Be steadfast in the performance of your duty, O Arjun, abandoning attachment to success and failure. Such equanimity is called Yog. – Bhagavad Gita 2:48

Dear Members,

The only thing that can be controlled by us is the effort we put into our daily actions; we cannot control the results. When we realise this, we concern ourselves only with doing our duty to the best of our abilities. Accepting our successes and failures with the same calmness and self-control is called ‘yoga’. If we can grasp the meaning of this verse and work towards its practical application in our lives, we will be able to produce our best, face the worst and still be calm and composed.

Maintaining composure or being calm and patient is the hallmark of a successful professional. This mind-set is one which creates a reassuring, positive work environment and is the trademark of a true leader.

“Patience is not passive waiting. Patience is active acceptance of the process required to achieve your goals and dreams.” – Ray A. Davis

At WIRC we believe that focusing on ‘Patience for Leadership Development’ is an essential component to make progress in a positive way. Patience by definition is the capacity to accept or tolerate delays, problems, or suffering without becoming annoyed or anxious. It allows us to better process challenging situations, helps us sort out our thoughts and bring our feelings under control demonstrating high levels of emotional intelligence. Patient managers and leaders will have better relationships in the workplace and find they are more credible and respected.

In fact, Patience is one among the 4 P’s of Entrepreneurship with Persistence, Perseverance, and Passion being the other three. Chartered Accountants are known to be persistent, persevere and be passionate about the profession and adding patience would be completing the circle of success for all professionals.

MSME

India’s MSME sector has more than 63 million enterprises and is a highly dynamic sector of the Indian economy accounting for close to 30% of the GDP. WIRC organised an event to focus on the new opportunities available for Chartered Accountants in this sector and learn the fundings available for the sector. This sector needs an aggregator to fulfil its various needs and I believe that CAs are in the right place at the right time to capitalise on their skills to convert this idea into an opportunity.

Investor Awareness - Making Peace with Money

Part of WIRCs ongoing Investor Awareness initiative, this session focused on Insurance, Wealth Management and Technical analysis on wealth creation. These topics added depth and imparted relevant analytical education to attendees. Chartered Accountants are renowned as guardians of wealth and it vital for us to have a constant review of investment products and a deep understanding of wealth creation instruments to offer a wider and deeper bouquet of services to our stakeholders.

Audit of Insurance Companies & Opportunities for CAs

The seminar apprised members on the sea of opportunities for CAs in the Insurance industry as well as the finer points of audit of Insurance Companies such as ‘Practical Aspects of Actuarial Valuations (AS15, Ind AS19)’ and ‘Insights on ESOP Accounting’. At the same time, various relevant aspects of the IRDA regulator were also highlighted in order to provide an overview of the industry as a whole.

GST Relearn Refresher Series - Part I & II

The virtual 6-day refresher series on GST covered a range of the most relevant sectors and the impact of GST on the same, including ‘Banking /NBFC/ Stock Broking/Insurance; GST Implication on Digital economy and many more.

Regional Councils’ Chairmen Meeting with President and Vice President of ICAI

Recently, I had the pleasure to meet with the Chairpersons of all Regional Councils in the presence of our esteemed ICAI President CA. Aniket Sunil Talati and ICAI Vice-President, CA. Ranjeet Kumar Agarwal at ICAI Bhawan, New Delhi. Discussing ideas with these stalwarts as well as with seniors and other Chairmen was truly enlightening and a clear indicator that the profession has a bright future with professionals of this calibre at the helm of our Institute.

Meeting with the Jt. Commissioner of Police (EOW)

WIRC Office Bearers met with CA. Mahendra Pandit, IPS, Jt. CP (EOW), to highlight the growing expertise of members in forensic accounting and the various ways that WIRC can assist in this arena. To strengthen this potential relationship we also proposed a joint training program to be organised in the near future.

Meeting with Chairman of MahaRERA

I recently met with veteran bureaucrat Shri Ajoy Mehta, IAS, the current Chairman of MahaRERA. In a wide-ranging conversation, we discussed investigation in RERA and opportunities through empanelment for Chartered Accountants who play a role of significant importance in assisting both industry and society to promote real progress for all stakeholders.

