July 23, 2024



ICAI Challenges 27 AS, 39 IND-AS, 46 E&Q, 8 Valuation, 22 Interior Auditing Benchmarks

10 min read
ICAI Challenges 27 AS, 39 IND-AS, 46 E&Q, 8 Valuation, 22 Interior Auditing Benchmarks

The Institute of Chartered Accountants of India (ICAI) marks its 75th anniversary with a celebration of its outstanding journey of have confidence in, excellence, and resilience, contributing substantially to the nation’s economic integrity because the enactment of the Chartered Accountants Act, 1949. ICAI’s transformative advancement from a smaller group to the world’s largest accountancy overall body highlights its expansive network, worldwide arrive at, and groundbreaking initiatives in accounting standards, study, and technological innovation adoption. Noteworthy milestones contain the introduction of UDIN for transparency, sustainability reporting standards, and progress in schooling and digitalization. Emphasizing its motivation to national development, ICAI supports MSMEs, GST implementation, and financial literacy. As it appears to be towards 2049, ICAI aims to revolutionize the occupation, fostering innovation, and positioning India as a world-wide hub for accounting and fiscal expert services, aligned with the eyesight of a affluent ‘Viksit Bharat’.
The Institute of Chartered Accountants of India (ICAI) has issued an considerable array of requirements aimed at enhancing the excellent and regularity of monetary tactics in India. These involve 27 Accounting Benchmarks (AS), 39 Indian Accounting Criteria (IND-AS), 46 Engagement and Top quality Requirements (E&Q), 8 Valuation Requirements, and 22 Internal Auditing Criteria. These criteria are pivotal in ensuring transparency, trustworthiness, and comparability in financial reporting, which are essential for fostering trader self-assurance and attracting worldwide investments.
The Institute of Chartered Accountants of India
ICAI President’s Concept – July 2024
My Expensive Experienced Colleagues,
United in rely on and driven by excellence, ICAI empowers the long term economical architects and leaders for a prosperous ‘Viksit Bharat,’ forging a financially robust and progressive country.

