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The Institute of Chartered Accountants of IndiaUAE (Dubai) Chapter

33rdAnnual Report, 2015

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33rd ANNUAL REPORT

2015

The Institute ofChartered Accountants of India

UAE (Dubai) Chapter

33rd Annual

International Conference 2015

AuditorsAt the 32nd Annual General Meeting of the Chapter held on September 30, 2014, CA. Mahendra Asher was appointed as the honorary auditor for the year 2014-15.

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 33rd Annual Report of the Affairs of the Chapter.

The Managing Committee for 2014-15At the 32nd Annual General Meeting of the Chapter held on September 30, 2014, the following Office Bearers and Executive Members were elected to the Managing Committee:

CA. Raju Menon - Chairman, CA. Nimish Makvana - Vice Chairman, CA. Naveen Sharma - Secretary, CA. Sangeetha Nahar - Treasurer, CA. Prabhdeep Singh Baweja - Executive Member, CA. Nimesh Lokhandwala - Executive Member, CA. Pankaj Mundra - Executive Member, CA. Anish Mehta - Executive Member, and CA. Mahmood Bangara - Executive Member.

ANNUAL REPORTAugust 28, 2015

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33rd Annual


List of Activities October 2014 - September 2015

ICAI UAE (Dubai) Chapter, Technical Seminars held during year 2014-15

SlNo.

Date

29-Oct-14

22-Nov-14

11-Dec-14

15-Jan-15

20-Nov-14

26-Nov-14

13-Dec-14

Innovators DNA Mastering the skills

An Intensive Workshop on Fraud Prevention, Detection and Deterence

Technical update on the significant recent changes in IFRS

15-Jan-14Drop of water – a session on leader-ship

Role of Internal Auditor and Information Systems Audit - The Internal Auditor’s Angle

Technical update on IFRS 15 - Reve-nue from Contracts with Customers

Investment outlook 2015 and role of women CAs in Non-banking Financial Sector

Panel Discussion - Young women in business

A Talk on work life balance

Role of DIFC Courts in enforcing Contracts and reducing Risks

Full day intensive workshop on IFRS

Two Day World CA Women Summit

Managing Failures - A life experience

Dr. Venki Padmanabhan, Managing Director and CEO of EICL Ltd

Mr. Avinash Totade, Senior Vice President – Inter-nal Audit for Emirates Global Aluminium and Board member of ISAC

CA. Abbas Ali Mirza, Partner, Deloitte & Touche (ME), Chairman, Auditors Group, Dubai Chamber of Com-merce, Chairman, 21st Session, ISAR/UNCTAD, United Nations

Dr. Maryam Matar, Founder & Chairperson, UAE Ge-netic Diseases Association

CA. Ali Nyas, Partner, Morison Muscat LLC

CA. Deena Mehta. Promoter Asit C Mehta investments and first lady to step into the financial trading ring

Ms. Alisha Moopen, Director – Strategies, DM Health Care Ms. Natasha Gangaramani, Executive Director, Al Fara’a Group

CA. Mubeen Khan, Head of Internal Audit Services, Deloitte & Touche (ME) Co. LLC Oman and Board Member of IIA, Muscat Chapter

Ms. Linda Sakr, licensed counselling psychologist with the Ministry of Health in the UAE and a member of British Association for Counselling and Psychotherapy

Mr. Mark Beer, CEO and Registrar, DIFC Courts

CA. Abbas Ali Mirza, Partner, Deloitte & Touche (ME), Chairman, Auditors Group, Dubai Chamber of Com-merce, Chairman, 21st Session, ISAR/UNCTAD, United Nations

Mr. Mohan Valrani, Senior Vice President and Manag-ing Director, Al Sharawi Group of Companies

CA. Ali Nyas, Partner, Morison Muscat LLC

Mr. Yusuf Hassan, Partner, IFRS Technical, KPMG & IFRS Specialist

Topic Speaker

Event Details

Technical Seminars

1.

3.

5.

7.

2

2.

4.

6.

2

2

2

6

4

6

CPECredit

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SlNo.

Date

7-Feb-15 “No More a Secret” Pioneers on their uphill climb to the top

Panel Discussion

Panel Discussion

“Dare to Dream: Young entrepre-neurs”

Dr. B R Shetty, CEO & Managing Director – NMC Group and UAE Exchange Mr. PNC Menon, Chairman Emeritus – Sobha Developers Dr. Azad Moopen, Chairman and Managing Director – Aster DM Helath Care Moderator - CA. Anil Bhardwaj, Past Chairman, ICAI UAE (Dubai) Chapter, Director – Arenco Group

Mr. Yogesh Metha, Managing Director, Petrochem Middle East Mr. Siddharth Balachandran, Executive Chairman and CEO – Buimerc Corporation Mr. Eugene Mayne, CEO – Tristar Group Moderator - CA. V P Nagarajan, Past Chairman, ICAI (UAE) Dubai Chapter, Executive Director of ETA Ascon and ETA Star Group of Companies

Topic Speaker

Event Details

Technical Seminars

8. 3

CPECredit

616-Jan-15 Corporate Governance and important provisions of the Companies Act 2013

Talent Diversity – Key to a success-ful business

Gender Diversity at workplace – ways to address without conflict

Building a brand you

Panel Discussion on IFRS

CA. Bhavna Doshi, Senior Advisor at KPMG

Ms. Rana Ghandour Salhab, Regional Talent & Communications Partner at Deloitte Middle East.

CA. Nandita Parekh, Partner CNK & Associates LLP

Ms. Tracy Baron, Partner Deloitte – Dubai

Ms. Sana Khater, Group CFO, Al Waha Capital

CA. Padmini Priyadarshini, Partner PWC – Dubai Moderator - Ms. Faeza Sohawon, Principal, Deloitte & Touche (M.E.)

