ANNUAL REPORT - ICAI DubaiANNUAL REPORT Dear Members, The following is the report of the activities...

The Institute of Chartered Accountants of India UAE (Dubai) Chapter

ANNUAL REPORT 1st January to 31st December, 2013

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The Institute ofChartered Accountants of India

UAE (Dubai) Chapter

ANNUAL REPORT 1st January to 31st December 2013

ANNUAL REPORT

Dear Members,

The following is the report of the activities carried out by UAE (Dubai) Chapter of The Institute of Chartered Accountants of India (“the Chapter”) during the year January 1, 2013 to December 31, 2013.

The Managing CommitteeDuring the year, the affairs of the Chapter have been managed by the following Office Bearers and Executive Members that were elected to the Managing Committee:

CA. Nandakumar, Chairman

CA. Raju Menon, Vice Chairman

CA Pankaj Mundra, Secretary

CA. Sangeetha Nahar, Treasurer

CA. Nimesh Lokhandwala, Executive Member

CA Prabhdeep Singh Baweja, Executive Member

CA. Naveen Sharma, Executive Member

CA Uma Srinivasan, Executive Member

CA Anish Mehta, Executive Member

CA. James Mathew, Chairman

CA. Nandakumar, Vice Chairman

CA. Nimish Makvana, Secretary, CA

CA. Pankaj Mundra, Treasurer

CA. Krishnan Ramachandran, Executive Member

CA. Karuna Luthar, Executive Member

CA. Rishi Aggarwal, Executive Member

CA. Nimesh Lokhandwala, Executive Member

CA Prabhdeep Singh Baweja, Executive Member

January to September 2013 (9 months) October to December 2013 (3 months)

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UAE (Dubai) Chapter


Events and CPE Credits – January to December 2013:

Management Committee Meetings held – January to December 2013

Details of Membership – at December 2013

Technical Seminars

CSR Events

Sports Events

Social Events

January to September 2013 (9 months)

October to December (3 months)

Total

13

5

18

1

2

3

4

Total

13

1

1

6

21

5

0

1

2

6

41

0

0

0

41

18

0

0

0

18

January 13 - September 13

No. of Events

Sr. No.

CPE Hours No. of Events CPE Hours

Type of Events

Period Number of meetings

(9 months) (3 months)Total forOctober 11 - December 12

18

1

2

6

27

59

0

0

0

59

No. of Events CPE Hours

January to December 2013

The summary of the number of events and management committee meetings held and the movement in the number of members during the year is as under:

During the year, 465 new members joined the Chapter and the membership at 31December 2013 was 2,128 as seen below:

At January 2013

Net increase up to 30 September 2013

As at 1 October 2013

Net increase up to 31 December 2013

As at 31 December 2013

1,663

319

1,982

146

2,128

Period Number of Members

5


UAE (Dubai) Chapter


12-Jan-13

19-Jan-13

19-Jan-13

16-Feb-13

2-Mar-13

25-Apr-13

26-Apr-13

6-May-13

20-May-13

1

2

3

4

5

6

7

8

9

2

3

2

3

2

3

6

2

2

Towards a Balanced Match

CFO to Chief Strategy Officer

Achieving Success - What CA's need to do?

Transparency in the Age of Fiscal Cliffs and Toughs

CEO 2020

Union Budget 2013

International Conference 2013The First Man to wear a Sanitary Napkin

International Conference 2013

IFRS - 13, Fair Value Measurement and its Fairness

India's Balance of Payments and Prospects for the Exchange Rate

Forensic Accounting & Fraud Detection

The Business Case for Social Media

Modern Business Valuation

India - An Attractive Investment Destination & Capital Market InitiativesIndian Story - Short Term Stresses, Medium Term Bullish

Revised Exposure Draft - Lease Accounting

Financials Instruments (IFRS 9)

Consolidated Financial Statements (IFRS 10) & Disclosure of Interest in Other Entities including "Structured Entities" (IFRS 12)

Joint Arrangements (IFRS 11)

Hedging and Risk Management (IAS 39 and New "ED" on Hedging) & Latest IASB Exposure Draft on Revenue Recognition

CA Ramesh Mahalingam, Managing Director - Ideal Management Consultants

Prof: Ranjan Das, IIM (Calcutta) & Chairman and Chief Mentor - The Strategy Academy

Prof: Ranjan Das, IIM (Calcutta) & Chairman and Chief Mentor - The Strategy Academy

Mr. Sunil John, CEO- ASDA'A Burson - Marsteller

Chetan Bhagat, Authour and Motivational Speaker

CA T N Manoharan, Past President ICAI

Mr. Muruganantham, Social Entrepreneur

CA MP Vijay Kumar, CFO - Sify Technologies Ltd

A V Rajwade - Forex and Risk Management consultants

CA Chetan Dalal , Founder of CDIMS

Mr. Rishi Saha, Regional Director, Hill+Knowlton Strategies

CA Naresh Phanfat - Founder and director of Infead

Mr. Ashish Kumar Chauhan, CEO of BSEMr. Avinash Gupta, Head of financial Advisory - Deloitte - India

