The International Conference on the theme “‘Accountancy Profession: Leveraging Emerging Challenges for Inclusive Growth’ organized by The Institute of Chartered Accountants of India (ICAI) from 6th -8th January, 2012 was inaugurated by Hon’ble Finance Minister of India, Shri Pranab Mukherjee in the benign presence of Hon’ble Union Minister of Corporate Affairs, Dr.M.Veerappa Moily, Hon'ble Union Minister of Shipping, Shri G.K.Vasan and Hon’ble Deputy Chairman, Rajya Sabha, CA.K.Rahman Khan.
CA.G.Ramaswamy, President, ICAI and CA.Jaydeep N.Shah, Vice-President, ICAI were present at the inaugural session. The inaugural session of the conference witnessed presence of around 2000 participants from India and abroad.
The Conference is intended as a forum for establishing interface with regions most influential thought leaders in the field of accounting, finance & business. Participants from academics, researchers, practitioners and policy makers will share their insights towards cutting-edge information on global trends, issues and challenges.
The Conference comes at most apt time when the Accountancy profession is rededicating itself to newer level of commitments for meetings demands of trust, relevance, expectation gap and utility. The focus is now on adherence to high values, by focusing on sustainability and in process espousing the concerns of varied set of stakeholders including the small & medium sized entities.
While addressing the gathering, the Chief Guest, Shri Pranab Mukherjee, Hon’ble Union Minister of Finance said “India is emerging as a great economic power and Chartered Accountancy is an important tool to make fair, transparent and systematic economic system.” He further added that “ CAs play a pivotal role in managing finances.
The financial sector of a nation is the fulcrum of the economic growth. CAs with their expertise contribute towards building up of a strong and vibrant India. ”Since 1949, profession has grown leaps and bounds in terms of Membership and Student base, starting with humble base of 1700 members and 257 students, the strength of ICAI members has grown to 1, 83,000 and over 9,00,000 students are enrolled with the Institute.
The Guest of Honor, Dr.M.Veerappa Moily, Hon’ble Union Minister of Corporate Affairs addressed the distinguished gathering and remarked “ICAI has achieved global recognition as a premier accounting body and its contribution in the field of education, professional development and maintenance of high accounting standards is commendable.”
Role of the accounting profession in evolving and lending credibility to financial systems has been very critical and, so recognized worldwide. Besides regulating the profession, the ICAI is a national standards setting body in India and the Accounting Standards framed by it are given statutory recognition under various statutes.
The Guest of Honor, CA.K.Rahman Khan, Hon’ble Deputy Chairman, Rajya Sabha, remarked “The Institute is a unique body performing the role of Educator, Trainer, Examiner, Regulator, Researcher, Professional developer, Standards setter, and as Advisor on corporate governance relating to Accounting and Auditing standards and IFRS etc.”In his Presidential address, CA.G.Ramaswamy, President, ICAI welcomed the distinguished gathering and stated
“Accountancy profession is rededicating itself to newer level of commitments for meetings demands of trust, relevance, expectation gap and utility. The focus is now on adherence to high values, by focusing on sustainability and in process espousing the concerns of varied set of stakeholders including the small & medium sized entities.”
While delivering the Vote of Thanks, CA.Jaydeep N.Shah, Vice-President, ICAI said “The role that accountancy profession can play in the 'inclusive growth' cannot be undermined. Accountancy is the base of high quality financial information that increases transparency and enhances the effective management of resources that inter alia lead to a growth of a country.”
After the inaugural session, a function was organized for the distribution of “ICAI Awards for Excellence in Financial Reporting.” The awards were distributed at the august hands of Hon’ble Union Minister of Corporate Affairs, Dr.M.Veerappa Moily, and Hon’ble Deputy Chairman, Rajya Sabha, CA.K.Rahman Khan.These awards are being presented annually since 1958 with selection of best entries, in specified categories being made through a robust three tier evaluation process.
The evaluation is carried out on the basis of compliance with Accounting Standards and relevant applicable laws, corporate governance perspective, quality, nature and manner of presentation of financial information in the annual reports.
This year the competition was under 16 categories and more than 220 entities participated across various categories. The Jury for the awards consisted of eminent personalities from various walks of life. The distinguished Jury meet was chaired by Shri A.K. Awasthi, Dy. CAG cum Chairman, Audit Board.
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