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th34 Annual Report 2015 - 2016

The Institute of Chartered Accountants

of India UAE (Dubai)

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SHRI NARENDRA MODI

Honorable Prime Minister of India

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CHAIRMAN’S MESSAGE

It is with a sense of satisfaction and fulfillment I write to you my dear members, sponsors, and well-wishers of ICAI

Dubai Chapter. My tenure which began on 19th September 2015 will conclude officially on 28th September 2016.

This 375-days journey has been a wonderful experience for me and to my dedicated team of office bearers &

executive committee members. We have left no stone unturned to meet your expectations and aspirations. This is

evident from the encouraging and positive feedback we have been ever so continuously been receiving all through the

year. I only wish to say one thing – A BIG THANK YOU – for allowing me to contribute to our wonderful and prestigious

ICAI UAE Dubai Chapter.

The last year saw us conduct a record 44 events – 25 CPE, 6 CSR, 3 Sports, 5 Social, & 5 for Students. The details of

all of these are detailed in this 34th Annual Report. This year we have attempted to conduct events in a scale and size

befitting our professional body, be it the annual conference at Le Meredian where we had more than 1000 attendees

over the two-day event, the budget event in association with Times Now, the joint meeting with Abu Dhabi Chapter,

the Iftar get together at the Atlantis, our annual Social Get-together to name a few, had put our organization skills to

the test. Above all, we are now seeing our ICAI brand being more visible and enhanced in stature.

Words fail me when I recollect the unequivocal support that we have received from the various UAE government

authorities, especially the love and affection extended by His Highness Sheikh Nahyan Bin Mubarak Al Nahyan,

Hon’ble Cabinet Member & Minister of Culture & Knowledge Development, Govt. of UAE who was Chief Guest in

Inauguration Ceremony of Annual Conference. I share the same sentiments with President & Vice President of ICAI,

Central council members and to all the officers / members of ICAI, Delhi.

This year saw many a new initiatives which include ICAI Dubai Mobile Application, Arabic Session, Yoga classes, Live

Webcast of Annual Conference, Broadcast of two events by TimesNow - Budget and Annual Conference, Electronic

Voting, Social Audit of the chapter and more involvement of our own members in the Member’s Forum.

One of the most important agenda of the year was to commence the process of obtaining Non-Profit Incorporated

Organisations (NPIO). License in DIFC for which, I am happy to inform you that, the chapter has got the provisional

approval from the DIFC and this will go a long way in furthering the activities of the chapter in the future.

The year also saw our membership numbers go beyond 2,000 and we have generated a record 96 hours for our

varied CPE events conducted during the year.

My sincere thanks to each one of you and to our patrons for giving me the opportunity to contribute to the overall

betterment of our Chapter and this Annual Report is culmination of all the hard work and our best efforts done over

the year.

CA Nimish MakvanaChairman - ICAI DUBAI

CA Nimish Makvana

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ANNUAL REPORT

Dear Members,

On behalf of the Managing Committee of the UAE (Dubai) Chapter (‘the Chapter’) of the Institute of Chartered Accountants of India

(‘ICAI’) we have great pleasure in presenting the 34th Annual Report of the Affairs of the Chapter.

The Managing Committee for 2015-16At the 33rd Annual General Meeting of the Chapter held on September 19, 2015 the following Office Bearers and Executive

Members were elected to the Managing Committee:

CA Nimish Makvana - Chairman, CA Pankaj Mundra - Vice Chairman, CA Naveen Sharma - Secretary, CA Anish Mehta - Treasurer,

CA Mahmood Bangara - Executive Member, CA Sundar Subramanian Nurani - Executive Member, CA Nimesh Lokhandwala -

Executive Member, CA Dharmajan Patteri - Executive Member, CA Prabhdeep Singh Baweja - Executive Member, (Sept. 19, 2015

to June 30, 2016) and CA Arun Srinivasan - Executive Member, (from July 1, 2016 till AGM).

AuditorsAt the 33rd Annual General Meeting of the Chapter held on September 19, 2015. CA. Manoharan Thulicheri was appointed as the

honorary auditor for the year 2015-16.

September 03, 2016

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List of Activities: October 2015 to September 2016

SlNo.

CPECredit

Date

24-10-20153 Business Planning Process CA. T.P. AnandAn Expert in IFRS and Corporate Governance

31-10-20154 International Taxation & Double Taxation Treaty CA. T.P. OstwalPartner at T.P. Ostwal & Associates, Mumbai, India

27,28,29-11-2015

8 Optimize performance & move upto next level Mr. Shiv KheraAuthor of International Best Seller

16-11-20156 The Battle for Capital – a discussion onRestructuring and Working Capital Management

Mr. Hani BisharaHead of Debt Advisory Restructuring, Ernst & Young, Middle East

03-11-20155 Be Successful on Purpose Ms. Tricia EvansLeadership Coach, Writer, ‘Gulf for Good’ Board Member

05-12-20159 IFRS-9 – Financial Instruments (replacement of IAS 39) Mr. Gavin AspdenDirector within PWC’ Academic Faculty

12-12-201510 A CFO – The Chief Fungible Officer CA. Surya SubramanianGroup Financial Officer – Emirates NBD

IFRS-15 – Revenue from Contracts with Customers Mr. Antony O' SullivanPartner – Ernst & Young, Dubai

21-11-20157 Excel in your Winning Way Mr. Harsha BhogleIndian cricket commentator and journalist

17-10-20152 The new Commercial Companies Law (Federal law No 2 of 2015)

Mr. Diwakar AgarwalLegal Director at DLA Piper Middle East, Dubai, UAE

Mr. Shardul S. Shroff Executive Chairman, Shardul Amarchand Mangaldas

CA. Mukund ChitalePast President of The Institute of Chartered Accountants of India

Inheritance And Sharia Succession Briefing Aims and Objective

DIFC Wills and Probate Registry

NRI Taxation and FEMA Implications CA. Rajesh H. DhruvaB.Com, FCA, Practicing as an NRI Consultant, Rajkot, India

Evolution of IFRS-10 – Consolidated Financial Statements CA. James RaviRegional Director-Middle East, ICAI, Dubai

IPO – Value Unlocking Mr. Adil TaqiChief Financial Officer – Damac Properties

Restructuring for sustainability Mr. Dave AndersonChief Executive Officer – Aujan Group

CFOs Role Beyond Finance as Business enabler Mr. Colin AbercrombieManaging Director – Abercrombie Training and Consultancy

Mrs. Anita BhoglePartner and learning content head, Prosearch Consultants

An Analytical study of fluctuating oil prices and itsimpact on OPEC Economies and Top oil companies

CA. Dr. Indrani Hazarika, Business Faculty atDubai Women’s College and Chair of Accounting Curriculum atHigher Colleges of Technology

11-10-20151 Sustainability of the Accountancy Profession

Strict norms and enactments on prevention ofmoney laundering andundisclosed foreign incomeensuring protection of interest of the Stakeholders

Topic Speaker

Moderator Mr. Shane PhillipsManaging Director – Shane Phillips Consultants

Ms. Mihaela Cornelia Moldoveanu,Senior Manager, DIFC Wills and Probate Registry, Dubai, UAE

Ms. Cynthia Trench,Principal, Trench & Associates, Legal Consultants, Dubai, UAE

Proposed IFRS-16 – Leases Mr. Yusuf HassanPartner – Accounting Advisory Services, KPMG

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List of Activities: October 2015 to September 2016

Global Economic landscape with focus onIndia-UAE bilateral trade

Dr. Shubada RaoSenior President and Chief Economist, YES BANK

SlNo.

CPECredit

Date

27-02-201615 Unlock Your Creativity and Change Your Life Prof. Tony BuzanWorld Renowned Author, Speaker & Inventor of Mind Mapping Dean Emeritus

Life Changing Techniques and Tips Mr. Dominic O’Brien8-times World Memory Champion, Author, Corporate Trainer and Speaker

05-03-201616 Budget - Is India Resilent? Are Achche Din here? Mr. Swaminathan AiyerEconomist & Consulting Editor, ET NOW

09-04-201618 Money Laundering, Sanctions and Its Impacton Professionals

CA. Nishanth NottahRegional Head of AML at HSBC Middle East

19-05-201619

Ms. Paromita ChatterjeeModerator

Panel Discussion - Budget 2016

Topic Speaker

Global Economy: Challenges & Opportunities

Spirituality and Matrialism

10-02-2016 Acceleration of Career Path - Women’s leadership Workshop Ms. Sara I MohamedManaging Partner of Executive Women magazine

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26-03-201617 Arabic Classes Arabic Faculty from DPS Academy, Dubai 2

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Panel Discussion:Post-oil economy - Looking for the new equilibrium

CA. Ramesh Mahalingam, MD-Ideal Management ConsultantsModerator

CA. Dinesh Kothari, MD and Pro Vice Chairman, DPS Group

CA. Harigopal Thodla, Partner, E & Y, Dubai

CA. Chirag Shah, Exe.VP – Strategy & Business Excellence, DIFC

CA. Ramesh Murthy, Head of Corporate Credit Risk,Commercial Bank International PSC

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28-12-201511 Treasury Risk Management & Negotiation Parameters CA. Vikrant Bhansali

19-01-201612 CA. Manoj FadnisPresident, ICAI India

CA. M. Devaraja ReddyVice-President, ICAI India

Mr. Olivier PanisSenior Credit Officer – Moody's Investors Service ME Limited, Dubai

GCC Outlook - Banking Sector

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The future of your net worth CA. Krishnan RamachandranCEO, Barjeel Geojit Securities LLC, Dubai

30-01-201613 Private Equity – through a Promoter’s Lens CA. V. P. NagarajanDirector, Yenom Management Consultants, Dubai

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Dr. Prasanna ChandraDirector of Centre for Financial Management

CA. T N ManoharanChairman Canara Bank and Past President ICAI

His Highness Sheikh Nahyan binMubarak Al Nahyan - Chief GuestHon’ble Cabinet Member & Minister of Culture &Knowledge Development, Govt. of UAE.

Shri Dr. Duvvuri Subbarao - Guest of HonorFormer Governor Reserve Bank of India, Government of India

Shri CA. M. Devaraja Reddy - Guest of HonorPresident ICAI

Shri CA. Nilesh Shivji Vikamsey - Guest of HonorVice-President ICAI

Mahatria RaSpiritual Guru & Motivational Speaker

Building Financial Resilience: Berkshire Hathaway Story

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List of Activities: October 2015 to September 2016

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CPECredit

Date

20-05-201620 Corporate Governance: Adding Value CA. Manoj FadnisPast President ICAI

Leading the Reserve Bank of India: Challenges & Dilemmas Shri Dr. Duvvuri SubbaraoFormer Governor of the Reserve Bank of India

Outlook on MENA Equities Mr. Bassel KhatounChief Investment Officer, Franklin Templeton Investments (ME) Limited

Topic Speaker

International taxation: India PerspectivesJustice (retired) R.V. EaswarFormer Judge Delhi High Court & Chairman ofIncome Tax Simplification Committee

The Level 10 Game: Excellence Mr. Rahul Kapoor JainEntrepreneur, Speaker, Presenter and Author

04-06-201621 Negotiation Skills for influential LeadershipDr. Gita BajajProfessor, HR & Communication, Chairperson, Executive Education, IMT Dubai

06-08-2016

13-08-2016

20-08-2016

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Dr. Rakesh SinghDirector of Institute of Management Technology (IMT), Dubai

Developing & Transformational Strategy

Mr. Pradeep PardeshiTrainer & Consultant, Tech & Training Corporate Solutions Pvt Ltd.

