July 23, 2021
Institute of Chartered Accountants

ICAI”s Sustainability Reporting Standards Board now has a greater role to play: ICAI president

ICAI news Institute of Chartered Accountants of India

Sustainability Reporting Standards Board of the Institute of Chartered Accountants (ICAI)
will now have a greater role to play with Sebi making it mandatory from 2022-23 for top
1,000 listed companies to prepare business responsibility and sustainability reports, ICAI
President Nihar N Jambusaria said on Friday.
Speaking at an event, Jambusaria noted that there are various challenges like climate change,
poverty, gender inequality, and proper awareness of these areas need to be spread.
He said that the institute had set up a Sustainability Reporting Standard Board last year which
is taking all initiatives to spread awareness.
“With Sebi from 2022-23 making BRSR reporting mandatory for firms, the role of this board
will become even more important,” he said.

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After the conclusion of its board meeting on Thursday, Sebi in a press release said it has decided
to have a new format for business responsibility and sustainability reporting, and top 1,000
listed companies will be compulsorily required to prepare such reports from financial year
2022-23.
The new reporting requirements are expected to bring in greater transparency through
disclosure of material environmental, social, and governance-related information to enable
market participants to identify and assess sustainability-related risks and opportunities.
The Business Responsibility and Sustainability Report (BRSR) will be applicable to the top
1,000 listed entities on a voluntary basis for 2021-22 and on a mandatory basis from financial
the year 2022-23.
“Here non-financial information will be required to be reported,” Jambusaria said.
He added that the government is also talking about “people’s bottom line” which is profit,
people, and the planet.
All the corporates, therefore, now not only have to bother about profit but also take care of
people and the planet, as per Jambusaria.
Underlining the importance of technology, he said that robotics, data analytics, cybersecurity
are the buzzwords now.
“We have been talking about “ABCD” in the last two to three years,” he said referring to
artificial intelligence, blockchain, cybersecurity, and data analytics and added that amidst the
COVID-19 pandemic, in the past year, we have realized that these need to be learned very
fast.

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The Institute of Chartered Accountants is making efforts in this direction by providing intensive courses to the
professionals, he said.
He further noted that the government last year identified 17 champion sectors for the purpose
of export of services.
Institute of Chartered Accountants One of these sectors is finance and accounting which falls under the purview of ICAI.
“We have more than 45 chapters outside India in different countries…we are trying to use
these chapters” services for export of CA services and looking to expand global footprints,”
he said. With technology, working for a firm located in any part of the world has become possible,
Jambusaria noted.
Institute of Chartered Accountants There are many common subjects, like accounting, similar insolvency laws, financial
services, advisory services. “We are training members on how to export their services to
foreign countries.”

Forensic accounting standards have adequate flexibility to
address unique situations: ICAI

The forensic accounting and investigation standards have adequate flexibility to address unique situations and will ensure uniformity in forensic audits carried out by financial institutions, according to chartered accountants’ apex body ICAI. Institute of Chartered Accountants of India ICAI has issued 13 Forensic Accounting and Investigation Standards FAIS. PTI | New Delhi | Updated: 21-03-2021 15:00 IST | Created: 21-03-2021 15:00 IST The forensic accounting and investigation standards have ”adequate flexibility to address unique situations” and will ensure uniformity in forensic audits carried out by financial institutions, according to chartered accountants’ apex body ICAI. Institute of Chartered Accountants (ICAI) has issued 13 Forensic Accounting and Investigation Standards (FAIS). There are also three overarching documents. These have
been issued by the institute’s Digital Accounting and Assurance Board.

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