Dear Professional Colleagues,
In a historical juncture that will be etched in the annals of time, the global spotlight converged in New Delhi from 9th - 10th September 2023, as the esteemed Leaders of the world came together under the resounding banner of ‘Vasudhaiva Kutumbakam’ for the most coveted G 20 summit organized under India’s Presidency. Aligned with its theme, the event witnessed the commitment of India to address issues of the world economy among the leaders and also to drive the world towards sustainability. Further, this momentous event not only showcased India’s able leadership but also increased its clout on the global stage.
As a nation, we have undergone a remarkable path of growth and development, and this ascent serves as a compelling testament to our dedication to progress, unity, and sustainability. As dedicated partners in Nation Building, our profession shoulders a role not merely of significance but also of great responsibility. We stand at the crossroads of history, poised to make choices that will define the path forward for our nation and the world at large. In unity and shared purpose, we can build a world that truly lives up to the virtues of this profound philosophy – a world where the concept of "the world is one family" is not just a sentiment but a living reality for all. The continuously shifting terrain of finance and commerce has upscaled the significance of Valuation. Valuation serves as the cornerstone upon which prudent financial judgments are constructed, furnishing insights into the worth and potential of assets, enterprises, and investments. As we navigate the complexities of today’s economic environment, it becomes clear that the profession of valuation is not only indispensable but also undergoing transformation. The prospective horizon for valuation profession holds great promise, characterized by the seamless integration of cutting-edge technologies such as artificial intelligence and data analytics, yielding more accuracy and efficiency within valuation procedures. A global outlook has become essential as valuation practices transcends geographical boundaries, necessitating alignment with international best practices to serve diverse clients and facilitate crossborder transactions. At the cusp of this transformative era, let us be guided by our unwavering commitment to ethical integrity, our adeptness in risk assessment, and our capacity for customization and flexibility. Let’s have a look at some of the developments in the profession since our last communication:
Igniting the Aspirations of Future Finance Leaders - ICAI creates Guinness World Record
It gives me immense pleasure and pride to share with you all that the Institute has etched its impression by setting the Guinness World Record for conducting the ‘Largest Accounting Lesson’ ever held at a single location in the world. We achieved this incredible milestone during the mega event ‘Career in Accounting & Finance for Youth (CAFY) and Super Mega Career Counseling Programme- Bhavishya ki Raah’ organized by Committee on Career Counselling of ICAI on 8th September, 2023 at JECC, Jaipur. The event witnessed the gathering of more than 5000 comprising students, teachers, principals & others participating in the event and left an indelible mark on the enthusiastic young minds of India. With the support of Regional Councils and Branches, the event was organized at around 100 different places, and nearly 175,000 students from all around the country were part of this memorable event.
Further Recognition for ICAI RVO
Valuation as a regulated profession with a statutory status has been brought in the Country by Section 247 of the Companies Act, 2013, and subsequent introduction of the Companies (Registered Valuers and Valuation) Rules, 2017. In May 2018 itself, the ICAI took the initiative of incorporating ICAI Registered Valuers Organisation (ICAI RVO) and registered it with the Insolvency and Bankruptcy Board of India (IBBI) for enrolling valuers under the ‘Securities or Financial Asset’ class and has recently got recognition from IBBI in August 2023 for the remaining two asset classes: ‘Land and Building’ and ‘Plant and Machinery’. It is my pleasure to share with you that I along with CA. Ranjeet Kumar Agarwal, Vice- President, ICAI, CA Hansraj Chugh, Chairman Valuation Standards Board and Shri Rajeev Kher (Retd. IAS), Chairperson, ICAI RVO accompanied by team of ICAI RVO, had the honour to receive the recognition certificate for other two asset classes from Shri Ravi Mital, Chairperson, IBBI. With recognition for all three asset classes, ICAI RVO will now expand its footprint further. In light of the above important developments, I encourage my fellow eligible Chartered Accountants to step forward and contribute to the Valuation Profession by joining as Registered Valuers with ICAI RVO, thereby promoting their Professional domain.
Augmenting Global Alliances – Visit to Australia & UK
- ICAI as a part of High-level delegation of IFSCA A high-level delegation from the International Financial Services Centres Authority (IFSCA) visited Australia from August 28 to September 1, 2023, with an aim of promoting International Financial Services Centres (IFSCs), export of services including accounting and finance and to attract overseas investors. Given the significance of accountancy and book-keeping in IFSCs, I along with CA Ranjeet Kumar Agarwal, Vice President, ICAI represented the institute in the delegation on a invitation received from IFSCA. The delegation engaged in roundtable discussions with banks, insurance companies, and capital market institutions in Sydney on August 28, and in Melbourne on August 31, 2023, to explore opportunities for investments in IFSCs. Concurrently, ICAI chapters in Sydney and Melbourne, along with Bloomberg, GIFT City, and the Consulate General of India organized conferences on business opportunities in India’s maiden IFSC, GIFT City on August 28 and 31, 2023, in Sydney and Melbourne respectively.
