chartered accountant
The Institute of Chartered Accountants of India (ICAI) and the Association of International Accountants (AIA), UK, have recently signed a Joint Declaration aimed at benefiting chartered accountants and students pursuing the Chartered Accountancy (CA) course. During the final day of a three-day conference held in New Delhi, the President of the ICAI was also awarded honorary membership by the AIA.
A key highlight of the conference was the session on Economic Resilience through Good Governance, led by Mr. Vinod Rai, the Comptroller and Auditor General of India. He articulated the crucial role of good governance across both governmental and corporate environments. Mr. Rai emphasized that effective governance relies on a robust foundation of established systems, procedures, and processes that must remain intact. He expressed confidence in India's ability to withstand financial shocks, while urging for a period of introspection concerning whether economic growth will be achieved under strain or through sustainable methods.
In the session focused on the 21st Century Accountant, Mr. Prabhakar Kalavacherla, a Board Member of the International Accounting Standards Board (IASB), detailed the IASB's efforts towards harmonization of accounting standards that have significantly progressed over the last six years. He noted that 120 countries are now aligning their standards with International Financial Reporting Standards (IFRS). Furthermore, Mr. Kalavacherla mentioned a Memorandum of Understanding (MOU) signed between the USA and IASB to collaborate on various accounting standards, which is set to conclude in 2011. He highlighted the necessity for high-quality standards in today's globally interconnected capital markets and how conferences organized by the ICAI are pivotal for accountants and auditors.
The signing of the Joint Declaration between the ICAI and AIA marks a significant step towards enhancing the professional development of chartered accountants. Through discussions on governance and evolving accounting standards, the conference has underscored the importance of robust practices and international cooperation in the accounting profession.