These are exciting yet challenging times for Indian chartered accountants. The year 2012 will be an eventful year for Indian accountancy profession if both external and internal developments are any indication. World economy is in turmoil and is casting its shadow on India, thereby putting the role of CAs in sharp focus. The resilient Indian economy will surely withstand any trouble.
Meanwhile, Indian accounting standards converged with IFRS are likely to be implemented soon. The eXtensible Business Reporting Language is becoming popular by the day across the globe. Further, major reforms are likely to be unveiled-Companies Bill, Goods and Services Tax regime, Direct Tax Code, the Banking and Insurance Bill, the Public Interest Disclosure and Protection to Persons Making the Disclosures Bill, Accountability Bill, etc., are all waiting in the wings. In fact, there is a likelihood that the bill relating to DTC could be clubbed with the Finance Bill, which too will throw many a challenge at us. All these offer plethora of opportunities to the profession in the garb of challenges.
Particularly, India’s transition to a new set of accounting standards fully convergent with IFRS will be the beginning of a new era for Indian accounting profession. This is an opportunity for us to showcase our competence to the world. It will offer vast scope for Indian accountants to offer their services globally and we cannot afford to lose this opportunity. And I will leave no stone unturned to ensure that we don’t. Together WE CAN. The profession is upbeat and demand of the Chartered Accountants is at an all time high. In this background, it’s time for the emerging CA fraternity to see them in the midst of a new boom; a boom of their own. And it is possible, if the members start looking beyond the traditional number crunching and be at ease with technology environment. Our profession is more a matter of innovation today… it means that we have to manage more dynamic macroeconomic forces.
The high status for the CAs and growing expectations from them also mean higher responsibilities and pressures on them. With the calls for private sector and governments to be more accountable and transparent getting louder, modern accountant’s role is bound to come under frequent scrutiny. Remember, the future belongs to us. These are times to lead by example.
We have to play a leading role in the economic uplift of the nation. The direct relationship between good accounting practices and better economic outcomes is widely recognised.
Source- Extract from the ICAI President’s Message – March 2012