The Institute of Chartered Accountants of India (ICAI) would help the Union Government in implementing GST effectively. The ICAI would also launch new curriculum incorporating new system of education and training for CA students from next year.
These views were expressed by newly-elected president of ICAI for 2015-16, CA Manoj Fadnis, who hails from Indore. For the first time in the history of ICAI, a person from Madhya Pradesh has been elected as President of ICAI, a statutory body established under the Chartered Accountants Act-1949. It is world’s second largest regulatory body of accounting and auditing profession.
In an exclusive interview to this correspondent, Fadnis shared his action plan. He said: ‘We have released new education and training system for CA students on February 11 for the public to comment. The comments will be received till March-end. On the basis of comments, a new curriculum for the CA students will be formed and it will be launched from 2016.
On GST, Fadnis said: “We are helping the government in implementing it effectively. We helped the government through concept and advisory papers. We will share our wisdom with the government. And in the process, we will also like to increase the knowedge base of our fraternity and we are not restricting sharing of our knowledge with CAs only.
Sharing views on introduction of International Financial Reporting Standards (IFRS) in Indian Companies, the president of ICAI said that New Accounting reporting system is going to applicable in a phased manner to all the listed companies and all the companies that have net worth of Rs 500 cr. This is the roadmap finalised by National Advisory Committee for Accounting Standard and is notified. So, all listed companies having net worth of more than Rs 500 cr, the new standard will be mandatory from April 1, 2016 for 2 years.
