‘Chartered accountants are most dynamic professionals’
13 Sept 2013 4:15 AM IST
The Institute of Chartered Accountant of India (ICAI) organised a accountancy & commerce education summit on 11 September, 2013. The summit provided a forum for exchange of thoughts and interaction on various areas of academic and practical interest.
Chamber of Commerce & Industry President Suman Jyoti Khaitan was the guest of honour in the summit. The summit was attended by vice chancellors, principals, head of departments, professors and delegates of IITs, IIMs and deans of various universities of India.
The main objective of the summit was to evaluate the current state of the commerce and accountancy education in India, to the changing environment particularly in view of the introduction of the IFRS, Companies Bill 2013, XBRL, Goods and Services Tax, Schedule VI. etc.
'The changes that occur in the global business world have a great impact on the functioning of the business. To survive in such dynamic environment business arena requires highly skilled professionals like chartered accountants who are able to incorporate these changes in the best possible manner. The responsibility of imparting such skills and knowledge is on the shoulders of the education system of the society. Thus we need to bring reforms in the education sector to include the new rules and regulations,' Jyoti Khaitan said.
ICAI President Subodh Kumar Agrawal enlightened the gathering on issues relating to financial reforms, IFRS, recent economic laws, about the international capital market and its integration, integrating Accounting and Auditing Standards into University curriculum.
ICAI Vice President K Raghu also deliberated on ICAI’s initiative in the field of higher education, commerce education for promotion of employment, role of faculty members in developing commerce education.
Panel discussion was also organised at the summit in which ICAI ex-President T S Vishwanath, Central Council members Charanjot Singh Nanda and Jay Chhaira, Board of Studies Director Vijay Kapur and FMS professor Madhu Vij participated.
The two technical sessions were also coordinated. In the first session, ICAI ex-President focused on the role of International Financial Reporting Standards (IFRS) in the era of globalisation and the challenges ahead for implementation of Ind AS in India. He also narrated the role of ICAI in the entire process of convergence of Indian Accounting Standards in line with IFRS in an effective manner and need of revision of Schedule VI (Schedule III in Companies Act, 2012) due to implementation of Ind ASs.
Chamber of Commerce & Industry President Suman Jyoti Khaitan was the guest of honour in the summit. The summit was attended by vice chancellors, principals, head of departments, professors and delegates of IITs, IIMs and deans of various universities of India.
The main objective of the summit was to evaluate the current state of the commerce and accountancy education in India, to the changing environment particularly in view of the introduction of the IFRS, Companies Bill 2013, XBRL, Goods and Services Tax, Schedule VI. etc.
'The changes that occur in the global business world have a great impact on the functioning of the business. To survive in such dynamic environment business arena requires highly skilled professionals like chartered accountants who are able to incorporate these changes in the best possible manner. The responsibility of imparting such skills and knowledge is on the shoulders of the education system of the society. Thus we need to bring reforms in the education sector to include the new rules and regulations,' Jyoti Khaitan said.
ICAI President Subodh Kumar Agrawal enlightened the gathering on issues relating to financial reforms, IFRS, recent economic laws, about the international capital market and its integration, integrating Accounting and Auditing Standards into University curriculum.
ICAI Vice President K Raghu also deliberated on ICAI’s initiative in the field of higher education, commerce education for promotion of employment, role of faculty members in developing commerce education.
Panel discussion was also organised at the summit in which ICAI ex-President T S Vishwanath, Central Council members Charanjot Singh Nanda and Jay Chhaira, Board of Studies Director Vijay Kapur and FMS professor Madhu Vij participated.
The two technical sessions were also coordinated. In the first session, ICAI ex-President focused on the role of International Financial Reporting Standards (IFRS) in the era of globalisation and the challenges ahead for implementation of Ind AS in India. He also narrated the role of ICAI in the entire process of convergence of Indian Accounting Standards in line with IFRS in an effective manner and need of revision of Schedule VI (Schedule III in Companies Act, 2012) due to implementation of Ind ASs.
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