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I just signed the petition "Sushant Singh Rajput: Boycott Karan Johar, YRF films, Salman Khan" and wanted to see if you could help by adding your name.

Our goal is to reach 4,500,000 signatures and we need more support. You can read more and sign the petition here:

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Happy Holi !

 

WISHING YOU AND FAMILY
A VERY VERY HAPPY AND
COLOURFUL HOLY,
WHERE EACH COLOUR MEANS
ADDED JOY AND SUCCESS.

With Lots of Colour, Love and Happiness!

MANISH

 

Rate cut on excise duty and service tax : CA Manish Tibrewal

In a welcome move the Ministry of Finance of Govt of India has reduced the rate of excise duty from 10% to 8% and that of Service Tax from 12% to 10% with effect from 24th February 2009.

Regards
CA Manish Tibrewal
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Need to enhance Financial Reporting: A welcome move by The South African Institute of Chartered Accountants (SAICA) : CA Manish Tibrewal

Enhance Financial Reporting : New mantra to counter global slowdown and busting economies

Being a Chartered Accountant by virtue of being a Member of the Institute of Chartered Accountants of India (ICAI), I, CA Manish Tibrewal, am well aware of the pragmatic steps being taken by ICAI and my professional colleague to counter the impact of global slowdown as well as to provide the nation a tool to protect its economy from the storm.

ICAI as the apex accounting body as well as national regulator needs to be closely coordinate with central bank, various ministries, various regulators, CEO's of top banks and financial institutions and top Industrialist.

Formation of a committee can be suggested including all these stake holder to provide best guidelines for financial measures, financial reporting and to suggest best course of action to counter recession. Moreover the committee can act as advisory committee for all those companies which are in financial distress as well as to the government for taking the best measures.

Here is some excerpts of a news article which reports the initiative by our counterparts at South Africa - sourced by CA Manish Tibrewal

SA's accounting regulator is working with the financial services sector and commerce to establish where financial reporting could have helped identify issues of concern during the credit crisis. The South African Institute of Chartered Accountants (SAICA) is to meet with the CEOs of the big four banks, the top 40 JSE-listed companies, including dual listed Telkom, Sasol and Sappi, and various insurance organisations to discuss the interaction between financial reporting requirements for capital markets and regulatory reporting, particularly for financial institutions. A financial crisis advisory group was recently set up by the International Accounting Standards Board and the Financial Standards Board to consider financial reporting issues arising from the global slowdown . The aim of the panel is to advise regulators about the financial crisis and potential changes to the global regulatory environment. Prof Wiseman Nkuhlu, SA's representative on the panel, last week said some of the key issues raised during the discussion in London included fair value and the need to emphasise how positive it was in spite of criticism from skeptics, who "are failing to see the wood for the trees". Some had alleged that fair value contributed to the credit crisis. There had even been a call to suspend mark-to-market accounting in the US at one stage because of the subprime crisis. Nkuhlu said the panel agreed that fair value accounting had highlighted the economic crisis, but had not contributed to it. There were also discussions around the complexity of the accounting standards relating to fair value, he said. Although the panel said it was complicated because it had too many categories, the group agreed to keep fair value accounting while working towards making it simpler. Risk management was also discussed . "The financial crisis had highlighted the pricing of risk and, more particularly, the deficiencies in which companies were pricing risk," Nkuhlu said. The panel agreed that factors such as excessive liquidity and poor risk management had contributed more to the crisis than poor accounting . Questions were raised about the adequacy of risk capital provisions contained in Basel II and if they went far enough. The panel discussed the matter of "dynamic provisioning", Nkuhlu said. Dynamic provisioning forces banks to build up "rainy day" reserves in times of plenty. That way there is a fund to draw on when they start racking up losses on their loans. It's the sort of thing that would have come in handy for banks such as the Royal Bank of Scotland. Nkuhlu said the panel had also discussed the urgent need for the convergence of US Generally Accepted Accounting Practice with international financial reporting standards. Sue Ludolph, project director at Saica, said the institute would be engaging with commerce this week to get feedback on the panel's work.

-CA Manish Tibrewal

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Exposure Draft on Post-Implementation Revision to IFRIC Interpretations: Proposed Amendments to IFRIC 9 and IFRIC 16 - ICAI - CA Manish Tibrewal

Exposure Draft on Post-Implementation Revision to IFRIC Interpretations: Proposed Amendments to IFRIC 9 and IFRIC 16 - ICAI

Post-Implementation Revision to IFRIC Interpretations: Proposed Amendments to IFRIC 9 and IFRIC 16 with the objectives to amend paragraph 5 of IFRIC 9 to exclude from its scope embedded derivatives in contracts acquired in combinations of entities or businesses entities under common control and in the formation of joint ventures and to amend paragraph 14 of IFRIC 16 to remove the restriction on the entity that can hold hedging instruments. Invitation to comments ASB invites comments on the said Draft from the public. The downloadable version of the draft is available at http://www.iasb.org/NR/rdonlyres/F8BCF415-0ED2-4227-B68F-B791F45837CE/0/ED_AmendmentsIFRIC9andIFRIC16_website.pdf. Comments would be most helpful if they indicate the specific paragraph or group of paragraphs to which they relate, contain a clear rationale and, where applicable, provide a suggestion for alternative wording. Comments should be submitted in writing to the Secretary, Accounting Standards Board, The Institute of Chartered Accountants of India, ICAI Bhawan, Post Box No. 7100, Indraprastha Marg, New Delhi-110002, so as to be received not later than March 2, 2009. Comments can also be sent by e-mail at tdte@icai.org or edcommentsasb@icai.org.