Mrs. Latha SureshDirector, Social Audit Network, India

Mrs. Marie BanuDirector, Centre for Social Initiative and Management

Advanced Microsoft Excel 2013

Master Class on Social Accounting and Audit

Prof. Rama SethProfessor of Finance & Control, IIM Calcutta

Banking Simulation - Managing Competitive Strategies

27-08-201625 Mr. Bruce HamiltonDirector Indirect Tax, Deloitte Middle East

VAT - Where to Go, and how to get there

Mr. George CampbellSenior Manager Indirect Tax, Deloitte Middle East

Mr. Murali MurthyBest-Selling Author, Motivational Speaker, Acclaimed Transformational Coach

Communicate like a Pro, Inspire like a LEADER

Prof. Anoop RaiProfessor of Finance, Hofstra University, New York

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6

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9696Total

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Non CPE Events: October 2015 to September 2016

Sl.no Date

CSR Events

Sports Events

Social Events

Students Events

Event Details

13-10-2015

08-11-2015

08-01-2016

19-01-2016

01-07-2016

18-12-2015

19-03-2016

26-08-2016

18-03-2016

01-04-2016

20-05-2016

11-06-2016

18-06-2016

19-01-2016

01-07-2016

Tree Adoption Day

Sharjah Book Fair - Unlock your Potential and Shape your Destiny

Blood Donation Camp

Tree Plantation

Tree Plantation

Blood Donation Camp

Indoor Sports Carnival

ICC T20 World Cup Match Live

Bowling Event

Annual Family Get Together

Yoga Classes Inauguration

Musical Evening - Pritham Live in Concert

Iftar and Talk Session

International Yoga Day

Technical Seminar with ICAI President

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2

3

4

5

6

1

2

3

1

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3

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5

1

26-03-2016 Technical Seminar ISA’S3

23-07-2016 Strategies to Clear CA Final Exams4

03-08-2016 Technical Seminar on UAE Commercial Company Law5

22-01-2016 DCASA 1st Anniversary celebration at Creek Park2

Sl No. Type of Events

Technical Events

CSR Events

Sports Events

Total

1

2

3

Number of Events

25 (96 CPE Hours)

6

3

44

Students Events5 5

Social Events4 5

-CSR Event

CA T.N. Manoharan - Key Note Speaker, Chairman, Canara Bank and Past President of ICAIMr. Saud Salim Al Mazrouei - Guest of Honor, Director of Hamriyah Free Zone Authority &Sharjah Airport International Free Zone

Event Summary & CPE Credits: October 2015 to September 2016

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The Indian Consulate in Dubai and ICAI Dubai laid the further foundation for strong cooperation and common activities at a meeting attended with H.E. Anurag Bhushan, Consul General of India to Dubai, and Mr. Rahul Srivastava, Consul- Visa & Commerce, and ICAI Dubai officials - CA Nimish Makvana (Chairman), CA Naveen Sharma (Secretary) and CA Anish Mehta (Treasurer), along with Executive Members CA Prabhdeep Singh Baweja, CA Mahmood Bangara, CA Sundar Subramanian Nurani, CA Nimesh Lokhandwala and CA Dharmajan Patteri.

H.E. the Consul General suggested that Consulate and Chapter could work on programs like Ukarsh Bharat, on the lines of ‘Make in India’ and Chapter Chairman welcomed the suggestions and assured of his full support.

Indian High School and ICAI Dubai have set the agenda for strong mutual cooperation in different fields, following a meeting attended by Ashok Kumar, CEO, Indian High School and ICAI Dubai Chapter officials - CA Nimish Makvana (Chairman), CA Naveen Sharma (Secretary) and Executive Members CA Prabhdeep Singh Baweja, CA Mahmood Bangara and CA Sundar Subramanian Nurani.

Past President Chitale calls for vigilance in changes in business environment

Mr. M M Chitale, Past President of ICAI, provided interesting insights into Sustainability of the Accountancy Profession.

He said sustainability emerged from Environmental science and added that the task of the Accountancy profession through accounting and auditing was to provide an unpolluted business environment communicating the results of business activities in an appropriate manner.

The Accountancy profession can be sustainable if all the constituent elements - such as the Institutes, the Public Practice Firms and individuals and the people working in these areas - consciously follow the fundamental principles of accounting and auditing in letter and spirit. Therefore, one has to be constantly vigilant about the changes in the business environment happening around us.

Expert Shardul D Shroff provide insights into Anti-Money Laundering Act

Mr. Shardul D Shroff laid the contextual framework for the discussion by briefly introducing the strict norms and enactments on prevention of money laundering and undisclosed foreign income ensuring protection of interest of stakeholders.

Mr. Shroff then dwelt on the scope of the Black Money (Undisclosed Foreign Inctome and Assets) and Imposition of Tax Act, 2015 (“UFIAAct”) and the Prevention of Money Laundering Act, 2002 (“PML Act”).

He also discussed the impact of amendment to the Part C of the Schedule to the Prevention of Money Laundering Act, 2002 (“PML Act”) to include “any wilful attempt to evade any tax, penalty or interest under Section 51 of the UFIA Act”, with special emphasis on what this would mean to the ‘financial intermediaries’ and ‘professionals’.

The interim one-time self-declaration scheme announced by the Government and which closed on September 30, 2015, was also briefly discussed, in light of the immunity from prosecution granted under India’s Foreign Exchange Management Act, 1999.

Indian Consulate and ICAI Dubai lay foundation for strong mutual ties: 06.10.2015

Indian High School and ICAI Dubai Vow to boost cooperation: 06.10.2015

Technical Seminar: 11.10.2015

Mr. M M Chitale Mr. Shardul D Shroff

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Environment Matters

This year, ICAI Dubai, in collaboration with the students of Indian High School (IHS), organized a “Tree Adoption Day” by planting 12 trees at the school.

The event conveyed the message that it is everyone’s duty and responsibility to take care of the environment, especially since a lot of damage has been done by man in the name of progress and industrialisation. One of the most effective ways of reversing the damage is planting trees.

We have taken the “Next step on our continuing journey of a thousand miles” by starting this pro-environment activity of “Tree Plantation”.

Workshop on DIFC Wills and Probate Registry answers tricky questions

Ms. Mihaela Moldoveanu, Senior Manager at the DIFC Wills and Probate Registry, presented at the ICAI Workshop a practical approach to the functioning and mandate of the Registry.

Update on Federal Law No. 2/2015 on Commercial Companies

Diwakar Agarwal, Legal Director at DLA Piper Middle East presented to the ICAI, Dubai Chapter updates on the legal regime governing companies in the UAE. Diwakar dwelt on the launch of Federal Law No. 2/2015 on Commercial Companies, the new law governing companies operating in the UAE that came into force on 1 July 2015.

CA T.P. Anand gives valuable tips on Business Planning Process

CA T.P. Anand, an Expert in IFRS and Corporate Governance,

provided insights into Business Planning Process at a session with

ICAI members. He said the Business Planning and Budgeting process

in most companies is restricted to Excel sheets wherein the previous

figures are plotted and future projections are made by increasing or

reducing each line item based on the gut feeling.

Cynthia Trench on Shari’ah Compliant Wills and DIFC WPR

Ms. Cynthia Trench on Shari’ah compliant wills and DIFC WPR Cynthia Trench, founder of Trench & Associates, a legal consultancy firm, enlightened ICAI members on the DIFC Wills and Probate Registry (WPR).

Tree Adoption Day: 13.10.2015

Full Day Workshop: 17.10.2015

Ms. Cynthia Ms. Mihaela Moldoveanu

Mr. DiwakarAgarwal

Member’s Forum Breakfast Meeting: 24.10.2015

CA. T.P. Anand

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CA Dr. Indrani Hazarika discussesimpact of fluctuating oil prices on OPEC economies

CA Dr. Indrani Hazarika, Business Faculty at Dubai Women’s College and Chair of Accounting Curriculum at Higher Colleges of Technology, addressed ICAI Dubai on critical topic of “An analytical study of fluctuating oil prices and its impact on OPEC Economies and Top Oil Companies”

Renowned Leadership Coach Tricia Evans provides ‘Insider Secrets’ to success

Tricia Evans, a pioneer among business coaches in Dubai having coached over 5,500 Managers in the Middle East since 1993, provided some practical tips to our lady members, spouses and daughters of members on how to ‘Be Successful on Purpose’. The gist of her presentation was that being successful is rarely an accident, and that there are learnable ways and methods of achieving success, and becoming more confident and effective at work and in life.

CA. Dr. Indrani

India-UAE Double taxation can unlockbenefits for NRIs, says CA T.P. Ostwal

CA. T.P. Ostwal, Partner at T.P. Ostwal & Associates, Mumbai, said the India-UAE Double Taxation Avoidance Agreement has many advantages for UAE residents, but not vice-versa, while addressing ICAI Dubai on International Taxation and Double Taxation Treaty, in Dubai.

He said: “Keep proof of all your property purchases. Keep a minimum trail if you plan to come back to India and disclose assets”.

CA Rajesh H. Dhruva throws light on“NRI Taxation and FEMA Implications”

NRIs have total freedom of investments in India in Forex & Rupee (NRE & NRO) bank deposits; Equity & Debentures of Listed Company & IPO;

Full Day Workshop: 31.10.2015

Equity & Convertible Debentures of Pvt. & unlisted Public Company; Equity & Debt schemes of Mutual Funds ; Government Securities etc.

CA T. P. Ostwal CA Rajesh H. Druva

Women’s Leadership Workshop: 03.11.2015

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ICAI PAST PRESIDENT Padmashree CA T.N. MANOHARAN MOTIVATESat Sharjah International Book Fair

“Success may not come the way we wanted and when it is wanted. But if we continue with the same zeal and vigour, success will come one day in a way that was much better than we expected,” said Padmashree CA TN Manoharan, India’s renowned inspirational speaker. He was talking on the topic “Unlock your Potential and Shape your Destiny” at the 34th Sharjah International Book Fair (SIBF) in Sharjah. Saud Salim Al Mazrouei, Director of Hamriyah Free Zone Authority (HFZA) and Sharjah Airport International Free Zone (SAIF Zone) was the Guest of the Honour at event, which was organized by Institute Of Chartered Accountants Of India (ICAI) Dubai chapter.

