CHALLENGES

Mar 3, 2010: A five-year rolling mission should be implemented by the Central Council of the Institute of Chartered Accountants of India (ICAI) to face the emerging challenges, said its new president Amarjit Chopra.

Speaking to reporters in Chennai Tuesday, he said the mission was needed to deal with issues like the new Companies Bill, series of economic reforms and the introduction of International Financial Reporting Standards (IFRS) for Indian corporates by April 2011.

During his tenure as the president of this apex body for CAs, he would further upgrade the disciplinary mechanism of the Central Council which would strive for a positive change in the perception of the accounting profession in the minds of the general public, he said.

He expressed the need for a change in the exam pattern for students as they have to be tested through application-oriented subjects, besides theory classes.

Chopra mentioned the ICAI was keen to take up research activity for government departments like Railways and health to further widen the opportunities for members and in step with the capacity building for small and medium practitioners. ICAI vice-president G Ramaswamy also spoke.