CA. Sandhya Sriram, Finance Controller, Enterprise & Technology Solutions, Uniliver

CPECredit

Ms. Priya Khanna Moderator: Ms. Shoba Moni, Partner, Triad Soft-ware Services

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SlNo.

Date

21-Feb-15

“Determined to Succeed” Promi-nent CAs

Workshop on Service Leadership

“Winners Don’t Do Different Things,They Do Things Differently.”

CA. Sanjay Manchanda, CEO – Nakheel PJSC

CA. Sudhir Kumar Shetty, President – UAE Exchange

CA. Riyaz Peermohamed, Chief Aircraft Acquisi-tion and Financing Officer – Indigo Airlines

Moderator - CA. Abbas Ali Mirza, Past Chairman - ICAI (UAE) Dubai Chapter, Partner - Deloitte (ME),Chairman – Dubai Chamber of Commerce Auditors Group

Mr. Shiv Khera

Topic Speaker

Event Details

Technical Seminars

9. 3

4-Apr-15

9-May-15

12-Jun-15

13-Jun-15

1-Mar-15

Annual International Conference - Powering the Business, Leading with Dynamism

Workshop on Islamic Finance

When Women Thrives the World Shines

Review of Union Budget 2015-16

India: Global Power in the New World Order

India of Tomorrow

Global Accounting Standards: Does IFRS have an edge

Mr. G Ramakrishnan, Former Executive Vice Presi-dent of Sharjah Islamic Bank Dr. Mohammed S Belgami, AGM, Head of Credit and Risk Management at Bahrain Islamic Bank

Ms.Neeru Marya Sharma, Executive Coach Unleash your Passion to move up the career ladder.

Ms.Belinda Gatland, The Indomitable Spirit: A True Story.

CA. Sunil H Talati, Past President, The Institute of Chartered Accountants of India

CA. Kirit Somaiya, Member of Parliament HE Anurag Bhushan, Consul General of India, Dubai

Dr. Shashi Tharoor, Member of Parliament, Former Minister India

CA. Amarjith Chopra, former ICAI President

Mr. Steven L Henning, Partner-in-charge, Marks Pan-eth LLP., New York, USA CA. Charanjot Singh Nanda, Central Council Mem-ber, ICAI

11.

13.

12.

10.

6

2

2

4

CPECredit

Panel Discussion

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SlNo.

Date

Influence of Fourth Estate in Nation Building

An overview of UAE Economy Special reference to UAE Vision 2021 and Dubai Plan 2021

The Economic Impact of Oil Price Swings

Corporate Governance : Critical Req-uisite for Sustainable Growth

Powering Your Brand

Growing importance of Social Media on Governance

Growing Importance of Social Media on Business and Profession

Total CPE

Mr. Rajdeep Sardesai, Consulting Editor, India Today Group Ms. Barkha Dutt, TV anchor and Consulting Editor, NDTV

Mr. Shekhar Gupta, Vice Chairman, India Today Group

Mr. Francis Matthew, Editor at Large, Gulf News

Mr. Mohi-Din A. Binhendi, President, Chairman of the Board, Bin Hendi Group, Chairman of the Retail Group, Dubai Chamber

Mr. Osama Al Rahma, CEO, Al Fardan Exchange, Chairman Foreign Exchange & Remittance Group, Dubai Chamber

Mr. Gary Dugan, Chief Investment Officer, National Bank of Abu Dhabi

Dr. Monica Malik, Chief Economist, Abu Dhabi Com-mercial Bank

Mr. Steven L Henning, Partner-in-charge, Marks Paneth LLP., New York, USA

Dr. Ashraf Gamal El Din, Chief Executive Officer, Hawkamah

Dr. Arvind GuptaInnovation Evangelist, Technology Entrepreneur and Policy Advisor

Mr. Pradeep ChopraSpeaker, Author and Entrepreneur

Mr. Rajeev Kakar, Managing Director & CEO, Dunia Finance

Mr. Vikram Krishna, Head of Group Marketing & Customer Experience, Emirates NBD Mr. Tony Jashanmal, Group Director, Jashanmal National Company

Topic Speaker

Event Details

Technical Seminars

6

2

58

CPECredit

24-Aug-1514.

CPECredit

Panel Discussion

Session Chaired by Dr. Shashi Tharoor, Member of Parliament, Former Minister, India

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Event Summary & CPE Credits

SlNo.

Sl No.

Date

Type of Event

Blood Donation Camp

Indoor Sports Festival

Annual Social Get Together

IFTAR Dinner with Health Talk - Recent Update on Prevention & Treatment of Heart attack & Diabetes by Dr. Shahid A Merchant, Cardiologist and Cardio Surgeon, Lilavati Hospital, Mumbai

Annual Bowling Event

Planting of Trees at Indian High School, Dubai

International YOGA Day celebrations

Gala Dinner with Entertainment - Nitin Gupta Show - Stand up Comedy & Ayushmann Khurrana Unplugged

Event Details

October 2014 to September 2015

CSR Events

Number ofEvents

CPE Credit Hours

TotalAttendance

Collective CPE Hours

Social Events

Sports Events

3- Apr-15

26- Dec-14

20- Mar-15

27- Jun-15

28- Aug-15

1- Jul-15

Technical Events

Sports Events

Social Events

CSR Events

14 58 6,425

3 0 0

3 0 0

2 0 0

24,209

0

0

0

21- Jun-15

13- Jun-15

1.

1.

1.

3.

3.

2.

1.

3.

4.

2.

2.

2.

Total 24,20922 58 6,425

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Guest of Honour : CA. K Rahman Khan, Member of Parliament

CA. K Rahman Khan, Member of Parliament spoke about the various policies of the Indi-an Government and the new avenues open-ing up for the members into which mem-bers can venture into by specializing in certain fields which can help develop their busi-ness and profession.