Padmashree Manoharan, Chairman of Canara Bank and past president of the Institute Of Chartered Accountants Of India (ICAI), who won CNN-IBN “Indian of the Year” award in 2009, was one of the main brains behind the restructure of the scandal-hit information technology company Satyam Computer Services.

Renowned sports personality and cricket commentator Harsha Bhogle along with speaker and author Anita Bhogle enthralled ICAI Dubai audience as they spoke on The Winning Way. The talk attracted a record turnout of over 750 people who hung on to his every word & line.

First Study Circle Meeting Highlights Working Capital Management

The First Study Circle Meeting on “Battle for Capital – a discussion on Restructuring and Working Capital Management” by Mr. Hani Bishara, Head of Debt Advisory Restructuring, Ernst & Young, Middle East. The session covered two elements are Working Capital Management & Restructing.

“The Winning Way” Learning from Sports for Managers by Mr. Harsha Bhogle, and Mrs. Anita Bhogle

Event Participation: 08.11.2015

CA T.N. Manoharan

Mr. Saud Salim Al Mazrouei

Study Circle: 16.11.2015

Mr. Hani Bishara

Learnings from Sport, Talk Show: 21.11.2015

Harsha Bhogle & Anita Bhogle hold the audience spell-bound with their

‘THE WINNING WAY’

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“The ingredients that go into winning – what one would call the formula for success -- are universal, whether you are a sportsman, musician, housewife or manager. Though you find successful people in every field, winning and losing are most clear-cut in sports. There are learnings from sports that people in corporate life can use to enhance their professional and private lives. “

Strange as it may sound, winning is a tough situation to be in. Not only are winners expected to win every time, winning often serves as a blanket for the flaws that even winners can possess. In the euphoria of success, one assumes that one is perfect , even invincible. Wasn’t that said of the West Indies cricket team in the 80s or even the Indian hockey team in the 60s?

More and more organizations and managers are agreed that most businesses are eventually people’s businesses and that people are the true assets of an organization. In a sense all of us who work in teams play a team game. In sport anyone who refuses to be a team player gets quickly found out and in business too selfish people don’t go too far.

Good teams become great ones when they trust each other enough to surrender the “me” for the “we”. Outcome goals like in matches and races are few and far apart. Sportsmen therefore set themselves performance goals (rather than outcome goals) to motivate themselves every day. It’s easy when you have many records left to be broken. Dominators like Tiger Woods and Sachin Tendulkar (or teams like the Australian cricket team through the late 90s till the mid 2000s) who now set records rather than break them, seem to compete only against themselves.

In the final analysis, when the first two sieves of ability and attitude have been passed, what counts is the passion, the desire to succeed. In an Olympic final, any one of the eight or ten finalists is capable of winning. The one who wins is really the one who most wants to win.

Mr. Harsha Bhogle

Mrs. Anita Bhogle

Past Chairman CA Nandakumar A has relocated to India, he was felicitated for his outstanding contribution to the chapter during his tenure as Chairman, Vice Chariman, Secretary and as a committee member to the chapter.

Felicitating CA. Nandakumar A.

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Good leaders create more leaders, says Shiv Khera at ICAI leadership program

Noted author and business consultant Shiva Khera delivered a three-day High Impact Leadership program in Dubai recently, attended by a large number of entrepreneurs and professionals.

Most common mistakes made by leaders

The biggest mistakes leaders make when they acquire power are of two types. First,they lose touch with the grassroots. There develops a disconnect between the people and those at the top. The leaders are unable to address the root cause issues that brought them to power.

The second biggest mistake is staying grounded. Success brings arrogance. They take it for granted. They lose connection with the people. This leads to disappointment among the people, when the leaders are not performing and their voices are not heard. Leaders ought to stay grounded,whether at the Corporate or political levels.

Importance of good communication between managers and employees

Every company has a culture or lack of culture. Culture always goes top down, never bottom up. As well know, every leader selects his own team. A good leader choses a good team. Usually, while selecting teams we don‘t choose the kind of people we want but the kind of people we are. This is true with friends in real life too. This is because of comfort levels. For example, an honest entrepreneur will have a honest attorney or accountant; a crooked entrepreneur will keep a crooked attorney or accountant.

Leadership has different levels - levels of authority. It is better to be a good follower than a bad leader. Where do leaders get power from? There are three P’s of power. The first is Position Power which is derived from position or authority, which comes and goes. The second is Personality which open doors but you need character to keep the doors open. Then there is Principle Power, which is the hallmark of all great leaders like Mahatma Gandhi, Martin Luther King and Abraham Lincoln. They got power from principles, it had nothing to do with good looks or anything..

Every leader is required to make three types of decisions: the Decision of Command, the Decision of Consultation and the Decision of Consensus. If a good leader is effective, it has something to do with morality. Effective means ability to inspire, influence, and get results and action. Hitler had leadership quality but no morality or integrity. That is crucial.

Good communication Matters

People cannot communicate effectively not because of lack of knowledge but because they lack confidence. Studies have shown that 55% communication is non-verbal, 38 % is tone and voice and just 7% verbal. And we attach so much importance to verbal communication! We engage in verbal communication consciously, while in the non-verbal communication our subconscious part comes in. When there is a conflict between the two, the non verbal prevails. True reality comes out in non-verbal communication. In phone conversations, 55% of communication is missing, and in mail and email 93 % is missing. We should be extremely careful in our communication, and write clearly because a positive thing said in a negative way might give different message to the reader, leading to a major disconnect between the leader and the people reporting to him.

Good relations and Leadership

A successful person builds relations, and good leaders bond with people. They can achieve something with one phone call what others would take a lifetime. It is all about relationships. In history,we have the classic case of Alexander the Great who led his armies to great victories. It is said that once when they all ran out of water, and Alexander was presented with a glass of water by the scouting team he looked at the troops and spilled the water on the ground as he felt what use there was a mug of water for me when all my troops are thirsty. That‘s our leader. This boosted his respect among the troops and they were ready for the next conquest.

Bad leaders create followers, good leaders create more leaders. The principles of leadership have not changed through history. Tactics are manipulated, but principles drive the real leader.

Emotional Quotient Vs Intelligence quotient

In modern research, there is more weight-age being given to EQ (emotional Quotient)than IQ (intelligence quotient). Those days are gone when IQ alone could get you up there. Today, it is crucial to understand our own emotions and those of others, and have control

Leadership Program: 27, 28, 29.11.2015

Mr. Shiv Khera

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over our emotions. Without EQ our relationships suffer. People want to deal with people they like. When we do programs for consumer companies, we hear of talk of B2B and B2C, but the truth is that there are people issues involved everywhere. Every sale is P to P, People to People. Ultimately, people buy what they want to buy, not what they need to buy.

There are four critical words in this field: Attitude, Leadership, Motivation and Values. They are interconnected and cannot be compartmentalised. If you ask me, there is no one quality that leads to success; it is the combination of all four qualities that deliver results. You got to have that combination to open the safe.

IFRS Summit

The IFRS Summit was held on December 5, 2015, at Dubai Men’s College, Dubai Academic City. The Summit was attended by a large number of participants who wanted to share the knowledge of the prominent speakers on IFRS in the Summit. The Faculties and Standards selected were very important for both the members in Practice and in the Industry.

IFRS 9: Financial Instruments(replacement of IAS 39) byMr. Gavin Aspden, Director withinPWC Academy

Mr. Gavin took the participants through the highlights of Transition:

When does IFRS 9 become mandatory? Annual periods beginning on or after 1 January 2018. Early adoption and full retrospective application on adoption.

Highlights of discussions aslo include:

• Financial assets – new model summary• Financial Liabilities – Retain IAS 39 measurement requirements• Impairment – Incurred loss model, the challenge and expected loss model• IASB’s approach vs FASB’s approach• Scope exclusions• Expected loss model• Low credit risk• Significant increase in credit risk• Measurement of expected credit losses• Disclosure relating to ECL• Hedge Accounting – How will corporates benefit from IFRS 9

Proposed IFRS 16 – Leases by Mr. Yusuf Hassan Partner, Accounting Advisory Services, KPMG

Mr. Yusuf gave an Overview of the proposed IFRS 16 and covered broadly: • Identify a lease • Lessee: how big the liability will be? • Lessor accounting: what has changed? • Other lease accounting issues • Transition provisions • What do you need to do to get ready for 2019?

IFRS Summit: 05.12.2015

Mr. Gavin Aspden

Mr. Yusuf Hassan

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The speaker highlighted the overview of the Project Time-line:

• Require lessees to recognise all significant leases on-balance sheet • Eliminate arbitrary accounting distinctions for transactions that are economically similar • Reduce complexity in lease accounting • Develop converged lease accounting requirements

Mr. Yusuf took the audience through the overview of the IASB Model discussed the impact on the profit and loss account for the Lessee. He also discussed the scope of the proposed standard with further highlight about contracts which are within the scope, scope exceptions and outside the scope. Practical expedients and definition of a lease also were discussed.

IFRS 15 specifies the accounting treatment for all revenue arising from contracts with customers. It applies to all entities that enter into contracts to provide goods or services to their customers, unless the contracts are in the scope of other IFRSs, such as IAS 17 Leases. The standard also provides a model for the measurement and recognition of gains and losses on the sale of certain non-financial assets, such as property, plant or equipment.

The principles in IFRS 15 will be applied using the followingfive steps:

1 Identify the contract(s) with a customer 2 Identify the performance obligations in the contract 3 Determine the transaction price 4 Allocate the transaction price to the performance obligations in the contract 5 Recognise revenue when (or as) the entity satisfies a performance obligationIFRS 15 – Revenue from Contracts with

Customers by Mr. Antony O’Sullivan, Partner – Ernst & Young

In May 2014, the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) (collectively, the Boards) respectively issued.

Converged new revenue standards: IFRS 15 Revenue from Contracts with Customers and Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers, the new revenue standards. These new revenue standards will supersede virtually all revenue recognition requirements in IFRS and US GAAP, respectively.

Noting several concerns with existing requirements for revenue recognition under both US GAAP and IFRS, the Boards decided to jointly develop new revenue standards that would:

• Remove inconsistencies and weaknesses in the current revenue recognition literature • Provide a more robust framework for addressing revenue recognition issues • Improve comparability of revenue recognition practices across industries, entities within those industries, jurisdictions and capital markets • Reduce the complexity of applying revenue recognition requirements by reducing the volume of the relevant standards and interpretations • Provide more useful information to users through expanded disclosure requirements

Mr. Antony O’Sullivan

Evolution of IFRS – 10 – Consolidated Financial Statements by CA James Ravi, Regional Director – Middle East, ICAI, Dubai.

CA James Ravi took a Critical look at IFRS 10 - Consolidation standards in IFRS. He indicated that these standards have gone through four different phases from 1976 to 2013. In all these phases, the principles on how to consolidate has remained more or less the same. However, CA James Ravi highlighted that what was changing in these phases is the definition of subsidiary and the principles of determining the parent-subsidiary relationship.