- CA Manish Tibrewal
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Extension of CPE Credit Hours compliance date for the year 2008

A message from ICAI President CA Uttam Prakash Agrawal

-- Now CA can complete their mandatory CPE hours for year 2008 by end of March 2009

Thank You President.

- CA Manish Tibrewal

..........................................................................................................
Dear Members,
 

Sub:    Extension of CPE Credit Hours compliance date for the year 2008 from 31.01.09 to 31.03.09
 

      I am pleased to inform you that the last date to comply with the mandatory CPE hours requirements for the year 2008 has now been further extended from 31st January, 2009 to 31st March, 2009.
 

      Hope, the above extension would provide an additional opportunity to those members who could not complete the minimum number of CPE Credit hours requirements for the year 2008.
 
 
With regards, 
 

(CA. UTTAM PRAKASH AGARWAL)
PRESIDENT, ICAI
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Junior Markets - A brilliant Idea to counter recession and role of Chartered Accountants- by CA Manish Tibrewal

A new initiative by JSE to boost Market in economic slowdown period and provide funding to its SME sector by launching Junior Market.

Analysis by Manish Tibrewal

"Stock Market primarily caters to large organizations"

Stock Market is one of the most efficient way to raise funds and create value for the organization. However the option is available for big brothers only i.e. Company having a specific size and stature. Juniors have a limited or no reach to this funding option.

"SME sector holds big promises"

Small and Medium Enterprises or SME sector hold very bright promises. In the scenario of steep economic down slide this sector can provide the required boost to the economy. The market is large and untapped. However the sector has a very limited access to the funds and even credits.

"CAs are best adviser for SMEs"

Chartered Accountants are the only source which can provide it credible advise on fund raising matters and bigger financial and business consultants are out of its reach because of prohibited prices and the 'class' bottleneck among them.

"Junior Market - A brilliant idea"

Junior Markets is a very good idea to overcome this problem. It can provide easy access to required fund and improve healthy competition amongst SMEs. There should be easing of norms and reduced procedural requirement as well as initial and process cost to make this option more attractive and viable.

At the time when biggest of the world fall like dry leaves and everyone seems to be down, this initiative can turn the tide.

"SME sector in India - Precious Jewels"

In India SME sectors is larger than their bigger brothers. Though neglected it holds the key to the future. Virtually every economist or entrepreneur with a sense admit the importance of this sector but nothing is being done for this sector mainly due to financial muscle powers of local and global giants who are trying to get hold of every bit of business these small guys have. Globalization, large organization and creating giants have its own advantage but investing and empowering SME sector at the same time is like a household jewelry which not only provide glitters at happy time but always come to your rescue in bad and sad times.

"Role of ICAI"

So, what is needed is a relook at the economic strategy and a step like Jamaica. The Institute of Chartered Accountants of India - ICAI has a greater role to play not only to protect the economy but to advise the nation on future strategy and ensuring availability of finance to every one including SME.

By
CA Manish Tibrewal

__________________________________
Excerpts of the News by Jamaica Observer:

"Launch of Junior Market"

The junior market which is to be launched by the Jamaica Stock Exchange (JSE) in April is being pitched as a major boost for the Jamaican capital market -and the overall economy- where local small and medium enterprises (SMEs) will gain access to funding in a similar manner enjoyed by their counterparts in some of the greatest financial centres of the world.

According to Dylan Coke, assistant vice-president, Business Development, at NCB Capital Markets Limited, and a member of the steering committee for the setting up of the junior stock exchange, the benefits of the initiative are far-reaching, extending way beyond the mere fact that SMEs will now have a new platform to raise capital.

"The Background - LSE's AIM and TSE's TSX-V"

"The junior stock exchange is for companies seeking to raise between J$50 million and J$500 million. Indeed, it is being structured against the background of very successful similar models across the world. The London Stock Exchange's Alternative Investment Market (AIM), and the Toronto Stock Exchange's Venture Market (TSX-V), are two examples. Launched in 1995, the AIM has so far raised almost £24 billion for more than 2,200 companies and over that period has graduated an abundance of companies to the main exchange in the United Kingdom. Canada's TSX Venture Market, as of 31 December 2007, had 2,176 listed companies with a combined market capitalization of US$58 billion. "The steering company has looked at all of those, trying to learn from the successes and from the less successful ones, with a view to create something that really makes sense," said Coke. "Like the AIM, which uses significant tax advantages and less regulatory burdens as a source of attraction, the JSE's junior market offers some enticing incentives as well. Companies listing on the junior market will be exempted from paying taxes for the first five years, and will pay only half of the statutory requirements for an additional five years thereafter. Companies will also be exempted from paying transfer tax and stamp duties on the transfer of shares and dividend payments will be tax-free.