Mr. Kurt Ramin - Advisor of IASB

Mr. Ashruff Jamal - Partner - PWC

CA Abbas Ali Mirza - Partner - Deloitte

Mr. Anthony O'Sullivan, Partner - Ernst & Young

Mr. Arif Ahmed & Ms. Veena Hingarh

Sr. No. Date Event DetailsCPE

Credit

Technical Seminars Topic Speaker

List of Activities January 2013 - December 2013

10-Jun-13

6-Jul-13

28-Jul-13

17-Aug-13

30-Oct-2013

9-Nov-2013

10

11

12

13

14

15

2

6

2

6

2

6

Financials Due Diligence

Managing Risks in Financial Markets - Staying Ahead of the Crowd

Forensic Audit Workshop

Time Management, Supply Chain Management & Accuracy in Delivery

Workshop on Mergers and Acquisitions

Anti-Money Laundering (AML), Counter Terrorism Financing (CTF) and Sanctions - A Regulator's Perspective'

Workshop on Derivatives- Futures and Options

CA Sujal Shah - Founder Partner of SSPA & Co

by CA Vivek Mahajan- Investment Manager for HE Sheikh Tariq Faisal Al Qassimi of Sharjah

CA Chetan Dalal & CA Mahesh Bhatki

Mr. Raghunath Medage & Mr. Arvind Talekar

of Mumbai Dabbawala


CA Parag Ved- Partner of SSPA & Co

Mr. Matt Gamble, Director, Head of Anti-Money Laundering Supervision, Dubai Financial Services Authority

Mr. Simarjeet Baweja, Head of Academy, Dubai Gold & Diamond Exchange and Mr. Nirav Barfiwalla, Head of Trading, Surveillance and Risk Management, Dubai Gold & Commodity Exchange

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List of Activities January 2013 - December 2013


UAE (Dubai) Chapter


Sr. No. Date Event Details CPECredit

1-July-13

30-Aug-13

20-Dec-13

9-Mar-13

22-Mar-13

31-May-13

5-Jul-13

5-Sep-13

30-Sep-13

2

1

2

1

2

3

4

5

6

Planting of Trees at Indian High School, Dubai

Bowling Event

Indoor Cricket Tournament

Theatre play - Get Rid of my wife

Annual Family Social Get Together

Bollywood event - Shreya Ghoshal Live in Concert

CA Day Celebration - The Illusion Show

Living an Inspiration by Anupam Kher

Annual General Meeting

-

-

-

-

-

-

-

-

-

CSR Events

Sports Events

Social Events

16-Nov-13

4-Dec-13

7-Dec-13

16

17

18

2

2

6

Global Economic Outlook 2014

India at a Tipping Pointd

Technical Update on the Significant Recent changes to IFRS

Technical Update on Exposure Drafts on Leases and Revenue

Workshop on IFRS

Consolidated Financial Statements (IFRS 10), Joint Arrangements (IFRS 11), Disclosure of Interests in Other Entities (IFRS 12), Separate Financial Statements (IAS 27 - Revised) and Investments in Joint Venture and Associates (IAS 28-Revised)

Financial Instruments (IFRS 9) and Financial Instruments: Recognition and Measurements (IAS 39)

Mr. Timothy Fox, Group Head of Research & Chief Economist, Emirates NBD

Ms. Meera H Sanyal, Chairperson, India Services & Foundation, Royal Bank of Scotland

CA Abbas Ali Mirza, Partner, Deloitte, UAE

Mr. Kurt Ramin, Consultant and Former Partner, PwC, New York

CA Abbas Ali Mirza, Partner, Deloitte, UAE

Mr. Zulfiqar Unar, FCCA, Senior Manager, PwC, Dubai

Topic SpeakerTechnical Seminars

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One Day Workshop on Strategy - 19/01/2013

Prof. Ranjan Das from IIM Calcutta spoke at a full day Strategy Workshop which was attended by members that included many CEOs and CFOs. This leadership event “CFO to Chief Strategy Officer” was aimed to unlock the latent Chief Strategy Officer within each of us and left members with a number of hard hitting memory tags. The feedback from members was very positive on the valuable lessons learnt through this rigorous six hours workshop on strategy.

Prof: Ranjan Das, IIM (Calcutta)

Breakfast Meeting - 12/01/2013

The speaker at the session on "Towards a Balanced Match" was CA Ramesh Mahalingam who has been a great contributor to the Chapter for many years. He spoke on matching the balance sheet and he appraised the members of where the things can go wrong and how they can be corrected. He also shared his personal examples and tools he developed to overcome the challenges. The event was attended by more than 300 members. The event got over with thoughts on the challenges picked up by the speaker.

