New Action plan 2013-14 of ICAI

A Press Conference was organised by The Institute of Chartered Accountants of India (ICAI) today April 2, 2013 at ICAI Bhawan, New Delhi. The Press Conference was addressed by CA.Subodh Kumar Agrawal, President, ICAI in the presence of CA.K.Raghu,Vice-President, ICAI.

India is growing at a fast pace & the government has undertaken several initiatives. Financial inclusion is going to be a key growth area in India. In view of the developments, the future of the accountancy profession looks very promising. Accountants can play a greater role in the economic development of the country. The primary goal of the ICAI would be to uphold public confidence in this Institution and to create global chartered accountants by inculcating best international practices in them. The endeavor would be to bring ICAI in the forefront of economic activity and create a unique ICAI brand that would be recognized and treated with respect and not just in India but all over the world.

Starting with a handful of 1700 members, today, the strength of Chartered Accountant fraternity has grown to over two lakh members. On the education front, the ICAI began with mere 259 students and today more than ten lakh students are a part of ICAI.

Some of the strategic priorities of Action Plan 2013-14 are:

·  Collaborating with Governmental Ministries to draw synergy and analogy in enhancing accountability and transparency including public service delivery mechanism and upholding the national and public interest.

·  Increase the role of ICAI and its members in the various “Financial Inclusion” initiatives of the Government.

·  Realigning the institutional mechanism to further enhance the robustness of existing regulatory system and address the perceived expectation gap.

· Harmonizing with International standards, espousing special and differential needs in respect of technical standard(s).

· Leveraging Global Opportunities for ICAI Members and Student Community.

·  Harnessing Technology to Deliver Better Services.

(A) Initiatives towards Nation building

The ICAI regulates the profession of Chartered Accountancy in India and since its establishment, it has been making relentless efforts for bringing an overall qualitative improvement in the financial reporting so that Indian accountancy profession can discharge its responsibilities towards the Indian economy in the most efficient manner.

The profession has moved much beyond performing merely accountancy functions, and has been contributing by giving inputs to the Government and various regulators in the areas of financial markets, capital markets, the reforms in the government accounting or issues of emerging paradigm and has truly added value to the process of economic and social development in the country. Going by the core of current Action Plan, i.e. of 2013-14, our focus is on embedding sustainability. We intend to do more collaborations with the Government /departments and Ministries to develop effective transparency and establish better accountability in the system.

Companies Bill, 2012

The Companies Bill, 2012 as passed by the Lok Sabha is substantively a law based on Rules (that will be prescribed). The concept of CSR in the Indian context as introduced in the Bill is definitely a welcome step. However, there are some key issues in the Bill that are affecting CA profession, such as the constitution of National Financial Reporting Authority (NFRA), reporting of fraud by the auditors, revision of annual audited and adopted accounts, ceiling on audit assignments and harsh penalty provisions introduced in the Bill. The ICAI has given representations to the Ministry of Corporate Affairs expressing its concerns over certain issues in the Companies Bill, 2012 that will have an impact on the profession.

ICAI Suggestions incorporated in Finance Bill, 2013

Every year, the ICAI submits its Pre-Budget and Post-Budget Memoranda to the Ministry of Finance to put forward its suggestions that are largely based on the concerns of ICAI on one hand and our society on the other. Like every year, all significant suggestions made by ICAI were considered while some of them were incorporated in the Finance Bill, 2013.

On Direct Tax

·  It was suggested an increase in the amount of deduction in respect of interest on housing loan. This was considered and an additional deduction of Rs. 1 lakh has been proposed in respect of interest on loan taken for purchase of the first house. We would be seeking clarification as well as submitting further suggestions through our Post- Budget Memorandum on certain issues arising out of this proposal.

· Considering the difficulties being faced by ICAI members with regard to valuation under Section 50C, it was submitted that the section should require adoption of stamp-duty value as on the date of agreement and not on the date of registration of such a transfer, which was appreciated and incorporated in Sections 56(2)(vii) and 43CA of the Bill.

·  In order to dissuade cash payments, we had recommended a threshold limit for deduction under Sections 80GGB and 80GGC in respect of donations made in cash, which got accepted in principle, being the need of the hour. Many of ICAI recommendations with regard to GAAR have also been incorporated.

On Indirect Tax

· Our suggestions about an amendment in the definition of ‘process amounting to manufacture or production of goods’ and inclusion of the process of manufacture of products liable to excise duty under Medicinal and Toilet Preparation (Excise Duties) Act, 1955, with regard to Section 65B(40) of Finance Act, 1994, has been incorporated in the Finance Bill, 2013.