1st Techinichal Seminar 29 October 2014

Speaker Dr. Venki Padmanabhan, Managing Di-rector and CEO of EICL Ltd – Innovate or Die

The first technical session on Innovators DNA Mastering the Skills conducted by the new man-aging committee was addressed by Dr. Venki Padmanabhan, Managing Director and CEO of EICL Ltd, India. Dr. Venki in his address stressed on the importance of Innovation in business and profession in the global scenario. Dr. Venki pre-sented a very different perspective to the Inno-vation. He spoke on real life instances of how organization collapsed and went out of the busi-

ness because the people in charge of those businesses has not brought in innovation to the existing business or succeeded in growing because of timely action by the management to bring innovation to their businesses.

Women Empowerment Programmes Talk Show: 20 November 2014

A talk show was organized for the Women mem-bers on the subject “Work Life Balance”, the speaker Linda Sakr, licensed counselling psychol-ogist with the Ministry of Health in the UAE and a member of British Association for Counselling and Psychotherapy discussed on the importance of having a balanced work life and to spend more quality time for self-development.

1st Full Day Workshop :Fraud Detection and Internal Audit - 22 November 2014

The first full day workshop was organized on topics covering Role of Internal Auditor with respect to Fraud Prevention, Detection & De-terrence and Information Systems Audit - In-ternal Auditor’s Angle.

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che (ME) Co. LLC Oman and Board Member of IIA Muscat Chapter brought out situations to demonstrate how the Internal Auditors could play a significant role in Fraud Prevention, De-tection & Deterrence by applying the appropriate audit techniques for fraud detection and preven-tion.

The workshop was attended by more than 150 members and addressed by Mr. Avinash Totade, Senior Vice President – Internal Audit for Emir-ates Global Aluminium and Board Member of ISACA who explained with real life examples the need for Internal Auditor to look into the Infor-mation Systems of the organization and how the data available could be analyzed using big data analytics techniques to make the Internal Audit function more effective.

The second faculty of the day CA. Mubeen Khan, Head of Internal Audit Services, Deloitte & Tou-

The 2nd technical session was attended by more than 400 members.

2nd Technical Seminar 26 November 2014

Chief Guest: Dr. Abdulla Al Karam, Director General and Chairman of Board of KHDA

Dr. Abdulla Al Karam gave a general idea about the policies of the UAE Government and the Authority for development of the education system in the country, he highlighted the methods used to evaluate and improve the performance of the schools. He spoke on the growth plans of the Government and the increase in schools which will be required to meet the demand in the future. Speaker 1: Mr. Mark Beer, CEO and Registrar DIFC Courts - “Role of DIFC Courts in enforc-ing Contracts and reducing Risks”

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2nd Technical Seminar 26 November 2014 Mr. Mark Beer, highlighted the standards and efficiency of the DIFC Courts in enforcing con-tracts and reducing risks. He explained the real life situations where the parties to a contract could adopt to have their contracts governed by the DIFC Courts instead of their territorial judi-cial jurisdictions and the benefits to the parties to the contract.

Speaker 2: Mr. Mohan Valrani - Managing Fail-ures : A Life Experience

Mr. Valrani shared his life time experiences which highlighted the difference of thought and action at difficult times which enabled him to overcome difficult situations for the organization and bring it back to success.

Chief Guest: Mr. Ian Gomes, Partner & Head of Advisory, KPMG

Mr. Ian Gomes, Partner and Head of Advisory, KPMG spoke on major changes to the standards and how these changes would affect the finan-

3rd Technical Seminar 11 December 2014

cial reporting by the businesses. He also high-lighted the importance of the internal reporting by the Companies and the need to have the internal reporting in line with the requirements of the financial reporting standards so that the management is well informed to make appro-priate decisions.

Speaker 1: CA. Abbas Ali Mirza, Partner, De-loitte & Touche (ME), Chairman, Auditors Group, Dubai Chamber of Commerce, Chair-man, 21st Session, ISAR/UNCTAD, United Nations & Author of International Books on IFRS

Mr. Mirza spoke on Globalisation of Financial Reporting - A Quantum Leap Forward and a Curtain Raiser on Some Significant Recent Changes to IFRS that will affect the reporting in the financial statements and will increase comparability of the financial statements.

Speaker 2: CA. Ali Nyas, Partner, Morison Muscat LLC, Oman

Mr. Nyas presented technical update on IFRS 15 – Revenue from Contracts with Customers. This is a newly introduced standard on revenue recognition which is effective from accounting periods beginning on or after 1 January 2017 and will replace all existing standards on rev-enue recognition standards.

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2nd Full Day Workshop: IFRS updates - 13 December 2014The second full day workshop which covered updates on IFRS and proposed changes which would come into effect in the coming years was attended by more than 200 members. The first faculty for the workshop CA. Abbas Ali Mirza, Partner, Deloitte & Touche (ME), Chairman, Au-ditors Group, Dubai Chamber of Commerce, Chairman, 21st Session, ISAR/UNCTAD, United Nations, provided insights on Consolidated Fi-nancial Statements (IFRS 10) and Disclosure of Interests in Other Entities (IFRS 12).

The second faculty CA. Ali Nyas, Partner, Mori-son Muscat LLC, Oman discussed IFRS 13 on Fair Value Measurement and Related Party Dis-closures (IAS 24).

The third faculty Yusuf Hassan, Partner, IFRS Technical, KPMG & IFRS Specialist explained the various aspect of Financial Instruments (IFRS 9) and Revenue from Contracts with Custom-ers (IFRS 15) with practical examples to explain how the changes in the existing standards and introduction of the new standards will affect the financial reporting by the entities.

Indoor Sports Meet 26 December 2014An indoor sports meet was held for the members and their families at United Pro Sports. In addition to Cricket, Badminton and Table Tennis tournaments, other games were

Two Days World CA Women Sum-mit – 15 January and 16 January 2015

The first ever World summit of Women CAs was organized by the Women Empowerment Committee of ICAI, India. The Dubai Chapter of ICAI is proud to be associated with this event. The paper presenters and participants for the panel discussions consisted of women who have been successful in their professional and business life. The two days event attended by more than 200 delegates was well received by both female and male delegates.