He continues, in IAS 3, the criteria was shareholding of 51% or more. This got changed to “control” in IAS 27. Later in 2003, when SIC 12 was introduced the criteria was “exposure to risk and reward” and finally in 2013 vide IFRS 10, the criteria for parent and subsidiary relationship is determined based on the three factors viz., Power, Exposure and Ability.

In all these four phases, it seems the Standard-setters were just tweaking the standards superficially without bringing about any significant and substantive change.

Standard-setting looks like a knee-jerk reaction based on the subjectivity rather than an objective and neutral exercise. It is quite obvious that the standard-setting requires a new thinking hat to address the shenanigans in financial reporting.

CA James Ravi

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CFO Conclave: 12.12.2015

Evolving the Role of Strategic CFO

Several leading CFOs from the UAE provided interesting insights into the role of a modern CFO, and the common thread among them was that a CFOs role is that of a business enabler, rather than just a finance wizard.

CA. Surya Subramanian, Group Financial Officer, Emirates NBD, speaking on the topic ‘A CFO - The Chief Fungible Officer’ and drawing from his 30 years of experience in banking industry advised the participants not to look at transaction level but go beyond operations and start thinking strategically.

In his career in banking industry he handled important areas such as Performance management, procurement, ERP implementation, mergers & acquisitions, overseas assignment, Company Liquidation and VAT. He said CFO should drive the strategy of the company and work hand in hand with the CEO in taking strategic decisions. Mr. Surya was also part of various committees while playing role of CFO such as Audit committees, ROC, etc. Undertaking this responsibility gave him opportunity to learn new things. His advice to the future CFOs was: be prepared to face the challenges of understanding dynamics of business, GCC taxation, Digital challenge, etc. It is important to understand various drivers of business, he emphasized.

Mr. Adil Taqi, Chief Financial Officer – Damac Properties spoke on ‘IPO – Value Unlocking’. Mr. Adil gave crucial insights into when a company should go for IPO and what happens when the private company goes public. He said the timing was critical.

“After you go public, lot of things change in an organization in terms of financial reporting, compliance, disclosure to investors, fulfilling expectations of investors, etc. Investors have visions of getting returns in one year but the owner would rather have a long-term vision. Hence reconciling this difference is important when you go public. CFO has to take active participation in the road shows. He has to select the legal firm that can give the right advice on the legal front. He has to select the right agency that can bring BIG investors who can influence others, select the advisors on the basis of their distribution capability. Fee is the last thing you should look at. CFO has to be transparent at least with BIG investors and disclose critical information about performance of the group with them. A momentum needs to build on how we are going

to present the books of accounts and there by the performance of the group to the world at large. Banks may not always be the right partner in bringing investors or in promoting the IPO although bank’s opinion or assessment is important.”

Some skills that CFOs need to develop are: Presentation skill, Leadership, Communication, mind mapping (to structure idea), breaking out of the comfort zone, facing the challenge of being questioned by team members, etc.

Mr. Dave Anderson, Chief Executive Officer, Aujan Group, while speaking on ‘Restructuring for sustainability’ explained the role of CFO as follows:

Start with the end in mind; Know your market, Match your capabilities to market success factors. It is very important to bring the right partners for distribution of business.

It is important that CFO assess various risks that business faces proactively and take steps to mitigate them. The CFO should always ask questions as to how he can add value to business. A CFO - The Chief Foresight Officer’ - should not resist change. In fact he should be the person through whom change should happen. Adaptability is very important.

Mr. Anderson explained the business model of Aujan as follows: A conglomerate model with a wide range of sectors and a continuing search for new grown opportunity, conservation of resources and community support.

Mr. Colin Abercrombie, Managing Director, Abercrombie Training and Consultancy, spoke on the topic ‘CFOs Role Beyond Finance as Business enabler’. He explained the importance of patterns to CFOs by conducting a practical exercise in which all the participants participated. He then explained how to measure the performance of sales person.

The focus of a salesperson should be on efforts as it drives results. It is important that salesperson meets the right people in the organization. Analyzing the activities of competitor is an important benchmarking activity that should be done by CFO. It is duty of CFO to provide data relating to customer behavior, and customer-based analysis to the salesdepartment.

Mr. Shane Phillips, Managing Director – Shane Phillips Consultants moderated a panel discussion on ‘CFO going beyond finance, as business enabler.’

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Indoor Sports Carnival: 18.12.2015

ICAI Sports Festival: A fun day attended by over 500 members and families

Over 500 members along with their families turned the ICAI Festival into a fun event, with plenty of sports, music and merry making, in addition to games to spouses and kids. There was a stiff competition among the players.

Cricket: The EY (Captain CA. Sheshadri) won the finals against Nimai.

Badminton Men’s Singles: CA. Sriram Ram came out victorious defeating CA. Girish Chand Sanjivain.

Badminton Men’s Double: CA.Venkada Giriram Sendhan & CA. Sriram Ram defeated CA. Sabir Ali & CA. Manoj Sasidharan.

Badminton Women’s Singles: CA. Neeta Mehta defeated CA. Charu Khurana.

Table Tennis Singles: CA. Mohit Bhargava defeated CA. Hitesh Dhoot.

Table Tennis Doubles: CA. Hitesh Dhoot & CA. Anish Mehta won against CA. Akshaya Kansiya & CA. Sourabh Porwal.

All the winner were awarded by Executive Committee and Past Chairman CA. Hanumanth.

2nd Study Circle demystified Treasury Risk Management

The second Study Circle Meeting on the topic ‘Treasury Risk Management & Negotiation Parameters’ addressed by CA Vikrant Bhansali helped members to understand key attributes of a good risk management framework and demystified derivatives.

The Case Study on Using Options and Forwards helped members apply the learning of the previous two sessions using a practical example of an importer.

Study Circle: 28.12.2015

CA Vikrant Bhansali

Blood Donation Camp: 08.01.2016

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For ICAI Dubai Chapter, 2016 began with blood donation camp organized at Dubai Blood Donation Center, Latifa Hospital. The Camp attracted 175 individuals, including members, families and their friends, who enthusiastically joined the noble initiative.

The Chapter honoured the representatives of Dubai Blood Donation Center with a beautiful memento as a token of appreciation.

The ICAI Dubai on the occasion of the visit of the President and the Vice President of ICAI organized a special meeting with Mr. Ashok Kumar, CEO of the Indian High School.

As part of their mutual association over the past few years, the ICAI officials reaffirmed their commitment to supporting quality-focused educational programs and identifying ways to mutually foster quality and innovative ways to cooperate in different fields of education.

Visit to Indian High School: 19.01.2016

ICAI Dubai organized a tree plantation drive at DPS Academy with Delhi Private Schools, institutional partner of ICAI Dubai.

The plantation drive was organized to mark the visit of CA Manoj Fadnis, President of ICAI and CA M. Deveraja Reddy, Vice President. CA Dinesh Kothari, Managing Director & Pro Vice Chairman of Delhi Private School, was also present. The plantation drive was inaugurated by the President of ICAI along with Vice President of ICAI, followed by the plantation of 100 trees on the occasion.

Tree Plantation: 19.01.2016

The ICAI Dubai on the occasion of the visit of the President and the Vice President of ICAI organized a special meeting with the Members in Practice on January 19th between 1 to 3 pm at Crowne Plaza Hotel, Dubai. The President and Vice President of ICAI, highlighted the initiatives taken by the Institute around the world & also discussed at length, the opportunities available for the Chartered Accountants especially in emerging markets across the world followed by ‘Question and Answers Session’.

The meeting which was attended by over 50 Chartered Accountants.

Meeting with members in practice:19.01.2016

ICAI Dubai, on the occasion of the visit of the President and the Vice President of ICAI, organized a special meeting with students from Dubai Chartered Accountants Students Association (DCASA) on January 19 at Crowne Plaza Hotel, Dubai.

In their address, the President and the Vice President of ICAI highlighted the initiatives taken by the Institute for the benefits of students and also discussed at length the importance of study materials prepared by the Institute, which is sometimes ignored by students.

Students interact with President and Vice President of ICAI: 19.01.2016

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Speaking at an event, CA Manoj Fadnis, president of the Institute of Chartered Accountants of India, said: “We are very proud of the contribution that our Dubai members are making to the local economy; it is undoubtedly a very important task, which our members are performing, and I’m sure that all our members will continue to render their services to their respective corporates and organizations in the best fitting manner. Our profession is growing very fast with members settling all across the globe in a total of 27 chapters.

CA Nimish Makvana, chairman of the Institute of Chartered Accountants of India UAE Chapter, said that the Dubai Chapter had benefited from a host of professional speakers and top notch experts visiting over the past few months.

The event also saw Olivier Panis, vice president and senior credit officer for banking from Moodys Investors Service, give a presentation on the GCC banking sector. Moodys had previously announced that public spending will continue to support operating conditions for banks in the GCC, allowing performance to remain resilient into 2016, but that liquidity would continue to tighten. It also noted that the outlook for the GCC banking sector in 2016 was stable.

Members meet with President and Vice President: 19.01.2016

Soft Launch of Mobile App of ICAI Dubai: 19.01.2016

ICAI DUBAI had a soft opening of Mobile App for events, first of its kind in ICAI history at the technical session on 19th Jan 2016.

President CA Manoj Fadnis and Vice President CA M Devraj Reddy Presided over the soft opening. Members appreciated as “The app will bring to the members the events at finger tips”.

Key Features• Receiving notification about upcoming events• Confirm events with ease• Cancel if unable to attend

GCC Outlook Banking Sector: 19.01.2016

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CA V.P. Nagarajan, Director, Yenom Management Consultants, Private Equity funding from the perspective of promoters during a talk organized by ICAI Dubai.

Nagarajan explained the value Private Equity funds bring to a business, apart from money, in the form of risk sharing, portfolio advantage, credibility and valuation benchmarking. He dwelt on the concerns of promoters in diluting control and ownership in favour of PEs and also the obligation to provide an exit to the PE fund in due course of time. Concepts and ideas on investment by Mr. Krishnan Ramachandran.

“The art of manging the money earned today to pay for your future goals & needs”

Member’s Forum Breakfast Meeting:30.01.2016

CA. V.P. Nagarajan Mr. Krishnan Ramachandran

Workshop: 10.02.2016

ICAI Dubai chapter hosted a evening. Ms Sara I Mohamed, Managing

Partner of Executive Women magazine, spoke on opportunities for

women profession in today’s era workshop on “Ascension of Career

Path”, Ms Mohamed gave a totally new spin to the topic. The audience

listened with rapt attention as she delved into emotional, spiritual

and psychological aspects that impact career growth of women and

provided practical guidelines on how to address these issues.