· \We had also submitted with regard to Section 77(1) of Finance Act, 1994, that in case of non-registration, a suitable cap be provided on the amount of penalty to be levied, which was accepted as the cap on maximum penalty for failure to obtain registration has been decided.

·

On our recommendation with regard to the Rule 7 of Service Tax Rules, 1994, the format of ST-3 Return was revised and the field for entering amount of exemption of R&D cess from service tax was inserted.

·  With regard to Section 96A (b) (iii) of Finance Act, 1994 and Sections 35C (2A) and 35D of Central Excise Act, 1994, our submissions were partially accepted.

Hosting of decisions of the Appellate Authority on ICAI website: In deference to the request received from the Appellate Authority, ICAI has decided to host the decisions of the Appellate Authority on its website.  Appellate Authority has been created by the amended Act of 2006 paving way for appeal mechanism within the Institute for hearing appeals in disciplinary cases.

Presentation of Foreign Currency Monetary Item Translation Difference Account (FCMTDA) in the Financial Statements: Paragraphs 46 and 46A of Accounting Standard (AS) 11, The Effects of Changes in Foreign Exchange Rates, inter alia, provide an option that exchange differences arising on reporting of long-term foreign currency monetary items at rates different from those at which they were initially recorded during the period, or reported in previous financial statements, insofar as they relate to the acquisition of an asset other than depreciable capital asset , can be  accumulated in a “ Foreign Currency Monetary Item Translation Difference Account (FCMTDA)” in the enterprise’s financial statements and amortised over the balance period of such long-term asset/liability by recognition as income or expense in each such periods.

However, no guidance is provided in Paragraphs 46 and 46A that how such “Foreign Currency Monetary Item Translation Difference Account (FCMTDA)” should be reflected in the financial statements of the entity.

ICAI at its recently held Council meeting considered  the issue and decided that the debit or credit balance in “Foreign Currency Monetary Item Translation Difference Account (FCMITDA)” should be shown on the “Equity and Liabilities” side of the balance sheet under the head ‘Reserves and Surplus’ as a separate line item. ICAI’s view is based on the premise that, for instance, the debit balance in the said Account represents foreign currency translation loss, and, accordingly, it does not meet the definition of ‘asset’ as given in ‘Framework on Preparation and Presentation of Financial Statements’ issued by ICAI as it is neither a resource nor any future economic benefit would flow to the entity there from.

Applicability of paragraphs 46 and 46A of AS 11 in respect of hedging instruments related to the long term foreign currency items in respect of which the entity has exercised the option to recognise gains and losses in accordance with the requirements of the aforesaid paragraphs: As per Paragraphs 46 and 46A of Accounting Standard (AS) 11, The Effects of Changes in Foreign Exchange Rates inserted by the Ministry of Corporate Affairs in the year 2009 and 2011 respectively,  at the option of the enterprise, exchange differences arising on reporting of long-term foreign currency monetary items at rates different from those at which they were initially recorded during the period, or reported in previous financial statements, insofar as they relate to the acquisition of a depreciable capital asset, can be added to or deducted from the cost of the asset and shall be depreciated over the balance life of the asset, and in other cases, can be  accumulated in a “ Foreign Currency Monetary Item Translation Difference Account” in the enterprise’s financial statements and amortised over the balance period of such long-term asset/liability.

ICAI at its recently held Council meeting considered the issue whether the option given under these paragraphs is also available for the exchange differences arising on the hedging instruments obtained to cover the exchange risk on the monetary items in respect of which the entity has exercised the option available in the aforesaid paragraphs. ICAI decided that in case a company has exercised an option available under paragraphs 46 and 46A in respect of a long-term foreign currency monetary item, then the same treatment should be made in respect of the exchange differences related to the hedging instrument obtained to cover the exchange risk on that monetary item.

The suggestion as finalized by the ICAI is being sent to the NACAS for its consideration.

ICAI entered into a Memorandum of Understanding (MoU) with Department of Posts to help the department in switching over from cash based accounting to accrual based accounting. ICAI will organize series of training programmes on Accrual basis of accounting in the offices of Postal Accounts Offices of all 22 circles on PAN India basis. In this regard, programmes have been organized at Jaipur, Bangalore, Lucknow & Chennai.