"Financial meltdown as a backdrop"

Coke says " Last year, the key index of the JSE, the Market Index, declined by a miserable 26 per cent and only a mere six out of 40 stocks on the market traded at prices higher or at least the same as they started the year. Financial analysts blamed the dismal performance on the global financial meltdown and its crippling spillover effect on equities over the fourth quarter of 2008. . "Yes, the equities market in Jamaica is down and has been down for a little while but equities market are cyclical," noted Coke.
"We are not going to try to get ahead of ourselves; we are going to create something that is workable and is of a reasonable size considering the market now and then as the market comes back you can grow with it," he said. According to Marlene Street-Forrest, JSE general manager and chair of the steering committee, the commitments from companies interested in listing on the junior stock exchange are far ranging, extending across a diversed group of sectors. This is expected to be one of the major draws of the junior stock exchange. "We expect that there will be quite a number of companies coming to list," Street-Forrest told Sunday Finance. "Through our member dealers, we are seeing companies as it relates to non-traditional areas such as agriculture, media and tourism." Two weeks ago, at the JSE's Fourth Regional Investments and Capital Markets Conference, JSE Deputy General Manager Robin Levy disclosed that 10 companies have already committed to a listing, and the JSE hoped to double that number by the time the junior market is launched. Levy's demand does not seem far fetched, as Coke revealed that NCB Capital Markets by itself has been approached by about a dozen credible companies expressing an interest to list on the junior market. "A lot of interest has been expressed from a variety of companies - retail companies, service companies, manufacturers etc" highlighted Coke. Perhaps, the most important implication of the junior stock exchange, being put forward by its developers, is what it can do for the local economy. SMEs are seen as the backbone of economies worldwide. Jamaica's SMEs however have long struggled with inaccessibility to capital and various hindrances to growth in an unfriendly business environment. Minister without Portfolio in the Ministry of Finance, Senator Don Wehby, last month said that the junior stock exchange is a solution to this adversity faced by the sector. "Typically, this industry accounts for more than 90 per cent of all firms, 60 per cent of employment, and 40 per cent to 60 per cent of output in most economies," said Wehby. "There is no capital market facility in Jamaica for SMEs to raise equity capital, which is extremely important to have a proper capital structure, hence the creation of the junior stock exchange." Street-Forrest, also mindful of the positives a vibrant capital market for SMEs can bring to the economy, pleaded with investors to support the venture. "I say to persons who invest, we need to build jamaica and we need to look at these companies that are coming to the market," she said. Other members of the steering committee are Reginal Buddhan, permanent secretary in the Ministry of Industry, Investment and Commerce; Camile Neil, acting deputy CEO and director of operations at the Companies Office of Jamaica; former accountant general Millicent Hughes; Cheryl Lewis, director of the General Affairs Division in the Attorney General's Department; Garth Kiddoe, chair of Future Committee and council member at The Institute of Chartered Accountants of Jamaica; Mayberry CEO Gary Peart; and JSE director Leo Williams.

" SMEs generate growth and jobs more so than conglomerates - Marks"

It is the small and medium enterprises (SMEs), and not the conglomerates, that create the majority of jobs and generate the most significant share of economic growth. So said the CEO of popular bill payment company Audrey Marks. She was the special guest speaker at yesterday's launch of the Pioneers of Prosperity Awards Programme, held at the University of Technology (UTech), in Kingston.

Caribbean small and medium enterprises (SMEs) now have an opportunity to win up to US$100,000 to invest in their businesses and have their companies promoted extensively throughout the region.

the SMEs, the largest business segment but most overlooked as well. "There are great companies doing great things locally but they are often neglected," said Hynes. "Let's identify them and tell their stories with the goal of actually creating more companies like them. "We want to make role models out of these entrepreneurs," he continued. "We want to tell their stories through the media and connect these firms to global networks of technical expertise, like-minded entrepreneurs and other sources of capital."

News Source: Jamaica Observer

- CA Manish Tibrewal
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The Institute of Chartered Accountants of India - ICAI to conduct exams of CPT, PE-I, PE-II, PCE, Final in June 09 instead of May 09 due to loksabha elections - New forwarded by CA Manish Tibrewal

The Institute of Chartered Accountants of India (ICAI) has decided to conduct the next Chartered Accountants (CA) Professional Education-II (PE), Professional Competence Course (PCE) and Final (Old and New course), IRM, MAC (Part I), TMC (Part I), CMC (Part I), ITL & WTO Examinations from June 1 to June 15, 2009.

The examinations will be conducted at 110 centres in the country and 3 overseas centres including Dubai(UAE) Kathmandu (Nepal), and Abu Dhabi (UAE) decided by the ICAI.

