The Institute of Chartered The Institute of Chartered Accountants of IndiaAccountants of India
Established by an Established by an Act of Indian ParliamentAct of Indian Parliament
““The Chartered Accountants The Chartered Accountants Act, 1949”Act, 1949”
Our MissionOur Mission
The Indian Accountancy Profession will be the Valued Trustee of World Class Financial
competencies, Good Governance and Competitiveness
Profile of ICAIProfile of ICAIWas set up in 1949 under the Chartered
Accountants Act, 1949 even before adoption of Constitution of India in 1950
Since then Profession has grown leaps and bounds in terms of Membership
and Student base
Profession in IndiaProfession in India 160K Members spread throughout the country and in different parts of the world160K Members spread throughout the country and in different parts of the world
Sizeable studentship baseSizeable studentship base
Increase in percentage of members joining industryIncrease in percentage of members joining industry
Chartered Accountants are rendering services in every walk of economic life - Chartered Accountants are rendering services in every walk of economic life - Politics, Judiciary, Government, Agriculture, Corporate, NGOsPolitics, Judiciary, Government, Agriculture, Corporate, NGOs
Profession is dominated by small firmsProfession is dominated by small firms
Increasing trends towards consolidation Increasing trends towards consolidation
Government of India looks at ICAI as Partner in Nation BuildingGovernment of India looks at ICAI as Partner in Nation Building
Technical Standards based on International StandardsTechnical Standards based on International Standards
Focus on Capacity Building in the emerging contextFocus on Capacity Building in the emerging context
Role of ICAIRole of ICAI To regulate the profession of AccountancyTo regulate the profession of Accountancy Education & Examination of Chartered AccountancyEducation & Examination of Chartered Accountancy Exercise Disciplinary JurisdictionExercise Disciplinary Jurisdiction Input on Policy matters to GovernmentInput on Policy matters to Government Ensuring Standards of performance of MembersEnsuring Standards of performance of Members Formulation of Accounting StandardsFormulation of Accounting Standards Prescription of Engagement and Quality Control StandardsPrescription of Engagement and Quality Control Standards Laying down Ethical StandardsLaying down Ethical Standards Continuing Professional EducationContinuing Professional Education Financial Report ReviewFinancial Report Review Monitoring Quality through Peer ReviewMonitoring Quality through Peer Review Conducting Post Qualification CoursesConducting Post Qualification Courses
ICAI NetworkICAI Network
Decentralized Offices
• Bahrain • Abu Dhabi
• Botswana • Indonesia
• Doha • Jeddah
• Dubai • Kuwait
• Port Moresby (Papua New Guinea)
•London
• Riyadh •Melbourne
• Saudi Arabia (Eastern province)
•Muscat
• Singapore •Nairobi (Kenya)
• Sydney •New York
• Toronto •Nigeria
• Zambia •Ras-al-Khaimah
ICAI – A Key National BodyICAI – A Key National Body
Offers inputs toOffers inputs to
Comptroller & Auditor General of IndiaComptroller & Auditor General of India
Ministry of Corporate Affairs, Govt. of IndiaMinistry of Corporate Affairs, Govt. of India
Reserve Bank of IndiaReserve Bank of India
Securities and Exchange Board of India Securities and Exchange Board of India
Central Board of Direct Taxes Central Board of Direct Taxes
Insurance Regulatory and Development AuthorityInsurance Regulatory and Development Authority
Departments of Central and State GovernmentsDepartments of Central and State Governments
Departments of Public EnterprisesDepartments of Public Enterprises
Important Initiative Undertaken to Align Important Initiative Undertaken to Align with Changing Economic Orderwith Changing Economic Order
Convergence with International Standards of Accounting and AuditingConvergence with International Standards of Accounting and Auditing Review and Revision of Education and training curriculumReview and Revision of Education and training curriculum Launch of Post Qualification Courses Capacity building of firmsLaunch of Post Qualification Courses Capacity building of firms Mandatory CPE RequirementMandatory CPE Requirement Peer Review MechanismPeer Review Mechanism Financial Report Review Financial Report Review Brand building – Nationally and InternationallyBrand building – Nationally and Internationally Focused approach on issues relating to Corp. Governance.Focused approach on issues relating to Corp. Governance. Facilitating changes in regulatory frames.Facilitating changes in regulatory frames. Vigorous pursuance of Mutual Recognition Agreements.Vigorous pursuance of Mutual Recognition Agreements. Arrangement with Universities for graduation qualification to CA studentsArrangement with Universities for graduation qualification to CA students Facilitating accounting reforms in various areasFacilitating accounting reforms in various areas