CA Ramesh Mahalingam, Managing Director - Ideal Management Consultants


UAE (Dubai) Chapter


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Mr. Chetan Bhagat

The Dubai and Abu Dhabi Chapters jointly organized this inspiring session on the topic - "CEO 2020" that was addressed by the widely acclaimed author, Chetan Bhagat.

An entertaining opening filled the auditorium with laughter and good energy with a burst of applause every now and again enjoying Bhagat’s self deprecating humour.

His down to earth, selfless personality and inspirational speech captivated the whole audience.While he talked about his struggle for two years to publish his first book, Chetan said, “failure shouldn’t have so much power that it can make you quit”. His belief made him a best seller, selling million copies of that first book.

Talking about leadership, Chetan stressed on the ‘Game of Time’- he says, “Time management is the key to being a good CEO”. He also said that change is essential to rise. I He added, “Challenge yourself to be the CEO 2020 to leave your footprint behind”.

He wrapped up by saying “You are the hero of your life; make a good script out of it”.

Technical Seminar - 16/02/2013Technical Seminar- 19/01/2013

At the technical seminar in the evening on 19 January, 2013, the first speaker, Prof. Ranjan Das, addressed the members on the topic “Achieving Success – What CA’s need to do?”. This was beneficial for the members as he took them through the steps for the journey of achieving professional success.

The second speaker at the technical seminar was Mr. Sunil John, CEO of ASDA’A Burson – Marsteller. He spoke on the topic “Transparency in the Age of Fiscal Cliffs and Troughs”. In this fast changing world of challenges, his talk was an eye-opener for the members.

Technical Seminar

Mr. Sunil John, CEO, ASDA’A Burson - Marsteller


UAE (Dubai) Chapter


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Padma Shri T N Manoharan

An in depth analysis on the Union Budget was delivered by Padma Shri CA T. N. Manoharan, a past President of the Institute of Chartered Accountants of India.

Padma Shri T.N. Manoharan said that the Finance Minister, Mr. Palaniappan Chidambaram has done a balancing act between prudence and populism in framing his proposals. The mission to propel the economy towards 8% growth has been rightly identified as a challenge and many of the proposals announced seemed to be aiming stimulate growth on the industrial front. Establishing two industrial corridors and two new ports would do a lot good for gaining momentum in this direction. It is heartening to note the importance given to Health, Education and Infrastructure.

Union Budget Session - 02/03/2013

Annual Conference

Under the patronage of H.H. Sheikh Nahayan Mabarak Al Nahayan, the Dubai Chapter, organized its 31st Annual International Conference at Dubai Men’s College on Thursday, 25th April 2013 and Friday, 26th April, 2013. The theme was, “Connecting People.. Building Bridges..Together..”

H. H. Sheikh Nahayan Al Mabarak Nahayan, the Minister for Culture, Youth and Community Development, was the Chief Guest for the event and the Guests of Honour were CA Subhodh Kumar Agrawal, President of ICAI and CA K. Raghu, Vice President of ICAI.

The key note address on ‘was given by Mr. A Muruganathan, Social Entrepreneur.

The Chairman of ICAI, Dubai Chapter, James Mathew delivered the opening address.

Annual Conference 2013 - 25 & 26/04/2013

CA Subhodh Kumar Agrawal - President ICAI


UAE (Dubai) Chapter


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H. H. Sheikh Nahayan Mabarak Al Nahayan

Annual Conference 2013 - 25 & 26/04/2013

H.H Sheikh Nahyan said that accountants should be high calibre professionals, upholding highest standards of integ-rity, independence and competence.

The cheerful key note speaker, Mr. A Muruganathan whose address was titled "The first man to wear a sanitary napkin” entralled the audience with his inspiring story of pleasing his new wife and building upon his new business idea.

CA Subhodh Kumar Agrawal, President of ICAI appreciated the Dubai Chapter of ICAI for organizing its Annual Interna-tional Conference. CA K. Raghu, Vice President of ICAI also extended his warm greetings to all the members attending the Annual International Conference.

The Annual Conference’s second day was packed with five powerful speakers who spoke on various topics. The first day of the conference had more than 1,200 members attending and the second day had an attendance of more than 800 members. This annual event to share varied expe-riences amongst members ended on a high note with mem-bers expressing their appreciation of the sessions.

CA MP Vijay Kumar, CFO - Sify Technologies Ltd

Mr. A V Rajwade - Forex and Risk Management consultants

Mr. A Muruganathan, Social Entrepreneur


UAE (Dubai) Chapter


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At the seminar titled "India - an Attractive Destination for Investment" was addressed by Mr. Ashish Kumar Chauhan (CEO- Bombay Stock Exchange), CA Udayan Sen (CEO & Managing Partner-Deloitte- India) and Mr. Avinash Gupta (Head-Financial Advisory Services, Deloitte-India).