These exams were earlier expected in May, 2009.This decision has been taken by the institute regarding the parliamentary and assembly elections likely to be held in the months of April and May, 2009.

The detailed examination notification containing the exact date schedule for the various examinations and the examination centres has been issued on the institutes' website.

www.icai.org

CA Manish Tibrewal

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New Developments - Accounting Technician Course - by The Institute of Chartered Accountants of India - ICAI : CA Manish Tibrewal

In his message to the members of ICAI, President Mr. Ved Jain has shared the important development about Accounting Technician Course being introduced by the Institute of Chartered Accountants of India. He termed it as a historic step by ICAI. Highlights of his Message are:

 

 

·         New Development :  Accounting Technician Course

·         A Historic Step

·         To fulfill a huge demand for second tier accounting personnel for large as well as medium and small enterprises to cater growing Indian Economy.

·         The course was launched in the presence of the Hon’ble Union Railway Minister, Shri Lalu Prasad Yadav and Hon’ble Union Minister of Corporate Affairs, Shri Prem Chand Gupta, both of whom lauded the initiative of the Institute.

·         He believes and quotes, “This Accounting Technician course will not only fill gaps at the national level as accountants, but will also ensure that the values in the accounting process do not suffer. With closer interaction of agricultural and informal sector with the mainstream economy, the demand for such accountants is expected to go up every year. I believe that this step will provide a much needed service and further boost the image of the Institute as a premier accounting Institute of the country.”

·          According to the scheme, any student who has passed the +two examination can join the Accounting Technician Course after passing the entrance examination called Common Proficiency Test.

·         The student needs to pass four papers after undergoing study course for about 9 months with the Board of Studies and doing 100 hour computer training, besides an orientation course.

·         To ensure that the student has adequate practical exposure, such students will be required to undergo practical training of one year under a Chartered Accountant whether in industry or in practice before he/she is awarded Accounting Technician certificate.

·         Mr. Ved Jain the President of ICAI has shown confidence about success of this initiative. He quotes “I am confident that with the expertise that the Institute has, and its large base in the shape of its membership, spread across India, we are in a position to impart practical training in a live environment. We will be able to ensure not only high quality education for Accounting Technicians but also development of appropriate skills necessary for them.”

·         He further States “This is a historic step. We hope to be able to produce from the Indian youth, an employable youth and transform the employable youth into an accountable youth.”

 

This is a great initiative and would help in expanding the horizons of ICAI. It would provide recognition as a professional to those accountants who are not fully recognized as Chartered Accountant but are in field of accounting.

 

-          CA Manish Tibrewal

CBEC or Central Board of Excise and Customs issues Service Tax Circular No.108/02/2009 Dated 29th January 2009 to clarify that Service Tax is not chargeable on booking, construction and sale of residential flats

A welcome and much awaited clarification has been now issued by CBEC, which is also the governing authority on Service Tax, providing relief to the Home owner and the prospective Home Owners from levy of service tax.

After the construction and related service has been brought under Service Tax net there were much confusion among builders, buyers and sellers of residential properties under construction. Some of the builders or developers has started charging Service Tax to be extra safe and to avoid any litigation and future liability on account of Service Tax which was resulting in undue burden, increased financial exposure and increased cost of properties to buyers. Specially it was becoming a cause of sleepless nights to middle and lower middle class home buyer.

The CBEC by its welcome move has put to rest all such confusion and speculations and simplified the provisions.

The text of Circular is being reproduced here for benefit of all.

Regards
CA Manish Tibrewal

_______________________________

Service Tax Circular No.108/02/2009 Dated 29th January 2009


F. No. 137/12/2006-CX.4
Government of India
Ministry of Finance
Department of Revenue
Central Board of Excise and Customs

 
No service tax on booking, construction and sale of residential flats - CBEC clarification

Construction of residential complex was brought under service tax w.e.f. 01.06.2005. Doubts have arisen regarding the applicability of service tax in a case where developer / builder / promoter enters into an agreement, with the ultimate owner for selling a dwelling' unit in a residential complex at any stage of construction (or even prior to that) and who makes construction linked payment. The 'Construction of Complex' service has been defined under Section 65 (105)(zzzh) of the Finance Act as "any service provided or to be provided to any person, by any other person, in relation to construction of a complex". The 'Construction of Complex' includes construction of a 'new residential complex'. For this purpose 'residential complex' means any complex of a building or buildings, having more than twelve residential units. A complex constructed by a person directly engaging any other person for designing or planning of the layout, and the construction of such complex intended for personal use as residence by such person has been excluded from the ambit of service tax.

2. A view has been expressed that once an agreement of sale is entered into with the buyer for a unit in a residential complex, he becomes the owner of the residential unit and subsequent activity of a builder for construction of residential unit is a service of 'construction of residential complex' to the customer and hence service tax would be applicable to it. A contrary view has been expressed arguing that where a buyer makes construction linked payment after entering into agreement to sell, the nature of transaction is not a service but that of a sale. Where a buyer enters into an agreement to get a fully constructed residential unit, the transaction of sale is completed only after complete construction of the residential unit. Till, the completion of the construction activity the property belongs to the builder or promoter and any service provided by him towards construction is in the nature of self service. It has also been argued that even if it is taken that service is provided to the customer, a single residential unit bought by the individual customer would not fall in the definition of 'residential complex' as defined for the purposes of levy of service tax and hence construction of it would not attract service tax.