Corporate Social Responsibility (CSR) Initiative: Recognising its social obligations as a Partner in Nation Building, the ICAI, based on Corporate Social Responsibility initiative of the Ministry of Corporate Affairs, has decided that through its dedicated network at the Regional and Branch level centres, it will seek volunteers from amongst its eligible members for offering audit services to at least 100 auditable entities, to start with, viz. to undertake pro bono and gratis and complete audit in terms of applicable Generally Accepted Accounting Principles.  The target beneficiaries would be selected from amongst those engaged in micro and small enterprises, located in tribal, remote and rural areas, belonging to under privileged/disadvantaged sections of the society, differently able and deserving but deprived classes.  For this purpose, the ICAI will form a panel of volunteering Chartered Accountants to be sent to the Ministry.  The modalities for putting this into effect will be discussed with the Ministry shortly.

ICAI-FRRB, an effective mechanism: Securities and Exchange Board of India (SEBI) had sought support from ICAI’s FRRB to review the audit qualification of the listed enterprises. The SEBI has set up a new Qualified Audit Report Review Committee (QARC) which among other members will comprise of the representatives of the ICAI and the Stock Exchanges. While its role will be to guide SEBI in processing the qualified annual audit reports, FRRB will assess the materiality of the qualification contained in auditor’s report, based on which QARC may even direct the entity to restate its books of accounts.

Thus, ICAI endeavors to support all regulators to bring transparency in financial reporting. In order to smoothly accomplish the new role assigned, an issue paper and a draft of background paper has been prepared containing the detailed procedures that may be adopted by it as well as the challenges that may arise while implementing this process. The Board endeavors to take appropriate action in the interest of all stakeholders.

ICAI has recently brought out the 2013 edition of the “Guidance Note on Audit of Banks”.  The revised Guidance Note has been updated to give effect to the important regulatory changes that have been brought about by the RBI since 2011 through its Master and other general circulars on critical aspects of banking operations, generally, and the financial statements of banks, in particular, which the bank auditors should be aware of.  The most important of them being the Master Circulars relating to asset classification, provisioning and income recognition norms, exposure norms, investment norms, statutory and regulatory restrictions on lending, disclosures in balance sheet, etc., changes wherein have been incorporated in the 2013 edition of the Guidance Note.

Guidance Note on Accounting for Oil and Gas Producing has been revised to keep pace with the international developments, advancements in the field of technology and techniques of oil exploration. It will come into effect in respect of accounting periods commencing on or after 1 April 2013 and would deal with the accounting of upstream oil and gas operations viz., exploration, development and production and include accounting for acquisition phase also.

ICAI issued ‘Technical Guide on Accounting Issues in Retail Sector’ which addresses various complex accounting issues in the retail sector like accounting for customer loyalty programmes, arrangements with vendors/manufacturers etc. to provide guidance to enable businesses to adopt uniform accounting norms while applying Accounting Standards given special features and modes of modern trade. This Technical Guide also provides Ind-AS perspective of the concerned accounting issues in the retail sector. 

ICAI launched the publication “Commonly Used Terms in Public Finance & Government Accounting” to help the general readers in understanding the terminology. The booklet aims to cover the main aspects of Public Finance & Government Accounting and will be useful for the readers.

Certification of XBRL Financial Statements by Chartered Accountants: Worldwide XBRL has emerged as an important business reporting tool to reach out to the various stakeholders.  It makes the data uniformly accessible to them and permits its utilization in accordance with their varying needs.  In India, the Ministry of Corporate Affairs has introduced this reporting tool by requiring the companies to file their financial statements for the year ended March 31, 2011 in XBRL mode and have also required, inter alia, the Chartered Accountants to certify these XBRL mode financial statements.

The ICAI is spearheading the XBRL initiative in India to promote greater use of the new financial reporting language.

To enable filings by the exempted class of companies viz Power and NBFC’s, the development of taxonomies are at various stages. The power specific elements have already been finalized and approved by the Council of ICAI. The same have been sent to the Ministry of Corporate Affairs. These elements would be included in the base taxonomy i.e. taxonomy for Commercial & Industrial Companies, making it suitable for having the financial statements of Power companies as well in the XBRL format. The Exposure Draft of the taxonomy for NBFCs shall be released shortly. 

Recognizing the importance of regulators in the implementation of XBRL as a language of business reporting, XBRL (India) had decided to set up an Advisory Council. The Advisory Council would comprise of nominees from various regulators.  Nominations from the Ministry of Corporate Affairs (MCA), Reserve Bank of India(RBI) and IRDA have been received.

