July 23, 2021
ICAI news ICAI latest news of India

ICAI news. CA is a dynamic profession with the expensive course fee

ICAI latest news of India. Pandemic, Technology, And Impact On Chartered Accountancy

ICAI’s technology-driven initiatives of DCMM, UDIN, and Digital Learning Hub are well
recognized, used, and acknowledged by various professional organizations globally. In fact, we
have offered our digital learning platform to the members of many foreign institutions on
a complimentary basis CA.

C.A. Nihar N Jambusaria, President ICAI, speaks to Ms. Urvi Shrivastva of BW Businessworld
about the latest developments under The Institute of Chartered Accounts of India (ICAI). In an
exclusive interview, he talks about the impact of a pandemic on CA exams, development of new
skill sets, leadership, and new initiatives taken by ICAI.
Q This is your third term as an ICAI council member. Given the unprecedented times, we live
in, how will this term be different from the previous two ones?
Last year was an unprecedented year and brought a mammoth change in the world. The
unparalleled challenges arising out of the COVID-19 pandemic; which is yet unfolding; have
impacted the professional and social strata altogether. However, the ICAI continued its services
without any interruption or slackness throughout the period of lockdown using technology to the

maximum. ICAI has always remained at the forefront of taking technological initiatives. Despite
all the challenges faced due to restriction on physical movement, ICAI initiated various reforms
to ensure that the profession is not only having inclusive growth but also ensured that its
members & students are kept updated on various professional matters of contemporary
relevance.
In these times of pandemic, ICAI is putting technology to optimum use for efficient delivery of
services and betterment of the professional capabilities. The manner in which artificial
intelligence, robotic processes, and data analytics are taking over, it is pertinent for our members
to be well versed with technology as without the same, it would not be possible to serve the
clients effectively and efficiently ICAI latest news of India.
ICAI’s technology-driven initiatives of DCMM, UDIN, and Digital Learning Hub are well
recognized, used, and acknowledged by various professional organizations globally. In fact, we
have offered our digital learning platform to the members of many foreign institutions on
a complimentary basis. The Institute will further work towards leveraging tech-driven innovations
to give CA profession a winning edge and raise a generation of global professionals. Continuing
further we will ensure that the profession is suitably skilled for the new age societal requirements
such as Forensic, Data Mining, and Artificial Intelligence.
Q. ICAI has set up a “Sustainability Reporting Standard Board” in 2020, to what extent
has it been successful?
ICAI latest news of India a statutory body under an act of parliament and regulator of the accountancy profession in the
the country has a strong tradition of service to the country towards sustainable economic
development. Moving forward in this direction, ICAI has set up Sustainability Reporting
Standards Board which is working relentlessly to augment the culture of accurate and reliable
non-financial reporting, develop reporting metrics for Sustainable Development Goals (SDGs),
benchmarking sustainability disclosures, strengthening assurance frameworks for non-financial
information and capacity building of the profession. Further, to strengthen the sustainability
reporting in the country, ICAI has developed “Sustainability Reporting Maturity Model (SRMM)
Version 1.0” with an objective to bring out a comprehensive scoring tool based on the report of the
Committee on Business Responsibility Reporting constituted by the Ministry of Corporate
Affairs (MCA) in August 2020. In order to be more transparent and responsible towards the
society at large, nowadays organizations are adopting triple bottom line approach – People,
Planet and Profit. This Sustainability Reporting Maturity Model (SRMM) would form the
foundation for benchmarking sustainability reporting of Indian corporates. The ICAI through the
Board is working towards identifying and developing opportunities for Chartered Accountants in
Sustainability Reporting, develop audit guidance for Integrated Reporting, take adequate steps to
enhance knowledge of members and other stakeholders by conducting workshops, seminars and
courses, publish technical literature on various important topics within the sustainability domain and
interact with International, National Bodies as well as Regulators to promote policies and
regulations towards achieving sustainable development. The Board is working towards
upskilling the members in this emerging sustainability ecosystem for contributing to the attainment
of the global call of sustainability through its various activities CA.
Q. ICAI is planning a nationwide financial and tax literacy drive, why is there a focus on
MSMEs in particular?
Literacy in financial matters empowers one in the present complex commercial world.
Education in financial matters including those related to accounting and taxation can empower
individuals and businesses alike. Post pandemic, the expectations of the government, business, and society from Chartered Accountants have grown manifold. As part of its agenda, the Institute
would work on developing material in layman’s language, and also a website would be launched
for disseminating knowledge on financial and tax literacy. ICAI would conduct training
programs for the general public and society at large. ICAI is the important constituent of eco-system
for Environment, Sustainability, and Growth (ESG). At ICAI, we feel that an educative drive in
the country particularly for the MSMEs who sometimes miss compliances or could not manage
accounting and tax matters out of ignorance or absence of professional advice will be a big
service not just to the business community but also to the nation and can be a great catalyst for
change and make India Aatmanirbhar. Make in India and Aatmanirbhar Bharat are major
national programs designed to facilitate investment, foster innovation, and build reliable
manufacturing infrastructure in the country. Chartered Accountants with close proximity to the
business, industry, and entrepreneurs can work with the focus areas of MSME and in different
sectors. ICAI released an MSME rebooting checklist and launched Mentorship Program for
providing support in the Make in India project of the Government of India. More than 100
facilitation centers for GST & MSME were also launched towards developing Aatmanirbhar
Bharat. Our target for this literacy drive is that segment of the society and corporate world which
have lesser resources to seek this sort of advice ICAI latest news of India. In the current year, to give focussed impetus to
the Indian economic mindset, ICAI has set up a “Committee on MSMEs & Start-up”. Through
this committee, we will endeavor to support Ministry and Government bodies