3. The matter has been examined by the Board. Generally, the initial agreement between the promoters / builders / developers and the ultimate owner is in the nature of 'agreement to sell'. Such a case, as per the provisions of the Transfer of Property Act, does not by itself create any interest in or charge on such property. The property remains under the ownership of the seller (in the instant case, the promoters / builders / developers). It is only after the completion of the construction and full payment of the agreed sum that a sale deed is executed and only then the ownership of the property gets transferred to the ultimate owner. Therefore, any service provided by such seller in connection with the construction of residential complex till the execution of such sale deed would be in the nature of 'self-service' and consequently would not attract service tax. Further, if the ultimate owner enters into a contract for construction of a residential complex with a promoter / builder / developer, who himself provides service of design, planning and construction; and after such constitution the ultimate owner receives such property for his personal use, then such activity would not be subjected to service tax, because this case would fall under the exclusion provided in the definition of 'residential complex'. However, in both these situations, if services of any person like contractor, designer or a similar service provider are received, then such a person would be liable to pay service tax.

4. All pending cases may be disposed of accordingly. Any decision by the Advance Ruling Authority in a specific case, which is contrary to the foregoing views, would have limited application to that case only. In case any difficulty is faced in implementing these instructions, the same may be brought to the notice of the undersigned.

(Gautam Bhattacharya)
Commissioner (Service Tax)
CBEC, New Delhi

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AICPA - American Institute of Certified Public Accountants has launched a website as Online Economic Crisis Resource Center for CPAs

The American Institute of CPAs which is the American counterpart of ICAI has opened an online Economic Crisis Resource Center with information to help accountants advise their clients, employers, family members and friends on how to cope with the recession.

The website contains tools for minimizing the effects of the recession; webcasts on credit and financing; articles on strategic planning, budgeting and forecasting.

AICPA also provides continuing professional education courses or CPE courses on fraud detection and maintaining the public trust through this website which also help CPA in completing their mandatory CPE requirement or CPE hours.

The site is organized by business categories such as public practice, government, and business and industry, as well as by topics, such as audit, fair value, and financial failure and going concern.

The site aggregates content from the AICPA and other sources, including articles, white papers,webinars and videos.

Other groups, such as the Association of Chartered Certified Accountants (ACCA) and WebCPA, have also recently launched financial crisis centers, but the AICPA believes its own site has advantages. "We've taken a look at alternative resources to see what is out there," said AICPA vice president of member service and operations Victor Velazquez. "We believe this is going to be a leading resource when seen by the public. Our site will have a broader set of offerings and compare very favorably insomuch as we have segments on our site. It's a robust offering." The AICPA also plans to add more features such as podcasts as the site evolves further, based on research on its members' preferences.

More information on the above is available at AICPA website at, http://economy.aicpa.org.

The Institute of Chartered Accountants of India or ICAI has also started its web initiatives with its knowledge portal http://www.pdicai.com and its website http://www.icai.org and also offering the online courses and CPE programs through online portals. A further initiative to equip the members with tools to fight recession would be a welcome move.

Regards
CA Manish Tibrewal
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ICAI Proposes to bar Foreign Firm to associate with Indian CA Firm for Audit

Foreign Audit Firm cannot do the Audit Work in India as per the present regulation as the sector has not been opened so far for the Foreign Firms.

However  they tie up with a local audit firm to offer this service to their clients. Another reason for the tie-up is that an audit firm that advises a client, cannot do statutory audit for the same client due to conflict of interest issues.

Indian audit firms, that informally work as the audit arms of big foreign accounting firms, may soon have to sever their foreign affiliations, if accounting and auditing rule maker ICAI has its way.

In what could be a fall-out of the Satyam account fabrication episode, the Institute of Chartered Accountants of India (ICAI) has started pitching for restraining all foreign firms from associating with domestic firms that do statutory audits
in India.

The ICAI’s proposal, if vetted by the government, may create a major turn-around in the operations of the so-called Big Four league of audit consultancy firms in India — a group which comprises Ernst and Young, KPMG, Deloitte and Price WaterhouseCoopers (PwC). Even as the Big Four league does not do audit in their names, ICAI wants to put an end to such business associations. “What cannot be done directly, should not be done indirectly,” said Ved Jain, president of ICAI.

Mr. Jain’s concern, which too stems from the WTO perspective, restricts foreign accounting firms from doing audit work in India. These firms, which are officially entitled to do “management consultancy” work in India, have tied-up with locally registered firms to do audit in the latter’s name. “Management consultancy is a very loosely used term, and often involves auditing work,” said Mr Jain.