Further to facilitate the filers and the stakeholders, educational material for use of the members who shall be filing XBRL Financial Statements has been developed by the ICAI. The Hands on trainings/workshops are also regularly organized through the ICAI’s network for providing the stakeholders with hands on experience.

Convergence of Ind AS with IFRS: The Core Group of the MCA had asked the ICAI to provide its views/comments on the firm timelines and readiness of the ICAI and its members with regard to implementation of Ind AS converged with IFRS since the Ind AS placed on the website of the MCA in February 2011 could not be implemented due to various reasons from 1^st April, 2011 as per the earlier roadmap issued by the MCA.  The Council of ICAI decided to make the following recommendations to the Ministry:

Four new International Financial Reporting Standards (IFRSs) were issued and a number of revisions/amendments have been made in the IFRS post February 2011.  To achieve convergence with the IFRS, the Council of the ICAI finalised all the four new Ind ASs and also finalised the revisions/amendments in the Ind AS which have already been forwarded to NACAS for its consideration, except a few recent revisions/amendments in IFRS which are in the process of being finalised.  It may also be added that the existing Ind AS 101, First-time Adoption of Indian Accounting Standards, placed on the website of MCA, needs to be revised since it is based on the premise that the Ind AS would come into force from 1^st April, 2011 and it does not require comparatives to be prepared for the year preceding the year for which Ind AS become applicable.  The ICAI can quickly revise this Standard once the revised roadmap is decided by the MCA.  Once these new Ind ASs and revisions/amendments in the Ind ASs are incorporated in the existing Ind ASs, the Indian Accounting Standards would be converged with IFRS as on 1^st April, 2013.  Thus, keeping in view the preparedness of the ICAI insofar as formulation of the Indian Accounting Standards is concerned, it can be considered that the ICAI is ready since Ind AS corresponding to IFRS as on 1^st April, 2013 would be ready from the aforesaid date.

The International Accounting Standards Board is in the process of revising four existing major IFRS viz., revenue, leases, financial instruments and insurance, which are expected to  come into effect on the part of the IASB from 1^st January 2015.  If India is to remain converged with IFRS as on 1^st January 2015, it would have to revise all the Ind ASs dealing with the aforesaid subjects.  If the existing Ind AS are brought into force immediately, the effect of such a revision would be that the corporates will have to change their systems and accounting policies within two years of the existing Ind AS.  This would be a hardship for the Industry to quickly change its systems from one set of accounting standards to another set of accounting standards.  In view of the above, the ICAI decided to recommend the following roadmap:

Phase I: For companies with net worth more than Rs.1000 crores – 1^st April 2015 (with comparatives for 2014-15)

Phase II:  For companies with net worth more than Rs. 500 crores – 1^st April 2016.

Phase III: For listed entities not covered under the above phases – 1^st April 2017.

It was suggested that the net worth computation may be based on the balance sheet for the financial year ending on 31^st March, 2013 or immediately thereafter.

The roadmap for banks, NBFCs and Insurance Companies should be decided in consultation with RBI and IRDA.                       

The recommendations of the ICAI have been communicated to the MCA and MCA further has now referred the matter to NACAS.

Progress made towards IFRS: The ICAI has been constantly formulating new Accounting Standards as well as revising the existing Accounting Standards from time to time with the objective to bring the Indian Accounting Standards in line with the International Accounting Standards (IASs)/ International Financial Reporting Standards (IFRSs), as issued by the International Accounting Standards Board (IASB).

Considering the global developments with regard to IFRS and to ensure smooth implementation of Ind AS converged with IFRS, a committee was constituted to get the members and other stakeholder ready for proper implementation of Ind ASs. The ICAI is working to support the members and other stakeholders in proper implementation of these Standards by issuing Educational Material on Ind ASs. Adequate steps to enhance the knowledge of the members and other stakeholders for proper implementation of IFRS converged Indian Accounting Standards (Ind ASs) are being taken by way of conducting workshops, seminars and organising IFRS Certificate Course. So far, around 4600 members have been trained under this programme.   

Investor Awareness Programs: The Ministry of Corporate Affairs (MCA), under the aegis of Investor Education and Protection Fund (IEPF) of the Government of India, has entrusted the Institute with the task to educate the present and prospective investors of the country about the intricacies of capital market. The objective of this initiative is to create better awareness among common people for investment in corporate sector towards creating a strong India Inc. A total of 1786 programmes have been organized by ICAI through its branches and resource persons since the year 2007 till date. From Feb 12, 2013 till date 149 such programmes have been organized.