- ICAI Strengthens Global Presence: Inauguration of Adelaide Chapter Coinciding with the delegation visit, we inaugurated our 47th Chapter at Australia (Adelaide) on August 29, 2023, and event was graced by Ms. Catherine Hutchesson MP, State Member for Waite, South Australian Government. Shri Manpreet Vohra, Hon’ble High Commissioner of India to Australia also graced the occasion with his video message. With the establishment of the Australia (Adelaide) Chapter, ICAI’s footprint now expands to 81 cities across 47 countries, encompassing a network of 47 chapters and 34 representative offices worldwide.
- ICAI-ICAEW Joint Event ICAI and ICAEW jointly hosted an event, "Globalising Accountancy: India-UK Collaborations in the Digital Age" on September 25, 2023 in London. During the event, ICAI leadership and Mr. Mark Rhys, President of ICAEW, engaged and discussed the institutes’ relationship and future plans for professional improvement. Additionally, CA. Pramod Jain and CA. Abhay Kumar Chhajed, Central Council Members, ICAI, participated in a panel discussion on "Key Takeaways of B20 and Sustainability Summit." A high-level panel discussion on "Collaborative Opportunities in Accounting Outsourcing and Global Capacity Centres" was also held, inviting leading outsourcing firms to explore collaboration during the GloPAC.
- World Standards Setter Meeting, London With the economy going borderless, it is essential to deliberate and collaborate globally on standards setting to build a robust and resilient global economy. I along with Central Council member CA. Pramod Jain attended the IFRS World Standards meeting held in London on 25- 26 September, 2023. While ICAI Vice President CA. Ranjeet Kumar Agarwal along with Central Council member CA. Abhay Kumar Chhajed attended the meeting of International Forum of Accounting Standards Setter held on 26-27 September, 2023 in London. These meetings paved way for comprehending the trends in standards setting globally and at the same time collaborating with global accounting bodies towards strengthening the reporting process.
- Meeting with ICAS & Consul General of India, Edinburgh CA. Ranjeet Kumar Agarwal, Vice President of ICAI, along with CA. Pramod Jain and CA. Abhay Kumar Chhajed, Central Council Members of ICAI, also held meetings with leaders of the Institute of Chartered Accountants of Scotland (ICAS). These meetings served as a platform for exchange of ideas and discussions on areas of mutual interests. They also met with Mr. Bijay Selvaraj, Consul General of India in Edinburgh, informing him about ICAI’s global presence, particularly in the UK, and discussed enhancing the brand value of Indian Chartered Accountants in Scotland.
GloPAC – An Update
I am pleased to inform that we have received tremendous response and over 3500 delegates have registered so far for the Global Professional Accountants Convention (GloPAC) and we expect participation of over 5000 delegates from 40+ countries. Hope you have reserved your place and we are making all arrangements to make it a happening event both in terms of learning and networking.
Enabling Growth & Development – Stakeholders Engagement
As an institute and profession, it has been our constant aspiration to work along with various stakeholders working as team to support growth & development by way of collaborations and initiatives for capacity building. In this regard, I am pleased to apprise the following:
- All India Conference on "GRAM (Grass Root Account Mitra): Strengthening of Accounting at Grass Roots" On September 1, 2023, I led the ICAI delegation of Vice President CA Ranjeet Kumar Agarwal, CA. Prasanna Kumar D (Vice-Chairman, CPGFM), to participate and address the All India Conference on "GRAM (Grass Root Account Mitra): Strengthening of Accounting at Grass Roots," organized by the Office of C&AG. The conference aimed to introduce the scheme and course for accountants in panchayats & municipal bodies and bringing them onboard. Distinguished speakers at the event included Shri Girish Chandra Murmu, C&AG of India; Shri Subir Mallick, Deputy C&AG (Local Bodies); Shri Shailesh Kumar Singh, Secretary, Ministry of Rural Development; Shri Sunil Kumar, Secretary, Ministry of Panchayati Raj; Shri S. M. Vijayanand, Member, Audit Advisory Board and Smt. Yashodhara Ray Chaudhuri, Additional Deputy C&AG (Local Bodies) and other high-ranking officials. It was a privilege to address such an august gathering of senior officials from MoHUA, MoPR, MoRD, Principal Secretaries of Urban Development, Panchayati Raj & Rural Development of all States and State’s Principal Accountant Generals & Accountant Generals. I highlighted ICAI’s role, expertise, and professionalism and impressed upon the importance of strengthening accounting at grass roots for inclusive and holistic economic development.