If ICAI’s view is accepted by the government, foreign consultancy firms like Ernst & Young, KPMG and Deloitte may lose their audit associations here. In India, Ernst & Young has tied-up with SR Batliboi & Co, KPMG with BSR & Co and Deloitte with CC Choksi & Co as their audit affiliate. Price Waterhouse is the Indian audit arm of its global parent PwC, and all its employees are Indians.

An audit partner with one of the Big Four audit firms said on condition of anonymity that under the present set up, foreign consultancies can share in common with its Indian affiliate, 20% of its partners. Experts said that this move is highly detrimental for the independence of the auditors.

They said while management consultants are required to safeguard the interests of their clients, auditors’ job is to certify financial statements as a true and fair account of the company’s health. However, ICAI’s move to seek a bar on foreign consultancy firms doing audit through their Indian dummy faces, is not going to be an easy task, a government official, who asked not to be named, said.

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ICAI President's Communication : Some Good Initiatives

ICAI has taken some very good and commendable initiatives towards globalization and betterment of CA community.

The Highlights of the ICAI President’s Communication is mentioned here, However before that I would highlight a very important issue which needs to be addressed on urgent basis to enable us to pursue the path of globalization and to safeguard our ethics and values which are unmatchable:

Exploitation of articles by some of the Chartered Accountants

The burning issue concerning our fraternity is “Exploitation of articles by some of the chartered accountants.

Article-ship, a unique, well developed and time-tested way of learning being used by ICAI to train its would be members is a fantastic and successful technique of education. I solicit that The Institute of Chartered Accountants of India should get it patented.

However, such an extraordinary and beautiful provision is being misused by some unethical members of the Institute disregarding the guidance and strictures provided by ICAI. This has therefore become one of the most important and serious issue for reforms.. i.e. Exploitation of articles by some chartered accountants.

Just to give an idea that how deeply rooted this menace is, I would like bring to your knowledge that In last one week at least 4 cases has been come to my knowledge where article are exploited by their principle; Two from Mumbai one from Delhi and one from Varanasi. There must be many more as these are few known to me. I told the concerned student to go to Institute but two of them not gone to ICAI since they were threaten to dire consequences by their principles and two, who went to institute, sadly, not got any relief or even assurance of relief. This is a blot on our beloved organization and needs to be dealt firmly.

There may be tough provisions to counter such exploitation but that needs to be further strengthen, it needs to be properly communicated and most importantly the student should get a forum where they voice their concern without the fear of spoiling their career and such voice should be listened and acted upon. Most importantly such a forum must not be governed by political consideration.

I believe, that along-with valuable suggestions of our learned members, the following three steps could help minimize the notorious cases of articles being bonded labor.

1. Compulsory online updating of weekly work record for each and every article
2. Provision of maximum 1 months notice period for leaving or changing the principle (Transfer of Article-ship). Provision should be made that Once an article submit an application to Institute for his/her transfer, the principle should be bound to relieve him/her within 30 days.
3. A committee of officials (non-members) headed by president of the Institute should be formed to address such concerns of student or our future flag bearers.

It would be like banning ranging in the educational institutions. Since I and all my fellow members have also been an article in their way to become a CA, I hope that they would support these reforms and our beloved Institute will not sit further on these reforms like our government.

Best Regards
Manish

==========================================================

-----Original Message-----
From: "President (ICAI)" <president@icai.in>

Date: Fri, 5 Dec 2008 16:28:27

Subject: President's Page

Dear Esteemed Colleagues,

I am writing this page just after the conclusion of the three-day International Conference on Accounting Profession - Shining Bridge Between Global Economies held in the pink city of Jaipur as part of the ongoing Diamond Jubilee celebrations of the Institute. It was a memorable assembly of highly admired experts in the field, besides the leaders in trade and industry. The conference focused on topical issues like governance, financial engineering, regulatory compliance, value creation and corporate social responsibility. The conference also offered a good opportunity to the participants to enhance their knowledge and widen their vision.

This conference was organized to coincide with the meetings of the Board of South Asian Federation of Accountants (SAFA) and Board of Confederation of Asian Pacific Accountants (CAPA) in which representatives from more than 30 countries participated. This helped in achieving a global reach for India's chartered accountancy profession. The leaders of the accountancy profession from the various parts of the world could see the competence level of the chartered accountancy profession in India. The conference was very well attended. An idea of the success of the conference can be gauged from the fact that more than 3000 delegates including more than 200 delegates from abroad participated in it. And it was addressed by more than 40 learned speakers including more than 15 speakers from abroad.

Historic MoU with ICAEW recognizing each other's qualifications

Friends, I have always wondered why the Indian Chartered Accountancy course, despite being so comprehensive and so tough as compared to any other chartered accountancy course of the world, is not recognized by other accounting bodies of the world. Accordingly, immediately after assuming the office of the President of the Institute in February, 2008, I started working on this issue.

