1

AcccunIancy Prcfess|cn
CaIa|ysI Ic SusIa|ned Eccncm|c rcwIh

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C0NFERENCE
CHR0NlCLE
DAY OHE
January 4, <011
HcU beIween ICAI and H|gher
Cc||eges cf Technc|cgy, H|n|sIry 0f
H|gher EducaI|cn And Sc|enI|f|c
Pesearch, UAE
lCAl would bc slgnlng Mcmorandum o
undcrslandlng wllh hlghcr Collcgcs o
!cchnology, uAL on January 04, 2011. !hc Mou
lnlcralla would rovldc or conccluallzlng o a
Scclallzcd Modulc by lCAl or uAL hallonals
by dcvlslng an lnlcrnallonal currlculum ln
Accounlancy by lnlcgrallng local nccds
kcclng ln mlnd varlous rcqulrcmcnls o
dlcrcnl lcvcl o Accounlancy and audll
rocsslonals ln uAL. lCAl has a slrong
mcmbcrshl basc o ovcr 6000 o lls mcmbcrs ln
Mlddlc Lasl rcglon and lhc conlcmlalcd M0u
ls ln lhc roccss o crcallng an lnslllullonallzcd
ramcwork o sccl al l zcd modul c o
accounlancy and shall bcncll lhc lCAl
mcmbcrs ln lhc rcglon and would rovldc an
addlllonal lmclus lo rosccls o lCAl
Mcmbcrs. !hc hlghcr Collcgcs o !cchnology
(hC!} ls lhc largcsl hlghcr cducallonal
lnslllullon ln lhc unllcd Arab Lmlralcs wllh lhc
currcnl cnrolmcnl cxcccdlng 18,000 sludcnls,
all uAL nallonals. wllh lls Mlsslon lo bc a kcy
cducallon undamcnlal lllar, hC! ls dcdlcalcd
lo lhc dcllvcry o lcchnlcal and rocsslonal
rograms o lhc hlghcsl quallly lo lhc sludcnls.
Chartinga New Course: ICAI's International Initiatives
International Conference onAccountancy Profession
ICAI has the multiarious role o projecting the brand Indian Chartered
Accountant globally and in this direction is undertaking dialogue with leading
international Chartered Accountancy , other accountancy bodies so as to
proide or a ramework whereby the ICAI qualiication is recognised in such
countries and the ICAI members are able to take adantage o the globalised era.
1he Institute also oersees the unctioning o ICAI chapters abroad so that they
act as an instrumentality in carrying orward the ision o the ICAI or acting as
ambassador o Indian Chartered Accountancy in dierent parts o the world.
1he Institute also maintains liaison and actie dialogue with international
accountancy orums like IlAC, CAPA, SAlA, and IIN and proides inputs
through ICAI representatie,s, on such orums It also interacts with inbound
delegations - and ascertains best practices approach at either end as also eecting
the way or a possible Institutional Cooperation resulting in to Member,
Member dialogue. 1he Institute is also proiding technical inputs to the arious
taskorces that hae been appointed by the Goernment o India.
1oday Indian CAs are known, recognised and respected globally. ICAI has
signed Memorandum o Understanding ,MoUs, with its arious International
counterparts to augment the bilateral relationships, which would be mutually
beneicial to the members. 1he ICAI has signed MoUs,MRAs with the
ollowing international counterparts deining Membership Lquialence
arrangements:
1. 1he Institute o Chartered Accountants in Lngland and \ales ,ICAL\,
2. 1he Institute o CharteredAccountants in Australia ,ICAA,
3. CPAAustralia Ltd
4. CPAIreland.
1he aim is to work together to deelop a mutually beneicial relationship in the
best interest o members, students and their organisations. 1he ICAI is also
assisting countries like Nepal, Sri Lanka, Mangolia, Djibouti in regard to their
speciic skill set deelopment modules. MoUs or deeloping accountancy
humanware in countries like UAL and Oman hae also been signed with Center
o Lxcellence or Applied Research and 1raining ,CLR1,, UAL and College o
Banking and linancial Studies ,CBlS,, Oman.
