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