While the first speaker, Mr. Chauhan spoke on "Investments & Capital Market Initiatives”, the second speaker, Mr. Avinash Gupta spoke on “Indian Story – Short Term Stresses, Medium term Bullish.

The day got perfect ending when Mr. Udayan Sen, moderated on a few debatable points with the members and the speakers.

Mr. Ashish Kumar Chauhan, CEO - Bombay Stock Exchange

Technical Seminar - 6/05/2013

At this session on IFRS, the relevant standards on Lease Accounting, Financial Instruments, Consolidated Financial Statements, Joint Arrangements, Disclosure of Interest in Other Entities and Hedging were discussed. The speakers were highly eminent professionals in the financial accounting area and included Mr. Kurt Ramin (IASB), Mr. Ashruff Jamal (PWC), CA Abbas Ali Mirza (Deloitte), Mr. Tim O’ Sullivan (E&Y) and Prof Arif Ahmed with Mrs. Veena Hingarh, both from South Asian Management Technologies Foundation. The event was well attended, with over 400 members benefitting from the experience of the speakers.

Technical Seminar

IFRS Technical Seminar - 20/05/2013

Mr. Avinash Gupta, Head of financial Advisory - Deloitte - India

Mr. Kurt Ramin - Advisor of IASB


UAE (Dubai) Chapter


12

At this session, the topics ‘Financial Due Diligence’ and ‘Managing Risks in Financial Markets- Staying Ahead of the Crowd’ were addressed by CA Sujal Shah and CA Vivek Mahajan respectively. CA Sujal Shah, who had flown from Mumbai, gave very lucid presentation on financial due diligence and CA Vivek Mahajan spoke to members on how they can manage the market risks and stay ahead of the crowd. This was followed by very interesting question and answer session.


Technical Seminar - 10/06/2013

The one day workshop on "Forensic Audit" was conducted by CA Chetan Dalal and his associate, CA Mahesh Bhakti.

This workshop was attended by over 100 members and the knowledge shared in the workshop was an excellent opportunity for the members to enhance their learning.

CA Chetal Dalal and CA Mahesh Bhakti

Workshop on Forensic Audit - 06.07.2013

CA Vivek Mahajan- Investment Manager for HE Sheikh Tariq Faisal Al Qassimi of Sharjah


UAE (Dubai) Chapter


13

The Chapter continued the tradition of earlier years by holding a special Iftar party. This year, the famous ‘Mumbai Dabbawala’ shared their experiences in the event, which was attended by more than 1,000 members and their spouses.

The speakers in the event from Mumbai Dabbawala, were Mr. Raghunath Medage, President of Mumbai Dabbaawala Association and Mr. Arvind Talekar who spoke on ‘Time Management, Supply Chain Management and Accuracy in Delivery’. The Chief Guest on the occasion was His Excellency Shri Sanjay Verma, Consul General of India in Dubai.

The Mumbai Dabbawalas on Time Management, Supply Chain Management & Accuracy in Delivery

Iftar Event - 28/07/2013

The faculty at this one day training workshop was CA Sujal Shah and CA Parag Ved, both partners of SSPA & Co Chartered Accountants, Mumbai.

They gave an excellent insight on the Objectives of M&A (Value Drivers, Synergy Benefits, Real Life cases etc), Process of Acquisition including points on structuring, valuation of Businesses including intangibles, Issues in Negotiation and Legal Aspects of M&A.

Workshop on Mergers & Acquisitions

Workshop on Mergers & Acquisitions - 17/08/2013


UAE (Dubai) Chapter


This first technical session on "Anti Money Laundering (AML), Counter Terrorism Financing (CTF) and Sanctions - A Regulator's Perspective" conducted by the new Managing Committee was addressed by Mr. Matt Gamble, Director, Head of Anti-Money Laundering Supervision, Dubai Financial Services Authority.

In his address he explained what constituted money laundering and the various common methods used by criminals in laundering money. He also cautioned the members on the regulations relating to countering terrorist financing and said that they should be aware of the various sanctions that are in place against various countries, agencies and companies as otherwise they can get into serious trouble with the authorities. He concluded his very informative address that was attended by more than 400 members by stressing the importance of auditors and accountants as gatekeepers of the financial system.

This workshop which was attended by more than 100 members was conducted by Mr. Simarjeet Baweja, Head of Academy, Dubai Gold & Diamond Exchange and Mr. Nirav Barfiwalla, Head of Trading, Surveillance and Risk Management, Dubai Gold & Commodity Exchange.

The various aspects of derivatives was very well explained by the very experienced faculty and the feedback received from this very informative session was very encouraging

Technical Seminar - 30 October 2013 Technical Seminar - 16 November 2013

Workshop on Derivatives - 9 November 2013

The session on "Economic Outlook for 2014" and "India at a Tipping Point" that was attended by more than 400 members was addressed by Mr. Timothy Fox, Head of Research & Chief Economist, Emirates NBD, Dubai and Ms. Meera H Sanyal, Chairperson, India Services & Foundation, Royal Bank of Scotland, India.

