The annual flagship event of the Institute of Chartered Accountants of India (ICAI) i.e. International Conference 2020 was inaugurated today through virtual mode by the Chief Guest Shri (CA.) Piyush Goyal, Hon'ble Minister of Railways, Commerce & Industry, Consumer Affairs and Food & Public Distribution in the presence of Guests of Honour Shri Anurag Singh Thakur, Hon’ble Minister of State for Finance and Corporate Affairs and Mr. Alan Johnson, President, International Federation of Accountants (IFAC). Also present were CA. Atul Kumar Gupta, President, CA. Nihar N. Jambusaria, Vice-President, ICAI , CA. Prafulla P. Chhajed, Past President, ICAI along with Central & Regional Council Members of ICAI.

Shri Rakesh Sehgal, Acting Secretary, ICAI welcomed all the distinguished guests said “ The central theme of this International Conference truly captures the need for out of the box strategies, innovations & initiatives. With this, the CA profession has supported the economic revival and unlocking newer possibilities in the new normal. ICAI recognizes that the future of profession lies in the ability to change, evolve & adapt to changing environment and this 3 day Conference is going to be great exposition to empathize and learn best practices in tandem with the changing market dynamics.”

The ICAI, recognizing its role and responsibility to the stakeholder community and contributing in promoting public interest through resilient practices for a vibrant economy, organizes ICAI International Conference every year. However, in view of the current situation posed by the pandemic, ICAI is organizing its flagship event through virtual mode on the theme “Accountancy Profession: Augmenting Economic Sustainability”.With the pandemic enforcing the new normal, the conference would dwell deeper on various strategies, innovations and initiatives, through which the profession can support the economy.

While congratulating the CA Fraternity at the inauguration ceremony, Shri (CA.) Piyush Goyal, Hon’ble Minister said “While serving the nation for over 70 years, the ICAI has done well through imbibing the qualities of integrity, competence, honesty and regard for society. I appreciate the efforts of ICAI in bringing together all the stakeholders to deliberate on strategies, innovations and the initiatives through which the global accountancy profession can support and ensure revival in a sustainable manner.”

The Hon’ble Minister further added “I am happy to inform that in India sustainability has become an important element of decision making in Government and Corporate world. The Sustainable development will spur growth, will further enhance the scale and speed of growth in the years to come. I am sure the CA fraternity, who are often called gate keepers as well as advisors of processes, will guide their organisations through this crisis and convert businesses and economic dilemmas into bigger opportunities. ”

The three days Virtual Conference will deliberate on the issues related to Taxation, Data Analytics, Sustainable Growth, MSMEs, Innovation and alike. This Conference will provide an apt opportunity for delegates to empathize with the challenges and opportunities available while dealing with areas of contemporary and emerging interest in global economy. The 3 Day Conference divided into 13 sessions is seeing participation of more than 5,000 professionals from across the globe with address of 60 speakers.

Shri Anurag Singh Thakur, Hon’ble Minister remarked “The theme of the Conference in current times of pandemic is very interesting. The role of CA fraternity is crucial towards success of Corporate India. ICAI has done a commendable job in promoting India’s soft power in accountancy profession. ”

Hon’ble Minister reiterated “ I have addressed the CA fraternity thrice in last 6 months and really appreciate the constructive role being played by ICAI in overall development of CA profession. ICAI has global presence in 63 cities of the world. All the branches and overseas chapters of the Institute are doing a splendid job by acting as India’s unofficial ambassadors. In this Conference, I request the partnership of ICAI and entire CA fraternity to connect, collaborate and communicate in every possible way towards India’s Atmanirbhar Bharat Economic Strategy.”

The ICAI has played a pivotal role in developing a resilient reporting framework for sustained economic growth of the nation in the last seven decades. The accountancy profession has endeavored to bring in the best global practices and standards for a robust financial reporting and assurance framework, inspiriting trust and confidence amongst the stakeholders.

CA. Atul Kumar Gupta, President, ICAI while addressing the Conference said “The theme of the Virtual International Conference is very apt in terms of challenges being posed by the COVID-19 pandemic. In this era, Communication Technology and technological innovations are moving at a revolutionary pace and totally reoriented, reorganised and revolutionised the new ecosystem of the businesses and service delivery. Professional Accountants and Chartered Accountancy profession have a major role to play in achieving sustainability in all ongoing activities.”

President, ICAI further added “I firmly believe that with their skills and the experience, the Accountancy Profession has at its disposal, a wide range of solutions to meet the challenges of sustainable development. At different levels of the organisations, professional Chartered Accountants can act as creators of value, provider of sustainable development values and keeper & reporter as well.”

The Virtual International Conference espouses to promote interactive dialogue among the global and local accounting fraternity to learn from global best practices. The deliberations would aspire to upskill the accounting profession for the evolving business milieu and pressing issues, so as to create value for all stakeholders.

Mr. Alan Johnson, President, IFAC congratulated ICAI and said “The profession’s response to pandemic has been inspiring and ICAI was particularly very quick to act. The ICAI held one of the very first virtual Conference in mid of April where they had considered the impact of COVID-19 on financial reporting. When IFAC launched online COVID - 19 resources hub, ICAI had already posted wealth of information. The material produced by ICAI continues to benefit everyone in our profession and I do believe this level of the International collaboration unmatched by any other profession.”

The Conference would witness renowned experts in the area of accounting and auditing from various International bodies including doyens from India’s Trade and Industry. Various sessions shall be addressed by eminent personalities from the Government Sector, Regulators, Global Accountancy Forums, Industry and practitioners etc.

CA. Nihar N Jambusaria, Vice-President, ICAI while presenting Vote of thanks said “This Virtual International Conference has a great significance. Despite pandemic, ICAI is committed to serve its members by providing best of knowledge in emerging issues and challenges which the accountancy profession is facing today. The Conference shall have deliberations & shall come up with way and solution that how accountancy profession can contribute in augmenting economic sustainability.”

The ICAI Virtual International Conference will delve upon areas of emerging issues and challenges, and shall galvanize the profession to recalibrate itself for the digital paradigm, to be at vanguard of promoting public interest.