ICAI Dubai gives members a life-changing opportunity:

It was a packed house at the Dubai Men’s College Auditorium as members of ICAI Dubai Chapter turned out in large numbers for a twin workshop on ‘Mind Mapping’ and ‘Memory Retention’ techniques addressed by two renowned experts, in the presence of several invited dignitaries.

Indian Ambassador to the UAE, His Excellency T. P. Sitaraman, in his opening address, hailed the booming India-UAE relations and termed them as perfect examples of ‘doing things differently’. He further commended the work done by ICAI in general and ICAI Dubai in particular in raising the prestige of Indian chartered accountants, and wished them success in the workshop.

CA Nimish Makvana, Chairman- ICAI Dubai, hailed the success of joint events done by the Dubai and Abu Dhabi chapters. Referring to the two renowned world-class speakers, he expressed the hope that the sessions would prove to be life-changing for all participants.

Joint Technical Seminar:27.02.2016

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In the first workshop, Prof. Tony Buzan, inventor of mind mapping and author of over 140 books on the brain, conducted an interactive session in which all the participants took a keen interest. Prof. Tony Buzan highlighted a range of techniques for harnessing the natural creativity of the human mind, illustrating his presentation with real life examples. He presented tools that could be put to use by anyone in expanding their own creativity, and that of others.

The basic thrust of Tony Buzan’s presentation was that the language of the mind is ruled by images and colour. Mind mapping basically builds creative powers. He stressed the need to keep brain occupied: “When brain is bored, it shuts down.”

The second workshop was conducted by Dominic O’Brien, eight times world memory champion, who has mastered memory techniques that have helped thousands of people around the world. He demonstrated effectively how he could memorize a whole list or the headlines of a newspaper just by glancing for a few moments.

Dominic O’Brien’s technique revolves around three basic pillars: Imagination (transforming new information into images); Association (connecting these images to what we already know) and Location (anchoring these associations in our mind).

O’Brien made the participants do practical exercises during the session, and to the delight of many they were able to remember things without any difficulty when they followed the techniques advocated by him. He gave a number of practical tasks involving the practice of recalling facts, places and people, through mind training, to the amazement of the participants.

Prof. Tony Buzan Dominic O’ Brien

For the excellent work undertaken by them in the areas of

Professional Development, Community Services, Membership

and Student services and their contribution to the growth of the

accounting profession in the UAE.

This prestigious award was given at the 66th Annual Function

of ICAI held at New Delhi on Thursday, 11th February 2016 at

which CA. Manoj Fadnis – President ICAI and CA. M. Devaraja

Reddy – Vice President ICAI presented the awards to CA. Nimish

Makvana – Chairman, CA. Pankaj Mundra, Vice Chairman along

with CA. Raju Menon Immediate Past Chairman, CA. Hanumantha

Kumar, Past Chairman, CA. Raj Chawla, Chairman NIRC and

CA. Naveen Sharma, Secretary of the ICAI – UAE Dubai.

Managing Committee wishes to thank each member of the chapter

and all the sponsors and patrons who have participated and

supported wholeheartedly in all our activities.

ICAI UAE DUBAI Wins the Best Overseas Chapter Award for the third consecutive time.

Leading experts provide insights into Indian Budget 2016: 05.03.2016

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Swaminathan AiyerConsulting Editor of the Times of India Group

The International Monetary Fund has described the Indian economy as standing tall, shoulder to shoulder with the American economy. Indian economy has emerged resilient despite a chilly global economic scenario. I am confident that the initiatives mentioned in the budget have the right initiatives to control fiscal deficit. The focus on growth areas, such as rural economy and infrastructure, is commendable

Dr Shubhada RaoGroup President & Chief Economist, Yes Bank

The budget accorded greater priority to macro stability over growth, by sticking to the fiscal deficit target of 3.5%. The Finance Minister has chosen to empower the masses and strengthen the ‘bottom of the pyramid’ through 9 pillars and specific focus on the 3Rs – Rural, Rail and Road. From the perspective of overseas investors and the NRI community, specific measures such as 100% FDI in food processing,

rationalisation of TDS for NRIs without PAN, easing of customs declaration and increase in baggage allowance are key positives. India’s economy can be seen as oasis of investment opportunities

CA Nimish MakvanaChairman of ICAI Dubai

The 2016 budget has opened a new door for a strong partnership between ICAI UAE (Dubai) and Times Now. This event has further raised the profile of ICAI UAE (Dubai) as a proactive body that encourages thought & analysis

Leading financial experts and industry leaders from the UAE and

India hailed the Indian Budget as a forward looking initiative focused

on long-term progress of India, while agreeing that “India is resilient

and ready”. This year’s focus on rural economy and stimuli for

agriculture would lay the right foundation for a stable economy, they

concurred.

The “Emerging India Forum” was co-hosted by ICAI UAE with Times

Now English news channel. Swaminathan Aiyer, Consulting Editor

of the Times of India Group, said, “The International Monetary Fund

has described the Indian economy as standing tall, shoulder to

shoulder with the American economy.”

Aiyer recalled that in the late 1960s, India depended heavily on

foreign aid. Today, even after two consecutive droughts, the Indian

economy has emerged resilient despite a chilly global economic

scenario. “I am confident that the initiatives mentioned in the budget

have the right initiatives to control fiscal deficit,” he added.

Aiyer said the budget was expectedly harsh, but voiced his

disappointment at the lack of uniform rates on excise duties on all

items. However, he welcomed the right focus on growth areas, such

as rural economy and infrastructure.

Dr Shubhada Rao, Group President & Chief Economist, Yes Bank,

said that the budget accorded greater priority to macro stability over

growth, by sticking to the fiscal deficit target of 3.5%.

Leading financial experts and industry Leaders hail India Budget 2016: 05.03.2016

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The 34th Annual Get-Together of ICAI Dubai Chapter brought alive Retro styles. This is the first time a theme based event was organised to make sure people engage themselves in every activity.Under the RETRO EVE Indian cinemas icons and legendary stars were made into cutouts, and members participated by dressing up in RETRO styles.

The unforgettable family get-together lasted for more than 9 hours. Everything from start to the end was classy and members and their families got a red carpet entry with an opportunity to take dazzling pictures. The first activity was sports in which members and their families took part wholeheartedly, topped by a fun-packed tug of war. There was lot packed into the first two hours with cookery

competition, Artex where stellar art pieces were displayed, a painting competition, with every corner of the arena presenting something exciting.

The stage entertainment rolled off with RJ Ved and RJ Shruti making a dazzling entry. The audience was entertained with gut-wrenching magic show, thought-provoking and entertaining talk, flawless dance performances, bedazzling fashion show and mesmerizing music in the form of Antakshri and Musical bingo.

There were lots of prizes given away to the participants, winners, in the form of sport prizes and fabulous raffle prizes including gold, iPhone, air tickets etc. The success of the event was possible because of the support of members and sponsors.

Nothing is complete without refreshments from beginning until the end, Bikanerwala, the food provider, served Chaat, special holi items including gujia and thandai, starters, main course and rich desserts.

The whole place was pulsating with excitement as members, invitees, guests and their families had a rollicking time and an unforgettable evening!

“The Finance Minister has chosen to empower the masses and strengthen the ‘bottom of the pyramid’ through 9 pillars and specific focus on the 3Rs – Rural, Rail and Road. From the perspective of overseas investors and the NRI community, specific measures such as 100% FDI in food processing, rationalisation of TDS for NRIs without PAN, easing of customs declaration and increase in baggage allowance are key positives. India’s economy can be seen as oasis of investment opportunities.”

Experts and panelists said the budget had the potential to usher in major changes in the Indian economy even as many other countries were witnessing little or no growth.At the same time, the budget is likely to have a huge impact on GCC companies doing business with India, they pointed out.

Speakers pointed out that India had been focusing on attracting foreign companies and investment and debated on the budget allocations for the Narendra Modi government›s initiatives aimed at foreign investors, including Make In India, Digital India, Skill India, Clean India and Clean Ganga and Startup India.

Speakers agreed that the measures outlined in the budget would likely have an impact on businesses and its economy of the Gulf region. The GCC exports to India have grown at an annual rate of 43 per cent over the past decade, the highest rate with any major trade partner, making up 11 per cent of the total GCC exports.

CA Nimish Makvana, Chairman of ICAI Dubai, said the budget had opened a new door for a strong partnership between ICAI UAE and Times Now. Naveen Chandra, head of International Business for Times Television Network, described the annual budget presentation as a milestone event in India›s progress to become an economic superpower.

Social Get Together: 18.03.2016

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ICAI Dubai organized live screening of match between India and Pakistan played in ICC T20 World Cup on March 19th in Grand Excelsior Hotel.

At the end, lucky draw of 15 bats was conducted, sponsored by Sagar Ratna Restaurant and so many members walking away with bats after pitch-perfect match, was like an icing on the cake.

ICC T20 World Cup Match Live: 19.03.2016

ICAI Dubai in its endeavor to provide Arabic Education to the members and their families started Arabic Classes in collaboration with DPS Private Schools. The first such session was scheduled on March 26th from 9 am to 1 pm. There was lot of enthusiasm seen in the members and families who joined for classes on Saturday morning.

The classes were inaugurated on Saturday morning by Principal of DPS Academy, Ms. Ambika Gulati along with Chairman of ICAI Dubai, CA Nimish Makvana and the entire managing committee of ICAI was also present. The members who participated were divided into six classes, where first four classes were conducted from 9 am to 11 am and the remaining two were conducted from 11 am to 1 pm.

The total participants in these classes were around 130. The response of the members in this initiative was very positive and the chapter has received lot of requests to make it more often and a regular feature of ICAI Dubai.

Arabic Classes at DPS Academy: 26.03.2016

DCASA Technical Seminar: 26.03.2016

ICAI Dubai organized technical seminar for students on March 26th between 6 to 8:30 pm in Grand Excelsior Hotel. DCASA Chairman CA Prabhdeep Singh Baweja gave an introduction to DCASA. ICAI Dubai Chairman, CA Nimish Makvana shared his words of wisdom with the students. The faculties at the event were from Deloitte including CA Anish Mehta, Treasurer- ICAI Dubai and CA Sundar Subramanian Nurani, Executive Member – ICAI Dubai. They covered International Auditing Standards including standard on materiality (ISA 320) and the standards on reporting (ISA 700, 705 & 706). The faculties were also supported by CA Harish Gangaramani, Director, PWC who was present as special invitee.

Yoga Classes Inauguration: 01.04.2016

Dr Vishwas Chhabra

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ICAI Dubai in its endeavors towards all-round development of its

members and families inaugurated yoga classes on April 1st which

will be held twice every week. The classes will be taken by renowned

lifestyle consultant - Dr Vishwas Chhabra who is based out of Dubai

and has conducted many sessions for the corporates and different

communities in the region.