DAY 1Dr. Maryam Matar, Founder & Chairperson, UAE Genetic Diseases Association, was the

also included this year. More than 350 persons participated in the event and the games were keenly contested.

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speaker for the first session under the theme “Drop of water – a session on leadership”. Dr. Maryam Matar in her inspiring lecture shared with the delegates her experience in life which helped her to grow and reach to the heights in her career and the role played by her father and brother which enabled her to overcome difficul-ties faced by women in achieving their desires.

CA. Deena Mehta, Promoter Asit C Mehta Invest-ments and the first lady to step into the financial trading ring, spoke on Investment outlook in 2015 and role of women CAs in non-banking Financial Sector. The speech was highly informative and a good guidance for young CA members.

Ms. Alisha Moopen, Director – Strategies, DM Health Care, Ms. Natasha Gangaramani, Execu-tive Director, Al Fara’a Group and Ms. Priya Khan-na were the panelists for the panel discussion on Young women in business which was moderated by Ms. Shoba Moni, Partner, Triad Software Services. The Panelists shared their experiences and the

challenges faced by them in their professional and business life and how they managed to strike a balance between the demands of their professional and family lives.

CA. K Raghu, President ICAI, CA. Manoj Fad-nis, Vice President ICAI, CA. CJS Nanda, Chair-man Women Empowerment Committee ICAI, CA. Babu Abraham Kallivayalil, Vice Chairman Women Empowerment Committee ICAI and HE Anurag Bhushan, Consul General of India, Dubai graced the inauguration session of the women summit.

DAY 2CA. Bhavna Doshi, Senior Advisor at KPMG, the speaker for the first session on the 2nd day grabbed the attention of the delegates by taking them through Corporate Governance and important provisions of the Companies Act 2013. The presentation proved to be very informative for all the members.

Rana Ghandour Salhab, Regional Talent & Communications Partner at Deloitte Middle East, the speaker on the theme “Talent Diver-


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33rd Annual


sity – Key to a successful business”, highlighted the need of the hour in the current professional

scenarios where there is high competition of talent and in order to succeed, diversity and specialization would help.

CA. Nandita Parekh, Partner CNK & Associates LLP, spoke on Gender Diversity at workplace and ways to address without conflict. An interac-tive discussion with good statistics and relevant experience, shared the real life experiences of the difficulties faced in the professional world and how she could overcome these difficulties. The session was really thought provoking for women in particular on how they should start thinking and put into practice their thoughts. She highlighted the importance of long term think-ing and aiming at leadership positions in order to reach top management positions.

The next session was on a very relevant subject

in the current scenario “Building a brand YOU”

was discussed by CA. Sandhya Sriram, Finance

Controller, Enterprise & Technology Solutions,

Uniliver. The speaker, in simple terms and with

easy examples brought out the importance of

branding which was a very useful takeaway for

the young members and the students.

The last session of the summit was a panel

discussion on IFRS, a subject that could not be

avoided in an event for the members of the CA

profession. Tracy Baron, Partner Deloitte M.E.,

Dubai, Sana Khater, Group CFO, Al Waha Capital

and CA. Padmini Priyadarshini, Partner PriceWa-

terhouseCoopers, Dubai were the panelists for

the discussions moderated by Faeza Sohawon,

Principal, Deloitte & Touche (M.E.). The panel-

ists discussed the changes being introduced

in the standards and the new standards which

would be coming into effect in the near future

and gave their opinion on how these would

affect the financial reporting by the companies.

Overall, the sessions of the 2 day event were

highly informative for all the delegates and the

attentiveness of the attendees during each of

the sessions proved this.

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33rd Annual


As a part of the continued efforts to empower the young members of CA profession, the first of the type event a Mega Panel discussion was or-ganized. In this event, eminent personalities and entrepreneurs who have been highly successful in their businesses and professions in the region were brought on the platform to discuss their experience on the opportunities they explored and difficulties they overcame in their career and shared their success stories for the benefit of the audience. The event was well attended by more than 550 members. The panelists consist-ed of successful entrepreneurs, professionals and members in the region who have reached great heights and successful in their own fields. The discussion was held in 3 panels.

Mega panel discussion 7 February 2015 The first panel discussion was titled “No More a Secret”. Pioneers on their uphill climb to the top, the panel members for the discus-sion were Dr. B R Shetty, CEO & Managing Director, NMC Group and UAE Exchange, Mr. PNC Menon, Chairman, Emeritus Sobha Developers and Dr. Azad Moopen, Chairman and Managing Director, Aster DM Health Care. CA. Anil Bhardwaj was the moderator for this panel discussion.

The second panel discussion was titled “Dare to

Dream”. Young entrepreneurs on how they made

the difference consisted of Mr. Yogesh Mehta,

Managing Director, Petrochem Middle East,

Mr. Siddharth Balachandran, Executive Chairman

and CEO, Buimerc Corporation and Mr. Eugene

Mayne, CEO, Tristar Group under CA. V P Naga-

rajan as the moderator for the discussion.

The panelists for the third panel titled

“Determined to Succeed”. Prominent CAs

on what made them count were CA. Sanjay

Manchanda, CEO, Nakheel PJSC, CA. Sudhir

Kumar Shetty, President, UAE Exchange and

CA. Riyaz PeerMohammed, Chief Aircraft

Acquisition and Financing Officer, Indigo

Airlines. The moderator for the discussion was

CA. Abbas Ali Mirza.


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33rd Annual


Chief Guest Mr. Suresh Kumar, Chairman, Federal Bank Financial Services India

4th Technical Seminar 1 March 2015

Mr. Kumar provided a general overview of the various announcements in the Indian Union Budget for 2015-16 and shared his views on how the announcements in the budget will help the business and Indian economy in general.