Examples of Involvement of ICAI in Examples of Involvement of ICAI in National OrganizationsNational Organizations
Drafting of Income Tax LawsDrafting of Income Tax Laws
Drafting of Competition LawDrafting of Competition Law
Drafting of Company LawDrafting of Company Law
Capital Market – Development and RegulationCapital Market – Development and Regulation
Corporate GovernanceCorporate Governance
Accounting & Utilization of Governmental resourcesAccounting & Utilization of Governmental resources
WTO & GATSWTO & GATS
Import – Export PolicyImport – Export Policy
Commercial and Economic LegislationsCommercial and Economic Legislations
Non Banking Financial CompaniesNon Banking Financial Companies
Education and TrainingEducation and Training
Distant Mode of EducationDistant Mode of Education
Education Through Accredited Institutions and BranchesEducation Through Accredited Institutions and Branches
Meets the requirements of international educational pronouncements of IFACMeets the requirements of international educational pronouncements of IFAC
Comprehensive theoretical and practical curriculumComprehensive theoretical and practical curriculum
Continuous review of the curriculumContinuous review of the curriculum
Highlight of the New Scheme of Education & TrainingHighlight of the New Scheme of Education & Training
I Common Proficiency TestI Common Proficiency Test
Compulsory Compulsory
II II 3½ years of Practical Training concurrent with components of Professional 3½ years of Practical Training concurrent with components of Professional Competence Examination (PCE) and Final Competence Examination (PCE) and Final
Complete 100 hours of Compulsory Computer Training before appearing for Complete 100 hours of Compulsory Computer Training before appearing for PCE.PCE.
Undergo General Management & Communication Skills (GMCS) after 18 Undergo General Management & Communication Skills (GMCS) after 18 months of practical training and completion of PCEmonths of practical training and completion of PCE
Eligible to appear for Final Examination on completion of 3 ½ years and Eligible to appear for Final Examination on completion of 3 ½ years and passing of PCEpassing of PCE
Highlights of the New SyllabusHighlights of the New SyllabusFinancial ReportingFinancial Reporting
Corporate Financial ReportingCorporate Financial Reporting
IFRS based Financial Reporting IFRS based Financial Reporting
US GAAP based Financial Reporting US GAAP based Financial Reporting
Strategic ManagementStrategic Management
Study of Business Environment Study of Business Environment
Understanding Strategic Planning and Analysis Understanding Strategic Planning and Analysis
Ability to understand and formulate Functional StrategiesAbility to understand and formulate Functional Strategies
Financial ManagementFinancial Management
Advanced Management Accounting Advanced Management Accounting
Information Technology and Systems Control Information Technology and Systems Control
Business Ethics Business Ethics
ExaminationExamination One of the largest Accounting examination networks One of the largest Accounting examination networks
Administrative conduct of examination and exam related process largely Administrative conduct of examination and exam related process largely computerized computerized
Exams are held twice a yearExams are held twice a year
Examination system considered to be of high standard & integrity worldwideExamination system considered to be of high standard & integrity worldwide
Has been lending expertise to accounting bodies in other countries Has been lending expertise to accounting bodies in other countries
Accounting Standards Convergence with IFRSsAccounting Standards Convergence with IFRSs
ICAI has decided to converge with IFRSs from accounting periods ICAI has decided to converge with IFRSs from accounting periods commencing on or after 1st Aril 2011 for listed entities and other public commencing on or after 1st Aril 2011 for listed entities and other public interests entities such as banks, insurance companies and large-sized entitiesinterests entities such as banks, insurance companies and large-sized entities
For smooth transition to the IFRSs, ICAI will take up the matter of For smooth transition to the IFRSs, ICAI will take up the matter of Convergence with NACAS, and various regulators such as the RBI, SEBI and Convergence with NACAS, and various regulators such as the RBI, SEBI and IRDA.IRDA.
ICAI would also formulate its work-plan to ensure that IFRSs are effectively ICAI would also formulate its work-plan to ensure that IFRSs are effectively adopted from 1st April 2011.adopted from 1st April 2011.
IFRSs-specific training programs will be organized for its members and others IFRSs-specific training programs will be organized for its members and others concerned to prepare them to implement IFRSs.concerned to prepare them to implement IFRSs.
IASB has also offered to help the ICAI in its endeavors towards Convergence IASB has also offered to help the ICAI in its endeavors towards Convergence with IFRSs in Indiawith IFRSs in India