ICAI Dubai Chairman CA Nimish Makvana along with CA Pankaj Mundra, Vice Chairman, ICAI Dubai accompanied Shri Debiprasad Mishra, Hon’ble Minister of Industries and School and Mass Education, Government of Odisha and Shri Priyadarshi Mishra, Member of Legislative Assembly, Odisha who paid visit to H.H. Sheikh Nahyan Bin Mubarak Al Nahyan, Honorable Cabinet Member and Minister of Culture & Knowledge Development, Government of UAE at His Highness’s Palace during their UAE tour to promote investment in Odisha.

They also met Dr. Tayeb A Kamalai, Chairman of Emirates Driving Company and Former Vice Chancellor of the Higher Colleges of Technology (HCT), other Emirate dignitaries and guests who were present during the visit.

ICAI Dubai pays visit toH.H. Sheikh Nahyan Bin Mubarak Al Nahyan Hon’ble Cabinet Member & Minister of Culture & Knowledge Development, Govt. of UAE:

08.04.2016

ICAI Dubai as part of its membership forum initiative conducted breakfast meeting on April 9th morning from 9 am to 11 am in Crowne Plaza Hotel, Deira. The meeting of two hours was divided into two parts where the first few minutes were allocated to the talk on ‘Money laundering, Sanctions and its impact on Professionals’ by CA. Nishanth Nottath followed by high power panel discussion on ‘Post-oil economy: Looking for the new equilibrium’.

Member’s Forum & Breakfast Meeting:09.04.2016

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The Institute of Chartered Accountants Of India (ICAI) Dubai chapter

hosted its 34th Annual Conference under the theme, “Building

Finance Resilience.. Right Time, Right Now” at the Le Meridien

Hotel, Dubai, from May 19-20, 2016. Chairman ICAI Dubai Chapter

Nimish Makvana, Vice Chairman Pankaj Mundra, former Governor

of Reserve Bank of India Dr. Duvvuri Subbarao, President ICAI

New Delhi M. Devaraja Reddy, and Vice President of ICAI Nilesh

Shivji Vikamsey graced the two-day conference where a number of

prominent speakers shared their views on the theme.

The speakers emphasized that strategic vision and innovative

solutions are the key to financial stability. If one wishes to move

from financial volatility to financial stability, the right time is now.

People must join hands and build financial resilience – strategic

vision, dynamic leadership and innovative plans for the long term.

Highlight of Day one was a lecture by the new age motivational guru

Mahatria Ra, who inspired the audience to make their life count.

Known for his inspirational thoughts, Mahatria Ra is an Impassioned

propagator of value-based living and holistic development.

The conference culminated with a pulsating musical extravaganza

featuring Indian film industry’s illustrious names including music

composer Pritam Chakraborty and playback singers Nakash Aziz,

Abhijeet Sawant, Aditi Singh Sharma, Antara Mitra & Shalmali

Kholgade.

34th Annual International Conference:19th-20th.05.2016

BUILDING FINANCIAL

RESILIENCE…RIGHT TIMERIGHT NOWRIGHT TIME RIGHT NOW

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In his address, Sheikh Nahyan also acknowledged the huge contribution made by finance professionals towards supporting the regional economy and for showing the courage to offer solutions to overcome the downturn.

Message of HH to Chartered Accountants

“The legitimacy of your position as trusted accountants rests, of course, on your accuracy, clarity, and candor.

Inaccurate data resolve no crisis. Garbled or opaque assessments provide no relief. Unwarranted, misleading, and incomplete conclusions help no one succeed. Your moral standards drive the ethos of the marketplace. Resilience itself is self-defeating if it compromises universal moral standards. Clients struggling to cope with adversity need moral paragons. It is your moral heroism and courage that can inspire resilience. Such action will as well ennoble your profession, just as your resolve to broaden your vision and enhance your knowledge at this thirty-fourth annual international conference attests to your commitment to the highest professional standards. ”

H. H. SHEIKH NAHYAN BIN MUBARAK AL NAHYANHon’ble Cabinet Member & Minister of Culture & Knowledge Development, Govt. of UAE.

Current ICAI President CA M. Devaraja Reddy opened this year’s annual conference by welcoming the delegates and the guest speakers. Paying a rich tribute to ICAI’s efforts to ensure best practices in financial professionalism, CA. Reddy pointed out that the conference had evolved into a highly valued platform for debate regulatory issues in the financial system.

CA. M. DEVARAJA REDDYPresident - ICAI

CA. Nilesh Vikamsey, the Vice-President of ICAI, thanked the Chief Guest HH Sheikh Nahyan as well as delegates and their guests. Speaking about the theme of this year’s annual conference, he pointed out that it was important for all attendees to understand the implications of the global economic instability from the viewpoints of different sectors of the financial world – government, policy-makers and industry.

CA. NILESHSHIVJI VIKAMSEYPresident - ICAI

Dr. Subbarao has been instrumental is steering India’s premier financial institution during its most tumultuous time – the global downturn of 2008. He was therefore best-placed to speak about financial resilience and spoke brilliantly about the challenges he faced during this rather short time at the helm. The audience benefited from listening to his experience as he delved into different crisis scenarios while strengthening the monetary policy.

DR. DUVVURI SUBBARAOFormer Governor Reserve Bank of India

Director of the Centre for Financial Management, Bangalore Perhaps no other organization is lauded in our times for its sound and cautious business principles as Warren Buffett’s Berkshire Hathaway. Dr. Chandra used Berkshire Hathaway as a case study to drive home his point on how companies can create value for their investors. He reiterated Buffett’s ageless philosophy of investing in simple businesses that offer durable and competitive advantage as well as cost leadership.

DR. PRASANNA CHANDRADirector of Centre for Financial Management

In his presentation, CA. T. N. Manoharan highlighted some of the most complex global challenges facing the world today, including the exit of Britain from the European Union, environmental challenges, the Middle East oil slump, the different monetary policies pursued by nations across the globe, as well as the emergence of the BRICS nations are the next superpower. Emerging economies can become engines of global economic development, he pointed out.

CA. T. N. MANOHARANChairman Canara Bank and Past President ICAI

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CA. Manoj Fadnis delivered one of the most compelling presentations at the two-day event, focusing on the best practices in corporate governance. Highlighting the UK Corporate Governance Code, CA. Fadnis emphasized on the importance of implementing an effective set of policies to govern companies. Such a code will ensure that the company, its investors and employees are insulated from unprecedented crisis, he added.

CA. MANOJ FADNISPast President of ICAI

Our members and guests gained from the insights of spiritual guru and motivational speaker Mahatria Ra, who spoke at length on Spiritualism and Materialism. Mahatria is bringing about a dawn in human consciousness; a way of experiencing a holistically abundant life of health, wealth, love, bliss and spiritual connect. His address at the conference certainly left an indelible mark on ICAI members and their guests.

MAHATRIA RĀSpiritual Guru & Motivational Speaker

Presenting a wholesome dimension to the conference’s deliberations was Justice Easwar’s address on the Income Tax guidelines being followed in India. A chartered accountant, he joined law and was appointed by the government to make recommendations for simplifying the direct tax law provisions and introducing friendlier tax laws. Justice Easwar raised a range of some thought-provoking issues during the summit, such as laws aimed at creating uniformity of tax structures for non-resident Indians.

JUSTICE (RETIRED) R.V. EASWARFormer Judge Delhi High Court and Chairman ofIncome Tax Simplification Committee

In his address, Mr. Bassel Khatoun pointed to a positive investment climate in the Middle East, adding that there was never a better time to invest in the Middle East, as the region presented long-term growth potential. “Middle East and North Africa are well positioned to withstand low oil prices and fluctuations in energy prices,” he said. “The GCC Region can continue to stimulate growth while running fiscal deficit.”

MR. BASSEL KHATOUNCIO, Franklin Templeton Investments (ME) Limited

The conference would not have been complete without the inspiring words of young entrepreneur Rahul Kapoor, who spoke about how ICAI members and entrepreneurs could raise their game through innovation. During his live-wire presentation, Rahul delivered a power-packed presentation that has inspired many Fortune 500 companies to experience increased sales revenue, superior customer service and operational excellence.

MR. RAHUL KAPOOR JAINEntrepreneur, Speaker, Presenter and Author

The annual conference ended on a high note as Bollywood Music Director Pritam Chakraborthy entertained the audience with his chart-busting songs. Supporting him on stage were young and upcoming singers such as Nakkash Aziz, Abhijeet Sawant, Aditi Singh Sharma, Antara Mitra and Shalmali Kholgade. The audience of all ages

PRITAM CHAKRABORTHYBollywood Music Director & his Team

were thoroughly entertained and danced to some of the most recent uptempo and romantic numbers such as “Jabra Fan”, “Afghan Jalebi”, “Gerua”, “Badtameez Dil”, “Gandi Baat”, among others.

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‘Negotiation Skills for Influential Leadership’ and ‘Developing and Transformational Strategy’The workshop on June 4th at Hotel Crowne Plaza, Deira was very well received by the members where more than 70 participants learnt the negotiation skills for influential leadership and different types of strategies including developing strategy and transformational strategy.

The topic of ‘Negotiation skills’ was taken in the morning session Dr. Gita Bajaj who is Professor in IMT Dubai. She very effectively took the topic 3 hours session where the case studies taken were well received by the audience. The second and afternoon session on ‘Strategies’ was taken by Dr. Rakesh Singh who is Chairman of ‘Institute of Supply Chain and Management’. He with his powerful voice involved the audience to understand the subject of strategy in very effective manner. The members of ICAI were awarded 6 hours CPE credit for attending the workshop.

Workshop: 04.06.2016

Dr. Gita Bajaj Dr. Rakesh Singh

On June 11th, at one of the most prestigious address of the city - The Atlantis Hotel, ICAI Dubai held its Annual Iftar Party with Dr. Mickey Mehta on the topic ‘Transform, Transcend, Get Metamorphised, Get Mickeymised’. The Guest of honor for the event was Dr. Tayeb A Kamali who also shared his words of wisdom. His Excellency Shri Anurag Bhushan, Consul General of India to Dubai also graced the occasion. The event was well received by the business community and sponsors who were present in large numbers. This was the first time that Iftar party attracted more than 1100 individuals who enjoyed the exclusive talk of Dr. Mickey Mehta with gala dinner and return gift on the occasion of Iftar. This has been one of the most successful events of ICAI and the chapter looks forward to many more such evening events in the future which well covered in the print media including Gulf News, Khaleej Times and Saffron Magazine.

Iftar Party: 11.06.2016

Dr. Mickey Mehta Dr. Tayeb A Kamali H.E. Anurag Bhushan

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ICAI Dubai organized tree plantation at Indian High School, Garhoud which has now become Annual Event of Dubai Chapter.

The Plantation was organized on the occasion Chartered Accountant’s Day where large numbers of trees were planted by the Executive Committee and members of the Chapter.

The plantation time was scheduled at 8 am which started on time, where many members joined with their families and children participated in the tree plantation with great enthusiasm and interest. The chapter during the year 2015-16, conducted 3 plantations and this was the last plantation of the year.