Speaker: CA. Sunil H Talati, Past President, The Institute of Chartered Accountants of India

Mr. Talati discussed major policies announced in the Union Budget for 2015-16 which indicated the policy of the Union Government of India to give a thrust that will help the economic growth in the coming years.

Joint Event with Abu Dhabi Chapter 21 February 2015

Motivational Speaker : Mr. Shiv Khera

The event which is jointly conducted by the Dubai Chapter and the Abu Dhabi Chapter of ICAI every year, had the much sought after speaker Mr. Shiv Khera who inspires and encourages people making them realize their true poten-tial. Winners Don’t Do Different Things, They Do Things Differently - this title for the event wit-nessed a record attendance of more than 1200 attendees including members, their spouses and non-members. The event was well attended and was very well received by the participants who were left with a positive feeling and many key take away from the event, which would have changed their attitude towards work and busi-ness in a positive way.

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4th Technical Seminar 1 March 2015 Social Get Together 20 March 2015

The annual social get together for the members and family were conducted on 20 March 2015. The event was organized at Zabeel Park with more than 500 persons participating in the event. Art and Cooking contests and exhibitions were organized. The evening was filled with sports and fun games and closed with an entertain-ment programme. The event was well enjoyed by the participants.

ICAI Blood Donation 3 April 15A blood donation camp was organized in coordination with Lathifa Hospital on 3rd April 2015. Realizing the importance of donating blood to save lives, more than 350 persons participat-ed in the camp.

3rd Full Day Work Shop: Islamic Finance 4 April 2015

The third full day work shop attended by more than 150 members was on Islamic Finance. This subject which drew interest because of the application in the region and the good opportunities available for members with expertise in this field. Mr. G Ramakrishnan, Former Executive Vice President of Sharjah Islamic Bank, took the members through the intricacies of the subject covering the compliance requirements and various financ-ing products in Islamic finance in a manner which was easy to understand for the benefit of our members.

Dr. Mohammed S Belgami, AGM, Head of Credit and Risk Management at Bahrain Islamic Bank, who was the second faculty brought to light the element of risk faced by the banks in offering Islamic financing, and discussed on how the risk could be mitigated to protect the financial institutions and at the same time cater to the requirements of the consumers and clients.


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A half day workshop was organized for the Wom-en members and spouse of the male members, the theme of the meet was “When Women Thrives, The World Shines”. We had two eminent women speakers for the event, Neeru Marya Sharma, Executive Coach and trainer was the first speaker and the second speaker was Belin-da Gatland who is a real life example of a person who can break all the odds and lead a highly suc-cessful life.

The Annual International Conference of the Dubai Chapter of Institute of Chartered Accountants of India was held on 12 and 13 June, 2015. The two-day conference attracted record participa-tion, with over 1,200 in attendance and almost all sessions saw the elegantly appointed hall in Dubai’s Crowne Plaza Hotel filled to capacity.

Parliamentarian CA. Kirit Somaiya and Indian Consul General HE. Anurag Bhushan talked elaborately on India’s rising influence in the new world order.

Dr. Shashi Tharoor gave a great speech on India of Tomorrow and was actively involved in the confer-ence, by speaking at the inaugural ceremony as well as chairing the session, Influence of Fourth

Woman’s Meet 9 May 2015

The 33rd Annual International Conference 12 and 13 June 2015

Estate in Nation Building. The Indian media trio of Mr. Shekhar Gupta, Mr. Rajdeep Sardesai and Ms. Barkha Dutt along with Mr. Francis Matthew of Gulf News shared their views on the changing role of mainstream media.

Top government functionaries who addressed the gathering included Mr. Ali Ibrahim, Deputy Director General of Department of Economic Development, Dubai, Mr. Mohi-Din Binhendi, Chairman of the Binhendi Group and Chair-man of the Retail Group of Dubai Chamber,

Mr. Osama Al Rahma, CEO of Al Fardan Ex-change and Chairman of the Foreign Exchange& Remittance Group of the Chamber, and Saud Salim Al Mazzrouei, Director of Hamriyah Free Zone and SAIF Zone of Sharjah. The officials gave the audience key insights into some of the upcoming policy initiatives, including the UAE Vision 2021 and the Dubai Plan 2021.

The conference was addressed by the Vice President of ICAI, CA. Devaraja Reddy.

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The session on IFRS and its emerging promi-nence across the world was handled by CA. Amarjit Chopra, Steven Henning and CA. Charan-jot Singh Nanda. Delegates were excited to hear the success stories of three major brands Emirates NBD, Jashanmal and Dunia - from the leaders them-selves - Mr. Vikram Krishna, Mr. Tony Jashanmal and Mr. Rajeev Kakar.

The delegates had the opportunity to listen from two prominent economists on the economic impact of Oil price swings - Mr. Gary Dugan of NBAD and Dr. Monica Malik of ADCB.The session on Corporate Governance was han-dled by Dr. Ashraf Gamal El Din - the CEO of the Corporate Governance Institute, Hawkamah and Mr. Steven L. Henning, Partner -in- Charge of Marks Paneth LLP, New York. Witticism, repartee and humour were in abundance in a face-to-face session between cricket legend Mr. Anil Kumble and TV anchor Rajdeep Sardesai that had the audience listening in rapt attention.

Gala Dinner with Entertainment 13 June 2015A gala dinner and cultural show on the concluding day created perfect setting to unwind, with standup comedian Nitin Gupta pro-ducing exhilarating comedy and actor Ayushmann Khurrana bringing a bit of Bollywood to the stage.

International Yoga Day Celebrations 21 June 2015

IFTAR with Health Talk 27 June 2015

The members in great numbers along with family participated in the International Yoga Day Celebrations which were organized by the Indian Consulate in Dubai

The Chapter organized iftar for its members and family. This was followed by a talk on Recent update on Prevention & Treatment of Heart Attack & Diabetes by Dr. Shahid A Merchant Cardiologist and Cardio Surgeon, Li-lavati Hospital, Mumbai.

