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ICAI `vision' puts focus on bigger market access

Our Bureau

NEW DELHI, Sept. 13

AFTER nearly a two-year long exercise aimed at repositioning and shaping the Indian chartered accountancy profession for the years to come, the Institute of Chartered Accountants of India (ICAI) has unveiled its vision statement that will propel the prof ession to be among the top three in the world before the year 2010.

``In the next 10 years, we envisage a scenario where, notwithstanding the competitive pressures brought about by globalisation, the Indian CAs will be in a position to practice in various parts of the world and also dominate the accountancy profession'', Mr. G. Sitharaman, President, ICAI told a news conference here.

He maintained that steps were being taken, both by the institute as well as the Government, to facilitate greater market access for the Indian professionals even while preparing them to face the impending competition from foreign firms in the domestic ma rket.

``The ongoing efforts to integrate our accounting standards with the international standards and the continuing education in areas like US/UK GAAP norms will equip the members in facing the new challenges'', Mr. Sitharaman said.

Within a year's time, he said that Indian Chartered Accountant firms will be in a position to certify the compliance levels of financial statements to the US/UK GAAP norms.

Meanwhile, the council of the institute, at its three-day meeting which concluded on Wednesday, has approved the mandatory Accounting Standard on `Leases' (AS-19).

In yet another significant decision, the council also gave its nod for allowing members of the institute to use the internet for displaying their capabilities and experiences through their own web-pages created for this purpose.

``This will also in a way help the domestic members to face competition in an effective way. The modalities of what can be displayed and how the web-pages will be monitored are still being worked out'', Mr. N.D. Gupta, Vice-President, ICAI, said.

He, however, maintained that the nod for using the Internet medium should not be construed as a total relaxation in the advertising code for the members. ``This should be viewed as more of a pull strategy rather than a push. The members can now use inter net technology to outline their areas of expertise and experience'', he said.