Chartered Accountant as a Occupation
1st July, 2024, a second of joy and satisfaction, as our career and institute completes its wonderful and phenomenal journey of 75 a long time. This journey of rely on and excellence honours our indomitable spirit and our purposeful, meaningful, and credible existence, commemorating the important contributions of ICAI and the Indian accounting career in support of the country considering that our inception.
With our determination and perseverance in turning worries into options, ICAI’s narrative resonates with qualified excellence and resilience. In excess of the a long time, we have continuously achieved the anticipations and eyesight set forth by the founding fathers of the Indian Structure, who entrusted autonomy to our occupation by way of the enactment of Chartered Accountants Act, 1949. This Act, which preceded the adoption of the Constitution itself, highlights the profound importance of our position as guardians of transparency and integrity of the economic landscape of the place.
At this vital occasion, I would like to remember the speech of Mr. K. C. Neogy, the then Minister for Commerce, which was sent at the conference of the very first Council held at New Delhi on 15th August 1949 in which he explained that, “it was correct that a wonderful and significant career in the place was launching upon a job of autonomy on Independence Day” and hoped that the “Council would keep a level of qualified carry out and qualified standards which would deliver resounding glory not only to the career but to the nation as properly.”
The Journey towards Excellence, Independence and Integrity commences with the inspiration drawn from ICAI Emblem, instructed by Shri Aurobindo with Garuda in the centre and  inscribed below. The emblem symbolizes the traits of a Garuda and a Chartered Accountant i.e., getting fearless, decisive, solid, impressive and ability to facial area troubles.
Extraordinary Progress of the Profession
Around the previous 75 a long time, ICAI has gone through a transformative journey in each individual dimension possible- nationally and internationally, in community enlargement, stakeholder engagement, infrastructure improvement, avenues explored, adoption of reducing-edge technological know-how, operations of ICAI, identified globally as a leading educator, crucial spouse in nation-developing, and pillar of company governance.
Starting with just 1,700 users and 259 students, today ICAI stands tall as the world’s major accountancy body with in excess of 400,000 associates and more than 900,000 students and in this membership foundation, almost every third CA in India is a girl, showcasing the escalating participation of girls in the economical sector. Starting up from a rented workplace in New Delhi, ICAI has expanded into a solid network of 5 Regional Councils and 176 Branches throughout India, together with a global footprint of 50 Overseas Chapters and 31 Representative Offices distribute in 81 towns throughout 47 countries.
Rise of the Occupation – Journey of Trust and Excellence
ICAI’s history is a tale of relentless pursuit of excellence. To increase its management place in the accounting globe, ICAI established a Research Committee in 1957, with an purpose to bolster research routines spanning a wide-spectrum encompassing accounting, assurance, taxation, finance, and technology. ICAI’s constant investigate inputs have been contributing in the direction of shaping government insurance policies. In 1999, ICAI’s creation of the Accounting Analysis Basis (ARF) paved the way for used research, assisting selected Municipal Corporations and Indian Railways in transitioning to accrual-dependent accounting.
The institute has been at the forefront of making superior top quality money reporting framework enhancing the transparency, dependability, and comparability of economical statements. Above the years the Institute has supported the enhancement of benchmarks adhering to globally regarded tactics. As on day the ICAI, has issued 27 Accounting Specifications, 39 IND-AS, 46 Engagement and Quality Requirements, 8 Valuations Specifications, 22 Internal Auditing Expectations inspiring trader self confidence and attracting world investments in the state. With ongoing revision and updation of these benchmarks, ICAI makes sure that the CAs are properly-outfitted to navigate and efficiently serve the emerging fiscal landscape.
ICAI’s determination to good quality and transparency was even further strengthened with the institution of the Peer Evaluate Board (PRB) and the Economic Reporting Evaluate Board (FRRB) in 2002. These initiatives have noticeably increased investor self confidence and improve economical reporting tactics. To preserve up with the rapidly altering world, Continuing Professional Education and learning (CPE) turned required for associates in 2002-2003, making sure that CAs keep current and competent.
Around the previous 75 many years the composition, sizing and scale of the Job as significantly as Working towards Chartered Accountants are anxious has gone major adjustments total 1,50,000 Working towards Chartered Accountants are there out of 4 Lakhs Chartered Accountants, there are approx. 96,000 CA Companies which also comprise of 75,000 Proprietorship Corporations and other Partnership Company ranging from 2 Associates to 100 Companions. The ICAI is supporting and helping these Proprietorship Corporations for valuation and succession planning and to develop the potential of Partnership Companies by way of Audit and Digital Resources. A Committee for Aggregation of CA Corporations has been constituted this 12 months to help, create and utilise the synergy and sources of these corporations, with time some of these firms can arrive up to World Stage as worldwide Indian Accounting Corporations.
In 2023, ICAI introduced a New Plan of Education and learning and Teaching, incorporating AI and Blockchain in line with NEP 2020. Full digitalization of the evaluation course of action in ICAI Examinations demonstrates a ahead-thinking strategy to efficiency and transparency. To align with worldwide very best practices and increase options, ICAI will now keep Intermediate & Basis exams thrice a calendar year: January, Could and September. ICAI’s educational strategy merges holistic finding out with arduous evaluation benchmarks. The evaluation procedure of ICAI is very sturdy and a person of the finest in the state. This robust system has attained recognition from the Hon’ble Supreme Court docket of India on various situations.
Career for International Economy
As a founding member of the Global Federation of Accountants (IFAC), ICAI has been instrumental in contributing towards international accountancy reforms, with its global existence commencing with the opening of its to start with chapter in Doha in 1981 and resulting in 50 Abroad Chapters and 31 Representative Places of work distribute in 81 towns throughout 47 international locations.
This global local community appeals to foreign investment decision to India and assists Indian industries recognize worldwide chances, aiding in making India Aatmanirbhar.
Selling world-wide mobility for its associates by Mutual Recognition Agreements (MRA) with 8 intercontinental accounting bodies and unilateral recognition in a variety of international locations, it also presents specialized cooperation to rising nations and has complex cooperation agreements with 16 world-wide bodies.