Chartered Accountant’s Day - 1 July 2015In line with the policy adopted by the Chapter in the previous years, the Chapter organized a tree planting program to save the environment at the Indian High School.


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The event that was held in the morning, was attended by members of the Managing Com-mittee and other members of the Chapter. The members also pledged to save the environment and support the mankind with these initiatives.

Growing importance of Social Media - 24 August 2015The first speaker Mr. Arvind Gupta, Innovation Evangelist, Technology Entrepreneur and Policy Advisor spoke on Growing Importance of Social Media in Governance, and the second speaker Mr. Pradeep Chopra, Speaker, Author, Entre-preneur, Co-Founder and CEO of Digital Vidya spoke on growing importance of social media in business and procession. Over 500 members attended the event, where the speakers explained the importance of social media and the care to be taken when using social media with real life examples

Annual Bowling Event 28 August 2015The annual bowling event for the members and their families was held at the Dubai Bowl-ing Centre, over 350 members participated in the event with their spouse and children which made the number of participants to over 700 persons. The event which started at 9 am was closed by 1 pm and was enjoyed by all the par-ticipants with prizes being distributed to the winners under various categories.

Enhanced website UnveiledThe website of the Chapter was upgraded to make it dynamic and user friendly. The new website which was launched on 11 Decem-ber 2014, has been regularly updated by the sub committee for website maintenance. The improved website allows for members to up-date their profile and contact information by signing in. The event participation details are now captured through the website which has assisted the managing committee in ensuring that the preparations for the event are man-aged efficiently.

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Publications:A brief Weekly Economic UpdateA brief weekly economic update covering Mid-dle East and World events ( 52 nos) was sent to all the members. This Update kept them abreast of the implications of current economic events besides providing 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.NewsletterThe Newsletter titled “ICAI Dubai Times” that covers all the events that the Chapter has organized between the period October 2014 to January 2015 was circulated to the members, sponsors and the business community.

Awards:The Dubai and Abu Dhabi Chapters of The Institute of Chartered Accountants of India (ICAI) jointly won the “Best ICAI Overseas Chapter 2014” the chapter has won this Award for the second year in succession as a recognition for the excellent work undertaken in the areas of professional development, community servic-es, membership and student services and their contribution to the growth of the accounting profession in the UAE.

Student ActivitiesInauguration of Students AssociationDuring the year, a CA Students Association was formed with more than 100 students un-der the patronage of the Chapter in Decem-ber 2014, with the purpose of giving the CA Students in UAE a platform to interact and organize events of educational and social interest.

Dhow Cruise and Dinner get together for CA Students - 3 January 2015A get together was arranged for the CA students, more than 60 students participated in the get together which was an ice break-ing session to help the students to know each

Activities at Knowledge Village:The 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.

Workshop on Advanced Excel for Finance

Professionals - 24 and 25 January 2015

A two day workshop on Advanced Excel was conducted by Mr. Srinivasan Krishnaswamy. The workshop was attended by members and non-members. The workshop enabled the par-ticipants to gain a hands-on experience on the advanced techniques and functions of Excel.

Forensic Accounting & Fraud Detection

Course

The 1st batch of Forensic Accounting and Fraud Detection Course was conducted from 8th May till 23rd May 2015. 26 Members and 1 non member attended the course. All the 27 participants have cleared the examinations.

The above prestigious award was given at the 65th Annual Function of ICAI held at New Delhi on Wednesday, 11 February 2015 where more than 1,000 members from ICAI across India attended.

Members Activities


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other and make friends. The students enjoyed the dinner and cruise which was filled with some games organized by the student coordinators.

GMCS II Training ProgrammeThe 16th Batch of GMCS II training was conduct-ed by knowledge village office during the month of April 2015. 7 students attended the training.

100 Hours of IT TrainingThe 9th batch of the 100 hour IT training was conducted during March and April 2015. 7 students attended the training and all the students successfully completed the online examination conducted on 3 April 2015.

The 10th batch of the 100 hour IT training was conducted during months of June and July 2015, total 22 students attended the training and appeared for the online examinations. Their results are awaited.

35 Hours of Orientation programmeThe 6th batch of the 35 hours orientation programme was conducted during April 2015, 9 students attended the programme.

Coaching classes for ExaminationsCA Final Coaching classes May 2015 ExaminationThe crash course for CA Final was conducted between February and April, 5 students appeared for the course.IPCC Coaching classes May 2015 Examinations23 students attended the comprehensive coaching classes which were held for the stu-dents appearing for IPCC examinations in May 2015. At the end of the course mock tests were conducted to give the students a feel of the examination.

CPT Coaching classes June 2015 ExaminationsThe coaching classes for students appearing for CPT examinations in June 2015 were con-ducted during April to May 2015. 54 students attended the coaching classes. The sessions were conducted by chartered accountants and other eminent teachers.

Nov 2014

Passed

Appeared

May 2015

Passed

Appeared

CPT(Dec 14)

4

21

CPT(Jun 15)

12

43

IPCC

19

78

IPCC

33

181

Final

24

172

Final

22

274

CA Results in Dubai Centre

Breakfast meeting with CA. T N Manoharan, Past President of ICAI 10 March 2015For the benefit of the students a breakfast meeting was arranged with CA. T N Manoharan, Past President of ICAI. More than 50 students attended the breakfast meeting where CA. T N Monoharan spoke to the students on the various aspects of how they should program their stud-ies in order to pass the examinations.

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Financial Performance and Other MattersThe financial year 2014 -15 has once again been a year of exceptional achievements for the Chap-ter. On the financial front, the Chapter achieved a total income of AED 2,896,398.

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 1,749,597.

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

During the fiscal year 400 new members joinedthe Chapter and 449 members discontinued their membership.

All the events organized by the Chapter was wellattended and 58 CPE credit hours were granted to the Technical Events held during the period October 2014 to September 2015 as against a total of 62 CPE credit hours for the Technical Events held between the period October 2013 to september 2014.