Meeting with Jt. Commissioners, Directorate of Municipal Administration

WIRC continues to strengthen relationships with relevant Government departments. We met Mr. Anil Muley, Jt. Commissioner and Mrs. Ashwini Waghmale, Jt. Commissioner, Directorate of Municipal Administration and reiterated our support to the Administration in areas of matching expertise as well as offering to train Municipal Officers to adopt double accounting.

Creating Dynamic Dashboards & Use of AI for Entrepreneurs and other Professionals

Addressing the need of the hour, a practical workshop on using AI and creating dynamic dashboards was conducted. CAs need to gear up to adopt and use the upcoming AI and other genres of digital technology in order to keep up with global advances in the profession.

National Conference on Company Law

The two-day National Conference showcased technical presentations as well as panel discussions covering various subjects on Company Law ranging from ‘Fraud Risks’ to panel discussions on ‘Expectation from Internal Auditor - Independent Directors Perspective’. Members appreciated the high quality presentations at the Conference.

Seminar on Charitable Organisations

To ensure that members are updated with the latest changes, WIRC organised this Seminar which covered all aspects from ‘Formation’ to ‘Direct and Indirect Tax Provisions’ and ‘Process & Returns filing’.

Seminar on Foreign Trade Policy and Foreign Currency Risk Management

India’s Chartered Accountants are increasingly engaging in and providing services to global companies. The Seminar successfully provided clarity on the new Government policy as well as managing the risk related to various currencies.

Program on Real Estate- Interplay between RERA and GST

This program clearly outlined the various interactions and ramifications of GST on the real estate industry. Members were pleased with the clarity this program afforded them.

Program on Opportunities for Indian CAs in USA -  निर्यात  Series

As global business expands, demand for Indian Chartered Accountants is growing across the globe. To increase members’ awareness of opportunities in the US and how to access them, WIRC organised a US specific program which laid out the current requirements and opportunities available for our members in the US.

Branch Visits

WIRC Office Bearers recently visited the Ratnagiri Branch of WIRC and for the first time ever we visited the Sindhudurg CPE Study Chapter. We are pleased to state that our members and students are equally dynamic whether in big cities or towns and we look forward to these units growing in the future.

These areas in our Region need continuous support and activities to grow brand CA. I would encourage CAs to visit such nearby areas and regularly engage with educational institutions, government departments, trade associations to introduce our expertise as well as support to the various local institutions by conducting training and other knowledge sessions for them.

We all desire success and each of us have our own personal desire of what success means to us. But what is the path to success? The best story that I can think of would be that of the Chinese bamboo.

The parable states that once planted this bamboo seed will do nothing for almost five years. However, you have to water and care for that seed all those years, seeing no results from your labour. In the fifth year, the seed breaks through the soil and begins to grow and grow and grows upwards of 3 feet a day, almost 90 feet in about a month. Now, during that five year period, if the person who had planted that seed had got tired of waiting and stopped taking care of it, the seed would have died.

Did the Chinese Bamboo lie dormant for four years only to grow exponentially in the fifth? Or, was the little seed growing underground, developing a root system strong enough to support its potential for outward growth in the fifth year and beyond? The answer is obvious. Had the tree not developed a strong unseen foundation it could not have sustained its life as it grew.

The same principle is true for us. People, who patiently toil towards worthwhile dreams and goals, building strong character while overcoming adversity and challenge, grow the strong internal foundation needed to handle success. The Chinese Bamboo is a perfect fable to our own experience with personal growth. It is never easy. It’s slow to show any progress. It’s frustrating and unrewarding at times. But it is definitely worthwhile, especially if we can be patient and persistent. This is the critical variable in attaining new skills, in developing ourselves and others. It is our ability to stay persistent even when we are unable to see any growth on the surface…. just like the Chinese Bamboo.

Let us all resolve to aim for slow and continuous growth and I am sure that we will be guaranteed success in our field of endeavour.

CA. Arpit Jagdish Kabra

Chairman

Chairman WIRC sharing the latest updates about April 2023