Independent audits proposed for all co-operative societies, NGOs - ICAI had also urged for independent information system audits to be made mandatory for all co-operative societies, NGOs and educational trusts apart from internal audits. The independent audit through Chartered Accountants would ensure transparency and reduce the discrepancies. Further for audit of Cooperative Societies, ICAI has made representations to various state authorities for empanelment of cooperative auditors.

Inauguration of “ICAI Tower”, Bandra-Kurla complex, Mumbai: There has been an exponential growth of students & members of ICAI in recent times. In order to strengthen, reach and provide services to members, students and society at large, the expansion of ICAI infrastructure is one of the priority area. On March 15, 2013 , “ICAI Tower” in Bandra Kurla Complex, Mumbai was inaugurated by Hon’ble Minister of State for Corporate Affairs(I/C), Shri Sachin Pilot. “ICAI Tower” is an iconic edifice which would be used for organizing various learning/training activities and research programmes which would further strengthen and improve technological skills and capabilities of the CA members, CA students and other stakeholders.

Strengthening ICAI Infrastructure: ICAI has also decided to form 5 more branches – 3 in Central Region i.e. at Kishangarh, Chittorgarh, Jhansi and 2 in Western Region i.e. at Navsari and Satara. With this, the total number of branches of ICAI in India would go upto 133.  A branch is set up when there are 150 members in a place within a radius of 50 kms or when there are 100 members in a district. 

(B) Initiative for Members

Besides other initiatives being undertaken for the members, ICAI continues to address the concerns of Small and Medium Practitioners (SMPs) and focus on their Capacity building through skill development initiatives. ICAI provides Institutional Framework Enhancement to develop SMPs. The ICAI would work towards fostering collaborations between SMPs and relatively larger firms.

The endeavor this year would be to prepare the members to go beyond traditional domain and explore to widen the scope of professional services in order to cover the entire gamut of financial services. The members are also being helped to upgrade their skills. For instance tie-ups with different universities have been finalized that will give exemptions to CAs who wish to pursue MBA/PhD. It is proposed to create the ICAI think-tank and encourage networking amongst students and members in the areas of professional interest.

Campus Placement Programme

The Chartered Accountancy Course offers bright future prospects for the candidates. It offers equal opportunities to those who wish to opt for a job or start their own practice. The Institute through one of its Committee organizes campus placement programme twice every year for the benefit of newly qualified chartered accountants. This forum provides opportunity to the employers to interact with newly qualified Chartered Accountants and also is a cost effective mode of recruiting Chartered Accountants.

ICAI organized Campus Placement Programme during February- March 2013 at 18 centres namely Baroda, Bhubaneswar, Chandigarh, Coimbatore, Kanpur, Ernakulam, Indore, Nagpur, Vapi, Ahmedabad, Jaipur, Pune, Bangalore, Chennai, Hyderabad, Kolkata, Mumbai and New Delhi. 

Prominent organizations including Public Sector Undertakings, Banks, etc participated in this mega event. To name a few – Accenture, Corporation Bank, Credit Suisse Services India Pvt Ltd, ITC Limited, L&T, SEBI, Indian Oil Corporation , KRIBHCO, Infosys, TCS, Tata Steel, Genpact, Galaxy Surfactants Limited , SBI Life Insurance Company Ltd, Vedanta Resources, Wipro etc.

The highest salary of Rs.16.55 lakh per annum was offered for domestic posting & Rs. 21 lakh per annum for International posting.

Around 854 jobs were offered to the candidates who participated in Campus Placement Programme.

Professional Indemnity Insurance for Members & CA Firms of ICAI

ICAI arranged insurance protection for members in practice/firms in the form of specially designed professional indemnity insurance at a reasonable premium i.e. at 85% discount on market rate. 

Health Insurance Scheme for Members & Students of ICAI

ICAI has taken a major initiative for members & students in the form of specially designed Health Insurance Scheme.

(C) Initiatives for Students

The ICAI has always been pro-active in designing education and training schemes so as to produce competent professional Chartered Accountants.  The Institute is aware of the demand of the modern dynamic society and therefore the CA course is regularly updated and revised so that the  students should acquaint themselves with the latest in the fields of accounting, auditing, finance, IT and should remain ahead of times. The ICAI has initiated some more Student friendly measures.

