Report & Pictures of ICAI Reg. Confrence at Kochi 2010

Vishnu Nair (Chartered Accountant) (935 Points)

03 December 2010

CA. Amarjith Chopra, President, ICAI addressing the delegates of Regional Conference of SIRC of ICAI

27.11.2010

AMARJIT CHOPRA AIRED HIS CONCERNES OVER THE EXISTING STUDENT PRINCIPAL RELATIONSHIP

Excerpts from the transcriptttttt of President Speech.

“The responsibility to impart the training to the student does not lie with the institute, it lies with the members.”

“Dummy is not an Article (Articled Clerk), dummy is the principal. After all who is registering it as an article?”

“Let as treat an Article as our on child”.....”The moment the Article starts realising that you are treating him as a child and not as an ‘Article’, I think most of the problems would get resolved”

28.11.2010

"We are very convinced of the fact that, probably True & Fair view concept cannot remain relevant for a very long time ................"

CA. Prabhakar Kalavacherla, Member, International Accounting Standards Board( IASB) talking on 'IFRS Convergence- Challenges and Opportunities'

INDIA NEED TO BE ONE OF THE TOP NATIONS IN THE WORLD IN THE ACCOUNTING DEBATE - PK

Excerpts from the transcriptttttt of PK's Speech.

"Unless you adopt IFRS, not converge, the benefits are not fully here"........"because their is no definition for convergence. it can be anything between 0% to 99%"

"If the debate about appropriateness of an accounting standard is conducted in a robust manner by many concerned people then in my mind we will arrive at a better standards globally"

" I have done my CA from a medium size firm in Hyderabad."...." During my article-ship, i had audited several small businesses, including several that are required under 44AB. During that period, I could see how my partner played the role of an auditor, a disciplinarian, a tax consultant, an accountant and a sound business man"..."Working on small audits gave me the experience on various aspects of audit and application of what really goes on in running a business. I submit that this experience is not really possible when one works in a larger accounting firm"

" Agricultural accounting is one more area where appropriateness of fair value is correctly debated.If I understand correctly India is not going to notify IAS 41. I am not sure if that is the appropriate response. Clearly there needs to be a debate on the appropriateness of fair value accounting in agricultural accounting. At a minimum, some of the answers in IAS 41 have to be changed.The question is how are we leading the debate? I have to inform you that countries like Malaysia are taking a larger lead than India. I have no problem with that, but if we don't participate and take the lead we might once again face with an answer that we don't like. That is the danger that we should me mindful. "

Hon'ble Union Minister of Finance Mr. Pranab Mukherjee speaking during the Inaugural Session of the Conference (27.11.2010)

Excerpts from the transcriptttttt of FM's Speech.

"We should not fiddle with accounting standards, even if financial performance of a company is volatile....."

"We need to regulate better and at the same time ensure that regulation does not degenerate into obsessive control. While too tight a regulation may lead to a lack of development in financial products, a very lack regulatory structure may encourage financial misdemeanour. Market regulation is no longer viewed as an irrerelevant intrusion, but is considered necessary to help achieve development goals"

"The growth rate must be sustained for at least 10-15 years if we want to address the problem of poverty, illetracy, dieseases and other issues."

CA. T V Mohandas Pai, Member Board of Director, Infosys Technologies Limited, Trustee, IFRS foundation talking on ' The path towards global standards'

INDIA MUST TAKE THE LEADERSHIP OF GLOBAL FINANCIAL REFORM AGENDA

Excerpts from the transcriptttttt of TVMP's Speech.

“Why should India be a follower all the time, why can’t India be a leader? Why can’t India help writing the standards? Why can’t India do the research? “

“The next big outsourcing is going to be in Accounting”... “We are going to be the Book Keepers for the world”