- Export of Accountancy Services - Training of Civil Servants With export of accountancy services identified as one of the Champion services by the Government of India, a workshop in association with Ministry of Commerce & Industry, was organised at ICAI Headquarters for the newly recruited IAS officers in the Ministry to acquaint them about the Accountancy Service Sector and related Challenges and Opportunities. I along with CA. Ranjeet Kumar Agarwal Vice President, ICAI and Central Council members CA. Dheeraj Khandelwal, CA. Hans Raj Chugh, CA. (Dr.) Sanjeev Kumar Singhal and Adv. Vijay Kumar Jhalani, Govt. nominee discussed and deliberated with these officers and industry experts on working together to realise the potential of accountancy service sector in expanding the economy. Our profession being a ‘pillar of economic development’ is committed to support India’s rise as a self-reliant global economy.
- ICAI Partners Commissionerate of Rural Development, Gujarat With rural development being an important part of nation’s growth and prosperity, it is imperative that accounting professionals in these areas are equipped with latest tools and practices. ICAI through its Committee on Public and Government Financial Management (CPGFM) in partnership with Commissionerate of Rural Development, Gujarat has started a comprehensive training programme series on the ‘Effective Implementation of Accounting Guidelines of Various Rural Development Schemes’. This two-days training programme was specifically designed for the accounting staff working within Rural Development Agencies in Gujarat and about 700 accounting officers in Gujarat will be benefitted from it. On 11th September, 2023, the training programme at ICAI-Ahmedabad was inaugurated by Ms. Manisha Chandra, IAS, Commissioner & Secretary, Rural Development, Gujarat in the presence of myself and Central Council members CA. Kemisha Soni, CA. Prasanna Kumar D. and CA. Purushottamlal H. Khandelwal.
- Nurturing Talent - MoU entered with Educational Institutions Being in the forefront of Commerce & accountancy education, it has been our constant endeavour to work towards improving quality of Commerce & accountancy education in India by collaborating with various educational institutions to nurture global financial professionals. Continuing in this direction, recently, ICAI through its BoS (Academics) signed MoUs with the Osmania University, Hyderabad, GLS University, Ahmedabad, and Nirma University, Ahmedabad. These MoUs aspire to provide a holistic learning experience to the next generation of Commerce & Accountancy students in the country.
CA Women Excellence Awards
As Nari Shakti Vandan Adhiniyam (The Constitution (One Hundred and Twenty-Eighth Amendment) Bill, 2023) becomes the first bill to be introduced and passed in the new Parliament building , the role and participation of women is being encouraged in all spheres. ICAI has always been proud of the accomplishments and contributions of its women members who account for around 30% of its membership base. This year, for the very first time, the Institute will be organising CA Women Excellence Awards to acknowledge the exemplary contribution of our women members in furthering the interest of the Profession, Industry and Society as a whole. The deadline for sending nomination is 25th October 2023. I urge women members to come forward and actively nominate themselves for various categories under these Awards. Further, with a promising response to the exclusive Women Placement drive launched last year, same shall be conducted this year as well. I would take this opportunity to call upon organisations and women members to participate actively in the drive which will start during this month.
Expanding ICAI Network
It is heartening to inform you that we are further strengthening and expanding our network in the country with the formation of 3 new branches namely Rajsamand (Rajasthan), Mandi Gobindgarh (Punjab) and Mandsaur (Madhya Pradesh). With these new branches, our national network will have 171 branches. These branches are pivotal at the local level to promote accountancy and support society and institutions in their growth and development as well as work towards the betterment of services to members and students at local level.
"Man becomes great exactly in the degree in which he works for the welfare of his fellow-men." – Mahatama Gandhi
On the solemn occasion of Gandhi Jayanti, as I reflect upon the profound wisdom encapsulated in these words, I am reminded of the relevance of the principles that serve as an enduring beacon for all of us. I firmly believe that our profession, founded on a bedrock of ethics, unwavering integrity, and a relentless pursuit of excellence, aligns seamlessly with the principles espoused by the Father of our Nation. We are, in essence, stewards of the public trust, dedicated to upholding standards that foster transparency and reliability in the financial world. I also recall upon the wisdom of Shri Lal Bahadur Shastri Ji, second Prime Minister of India, "We all have to work in our respective spheres with the same dedication, the same zeal and the same determination which inspired and motivated the warrior on the battle front. And this has to be shown not by mere words, but by actual deeds." As we continue our journey, let us be the torchbearers of honesty, virtue, and compassion, setting an example for others to follow. Through our unwavering dedication to excellence, we can contribute meaningfully to the enhancement of society, making it a place that is fairer, more transparent, and more prosperous for all. Jai Hind, Jai ICAI!
CA. Aniket Sunil Talati President, ICAI