Annual Tree Plantation: 1.07.2016To celebrate the Chartered Accountant’s Day and to give back to the

society as part of our CSR initiative, ICAI Dubai Chapter organized

blood donation camp in Blood Donation Center of Latifa Hospital on

July 1, 2016 from 10 am to 1 pm. The blood donation camp attracted

more than 150 donors where 85 individuals were successful in

donating blood. This was the second camp of the year and the

chapter received special appreciation and recognition from the

hospital as the camp was organized in the month of Ramadan when

the supply significantly reduces and can affect the blood collection

for children suffering from thalassemia. The Chapter assured the

center of full support and many of the members have now been

regularly donating at the hospital and are aware of the importance

of the same.

Blood Donation Camp: 1.07.2016

The workshop on August 6th at Hotel Crowne Plaza, Deira

was very well received by the members where more than 70

participants were trained by experienced trainer from Mumbai –

Mr. Pradeep Pardeshi.

The techniques used by the trainer were very good as he involved

the audience with good hands on practice and also ensuring that

the needs of the members are met. The Chapter was happy seeing

the participation of the members and will be working with ICAI

Dubai Branch to see that the members’ needs on Excel training are

met at regular intervals and many training sessions will be planned

in the future.

Workshop: 06.08.2016

Mr. Pradeep Pardeshi

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‘Master Class on Social Accounting and Audit’ workshop was well received by the members where enthusiastic participants were trained by experienced trainers including Mrs. Latha Suresh, Social Accounting Network, India and Mrs. Marie Banu, Director, Centre for Social Initiative and Management.

The techniques used by the trainer were very good as they involved the audience well from initiation by having introductory round and also gave chance to few audience members to share their experiences and also ensuring that the needs of the members are met. An extension of the workshop was conducted in the first half of August 14th at ICAI Dubai Branch in Dubai Knowledge Park which was also well received by the members.

Workshop: 13.08.2016 Prof. Rama Seth Prof. Anoop Rai

For the first time, ICAI Dubai Chapter worked on very interesting

topic ‘Banking Simulation-Managing Competitive Strategies’. The

workshop on August 20th at Hotel Crowne Plaza, Deira had two very

experienced faculties including Prof. Rama Seth who is Faculty in

IIM Calcutta for ‘ Finance and Control’ and Prof. Anoop Rai who is

faculty in Hofstra University, New York for Finance.

The faculties covered the topics including problems, challenges

and decision choices facing senior management of financial

institutions, distinguishing the competing impacts of competition

and regulation on economic decisions and recognizing the interplay

between macroeconomics, interest rates and the demand and

supply for credit at the bank level. The participants appreciated the

workshop where they were trained to recognize alternative banking

strategies in a regulated financial environment and a combination

of lectures and simulation highlighted challenges in developing and

implementing competitive strategies where significant emphasis

was placed on team work and leadership skills.

Workshop: 20.08.2016

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The annual bowling event for the members and their families was held at the Dubai Bowling Centre, Al Mamzar Dubai over 444 members and their family members played in the event. The event which started at 9 am was closed by 1 pm and was enjoyed by all the participants with prizes being distributed to the winners under various categories.

Winners:Men First Place: CA Dharmesh GandhiMen Second Place: CA Akash MehtaMen Third Place: CA Gaurav MehtaWomen First Place: CA Bindu ParameswaranWomen Second Place: CA Hinal DoshiWomen Third Place: CA Karishma NahataPlayer of the tournament: CA Akash Mehta

Annual Bowling Event: 26.08.2016

‘Communicate like a Pro, Inspire like a leader’Mr. Murali Murthy, Best-selling Author, Motivational Speaker and Transformational Coach enthralled the audience with lot of tips in his interactive session leadership, communication and branding.

‘VAT- Where to go and how to get there’VAT was taken by two very senior members of Deloitte including Mr. Bruce Hamilton and Mr. George Campbell. They shared deep insight on VAT and how the regulations are expected to move in the country.

ICAI Dubai Chapter organized full day seminar on August 27th in Crowne Plaza Hotel, Sheik Zayed Road on two very interesting and important topics VAT and Leadership.

Full Day Seminar : 27.08.2016

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Students ActivitiesStudents managed registration desk at the two day annual conference which was attended by more than 1,200 members.

The first newsletter of DCASA was issued. Students played key role in preparing the newsletter.

Coaching Classes for Examinations

Coaching classes for CA StudentsICAI Dubai Branch is spearheading the coaching for CA Students with regular support to the students at regular intervals.The branch conducted coaching for CPT, IPCC and Final students where many have benefited. The result of the students who have been facilitated with the support of coaching has always been very good.

Certificate Courses 11th Batch of IFRS Exam Review classes was conducted on 15th April 2016. IFRS Q1 examination was conducted on 22nd April 2016. 22 members appeared for the exam. Results are as under:-

Total members appeared : 22Total members passed : 8Percentage of pass : 36%

Employment Opportunities a) CVs received and forwarded to companies. 2 qualified CAs and 4 semi-qualified CAs got employment.b) Career Fair was conducted on 17th May 2016. Students from Grade 11th & 12th attended the career fair.

Members Courses

MS Excel training for Finance & Management ProfessionalsThree Batches of Advance of Level of MS Excel Training for Finance & Management Professionals (viz. 6th, 7th & 8th Batch) were conducted at our Dubai Office of ICAI. All three Programmes were facilitated by CA Mehul Thakkar (CISA, DISA, CEH & Microsoft certified Excel Expert). In this hugely successful program, 98 trainees participated in this 2 Days course. This course was designed keeping in view the day to day requirements on current business scenario and the growing demand for such trainings.

Certificate Course on IFRSThe 11th Batch of IFRS course was conducted from October to November 2015. 28 members have attended the course.The 12th Batch of IFRS course was conducted from April 2016 to June 2016. Total 11 Members & 3 Non Members have attended this course.

Forensic Accounting & Fraud Prevention - 1st Batch at BahrainDubai office of ICAI in coordination with the Bahrain Chapter of ICAI has successfully completed the 1st Batch of FAFP training at Bahrain Chapter. The programme was conducted for 7 Friday’s starting from 9th October 2015 and 14 Members successfully completed the programme.

Valuation courseThe 2nd Batch of Valuation course was conducted at our ICAI Dubai Office from the month of Jan 16 to March 16. All the faculties were appointed by the Corporate Laws

DCASA Activities

Technical Seminar with ICAI PresidentThe President CA Manoj Fadnis (2015-16) & Vice President CA M Devaraja Reddy (2015-16) on their visit to Technical Seminar in the Crowne Plaza Hotel on 19th Jan 2016 had also met the DCASA students. In their address, the President and Vice President of ICAI,

Class room Training for CA students

GMCS – I Training Programme: The 5th batch & 6th Batch of GMCS I was conducted at ICAI Dubai Office in the months of Aug – Oct 2015 & May – July 2016 resp. A total of 32 students got their GMCS I completed in these two batches

GMCS – II Training ProgrammeThe 17th Batch of GMCS II from Aug to Oct 2015 & the 18th Batch of GMCS II from Feb to April 2016 was conducted at our ICAI Dubai Office. A total of 17 students have completed their GMCS II programme in these two batches

100hrs of IT Training Two Batches for the 100 Hrs of IT Training were conducted at ICAI Dubai Office during the period from September 2015 to August 2016, 11th Batch in the month of Jan to Feb 2016 & 12th batch in the months of May – June 2016. A total of 24 students attended these trainings and successfully completed their online examinations.

35hrs Orientation ProgrammeThree Batches of 35hrs of Orientation Programme were conducted at our ICAI Dubai Office at Knowledge village viz. 7th Batch, 8th Batch & 9th Batch. A total of 48 Students have completed their orientation course, during this period.

CA Results in Dubai Centre

ICAI Dubai Branch Activities

Nov 2015

Passed 11 21 15

Appeared 25 101 172

CPT (Dec 2015) IPCC Final

May 2016

Passed 24 20 19

Appeared 37 90 149

CPT (June 2016) IPCC Final

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highlighted the initiatives taken by the Institute, all around the world and also discussed at length, the opportunities available for the Chartered Accountants especially in the emerging markets in the world.

DCASA 1st Anniversary celebration at Creek ParkDCASA Celebrated its 1st Anniversary in Grand style with Fun Outing at Creek Park on 22nd Jan 2016 with the Chairman of DCASA CA Prabhdeep Singh Baweja. CA Nimish Makvana, Chairman of ICAI Dubai Chapter also visited at the time of closing and felicitated the students with medals for winning in different games.

Technical Seminar with CA Sundar & CA AnishDCASA organized a technical seminar on International Auditing Standards, exclusively for its members at the Grand Excelsior Hotel, on 26th March 2016. The Event was led by CA Anish Mehta and CA Sundar Nurani along with Special invitee, CA Harish Gangaramani.

Strategies to Clear CA Final ExamsA session on How to clear CA Final Exams, focused to reduce the stress students’ face before exams, and to teach a qualitative approach in preparing for CA Exams led by CA Nikhil Jand, was conducted by DCASA on 23rd July, 2016.

Technical Seminar – UAE Commercial Company LawA Technical Seminar on the new UAE commercial Law was organized by DCASA on 3rd August 2016. The Speaker was Ms. Therese Abou-Zeid an expert on the topic from DLA Piper and Corporate Governance Committee. The total number of participants in the course was 24

OthersICAI Dubai Chapter conducts its AGM every year in the month of September. A software is prepared for E-voting and certificate is presented to ICAI President and Vice President CA M Devaraja Reddy and CA Nilesh Shivji Vikamsey during the Annual Conference held on 19th & 20th May 2016

Seminar on introduction to IFRS for Faculty of DPS Sharjah was conducted on 1st June 2016.

Financial Performance and Other MattersThe financial year 2015-16 has once again been a year of exceptional achievements for the Chapter. On the financial front, the Chapter achieved a total income of AED 3,911,968.

This has mainly been possible on account of the support of our Platinum and Event sponsors. During the fiscal year, sponsorship contributions were amounting to AED 2,672,083.

The number of members in the Dubai Chapter has substantially increased over the years as detailed in the table below:

As at 30 June

During the fiscal year 496 members joined the Chapter and 373

members discontinued their membership.

All the events organized by the Chapter was well attended and 96 CPE

credit hours the period October 2015 to September 2016 as against a

total of 58 CPE credit hours for the Technical Events held between the

periods October 2014 to September 2015.

Attendance - Management Committee MeetingsFrom the conclusion of last Annual General Meeting on 19 September

2015 to the date of this report the Managing Committee held

22 meetings and the details of each committee member’s attendance

is given below.