I am glad to inform you that my efforts in this direction have started showing results. I, on behalf of the Institute of Chartered Accountants of India, signed a memorandum of understanding (MoU) on 20th November, 2008 at Jaipur with Mr. Martin Hagen, Deputy President of the Institute of Chartered Accountants in England & Wales (ICAEW), who specially flew down from London for this purpose. Hon'ble Union Minister of Corporate Affairs Shri Prem Chand Gupta witnessed this historic development. As per the memorandum of understanding reached, members of ICAI with two years of post-qualification experience will be eligible for ICAEW membership on passing ICAEW's one paper on Case Study. However, members with less than two years experience will be required to pass two additional papers i.e. Business Change and Business Reporting.

The members of ICAEW who are trained in public practice will be eligible for ICAI membership subject to passing ICAI's four papers on Taxation; Law, Ethics & Communication; Information Technology & Strategic Management; and Auditing & Assurance. Details and the procedure have been published elsewhere in this issue of the journal and are also available on the Institute's website. In the era of globalization, the coming together of two largest chartered accountancy bodies in the world heralds a new era for the accountancy profession. This agreement will facilitate mobility of members across the borders. It goes without saying that the signing of this MoU is a recognition of the high level of the education and training which a student of ICAI undergoes before he becomes a full-fledged member of it.

Convocation Ceremony at Mumbai and Delhi

I am delighted to inform you that we have recently initiated the practice of organizing convocation for new Chartered Accountants. The first such convocation for the Western Region was held on 9th November, 2008 at Mumbai and the second convocation for the Northern Region was held on 16th November, 2008 at Delhi, where I handed over Membership Credentials to more than 1200 young torch bearers of the profession. It was heartening to feel the sense of pride and camaraderie among the new entrants to the profession. I am sure this new practice will in time become a tradition and will flourish in days to come and will strengthen professional bonding, sense of belongingness to the Institute and also help in brand building.

National Cultural and Sports Competitions

To create awareness among school students about the choice of their career and encourage them to join CA course, a national debate competition is going on for students of Class XI and Class XII in different parts of the country. I am happy to inform you that so far this national debate competition has been held at more than 55 branches in the country in which more than 12,000 students of 600 schools have participated. The feedback which I have received from the branches is very encouraging. This debate competition has helped the Institute to reach out not only to the students, but also to their parents and teachers, besides sensitizing the students on various contemporary issues on which the debate is being held.

Continuing this process further and in order to encourage CA students to take part in extra- curricular activities, it has been decided to organize a National Cultural Competition in various streams such as dance, drama, music - vocal and instrumental, etc. at each of our branches. Similarly, to encourage sports activities amongst CA students, it has been decided to organize a National Sports Competition (carom, chess, tennis, badminton, table tennis, etc.) at each of our branches. This competition will be open to all CA students including CPT students. Winners at the branch level will participate in the competition at the regional level and thereafter at the national level.

I hope you will agree that encouraging cultural and sports activities among CA students will go a long way in helping them to develop an all round personality. It will also show to the world that CA students do not lag behind in these areas. And possibly in the years to come, many of our students and members will bring laurels to the Institute by excelling in cultural and sports activities.

Three-months Residential Programme for Students

I am glad to tell you that a major milestone achieved this year has been the starting of the three months' residential programme on Soft Skills Development for CA students. The first two batches of this programme were conducted with the help of National Institute of Financial Management, Faridabad, benefiting 107 Chartered Accountancy students. Encouraged by the response, the third Soft Skills Development programme is scheduled to start from December 1, 2008 at Jaipur. The venue of this programme is the LNM Institute of Information Technology, Jaipur, which is spread over 100 acres and has a calm and serene academic environment. Among other things, it will also help in enlarging the geographical spread of the programme. It would be my endeavor to replace the present 15-day General Management and Communications Skills course by this 3-months residential programme so that all students are able to reap its benefit

May I also inform you that work on the ICAI's own residential Centre of Excellence at Jaipur, the foundation stone of which was laid in September, 2008, is going on and I am confident that this Centre of Excellence will become operational by next year. This will help us in making the 3-month residential course mandatory for all CA students before they are admitted as members of the Institute.

Residential Course for Senior Members at Hyderabad

The aforementioned three-month residential programme for students and newly qualified members was started to groom chartered accountants into a class of matchless professionals. However, at the same time there is a pressing need to ensure that senior members who did not have the opportunity of undergoing such a residential course, both in industry and practice, also have an opportunity to enhance their competitive competence and communication skills as well as their practical skills and professional and leadership abilities. Accordingly, it has been decided to start residential programmes of short duration for senior members as well and to have a Centre of Excellence for them. I am very happy to inform you that the ICAI's first such Centre of Excellence is going to be inaugurated at Hyderabad by the end of December, 2008.

This Centre of Excellence at Hyderabad is spread over about three acres of land and is being equipped to have world-class facilities for holding a top level residential programme. This Centre of Excellence at Hyderabad has been conceptualized to be a landmark in the field of education and training, a learning and research hub for accountancy in India, and also a centre to help formulate economic and financial policies. In the Diamond Jubilee year of its service to the nation, this will indeed be yet another feather in the ICAI's cap.

