Dear Professional Colleagues,
I am extremely grateful and blessed to take over as the Chairman of the Western Indian Regional Council of Institute of Chartered Accountants of India and serve the largest region of ICAI. I am thankful to all the members of my Region for reposing faith in me and entrusting the task of Chairmanship for the year 2020-21.
I thank my immediate predecessor CA. Priti Savla & her team for their professional fellowship & guidance during 2019-20 and congratulate the new Regional Council team & expect them to work towards a collective goal of professional excellence.
I congratulate our torch bearers CA. Atul Kumar Gupta and CA. Nihar Jambusaria on being elected President and Vice President of ICAI respectively and look forward to working together to achieve the overall mission & vision of ICAI.
To progress you have to grow. I, along with my team, shall strive for continuous professional development of members and all stakeholders and endeavour to carry forward the rich legacy of our Region.
I would like to apprise you of a number of upcoming changes which we should be aware of. These include:
Accrual based accounting for local bodies and role of CA: To increase transparency and governance system of local bodies, the government is moving towards accrual based accounting from cash based accounting. To enable a smooth transition ICAI will shortly release ‘Accounting Standards for Local Bodies’.
Implementation of E-Invoice: From 1st April 2020, implementation of E-invoice under GST is mandatory for companies having turnover in excess of Rs. 100 crore during the previous year. The Government has started trial runs and Members are requested to persuade their clients to test the trial sites for preparing e-invoices and report any problems to the government.
New GST returns: The GST council has introduced revised and simplified GST returns applicable from 1st April 2020 by capturing data from various sources such as E-invoice, E-way bill and supplier returns. Members are requested to utilise the trial versions and provide constructive feedback to the government for smooth implementation of the same.
Standards on Internal Audit: With the importance of internal audits increasing significantly, ‘Standards on Internal Audit’ have been issued under authority of the Council of Institute of Chartered Accountants of India. The effective date of same shall be notified shortly.
Company (Auditor’s Report) Order, 2020: The Ministry of Corporate Affairs has notified the revised Company (Auditor’s Report) Order, 2020, on 25th February 2020 which integrates new and more specific clauses for reporting by auditor which is also applicable for audits beginning on or after 1st April 2019.
Vivad Se Vishwas Scheme: To settle long pending disputes under Income Tax Act, ‘Vivad Se Vishvas Scheme’ has been introduced to settle long pending disputes by collecting disputed tax amount only and waiving interest & penalty on such cases. Members are advised to evaluate each case on merit & advice their clients to take benefit of the scheme.
Impact of the Corona Virus: The virus has a negative impact on world economy as trade with China has been restricted. Indian economy at this juncture seems immune to the virus impact on China, but we need to be cautious.
Facilities for Students and Members: Students and Members are the most important pillars of ICAI. WIRC of ICAI is determined to provide improved and better facilities for the development of students and members. Facilities planned or underway for students are as follows:
Tie-up with other institutes: ICAI signed MoU with IIM, Jammu on 21st February 2020 to explore several avenues for CA Members. Also, CA Qualification is now recognized at par with Master’s degree to pursue Ph.D. programme by total of 104 Universities, 7 IIMs and 2 IITs. This shall assist members to pursue research activities in renowned universities.
Digital Learning Hub: ICAI's has launched Digital Learning Hub as an integrated Learning Management System (LMS). The digital learning hub brings a new knowledge eco-system with participatory learning to improve learner outcomes.
Interactive doubt solving session: To clarify students’ doubts a series of interactive doubt solving sessions are being planned with eminent faculties and subject experts. These sessions shall also be published for benefit of all students.
Improved and easily accessible reading rooms: Reading room shall be established at Branch level for easy and convenient access to students. A ‘Reading Room’ App has also been developed for students to avail this facility which can be accessed at https://readingroom.icai.org/.
Campus placement for Members and Students: ICAI’s placement portal at https://cmib.icai.org/ provides opportunities to organisations as well as students and professionals to interact and take up positions in Industry. Campus placements are already underway for students qualifying CA in November 2019 attempt.
To encourage free flow of innovative ideas, we have planned open meeting of office bearers with Members & Students every Wednesday 3.00 pm to 05.00 pm at BKC office.
I look forward to your active cooperation & support for a successful year 2020-21 and take this opportunity to wish all members and students a very happy Holi in advance.
With Best Wishes,
CA. Lalit Bajaj