 to 24th July 2014 in the pre-revised Forms shall be treated as valid Tax Audit report furnished under Section 44AB of Income-tax Act, 1961. |
Independent Directors Repository Operationalised |
Effectively playing our part as a partner in nation building, we have been continuously taking a lead role in all the initiatives of the new government. Taking a leap forward in this direction under the aegis of the Ministry of Corporate Affairs, we have joined hands with the Institute of Company Secretaries of India and the Institute of Cost Accountants of India, and successfully operationalised the repository for Independent Directors. |
Finance Act, 2014 - Post Budget Suggestions Accepted |
I am pleased to inform you that our Post Budget Memorandum to the government based on suggestions received from members has been given due weightage and many of our suggestions have been incorporated in the Finance (No. 2) Act, 2014. I thank the Government for favourably considering our suggestions for the ultimate good of the nation. |
Scheme for Enrolment of Overseas Citizens of India |
One of my priorities for this year is to reach out to specified accounting professionals abroad, particularly the ‘Overseas Citizens of India’, and take them into the ICAI fold. Towards this, we have come out with a Scheme for Enrolment of Overseas Citizen of India Professional Accountants. ‘Overseas Citizen of India’ means a person who is registered as Overseas Citizen of India under Section 7A of the Citizenship Act, 1955 (57 of 1955). |
CA Exam: Kudos to Successful Students |
The results of CA Final examinations conducted in May/June 2014 were declared recently, and I am happy to note the satisfactory performance by our students. A total of 174031 students appeared in ‘Both Group’, ‘Group –I’ and ‘Group-II’ category and pass percentage has been 7.29%, 13.50% and 10.66% respectively. I heartily congratulate all those who passed, particularly the top three rank holders- Mr. Sanjay Navandhar from Jaipur, Mr. Kunal Jethani from Jodhpur and Ms. Harsha Chandrakant Bhattad. |
Convocations: Celebrating Covetous Status as CA |
‘Education is the most powerful weapon which you can use to change the world,’ rightly said the visionary late Nelson Mandela. Our comprehensive CA education has the same potential, and when a student completes this education, the occasion deserves celebration. Our convocations offer enough opportunities for such a celebration. |
Integrated Reporting for Corporates - New Era |
The International Integrated Reporting Council (IRC) is working towards making the integrated report a corporate reporting norm. In this direction, the IRC has released The International Framework to establish guiding principles and content elements that govern the overall content of an integrated report, and to explain the fundamental concepts. |
Roadmap to IFRS Convergence |
The ICAI has been an ardent propagator of Ind AS converged with IFRS to bring the financial reporting practices of the Indian corporates at par with the global standards, which are followed in more than 130 countries. You would appreciate that our stand was vindicated in our Finance Minister’s big bang Budget announcement regarding implementation of Ind AS. He has proposed that the new Indian Accounting Standards (Ind AS) converged with IFRS shall be adopted by the Indian Companies from the financial year 2015-16 voluntarily and from the financial year 2016- 17 on a mandatory basis. This new roadmap is in line with the roadmap submitted by ICAI to the Government. |
Creating Opportunity in Insurance Sector |
The insurance sector today has a lot to offer as far as professional opportunities for CAs are concerned. Our members are already acting as strategic management experts in this sector. With excellent analytical and technical abilities and skills in financial forecasting, our members have the potential to become experts in this sector and advise insurance companies in the management of risk, funds and insurance. They can also play a key role in loss and claims management, loss adjustment and actuarial science. Let’s actively tap the emerging new opportunities in the fast growing insurance sector. |
Competitions for Prestigious ICAI Awards |
The profession of accountancy is regarded as the backbone of financial discipline in India, and the effectiveness of Financial Reporting plays an important role in this regard. In this background, we are committed to encourage, promote and recognise excellence in preparation and presentation of financial information in India. Our well-recognised ‘ICAI Awards for Excellence in Financial Reporting’ is one important step in that direction. The process for these awards for 2013-14, which are given in 13 categories, has already begun and the last date for nominations is 30th September, 2014. I appeal to all the relevant organisations to send in their nominations and compete for these prestigious awards. |
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Before I conclude, let me remind you that these times of transition and ever-rising expectations beckon us to be in a focused and ‘future forward’ mode. This process calls for three-pronged approach-‘focus on yourselves,’ ‘focus on and collaborate with your peers,’ and ‘focus on wider world.’ Focusing inward, and focusing and collaborating with our peers will give us an edge in emotional intelligence and professional excellence, whereas focusing on wider world will help us to innovate, devise strategy, and perform better. |
Best wishes |
CA. K. Raghu President, ICAI New Delhi, August 22, 2014 |
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