maximum. ICAI has always remained at the forefront of taking technological initiatives. Despite
all the challenges faced due to restriction on physical movement, ICAI initiated various reforms
to ensure that the profession is not only having inclusive growth but also ensured that its
members & students are kept updated on various professional matters of contemporary
relevance.
In these times of pandemic, ICAI is putting technology to optimum use for efficient delivery of
services and betterment of the professional capabilities. The manner in which artificial
intelligence, robotic processes, and data analytics are taking over, it is pertinent for our members
to be well versed with technology as without the same, it would not be possible to serve the
clients effectively and efficiently ICAI latest news of India.
ICAI’s technology-driven initiatives of DCMM, UDIN, and Digital Learning Hub are well
recognized, used, and acknowledged by various professional organizations globally. In fact, we
have offered our digital learning platform to the members of many foreign institutions on
a complimentary basis. The Institute will further work towards leveraging tech-driven innovations
to give CA profession a winning edge and raise a generation of global professionals. Continuing
further we will ensure that the profession is suitably skilled for the new age societal requirements
such as Forensic, Data Mining, and Artificial Intelligence.
Q. ICAI has set up a “Sustainability Reporting Standard Board” in 2020, to what extent
has it been successful?
ICAI latest news of India a statutory body under an act of parliament and regulator of the accountancy profession in the
the country has a strong tradition of service to the country towards sustainable economic
development. Moving forward in this direction, ICAI has set up Sustainability Reporting
Standards Board which is working relentlessly to augment the culture of accurate and reliable
non-financial reporting, develop reporting metrics for Sustainable Development Goals (SDGs),
benchmarking sustainability disclosures, strengthening assurance frameworks for non-financial
information and capacity building of the profession. Further, to strengthen the sustainability
reporting in the country, ICAI has developed “Sustainability Reporting Maturity Model (SRMM)
Version 1.0” with an objective to bring out a comprehensive scoring tool based on the report of the
Committee on Business Responsibility Reporting constituted by the Ministry of Corporate
Affairs (MCA) in August 2020. In order to be more transparent and responsible towards the
society at large, nowadays organizations are adopting triple bottom line approach – People,
Planet and Profit. This Sustainability Reporting Maturity Model (SRMM) would form the
foundation for benchmarking sustainability reporting of Indian corporates. The ICAI through the
Board is working towards identifying and developing opportunities for Chartered Accountants in
Sustainability Reporting, develop audit guidance for Integrated Reporting, take adequate steps to
enhance knowledge of members and other stakeholders by conducting workshops, seminars and
courses, publish technical literature on various important topics within the sustainability domain and
interact with International, National Bodies as well as Regulators to promote policies and
regulations towards achieving sustainable development. The Board is working towards
upskilling the members in this emerging sustainability ecosystem for contributing to the attainment
of the global call of sustainability through its various activities CA.
Q. ICAI is planning a nationwide financial and tax literacy drive, why is there a focus on
MSMEs in particular?
Literacy in financial matters empowers one in the present complex commercial world.
Education in financial matters including those related to accounting and taxation can empower
individuals and businesses alike. Post pandemic, the expectations of the government, business, and society from Chartered Accountants have grown manifold. As part of its agenda, the Institute
would work on developing material in layman’s language, and also a website would be launched
for disseminating knowledge on financial and tax literacy. ICAI would conduct training
programs for the general public and society at large. ICAI is the important constituent of eco-system
for Environment, Sustainability, and Growth (ESG). At ICAI, we feel that an educative drive in
the country particularly for the MSMEs who sometimes miss compliances or could not manage
accounting and tax matters out of ignorance or absence of professional advice will be a big
service not just to the business community but also to the nation and can be a great catalyst for
change and make India Aatmanirbhar. Make in India and Aatmanirbhar Bharat are major