1. Introduction of Direct Entry Scheme to CA Course –Graduates/Post Graduates with specified percentage of marks and Intermediate level Examination passed students of The Cost Accountants of India and The Institute of Company Secretaries of India have been exempted from passing the Common Proficiency Test (CPT).
2. Launch of e-Learning facility: ICAI has launched affordable e-learning facility which would enable learning, re-learning, revising anytime and anywhere facility. This would help students from smaller towns and cities where quality education facilities are not available. Till date, approx 120+ hours have been uploaded & balances 100 hours are at different stages of uploading.  It is also proposed to launch e-Learning facility for Final Course within this year. The process of enhancing the e-Learning facility for the Common Proficiency Course (CPT) and recording of e-Lectures for the Final Course has already been initiated.

3. Reading Room Facilities - The policy for providing additional reading room facility has been made so that students can pursue their studies in a conducive environment.  3 branches have already opened additional reading rooms for students and 5 are under process.

4. One Day Faculty Development Programme - To make the soft skills programmes i.e. GMCS I & II more relevant and effective, One Day Faculty Development Programmes are being organized to ensure uniformity of delivery of lectures. Further, GMCS-II material is ready and shall be released soon.

5. Accreditation of Institutions – With a view to supplement the efforts of ICAI, it is proposed to have a two pronged - strategy for strengthening coaching at various regions and branches. For this purpose, branches will be encouraged to organize regular classes for the students. It is also proposed to accredit more and more reputed educational institutions so that they can impart teaching for the CA Course.

6. To make the Articles Placement Portal popular and more dynamic necessary steps are being taken in this direction so as to get encouraging response from firms and students.

7. 5 days short term course on writing skills, English and business communication.

8. Integration of CA Course with Commerce Education at University level – It is proposed that the ICAI shall identify the gaps in the present under graduate commerce course and coordinate with UGC and other relevant authorities so that the capability of the commerce students can be enhanced.

9. Formation of  Committee for Review of Education and Training (CRET) so as to have a comprehensive review of the entire structure of Education and Training Scheme for the Chartered Accountancy course which was last reviewed in 2008.

International Initiatives

 ICAI is playing an increasingly proactive role at the International front and has drawn up a strategy with the aim to export professional services in a big way to enable Indian Professionals to take lead in International Affairs and come at par with those from developed countries.  

MoUs/MRAs with various Accounting Bodies:

The Institute has signed MoUs/MRAs with various Accounting Bodies namely:

• The Institute of Chartered Accountants in England & Wales
•  The Institute of Chartered Accountants of Australia
•  CPA Australia
•  CPA Ireland
• Canadian Institute of Chartered Accountants
• Association of International Accountants (AIA), UK
• New Zealand Institute of Chartered Accountants

This step entails coming together of the two Accounting bodies working in tandem with each other to provide synergy. These agreements facilitate mobility of members across the borders and further strengthen the ties between India and its counterpart in other country.

Talks are progressively on with the following Accounting Institutes for signing MoU with ICAI:

• Vietnam Institute of Certified Public Accountants
• South African Institute of Chartered Accountants

The MoUs with the following Accounting Institutes have been sent for Ministerial clearances :

• Accounting & Auditing Standards Board of Bhutan
• Saudi Organization for Certified Public Accountants

Technical Cooperation to developing and least developed countries for institutionalization of accountancy profession

• Nepal:  Established Institute of Chartered Accountants of Nepal and extended technical expertise & manpower resources as capacity building measures for Nepal
• Sri Lanka:  Institutional back-up in Peer Review mechanism; Information Systems Audit (ISA)
• Mongolia: Extended help in English proficiency and accounting qualification training for Mongolia
• Myanmar and Bahrain: Conducted IFRS Course
• Dubai and Oman: MoUs for Technical cooperation signed for conceptualizing of a Specialized Module by ICAI by devising an International curriculum in Accountancy by integrating local needs keeping in mind various requirements of different level of Accountancy and audit professionals. Implementation on the same will be done soon

Benefits to Overseas citizens of India

A scheme for the Overseas Citizen of India (OCIs) Chartered accountant professionals to practice the accountancy profession in India has been proposed.

Visits from International Accounting Bodies: The CEO of IFAC recently visited ICAI to explore vital areas of mutual collaboration between IFAC & ICAI. During the meeting, it was discussed that there should be an International Qualification Model for all the countries in order to promote mutual collaboration between the countries for the benefit of the membership at large. Besides, professional matters of mutual interest were discussed.