THE ICAI and the Association of International Accountants, UK have signed Joint Declaration to benefit both, the Chartered Accountants and the students who pursue CA course. An Honorary membership of the AIA was also conferred upon the President of the ICAI on the occasion of final day of the three-day conference in New Delhi.
The highlight of the Session on Economic Resilience through Good Governance was the views expressed by Mr Vinod Rai, Comptroller and Auditor General of India, who stressed the importance of good governance in any structure, be it government or corporate sector. He emphasized that good governance is dependent upon solid foundation of systems, procedures and processes that need to be in place and should not in any way be tinkered with. Stating that India could withstand financial shocks, he added that it is time for introspection and understanding whether the economic growth will take place under stress or on sustainable basis.
In the Session on the 21st Century Accountant, Mr Prabhakar Kalavacherla, Board Member, International accounting Standard Board (IASB), talked about steps that have been taken for harmonization by the IASB which has gained momentum in the last 6 years. He said that 120 countries are basing their standards on IFRS. He further stated that USA and IASB have jointly signed MOU to work on several accounting standards and this MOU will end in 2011. Mr Kalavacherla said that capital market have become global, economies are interconnected, accountants and auditors need high quality standards therefore conferences like the one organized by ICAI are essential.
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