Number ofmembers

Year 2014-15 2013-14 2012-13 2011-12 2010-112015-16

2004 1881 1930 1788 1550 1482

CA Nimish Makvana

CA Pankaj Mundra

CA Naveen Sharma

CA Anish Mehta

CA Mahmood Bangara

CA Sundar Subramanian Nurani

CA Nimesh Lokhandwala

CA Dharmajan Patteri

CA Arun Srinivasan

CA Prabhdeep Singh Baweja

22

20

22

20

17

19

22

21

03

19

Managing Committee Member Attendance

Achievements of Dubai Chapter

ICAI Dubai Chapter Wins The Best Overseas Chapter Award for the Third Consecutive TimeICAI Dubai Chapter jointly with Abu Dhabi Chapter won the best

overseas chapter award for the third executive time and the Award was

received by the leadership of the chapter in the event organized by ICAI

in February 2016 in New Delhi.

More than 2000 memberships in the year 2015-16The chapter as on June 30th, 2016 had more than 2000 paid members.

96 hours of CPE credit for 2015-16The Chapter organized many events for large number of members

including monthly seminars, workshops, summit, conclave and

conference which helped the chapter to attain 96 CPE credit events

during the year

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Tree Adoption DayICAI Dubai Chapter in collaboration with the Indian High

School organized a ‘Tree Adoption Day’ on October 13th,

2015 by planting 12 trees with students at the School.

Sharjah Book Fair EventSharjah Book Fair is one of the largest book fair in UAE and

ICAI Dubai Chapter in collaboration with the organizers of

the book fair organized talk by ICAI Past President Padma

Shri CA T. N. Manoharan on 8th November 2015 who

spoke on the topic ‘Unlock your Potential and shape your

destiny’.

Shiv Khera’s 3 Days Full Day WorkshopICAI Dubai Chapter brought 3 Days Hi-Impact Leadership

to the members of ICAI Dubai Chapter at nominal cost

which was organized between 27th November to 29th

November. This was the second program by Shiv Khera

after half day workshop in Feb 2015 and the members were

keenly looking forward to this workshop since that time.

ICAI Dubai Chapter’s Mobile AppICAI Dubai Chapter for ease of the members launched

Mobile App and the soft launch of App was done by the

President and Vice President of ICAI in the event organized

on January 19th, 2016 in Dubai.

Budget Event Broadcast by Times NowFor the first time, ICAI Dubai collaborated with Times Now

& organized Joint event on Budget which was broad casted on Times Now News Channel & this helped ICAI Dubai to take the event to the large number of people in the region.

Basic Arabic Session for Members and Spouses of the MembersICAI Dubai Chapter in collaboration with Institutional Partner DPS, organized Basic Arabic Session for the members and their spouses on March 26th, 2016 which was very well received by the members and their was encouraging participation in the session.

New Initiatives of ICAI Dubai Chapter

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Yoga classes for Members and spousesThe yoga classes with monthly 8 sessions were launched on April 1st, 2016 for the members and spouses which has helped the chapter to instill discipline when we talk in terms of health and has been one of the most successful initiatives of the year

Live web-cast of Annual Conference of Dubai ChapterThe live web-cast of the 34th Annual Conference spread over one and a half days was done by ICAI Dubai Chapter with which the conference was open for the members in the entire world and was hugely successful for which the chapter received very positive feedback.

Scholarships for CA students by Sahul Foundation ICAI Dubai and Sahul Foundation announced 5 Scholarships for CA students from Sahul Foundation to promote Chartered Accountancy course in the region.

Annual Conference of Dubai Chapter Broadcast by Times NowThe 34th Annual Conference of ICAI Dubai Chapter was organized on May 19th and 20th in Le Meridien Hotel having more than 1000 delegates which was covered by Time Now & subsequently broadcasted multiple times in the channel which was well received by the large number of people in the region.

Electronic votingThe chapter successfully developed the software for electronic voting in the AGM which will help in significantly making the voting process easier and all the necessary steps were taken including the mock voting session where all the members of the chapter were invited to participate in the voting.

Provisional Approval of DIFC NPIO LicenseThe chapter initiated the process of having license through DIFC and has been successful in getting the provisional approval of DIFC for a new license which will significantly help the chapter in furthering the activities of the chapter.

ICAI Dubai Social AuditICAI Dubai chapter has very important objective of being accountable, both financially and for the activities of the chapter. The chapter for the first time has decided to undertake the exercise of social accounting and audit. The whole objective of the planned exercise is to develop an ongoing process to account fully for our impact, report on our performance and draw up an action plan to improve on that performance. The accounts will be audited by a professional organization which is SAN India. SAN India is part of the global Social Audit Network which is based in Liverpool, UK.

New Initiatives of ICAI Dubai Chapter

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CA. RUSSI JEHANGIR PATEL CA. ANIL BHARADWAJ(Late) CA. G. BHANDARI CA. S. M. SYED KHALIL (Late) CA. M . A. RAFFIK

CA. V. RAMAN CA. MAHENDRA K ASHER CA. N. R. DOSHI CA. ABBAS ALI MIRZA

CA. JAMES MATHEW CA. NANDAKUMAR A CA. RAJU MENON

CA. V.P. NAGARAJAN CA. HANUMANTHA KUMAR CA. SURENDRA JAIN CA. S. VENKATESHCA. G. R. MEHTA

UAE (Dubai) Chapter (Estd.

SALUTATIONS TO THE PAST CHAIRMENThe Institute of Chartered Accountants of India

1982)

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New Comittee Members - Khaleej Times

Khaleej Times Date:08-11-2015

New Managing Committee Date:26-09-2015

2nd Workshop 23-10-2015

Media Coverage

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Date:12-12-2015

Khaleej Times Date:27-11-2015

Arab India Economic forum Date:17-11-2015

Date:21-11-2015

Media Coverage

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Khaleej times Date:30-11-2015

City Times Date:05-12-2015

Gulf Today Date:30-11-2015

Khaleej Times Date:27-11-2015

Media Coverage

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Khaleej Times Date: 07-01-2016 Khaleej Times Date:19-01-2016

GCC Outlook on Banking Sector Date:22-01-2016 Khaleej Times Date:22-02-2016

Media Coverage

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Gulf News Date:25-02-2016 Times Now - Advert Date:24-03-2016

Press Release Date:06-04-2016

Khaleej Times Date:07-03-2016

Media Coverage

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Khaleej Times Date:19-05-2016

Gulf News Date:19-05-2016

Pritam Live in Concert Date:19-05-2016

Media Coverage

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Khaleej Times Date:21-05-2016

Gulf Today Date:27-05-2016

Gulf News Date:22-05-2016

City Times Date:24-05-2016

Khaleej Times Date:22-05-2016

Media Coverage

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Gulf Today Date:23-05-2016

Media CoverageMedia Coverage

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Media CoverageMedia Coverage

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Khaleej Times Date:28-08-2016 Khaleej Times Date:28-08-2016

Media Coverage

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Khaleej Times Date:28-07-2016

Media Coverage

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Media Coverage

The recorded version of the 'Emerging India Forum' was broadcasted in a one hour episode - with a record repeat telecast for at least 6 times. The Brand value and equity it created for ICAI and ICAI UAE Dubai chapter was tremendous. And we are looking forward to build on our inherent strengths going forward.CA. Nimish Makvana, Chairman ICAI Dubai

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http://www.zawya.com/mena/en/story/ZAWYA20160522115137/

Zawya Date:22-05-2016

Zawya Date:11-10-2015

http://azadnewsme.com/en/58/6/8457/?LoginUserId=2&AdminAccess=all&previewLang=1&preview=on

Azad News Date:21-05-2016

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Media Coverage

Zawya Date:22-05-2016

http://www.khaleejtimes.com/business/local/bold-initiatives-critical-for-resilience-during-global-uncertainty-says-shaikh-nahyan

Khaleej Times Date:21-05-2016

City Times - Social Event

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The ICAI UAE (Dubai) Chapter places on record the support being extended by the Sponsors to all activities of the Chapter for the period 2015-2016. Our gratitude is also due to the generous support of all the Sponsors who have sponsored specific events that were organized during the year.

Special Gratitude to Sponsors

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34th Annual Conference

Gold Sponsors

Sponsors

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Event Sponsors for 2015-2016

Sponsors

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The Managing Committee wishes to place on record its

appreciation and gratitude for the support extended to the

Chapter by His Highness Sheikh Nahyan bin Mubarak Al

Nahyan, Hon’ble Cabinet Member & Minister of Culture &

Knowledge Development, Govt. of UAE, H.E. T.P. Seetharam,

the Ambassador of India to the United Arab Emirates, and

H.E. Anurag Bhushan, the Consul General of India to Dubai.

We also express our sincere thanks and appreciation to the

management and staff of The Indian High School, Dubai,

staff of Bank of Baroda and Dubai branch of the ICAI for their

valuable contributions and support in efficiently conducting

the ICAI Examinations.

Our heartfelt thanks to Higher Colleges of Technology and

the Management of Dubai Men’s College for providing the

Dubai Men’s College auditorium with high-tech/state of the

art facilities for conducting technical seminars of the chapter.

It is with immense gratitude that we acknowledge the

continuous support and parental guidance provided by the

President, Vice President, Secretary, members of the Central

Council of ICAI New Delhi, the staff of the International Affairs

and other departments of ICAI in successfully organizing the

Chapter activities.

We also express our sincere gratitude to CA. Manoharan P.

Thulicheri, for auditing the Chapter’s financial statements on

honorary basis.

We also place on record our sincere appreciation to all

our Sponsors for supporting us in all our activities during

the year 2015-16. The efforts of the Managing Committee

were greatly assisted by various members who served on

the Sub-Committees and we thank them for rendering their

services to the Chapter.

The contribution of CA. Janak B. Panjuani in ensuring that

the annual elections are conducted in a fair manner is

commendable.

He has undertaken the task of Election Officer on a

completely honorary basis and has maintained the position

with grace and dignity. We place on record his contribution

to this Chapter.

CA. Shailesh Mulki, past member of our chapter has

been responsible for preparing the Weekly Economic

Updates for the benefit of the members. His untiring efforts

and continuing interest in the affairs of the chapter are

commendable as he presently resides in Canada. We thank

him for his contribution that gives our members a bird’s eye

view of the current and future trends in the financial markets.

The efforts of the Managing Committee have been aimed

at providing the members a platform to enhance their

professional knowledge through the various technical

seminars, workshops and conferences that have been

conducted throughout the year. The sports, social and

entertainment events that have been conducted provided

great enjoyment for the members and their families.

The unstinting support and contribution from the members

have been very encouraging and the Managing Committee

acknowledges that these have been the main factors that

have contributed to the success of all the events conducted

during the year. We extend our sincere appreciation to all

of you and look forward to your continued support to the

Chapter activities in the year to come.

Thank you

For the Managing Committee of

The ICAI UAE (Dubai) Chapter

CA Nimish Makvana

Chairman

Conclusion

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ICAI UAE (Dubai) G-18, Block 2B, Knowledge Village, P.O. Box : 500725, Dubai, UAEPhone: +971 4 3672250