national programs designed to facilitate investment, foster innovation, and build reliable
manufacturing infrastructure in the country. Chartered Accountants with close proximity to the
business, industry, and entrepreneurs can work with the focus areas of MSME and in different
sectors. ICAI released an MSME rebooting checklist and launched Mentorship Program for
providing support in the Make in India project of the Government of India. More than 100
facilitation centers for GST & MSME were also launched towards developing Aatmanirbhar
Bharat. Our target for this literacy drive is that segment of the society and corporate world which
have lesser resources to seek this sort of advice ICAI latest news of India. In the current year, to give focussed impetus to
the Indian economic mindset, ICAI has set up a “Committee on MSMEs & Start-up”. Through
this committee, we will endeavor to support Ministry and Government bodies in building an
enabling ecosystem for Industry, MSMEs, and Start-ups by collating suitable inputs for framing
growth-oriented policies.
Q. The Companies Act is being simplified by the government. What is being done in this regard
and how will it impact the country?
To facilitate and promote ease of doing business and ease of living for law-abiding corporates in
country, the government of India has adopted the policy to decriminalize non-compliances of
minor, technical, or procedural nature of violations. For this the Companies (Amendment Act),
2020 has been notified and further, to this, the Report of the Company Law Committee has been
issued to decriminalize LLP Act. As a part of the Government of India’s Ease of Doing Business
(EODB) initiatives, the Ministry of Corporate Affairs has also deployed a new Web Form
christened ‘SPICe+’ (pronounced ‘SPICe Plus’) replacing the earlier SPICe form. This e-form
offers 11 services by 3 Central Govt Ministries & Departments. (Ministry of Corporate Affairs,
Ministry of Labour & Department of Revenue in the Ministry of Finance) and State
Governments (Maharashtra and Karnataka), thereby saving as many procedures, time, and cost
for Starting a Business in India, and to further make it convenient for the stakeholders, the
Ministry has issued FAQs on its website and a web tutorial explaining how companies can be
incorporated using this e-form.
The introduction of ‘SPICe+’ has substantially reduced the timelines for incorporation of foreign
companies in India as well. Moreover, to further promote ease of doing business, companies with
an authorized capital up to INR 15,00,000 has been allowed to be incorporated through SPICe+
without any filing fees i.e. ‘Zero Filing Fee’ concession is being granted. Amendments related to
change in the definition of a listed company, the introduction of e-form MGT-7A (a separate form
of Annual Return) for small companies and One Person Company (OPC), are another few
examples of acts taken up by the government to implement ease of doing business in India. Not
only this, to strengthen enforcement, promote Ease of Doing Business, enhance user experience,
facilitate seamless integration and data exchange among Regulators, the MCA has designed
version 3.0 which is expected to be launched in Fiscal 2021-22.
Q. When we talk about GST, how has the role of a Charted Accountant changed since the
the new act has come into place?
In today’s world, Chartered Accountants are playing a stellar role towards the growth of the
economy and are contributing in various ways as Partners-in-Nation-Building. CAS is one of
the major catalysts in the collection of revenue for the government, be it from income tax or
collections from GST. Being a facilitator of GST implementation, ICAI is undertaking many
steps to support the Government and stakeholders. The Institute created awareness regarding
GST by organizing programs & seminars, releasing publications, webcasts & providing
technical inputs, etc.
Recently, we met the Hon’ble Finance Minister to discuss ICAI’s representation regarding the
removal of the requirement of audit and certification of reconciliation statement by a Chartered
Accountant under CGST Act. It was submitted that GST Audit is not avoidable compliance.
GST Audit by a Chartered Accountant ensures maker checker concept thereby detecting
inconsistencies, lapses, errors, and ambiguities, if any ICAI latest news of India, in complying with the provisions of GST
law. The Audit should not be seen as a cost to the taxpayer, rather it is an investment for him, the
benefits of which are reaped over a period of time ICAI latest news of India. The taxpayer can take corrective actions for
irregularities/lapses detected during the audit thereby saving avoidable costs in terms of interest
and penalties. Further, the audit also helps the taxpayers in saving on litigation expenses as errors are
noticed and addressed in time.