Mr. Timothy Fox in his speech, covered the economies of United States, the Euro Zone and the GCC. He concluded by saying that the outlook for GCC and UAE was upbeat with oil prices being steady and good spend on infrastructure. In his opinion, the GCC states have built up good savings and the average growth rate in 2014 will be about 4%.

Ms. Meera Sanyal in her address on "India at the Crossroads", covered the strengths and the challenges of the Indian economy. She said that the challenges were not insurmountable as fundamentally the Indian economy is very strong and Indians are very entrepreneurial, innovative and hard working. However, she emphasized that the country needs structural reform; speedy implementation of stalled projects particularly in the power sector and core infrastructure projects and achieve a growth rate of 7%.


UAE (Dubai) Chapter


Technical Seminar

Workshop on Derivatives - Features and Options

Economic Outlook for 2014

14

15


UAE (Dubai) Chapter


This technical session on "Technical Update on the Significant Recent Changes to IFRS" and "Technical Update on Exposure Drafts on Leases and Revenue" was addressed by CA Abbas Ali Mirza, Partner, Deloitte, UAE, and Mr. Kurt Ramin, Consultant and Former Partner, PwC, New York.

The first speaker, Mr. Abbas Ali Mirza while explaining the various changes that have been made to the various standards, highlighted the salient features of Consolidated Financial Statements (IFRS 10), Joint Arrangements IFRS 11) and Disclosure of Interest in Other Entities (IFRS 12). The second speaker, Mr. Kurt Ramin spoke about the Exposure Draft on Leases and Revenue. He explained how the exposure drafts evolved and the current status of these exposure drafts.

Technical Seminar - 4 December 2013 One Day Workshop - 7 December 2013

This workshop that was attended by more than 200 members was very inter-active and very informative.

The first faculty, CA Abbas Ali Mirza, Partner, Deloitte, UAE explained in detail with hands on exercises the standards on Consolidated Financial Statements (IFRS 10), Joint Arrangements (IFRS 11) and Disclosure of Interests in Other Entities (IFRS 12).

The second faculty, Mr. Zulfiqar Unar, FCCA, Senior Manager, PwC, Dubai also detailed the standard on Financial Instruments (IFRS 9) and Financial Instruments: Recognition and Measurements (IAS 39).

Mr. Kurt Ramin - PwC, New York One Day Seminar

The annual bowling event was organized at the Dubai Bowling Centre (Al Qouz), Dubai and the event that saw a large participation from members was a great success:

Sports Event - 30/08/2013

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UAE (Dubai) Chapter


To mark the Chartered Accountant’s Day the managing committee continued the project of conserving the environment by planting trees in the premises of the Indian High School.

The event was attended by members of the managing committee, the CSR sub-committee and the members of the Chapter and they pledged to continue this initiative.

Chartered Accountant’s Day Bowling Event

CSR Event - 01/07/2013

Indoor Cricket Tournament

The one day cricket tournament for members that was held in a festive and competitive environment was attended by over 500 members.

In very keenly contested matches between a record 21 teams, PKF retained the title for the second consecutive year.

Sports Event - 20/08/2013

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UAE (Dubai) Chapter


English Theater play

In our constant endeavour to introduce different events for members, the Managing Committee organized a play titled "Get Rid of Your Wife" for members and their spouses.

The evening was very special with an entertaining performance from the actors which included famous actors like Delnaz Patel etc. The members couldn’t stop laughing and the audience left with fond memories.

Social Event - 09/03/2013

The annual Social Get-together that was held for the members, their spouse and children at the Indian High School premises brought a smile to the face of all those who attended. Games for children, quizzes and events such as dancing held the attention of participants and those who preferred to watch.

The event that was attended by over five hundred members included party games for children, housie and the dance performance. The evening turned out to be memorable for the members.

Annual Social Get Together

Annual Social Get Together - 22/03/2013

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UAE (Dubai) Chapter


The Chapter in association with Confident Group organized a musical concert by the renowned singer, Shreya Ghosal which was attended by 3,500 people comprising of members, their spouse, children and family.

At the above event, the Chapter recognized certain members of The Institute of Chartered Accountants of India who have achieved excellence in their profession and done great service to the UAE and the professional fraternity.

Shreya Ghoshal Live Concert - 31.05.2013

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Considering the weekly holiday, the Chartered Accountant’s Day, which falls on 1 July, was celebrated in grand style on Friday, 5 July 2013, so that more members could attend the event.

The main program at the event that was attended by more than 600 people was an Illusionist show conducted by the famous illusionist, Gaston Queito and his wife.