Managing Committee Member

CA. Raju Menon

CA. Nimish Makwana

CA. Naveen Sharma

CA. Sangeetha Nahar

CA. Pankaj Mundra

CA. Mahmood Bangara

CA. Prabhdeep Singh Baweja

CA. Anish Mehta

CA. Nimesh Sasikant Lokhandwala

Attendance

18

16

18

18

15

14

15

17

18

Number ofmembers

2014

- 15

1881

2013

- 14

1930

2012

- 13

1788

2011

- 12

1550

2010

- 11

1482

2009

- 10

1361

Visit by Chartered Accountants from Ghaziabad The Dubai Chapter hosted the Chartered Ac-countants from Ghaziabad, India on October 12, 2014. CA. Nimish Makvana, Vice Chair-man gave a brief about the ICAI – UAE (Dubai) Chapter and Chairman CA. Raju Menon gave a presentation on “UAE Economy, Regula-tions and Doing Business in UAE” to the visit-ing delegates.

International Conference on Emer-gence of GST in India organized by Sales Tax Bar Association - December 20, 2014 ICAI Dubai Chapter supported the Interna-tional Conference on Emergence of GST in India organized by Sales Tax Bar Association which was organized on December 20, 2014 in Dubai. The chairman addressed the confer-ence and gave an overview on Doing Busi-ness in UAE.

RAK ChapterThe Central Council has approved the formation of Ras Al Khaimah Chapter.

Attendance – Management Committee MeetingsFrom the conclusion of last Annual General Meeting on 30 September 2014 to the date of this report, the Managing Committee held 18 meetings and the details of each committee member’s attendance is given below

As at 30 June


33rd ANNUAL REPORT

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UAE (Dubai) Chapter

33rd Annual


ATHEM .R.G .ACAZRIM ILA SABBA .ACIHSOD .R.N .ACREHSA K ARDNEHAM .AC

CA. RUSSI JEHANGIR PATEL

CA. JAMES MATHEW CA. A. NANDAKUMAR

CA. A. NANDAKUMARCA. SURENDRA JAIN

CA. S. VENKATESHCA. S. VENKATESH

CA. V.P. NAGARAJANCA. V.P. NAGARAJAN CA. HANUMANTHA KUMAR

CA. ANIL BHARADWAJ CA. S.M. SYED KHALIL CA. M.A. RAFFIK

CA. MAHENDRA K ASHER CA. N.R. DOSHI CA. ABBAS ALI MIRZA CA. G.R. MEHTA

CA. RUSSI JEHANGIR PATEL

Salutations to The Past Chairmen

The Institute of Chartered Accountants of IndiaUAE (Dubai) Chapter (Estd. 1982)

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UAE (Dubai) Chapter

33rd Annual


Press Coverage and Branding

Best compliments from our Platinum Sponsors

Honorable Prime Minister of India on his state visit to UAE Shri. Narendra Modi

Proudly Salutes

The Institute of CharteredAccountants of India, Dubai Chapter

CA. Raju MenonChairman - ICAI Dubai Chapter

CA. Nimish MakvanaVice Chairman - ICAI Dubai Chapter

CA. Manoj FadnisPresident ICAI

CA. Devaraja ReddyVice President ICAI

ICAI - AN OVERVIEW

The Institute of Chartered Accountants of India (ICAI) is a statutory body established in 1949 for the regulation of the profession of Chartered Accountants in India. While the ICAI has around 220,000 members at present, approximately one million students are pursuing the course in various centers at various stages. Besides 28 Chapters in foreign countries, this apex body of chartered accountants have five regional head quarters, 128 branches and 275 study centers, making ICAI the second largest professional accountants’ body in the world.

The Dubai Chapter of the Institute of Chartered Accountants of India is one of the first overseas chapters established by the Institute of Chartered Accountants of India. The Dubai Chapter has around 2000 Chartered Accountants as members who are in key positions like CEOs, CFOs, Finance Managers, Controllers, Senior Accountants and Auditors in UAE.

* Entry by invitation only

●●●●●●

●●●

IMPORTANT SESSIONS

India: Global Power in the New World orderGlobal Accounting Standards: Does IFRS have an edge?Face to Face with ‘Anil Kumble’India of TomorrowInfluence of Fourth Estate in Nation BuildingAn Overview of UAE Economy: Special reference to UAE Vision 2021 and Dubai Plan 2021Powering your BrandThe Economic Impact of Oil Price SwingsCorporate Governance: Critical Requisite for Sustainable Growth

SponsorsPRINCIPAL SPONSOR PLATINUM SPONSORS

GOLD SPONSORS SILVER SPONSORS BRONZE SPONSORS

Dr. Shashi TharoorMember of Parliament,

Former Minister

CA. Kirit SomaiyaMember of Parliament -

Lok Sabha

SPEAKERS

Mr. Shekhar GuptaVice Chairman, India Today

Group

CA. Amarjit ChopraFormer ICAI President

Mr. Anil KumbleFormer Indian Cricket Captain

SPEAKERS FROM INDIA

ABOUT THE CONFERENCE

As part of the Continuous Professional Development of the members, ICAI, Dubai is organizing a 2 days International Conference that will set a progressive trend for accountancy profession. The conference will highlight the immense growth opportunities and competition in today’s world and would be a step forward to ponder upon the competitive growth and futuristic aspects of the profession. Seen as a window to future to understand the unseen forces in the global businesses and regulatory landscape, the conference through the exchange of ideas and deliberations by eminent thinkers, policy makers, industry and financial institutions would provide an indicative road map for development of professional accountants.