in building an
enabling ecosystem for Industry, MSMEs, and Start-ups by collating suitable inputs for framing
growth-oriented policies.
Q. The Companies Act is being simplified by the government. What is being done in this regard
and how will it impact the country?
To facilitate and promote ease of doing business and ease of living for law-abiding corporates in
country, the government of India has adopted the policy to decriminalize non-compliances of
minor, technical, or procedural nature of violations. For this the Companies (Amendment Act),
2020 has been notified and further, to this, the Report of the Company Law Committee has been
issued to decriminalize LLP Act. As a part of the Government of India’s Ease of Doing Business
(EODB) initiatives, the Ministry of Corporate Affairs has also deployed a new Web Form
christened ‘SPICe+’ (pronounced ‘SPICe Plus’) replacing the earlier SPICe form. This e-form
offers 11 services by 3 Central Govt Ministries & Departments. (Ministry of Corporate Affairs,
Ministry of Labour & Department of Revenue in the Ministry of Finance) and State
Governments (Maharashtra and Karnataka), thereby saving as many procedures, time, and cost
for Starting a Business in India, and to further make it convenient for the stakeholders, the
Ministry has issued FAQs on its website and a web tutorial explaining how companies CA can be
incorporated using this e-form.
The introduction of ‘SPICe+’ has substantially reduced the timelines for incorporation of foreign
companies in India as well. Moreover, to further promote ease of doing business, companies with
an authorized capital up to INR 15,00,000 has been allowed to be incorporated through SPICe+
without any filing fees i.e. ‘Zero Filing Fee’ concession is being granted. Amendments related to
change in the definition of a listed company, the introduction of e-form MGT-7A (a separate form
of Annual Return) for small companies and One Person Company (OPC), are another few
examples of acts taken up by the government to implement ease of doing business in India. Not
only this, to strengthen enforcement, promote Ease of Doing Business, enhance user experience,
facilitate seamless integration and data exchange among Regulators, the MCA has designed
version 3.0 which is expected to be launched in Fiscal 2021-22.
Q. When we talk about GST, how has the role of a Charted Accountant changed since the
the new act has come into place?
In today’s world, Chartered Accountants are playing a stellar role towards the growth of the
economy and are contributing in various ways as Partners-in-Nation-Building. CAS is one of
the major catalysts in the collection of revenue for the government, be it from income tax or
collections from GST. Being a facilitator of GST implementation, ICAI is undertaking many
steps to support the Government and stakeholders. The Institute created awareness regarding
GST by organizing programs & seminars, releasing publications, webcasts & providing
technical inputs, etc.
Recently, we met the Hon’ble Finance Minister to discuss ICAI’s representation regarding the
removal of the requirement of audit and certification of reconciliation statement by a Chartered
Accountant under CGST Act. It was submitted that GST Audit is not avoidable compliance.
GST Audit by a Chartered Accountant ensures maker checker concept thereby detecting
inconsistencies, lapses, errors, and ambiguities, if any ICAI latest news of India, in complying with the provisions of GST
law. The Audit should not be seen as a cost to the taxpayer, rather it is an investment for him, the
benefits of which are reaped over a period of time ICAI latest news of India. The taxpayer can take corrective actions for
irregularities/lapses detected during the audit thereby saving avoidable costs in terms of interest
and penalties. Further, the audit also helps the taxpayers in saving on litigation expenses as errors are
noticed and addressed in time.

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