CA Day - Illusionist in action

CA Day Celebration - 05/07/2013

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UAE (Dubai) Chapter


At the annual general meeting of the Chapter, the audited financial statements for the year ended 30 June 2013 and the Annual Report of the activities for the period October 2012 to September 2013 was approved by the members. A new Managing Committee was also elected to hold office from 1October 2013 to the end of the next Annual General meeting.

A brief economic update covering Middle East and World events was prepared and sent to all the members every week. This popular circular serves to keep our members abreast of the implications of current economic events. It also provides a snapshot of changes in key regional and international indices and currencies, with a user friendly analysis of events that have led to the changes.

CA Day - Illusionist in action

Annual General Meeting – 30 /09/2013

Weekly Economic Update

The Newsletter titled "ICAI Dubai Times" that is released on a half yearly basis covers all the events that the Chapter has organized is circulated to the members, sponsors and the business community. During the year the Newsletter for the period January to June 2013 was released.

Newsletter

Living an Inspiration - Anupam Kher - 05/09/2013

Padma Shri Anupam Kher

The Chapter and Ashvin Gidwani Production organized an event at which the prominent Bollywood actor Anupam Kher addressed the members on “Living an Inspiration”. In a very interactive session, the audience was enthralled by his discourse on his inspirational journey through life that spanned objectivity, human relationships, positive thinking, family, work life balance, success and failure, connectivity and life in its simplest form.

Publications


UAE (Dubai) Chapter


Activities at Knowledge VillageThe following activities were conducted for the members and students by the Dubai office of The Institute of Chartered Accountants of India in co-ordination with the Chapter.

MEMBERS ACTIVITIES

IFRS Certificate Course for Members/ Non-membersDuring the year, the IFRS Certificate course was conducted for 29 members from 16 August 2013. The IFRS Intensive Review classes were also conducted by CA James Ravi-Regional Director (M.E) for the benefit of members sitting for the exam.

IFRS Intensive Review ClassesThe IFRS Intensive Review classes was conducted in March 2013 and December 2013 for the members who were appearing for the IFRS Certificate course examination

IFRS Assessment and Certification:At the end of each quarter, IFRS examination was conducted and the details are as follows:

International TaxationICAI Dubai Office organized International Taxation Course for the first time outside India which was attended by 9 Members. Well known faculty members from India conducted the Classes and all the sessions were appreciated by the attendees.

Valuation Course Exam and Results5 Members have attended the Valuation Exam conducted by ICAI and have completed all the requirements to get certification. The next batch of Valuation training is proposed to be launched in the last quarter of 2013.

Student Activities:IT TRAINING :

During the year, The ICAI Dubai Office at Knowledge Village conducted the IT Training Course for the 5th, 6th and 7th Batches as follows:

• May 2013-June 2013 attended by 21 students who passed online IT Exam.• July 2013-Aug. 2013 attended by 18 students who passed online IT Exam.• December 2013 attended by 14 students who passed the online IT Exam.

Advanced Excel Course for MembersThe Advanced Excel Course for Members was conducted in October 2013 with a participation of 38 members.

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Exam held during Appeared Passed

March 2013 7 6June 2013 4 3December 2013 13 Results awaited

Exam Appeared Passed CPT (June 2013) 51 28 IPCC (May 2013) 87 16 FINAL (May 2013) 121 12

Exam Appeared Passed CPT (December 2013) 22 Results AwaitedIPCC (November 2013) 83 Results Awaited FINAL (November 2013) 133 Results Awaited


UAE (Dubai) Chapter


ORIENTATION PROGRAMME:

The 3rd Batch of the Orientation Course was conducted in June 2013 and this was attended by 17 students.

GMCS IThe 90 hours of the GMCS I (General Management and Communication Skills) course was conducted on the following dates:• March 2013 at the KV Office and this was attended by 21 students.• October-November 2013 at the KV Office and this was attended by 8 students.

GMCS IIThe 13th and 14th Batch of GMCS II (General Management and Communication Skills) course was conducted during the following period:• February- March 2013 at which 8 students attended.• October 2013 - November 2013 at which 11 students attended

CPT Coaching ClassThe CPT Coaching Classes conducted during the months of April and May 2013 was attended by 46 students and 28 of them passed the CPT Examination conducted in June 2013.

CA IPCC and Final Coaching ClassesThe CA IPCC and Final Coaching Classes was conducted at the KV Office for 46 students who appeared in May 2013 Exams.The IPCC Coaching classes for the May 2014 examination that was started in August 2013 with an attendance of 18 students is in progress and is expected to conclude in March 2014.

IPCC and Final Exam Review ClassesFor the first time in Dubai, intensive review classes for the May 2013 exams were conducted for IPCC and final students by eminent faculty members from India.

They trained the students on exam techniques, time management, etc. covering the respective subjects in detail. 55 Students attended the classes. They felt that these classes were very helpful and requested us to conduct similar classes in the future.