Revamped Online Payment System

It has been our constant endeavor to improve the functioning of the systems in the Institute to suit modern-day requirements. As part of this process, the online payment system of the Institute has been totally revamped to facilitate easy and real time online payments towards membership fees, enrollment of members, registration of students, registration for examination, ordering of publications, registration for conferences/seminars, registration for e-learning courses, donations if any and many other services being offered by the Institute. I may assure you that the new online services portal is highly reliable and user-friendly payment gateway.

Need to fulfil CPE Requirements

As you know, the main objective of the Continuing Professional Education (CPE) requirements, which are mandatory for all members of the Institute with effect from 1st January 2008, is to enhance the skills and capabilities of the professionals. Tremendous efforts are being put to fulfill this objective of CPE by organizing a series of programmes in different areas of professional and related activities for the benefit of members. During the period 1st January, 2008 to 10th November this year, the total number of CPE hours generated has been a mammoth 7,65,000. Even more encouraging is the fact that out of the total membership of 69,582 holding Certificate of Practice (excluding the senior members and members residing abroad) around 14,000 members have already completed the minimum requirement of 20 CPE hours in the calendar year 2008 much before the stipulated time. I congratulate all such members for completing the CPE requirements so enthusiastically.

However, I am concerned about a large number of members who have apparently not taken the CPE requirements seriously. It is disturbing to note that despite the fact that first calendar year 2008 of the rolling three year period 2008-2010 is nearing its close, many members are yet to initiate the process of acquiring CPE hours for 2008. I appeal to all such members to complete CPE Credit requirement for the calendar year 2008 and plan their work schedules for 2009 in such a manner that they complete the CPE requirements comfortably throughout the year instead of making a last minute rush for the same in the last months. Completing the CPE Credit requirements hurriedly, just for the sake of it, is hardly desirable. This defeats the very purpose of the CPE and is not in the interest of the profession.

You could verify the number of CPE credit hours earned by you through the CPE Portal, http://www.cpeicai.org/. In case, you find any discrepancy in the actual number of CPE hours earned by you and those appearing on the CPE Portal, please contact the concerned Programme Organising Unit. Your suggestions for inclusion of some newer topics/areas under the CPE Programmes will always be welcome.

Revival of Lapsed Membership

Friends, as you may have noticed, the Institute has taken several initiatives to bring all its members closer to it. I find that names of many members stand struck off due to non-receipt of fees. This could be due to non-receipt of communication from ICAI consequent upon change of address etc. Realizing the importance of the fact that the CA qualification is a coveted qualification, having been acquired after hard work and passing through rigorous system of examinations, the Council has approved an Amnesty Scheme to enable such members whose membership stands cancelled as on 13.05.2008 due to non-payment of membership fees, to get their membership restored with retrospective effect upon payment of membership fee for the entire period of removal and submission of Form 9.

This scheme is currently in force and will remain valid up to 31st December, 2008. It is satisfying for me to note that this scheme has evoked a very encouraging response and about 1000 members have already availed themselves of the facility of the retrospective restoration of their membership. I urge all the remaining professionals whose name has got removed from the ICAI membership list due to non-payment of membership fee to benefit from the Amnesty Scheme. All such members can visit http://www.icai.org/ and click the link 'Restore Your Membership' for online submission of Form '9'. May I also request you to help in identifying such members whose names stand struck off and pass on this message to them! Your help can be crucial because this message will otherwise not reach them as they do not receive the journal.

CAs are the Best Internal Auditors.

Internal audit is an area where CAs are by far the best professionals available. The independence, integrity, transparency, accountability, skill, competence and ability which chartered accountants possess are best suited for internal audit. A CA's flair to grasp the intricacies of an entity gives him an edge in the area of internal audit. The ability to deal with numbers and the skills acquired during the course of practical work experience puts a chartered accountant way ahead of others to carry out the internal audit. To further enhance this competence, the Institute has come out with the Standards on Internal Audit and has set up an Internal Audit Standards Board. This will further enhance the visibility of chartered accountants and at the same time ensure top quality work being done by the chartered accountants.

Forensic Accounting

Forensic Accounting encompasses the use of accounting/auditing, investigative skills, data mining and the use of the computer as an audit tool. Chartered accountants, with their sound grounding in accounting/auditing, are the most appropriate professionals to offer forensic accounting and fraud detection services. Realizing this, a Certificate Course on Forensic Accounting and Fraud Detection is being started. The course will help members in acquiring investigative skills required to uncover corporate/business frauds, measure result damage and provide support/counsel by applying accounting and auditing principles for the detection of frauds. The details of this course are available on the Institute website. Meanwhile, work on starting a Certificate Course on Corporate Governance as well as a Certificate Course on Enterprise Risk Management is going on and I will be sharing more details of it in my next communication.

Friends, a number of other initiatives are also underway that are meant to add to the capacity, capabilities and skills of our professionals with the overall objective of making them the best in the world. I look forward to receiving your guidance and help in achieving this objective.


CA. Ved Jain
New Delhi

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