The Institute has been tirelessly doing the job in the direction of creating India into a Global Accounting & Fiscal Expert services Hub and endorsing export of accounting expert services globally has entered MoUs with Gift Town, IFSCA, Export Promotion Council for EOUs & SEZs (EPCES), Support export Marketing Council (SEPC) and Invest India.
Internet hosting the Earth Congress of Accountants (WCOA) in 2022 in India for the 1st time in 118 yrs of its background, was a historic accomplishment for ICAI, even further solidifying its standing as a global leader in the accounting career.With its involvement in the B20 dialogue in the course of India’s G20 Presidency in 2023, ICAI carries on to impact world-wide coverage.
Partnering Country Enhancement
ICAI has been a driving power powering sizeable accounting reforms by actively playing a very important position in the implementation of GST in 2017.With about 11,000 programs, conferences and workshops, quite a few publications released, more than 6,500 capability-creating applications for governing administration officials, ICAI has been instrumental in educating and planning the country for these transformative modifications.
Its initiatives to guidance the Aatmanirbhar Bharat mission contain empowering MSMEs and launching the Money and Tax Literacy Generate in 12 vernacular languages. Even more, to bolster fiscal accountability and governance at the grassroots degree, ICAI and the Comptroller and Auditor General of India (C&AG) launched a Certification Course for accountants to satisfying the need of qualified accountants in 2.6 lakh Panchayats and Municipal Bodies.
Our job is directly engaged in supporting MSMEs in turning into aggressive for world-wide marketplaces and ensuring financial progress. The Institute as a result of its different initiatives like MSME Yatra, MSME SETU, MSME Exchange presenting steerage on financial administration, compliance, and accessibility to finance, empowering MSMEs to thrive and add substantially to employment era and financial diversification. This aid is important in fostering entrepreneurship, promoting innovation, and bolstering the resilience of our financial state. For our initiative of MSME Yatra and MSME SETU we are recognized by Asia E-book of Information for covering 75 cities in 75 days.
Career for the New Age
The introduction of the Unique Document Identification Variety (UDIN) in 2019 has tremendously improved transparency in fiscal reporting. With more than 68 million UDINs produced, providing useful insights into economic functions throughout the nation.
Institution of the Sustainability Reporting Standards Board (SRSB) in 2020 showcased ICAI’s dedication to sustainable procedures, receiving recognition from the United Nations Conference on Trade and Advancement. To increase the sustainability procedures in the region, ICAI created the Sustainability Reporting Maturity Design Framework and issued 16 Social Audit Standards, generating India the initial place in the world to have social influence assessment benchmarks. Recognizing the potential of Non- Financial Reporting, the Institute of Social Auditors of India (ISAI), a Area 8 business, was established to create unbiased, ethical, and planet-class social auditors.
Even more, to strengthening the economic self-control in the country, ICAI turned the initial accounting physique in the globe to launch the thorough Forensic Accounting and Investigation Benchmarks (FAIS). To day, ICAI has released 20 FAIS for forensic auditors.
Driven by engineering and motivated by the Prime Minister’s eyesight of Digital India, ICAI turned the initial world wide accounting system in the entire world to establish a Digital Accounting and Assurance Board to target on integrating IT into the job and education and learning.
The initiatives like the Electronic Mastering Hub underscore ICAI determination to furnishing continuous and up to date finding out prospects to users and college students, guaranteeing they keep current in a rapidly evolving digital landscape. E-hearings and automation of the Disciplinary Directorate even more highlight efforts toward expeditious disposal of scenarios. The start of the e-Workplace not only enhances productivity but also streamlines operations inside the institute. ICAI continues to innovate with a Committee on AI, aimed at leveraging the energy of AI for the benefit of Associates and Students and soon GPT system will be launched to improve operational efficiencies.
Vision for 2049
ICAI’s eyesight 2049 aligns with the nationwide ambition, aiming to revolutionize the accounting career and aid India’s financial ascent. We are fully commited to nurture India into the talent factory for the globe by embracing an on the internet hybrid manner of education and learning, education, and assessment and generating Earth Class Centres of Excellence with a modern electronic outlook to aid analysis, schooling, studying and create world leaders. Our target on analysis and innovation in accounting, finance, and taxation will foster a upcoming-ready profession equipped to cope with the complexities of both of those community and personal finance.
The institute’s dedication to eminence is apparent in our adoption of situation analyze-based discovering, boosting realistic being familiar with and software. By helping the governing administration in coverage formulation, ICAI will engage in a pivotal position in endorsing tax compliance and boosting federal government tax selection, making sure a disciplined monetary environment.
Recognizing the critical purpose of MSMEs in our overall economy, ICAI will deliver educated and qualified manpower, empowering these enterprises to prosper. Our eyesight involves developing India as a World wide Hub for the Accounting and Financial ecosystem, leveraging our potential to set standards and presume a worldwide management purpose in know-how, sustainability, accounting and auditing specifications.
As ICAI celebrates 75 Decades of Rely on, embracing the eyesight “DRISHTI”, it seems to be forward with the Eyesight Doc 2049, aiming to encourage innovation and leadership. The vision document focuses on university student and member advancement, improving regulatory and reporting frameworks, and adopting new systems and aligning with the eyesight of a Viksit Bharat by 2047-by generating India a $30 trillion overall economy. In an period where Details is the New Oil and Talent the New Forex, ICAI harmonizes the two to develop a sustainable monetary ecosystem, impacting not just India but the world wide stage.
ICAI’s journey is a remarkable blend of custom, innovation, and excellence. Standing tall as world powerhouse, ICAI proceeds to uphold the values of Excellence, Independence and Integrity, guiding the accounting occupation into a future of expansion and sustainability.
Sign up for us as we rejoice 75 years of belief, dedication, and unparalleled achievements in the entire world of Chartered Accountancy & Inspiring India @100.
Pleased Chartered Accountants Day!
Jai Hind, Jai ICAI !!
CA. Ranjeet Kumar AgarwalPresident, ICAINew Delhi, 30th June, 2024

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