School VisitICAI Dubai Office team participated in the career fair conducted by various schools in Dubai, Sharjah and Abu Dhabi. A publication, EDUGUIDE (Higher Education Guide) was also released in April 2013 through Al Khaleej Publication.

ICAI Examination – May 2013 and November 2013The Chapter assisted in conducting the Final, IPCE Examinations in co-ordination with ICAI Dubai Office and The Indian High School, Dubai. The details of the number of students who appeared and passed the examinations are as follows:

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Press Coverage


UAE (Dubai) Chapter


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Press Coverage


UAE (Dubai) Chapter


25


UAE (Dubai) Chapter


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HAPPENINGS13FRIDAY, JUNE 7, 2013

The Institute of CharteredAccountants of India(ICAI) Dubai and

Confident Group organised anevent recognising individualswho have done great service tothe UAE and their fraternity.The evening also had a lovelymusical concert by the renownedsinger, Shreya Ghosal promotingthe richness of Indian Music andCulture. The chapter hasidentified certain sectors of thebusiness that are vital to theeconomy of UAE and the roleand contribution that theseindividuals have made to theUAE and the CharteredAccountant profession.

The invite only event tookplace at the Al Nasr Leisureland,

Dubai on May 31.What started by a group of

about 20 people years ago, led byCA Russi Jehangir Patel hastoday grown into a forum of morethan 2,000 members. TheChapter acknowledged this greatpersonality’s efforts andcontribution by thanking andhonouring him at the event witha “Life Time AchievementAward” and granted him thestatus of an “honourary member”of the Chapter, said JamesMathew, Chairman, ICAI DubaiChapter.

The Chapter is immenselyproud of its members that haveundoubtedly raised the level ofrespect and regard charteredaccountants have in the UAE.

The individuals who havebeen chosen for the Award forProfessional Excellence are thosepersons who have successfullydriven the companies that areheading to glorious heights,contributing to the growth of theUAE and enhancing the statureof the profession in this country.CEO and Director of LandmarkGroup of Companies CA VipenSethi, Director, Strategy andBusiness Development of AlHabtoor Group LLC, CA SanjeevAgarwala, Group Chief FinancialOfficer of Emirates NBD GroupCA Surya Subramanium, ChiefFinancial Officer of DP World CAYuvraj Narayan and CAPrasanth Manghat received theaward.

Institute of Chartered Accountants of India Dubai recognises outstanding individuals

Flaunting the symbolicmessage of a cause andempowering women to step

out in style, high-street fashionretailer Splash announces themuch awaited launch of theBeing Human Ladies collectionacross its stores in the region.Spreading the brands messageof love, care, share, happinessand joy, the line embraces theseattributes revealing a bright,cheerful and colourful Spring-Summer 13 collection.

With a colour palate thatelevates the mood and qualitythat focuses on functional care,the entire gamut of offeringranges from t-shirts, shirts andvests to shorts, chinos anddenims, ensuring there are easy

to match separates. A keyfavourite with everyone thisseason, neon adds spice to thecollection while powderedpastels find favour too. Youthfuland full of zest, fluid soft fabricslend a fresh feeling of comfort tothe collection.

Speaking on the brandslatest introduction, ManishMandhana, Managing Directorof Mandhana Industries said; “Ithas been about a year since wefirst launched Being Human atSplash across the region and theresponse has been phenomenal.At the time we had justintroduced menswear andrealised that the women felt leftout. Salman has an equallylarge fan following of women

who would love to wear BeingHuman and we felt it was abouttime we started catering to thatsegment too.”

Pioneered and promoted bySalman Khan, one of India’sleading actors, the BeingHuman foundation supports thetwin cause of education andhealthcare, through fashion.The launch last year wasattended by Salman Khanhimself and attracted thousandsof fans and supporters from allover who came to catch aglimpse of this remarkable actorand get their hands on hiscollection.

Women were also seensporting the men’s tees withmuch enthusiasm.

Being Human launches women’s wear line with Splash

SynergY, a student ledinitiative by SimranVedvyas, brought together

over a hundred youth andchildren in UAE to passionatelywork together for a fulfillingexperience during the “Plant forthe Planet Campaign”, guided byDubai Municipality. On onehand, the students truly lived outthe connection made with flora

by planting 170 trees at Landfillsite in Jebel Ali, and on the otherlearning and gaining valuableinsight about Medical Waste andits incineration.

Plant for the Planet Campaigninitiative started a month backon Earth Day 2013 by DubaiMunicipality, SynergY, SuperGalvanising and Green Creationsand the closing ceremony took

place closer to the WorldEnvironment Day 2013. Inrecognition of efforts for Plant forthe Planet Campaign, SynergYby Simran Vedvyas received itssecond award from EngineerAbdul Majeed Al Saifaie, directorof the Waste ManagementDepartment Dubai Municipalityat the award Ceremony held atDubai Municipality Club Dubai.

