On February 12, 2012, The Institute of Chartered Accountants of India(ICAI) elected CA.Jaydeep N.Shah as the President and CA.Subodh Kumar Agrawal as the Vice-President for the year 2012-13. A Press Meet was organised today i.e. February 13, 2012 which was addressed by newly elected President of the Institute.

While addressing the Press Meet, CA.Jaydeep N.Shah updated media about various initiatives taken by the Institute.Some of the points shared are mentioned below:

Group formed to address the issue of Black Money

In the wake of the ongoing demand from various groups and political parties to bring the black money stashed in the overseas market, ICAI constituted a Group to provide necessary inputs/suggestions on effectively addressing the issue of menace of black money, benami transactions and related issues in view of public interest attached. It was an initiative taken by the Institute independently as this issue is of national concern.

The ICAI is in the process of compiling all the information/data relevant on the matter and shall be shortly submitting an interim report to the Government.

Progress at 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-Ind AS (IFRS) Implementation Committee was constituted to get the members and other stakeholder ready for proper implementation of Ind ASs. The Institute is working to support the members and other stakeholders in proper implementation of these Standards by issuing Educational Material on Ind ASs.

At Institute’s level, all the work related to convergence of Indian Accounting Standards with IFRSs has been completed within the stipulated time and the same has been submitted to Ministry of Corporate Affairs (MCA). The MCA shall be finalising the date of implementation of Ind AS converged with IFRS in consultation with other Ministries.

Opening of Accountancy Profession globally

ICAI is a founder member of various International professional bodies and is playing a prominent role through its nominees who have worked and are working on the Governing Council as well as various Committees of those bodies.

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.