Mr. Rajdeep SardesaiConsulting Editor, India Today Group

CA. Charanjot Singh Nanda Central Council Member, ICAI

Mr. Mohi-Din A. BinhendiPresident, Chairman of the Board, BinHendi Group, Chairman of the

Retail Group, Dubai Chamber

Mr. Osama Al Rahma CEO - Al Fardan Exchange

Chairman - Foreign Exchange & Remittance Group, Dubai Chamber

Dr. Monica MalikChief Economist, Abu Dhabi

Commercial Bank

Mr. Francis MatthewEditor at Large, Gulf News

H.E. Anurag BushanConsul General of India,

Dubai

Mr. Ali IbrahimDeputy Director General, Department

of Economic Development, Dubai

Mr. Saud Salim Al MazroueiDirector of Hamriyah Free Zone Authority

and SAIF Zone

GUESTS OF HONOUR

Ms. Barkha Dutt TV Anchor and Consulting

Editor, NDTV

SPEAKER FROM USA

Mr. Steven L. Henning Partner-in-Charge, Marks

Paneth LLP., New York, USA

SPEAKERS FROM UAE

MANAGING COMMITTEE, ICAI, DUBAI

CA. Naveen SharmaSecretary

CA. Sangeetha NaharTreasurer

CA. Anish MehtaExecutive Member

CA. Mahmood BangaraExecutive Member

CA. Nimesh LokhandwalaExecutive Member

CA. Pankaj MundraExecutive Member

CA. Prabhdeep Singh BawejaExecutive Member

Mr. Gary Dugan Chief Investment Officer,

National Bank of Abu Dhabi

Dr. Ashraf Gamal El Din Chief Executive Officer,

Hawkamah, UAE

ENTERTAINMENT EVENING●

●

●

Gala Dinner

Nitin Gupta Show (Stand-up Comedy)

Ayushmann Khurrana Live Unplugged

Mr. Tony JashanmalGroup Director

Jashanmal National Company

Mr. Rajeev KakarManaging Director & CEO

Dunia Finance

Mr. Vikram KrishnaHead of Group Marketing &

Customer Experience Emirates NBD

33rd Annual International Conference 2015

Powering the Business, Leading with Dynamism

Venue: Crowne Plaza, Sheikh Zayed Road, Dubai

June 12 and 13, 2015

The Institute of Chartered Accountants of India,Dubai ChapterDubai, UAE


33rd ANNUAL REPORT

2015


UAE (Dubai) Chapter

33rd Annual


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25www.icaidubai.org

33rd ANNUAL REPORT

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UAE (Dubai) Chapter

33rd Annual



DREAM. STRIVE. SUCCEED.Mega Panel Discussion

Institute of Chartered Accountants of IndiaUAE (Dubai) Chapter

February 7, 2015 - 4pm to 9pmVenue: JW Marriot Marquis, Business Bay, Dubai

The Institute of Chartered Accountants of India

The Institute of Chartered Accountants of India

Author of International Best seller“YOU CAN WIN”

Sold over 3.2 million copies in 19 languages

“Winners Don’t Do Different Things,They Do Things Differently.”

Dubai Men’s College, Academic City, DubaiSaturday, February 21, 2015 - 2.30pm to 6.30pm

UAE (Abu Dhabi & Dubai) Chapters

Proudly Present

Women MembersEmpowerment Committee

Institute of Chartered Accountants of India

World CA Women Summitpresents

Dubai Chapter of ICAIHosted by:

Engage.Empower.Emerge.

Institute of Chartered Accountants of IndiaUAE (Dubai) Chapter

Newsletter for the 5 months1st October 2014 to 28th February 2015


33rd ANNUAL REPORT

2015


UAE (Dubai) Chapter

33rd Annual



Powering the BusinessLeading with Dynamism

33rd Annual International Conference 2015


33rd Annual International Conference 2015June 12 and 13, 2015

Powering the Business,Leading with Dynamism


CONFERENCERECAP

Ayushmann Khurrana

9. 30pm - 10. 30pm

9. 00pm - 9. 30pm

Saturday - 13th June, 2015

Unplugged

"Nitin Gupta Show"Stand-up Comedy

27www.icaidubai.org

33rd ANNUAL REPORT

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UAE (Dubai) Chapter

33rd Annual


Platinum Sponsors

Event Sponsors

CA G.R.Mehta

Special Gratitude to SponsorsThe ICAI UAE (Dubai) Chapter places on record the support being extended by the 7 Platinum Sponsors to all activities of the Chapter for the period 2014 - 2015. Our gratitude is also due to the generous support of all the Sponsors who have sponsored specific events that were organized during the year.


33rd ANNUAL REPORT

2015


UAE (Dubai) Chapter

33rd Annual


ConclusionThe Managing Committee wishes to place on record its appreciation and gratitude for the support extended to the Chapter by H.E. T.P. Seetharam, the Ambassador of India to the United Arab Emir-ates, and H.E. Anurag Bhushan, the Consul Gen-eral 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 au-ditorium 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, Sec-retary, members of the Central Council of ICAI New Delhi and the staff of the International Af-fairs and other departments of ICAI in success-fully organizing the Chapter activities.

We also 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 appreciationto our Platinum Sponsors and the Event Sponsors for supporting us in all our activities during the year.

The efforts of the Managing Committee were greatly assisted by various members who served on the Sub-Committees, thank them for render-ing their services to the Chapter.

The contributions of CA. L.V. Puthran in ensuring that the annual elections are conducted in a fair

manner is commendable. He has undertaken the task of Election Officer year after year on a completely voluntary basis and has main-tained the position each year with grace and dignity. We place on record his contribution to this Chapter.

CA. Shailesh Mulki, a Past Member of this Chapter has been responsible for prepar-ing the Economic Updates that all members receive on a weekly basis. His untiring efforts and continuing interest in the affairs of the Chapter are commendable as he pres-ently 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 conduct-ed 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 years to come.

Thank youFor the Managing Committee ofThe ICAI UAE (Dubai) Chapter

CA. Raju MenonChairman

ICAI Bhawan, Office No: G-18,BLOCK 2B, Post Box : 500725KNOWLEDGE VILLAGE Dubai, United Arab Emirates Tel.: 97143672250, 97143672250

www. icaidubai.org - [email protected]

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