SynergY receives award for ‘Plant for the Planet’ campaign

Iqraa International School,Sharjah, held its first everspectacular Art Exhibition on

the school premises. Theexhibition was inaugurated bythe Principle Dr Huda. The eventfeatured professionally done art

works of promising studentsguided by Sumbul Ambreen, theart teacher and organiser of theevent. The students’ paintingswere also available for sale,proceeds of which will be donatedto charity. Iqraa international

school has been well known forits deep roots, and since it wasfirst established it is still seekingto improve its academic methodsand apply the latest educationaltheories as well as improving itstechnical methods.

Iqraa International School, Sharjah hosts art exhibition

Individuals and organisationswho have contributed toDubai’s Department of

Tourism and CommerceMarketing’s work in drivingMICE growth were thanked fortheir efforts and requested tocontinue to work together todrive even more MICE(Meetings, Incentives,Conferences and Exhibitions)

activity to the city. The Al SafeerAnnual Recognition Event wasattended by seniorrepresentatives from tradeassociations, governmentdepartments, charities, councils.The number of award recipientshas doubled since the inauguraledition, with 22 ambassadors,organisations and specialcontributors to the industry,

receiving trophies andcertificates.

Each recipient was selectedbecause they have shownexceptional vision; demonstratedoutstanding leadership; ortirelessly advocated Dubai’soutstanding reputation forbusiness tourism andcapabilities in hosting majorbusiness events.

DTCM honours 22 for promoting Dubai


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Branding


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Branding


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Special Gratitude to Sponsors

ICAI UAE (Dubai) Chapter would like to take this opportunity to thank you all for your generous support to the chapter and Chartered Accountant fraternity in particular. All the events that took place in this year would not have been possible without you. With your help, ICAI UAE (Dubai) Chapter was able to realize its goal.


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Conclusion

The Managing Committee wishes to place on record its appreciation and gratitude for the support extended to the Chapter by HE M K Lokesh, The Ambassador of India to the United Arab Emirates, and H E Sanjay Verma, 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, in particular the CEO of the Indian High School, staff of Bank of Baroda and Dubai Office of the ICAI for their valuable contributions and support in efficiently conducting the ICAI Examinations.

Our heartfelt thanks to H.E. Sheikh Nahyan Bin Mubarak Al Nahyan, Minister for Higher Education and Scientific Research, Dr. Tayeb Kamali, Vice Chancellor of Higher College of Technology, Management of CERT and HCT, Management Dubai Men’s College for providing the Dubai Men’s College auditorium with high-tech/state of art facilities for conducting technical seminars of the Chapter.

We express our sincere gratitude to CA Mahendra Asher for auditing the Chapter’s financial statements on a honorary basis.

We also place on record our sincere appreciation to all our sponsors in supporting various events organized by the Chapter in these difficult times. We also thank Adventure Advertising for its outstanding support in our brand building exercise and the excellent management of events.

It is with immense gratitude that we acknowledge the continuous support and parental guidance provided by President, Vice President, Secretary and the members of the Central Council and the staff of ICAI New Delhi in successfully organizing Chapter activities.

The efforts of the Managing Committee were greatly assisted by the efficiency of the various Sub-Committees and other members. We wish to record our thanks to the members for coming forward and offering their services to the Chapter.

CA. L.V. Puthran has been untiring in his efforts to ensure fair elections which follow laid down procedures and maintain the sanctity of our association. He has undertaken the task of Election Officer year after year on a completely voluntary basis, maintaining his position each year with grace and dignity.

CA. Shailesh Mulki is responsible for our weekly economic update. Informing all members about current and future trends in the financial markets. His bird’s eye view is backed by a great deal of research and his own insight provides an essential summary of the current scenario. The Economic Update he sends is of particular help not only to professionals in the banking sector but makes a contribution to the professional development of all our members.

The efforts of the Managing Committee were aimed at providing continuous knowledge enhancement through technical seminars and conferences while providing some entertainment events which were greatly enjoyed by our members and their families. Our endeavour remains to enhance the profile of Chartered Accountants in the eyes of various stakeholders and further their professional growth. We hope that your Managing Committee has been successful in its efforts.

Last but not least, the Chapter’s events would not have been successful but for the unstinting support and enthusiastic participation of the members. The committee would like to extend its sincere appreciation to all of you.

Thank you.

For the Managing Committee of The Institute of Chartered Accountants of India, UAE (Dubai) Chapter

CA. James MathewChairman(Oct-2012 to Sept-2013)


UAE (Dubai) Chapter


CA NandakumarChairman(Oct-2013 to Sept-2014)

ICAI Bhawan, O�ce No: G-18, Block 2B, Post Box: 500725Knowledge Village, Dubai. Tel.: 04-3672250

www.icaidubai.org

The Institute of Chartered Accountants of India UAE (Dubai) Chapter

ANNUAL REPORT - ICAI DubaiANNUAL REPORT Dear Members, The following is the report of the activities...

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