1he Institute o Chartered Accountants o India ,ICAI, in order to assimilate
best practices and approaches aailable, has recognised the responsibility o its
stakeholders and is thereore organising a three-day international conerence on
the theme Accountancy Proession: Catalyst to Sustained Lconomic Growth
rom January 4-6, 2011, at Vigyan Bhawan, New Delhi to dwell deeper into
an emerging paradigm o accountancy proession and bring the
Indian and global perspecties together on the issues o
contemporary releance to accountancy proession and to deliberate
on the issues related to goernance, inancial engineering,
regulatory compliance, creation o stakeholder alues, corporate
social responsibility etc.
1o promote better standards in inancial
repor ti ng and preparati on and
presentation o annual report and to
recognise those who are adhering to
these standards sincerely, the ICAI
started the lcAl Auaras jor lceIIence
in linanciaI Reporting in 1958 and has
been holding it annually since then.
1hese ICAI Awards propagate that
inancial reporting should be committed
to the canons o accountability,
transparency, comparability, integrity,
reliability, timeliness and social
responsibility. Started as a 'Competition
or the Best Presented Accounts' more
than 50 years ago, it was renamed rom
the year 2002-03 as 'ICAI Awards or
Lxcellence in linancial Reporting' to
stress on the growing importance o
reporting o inancial results. Oer the
years, this competition has contributed
signiicantly in raising the standards o
annual reports in the country.
The |ury
Shri Narcsh Chandra
Padma vlbhushan
lormcr Cablncl Sccrclary
lormcr Ambassador lo uSA
Chalrman, hallonal Sccurlly
Advlsory 8oard
r. A. k. 8ancrjcc
uculy CuA0
CA. (Smt.) Ashu Suyash
Managlng ulrcclor u Counlry
hcad - lndla
lldcllly lnlcrnallonal
Prof. Asish 8hattacharyya
lndlan lnslllulc o Managcmcnl
Calculla
Shri iIip andckar
Prcsldcnl, lMC
Chalrman u Managlng ulrcclor
Camlln 0rou o Comanlcs
Shri Pari S. 8hartia*
Prcsldcnl, Cll
Co-Chalrman u Managlng ulrcclor
Jubllanl 0rganosys Lld.
Smt. k. 1. 0dcshi
Chalrcrson, 8anklng Codcs
and Slandards 8oard o lndla
Pcscrvc 8ank o lndla
CA. PaIIav 0upta
0cncral Managcr (!axallon}
l!C Llmllcd
CA. Piyush 0oyal
Mcmbcr o Parllamcnl
Pa|ya Sabha
Shri Prithvi PaIdca
Councll Mcmbcr, lCAl
Shri ajan 8harti MittaI
Prcsldcnl, llCCl
vlcc- Chalrman u Managlng ulrcclor
8harll Lnlcrrlscs
Smt. Swati PiramaI
Prcsldcnl, ASS0ChAM
ulrcclor, Plramal hcallhcarc
CA. v. 8aIakrishnan
Chlc llnanclal 0lccr
lnosys !cchnologlcs Lld.
Chalrman
Mcmbcr
Mcmbcr
Mcmbcr
Mcmbcr
Mcmbcr
Mcmbcr
Mcmbcr
Mcmbcr
Mcmbcr
Mcmbcr
Mcmbcr
Mcmbcr
ICAI Awards fcr Exce||ence
|n F|nanc|a| PecrI|ng (Z00910)
SHIEL0 PANEL
1he 'Shield Panel', a sub-committee o
the Research Committee o the Institute,
conducts the competition or these
Awards annually. 1he constitution o the
Shield Panel or the year was as ollows:
CA. Bhavna G. Doshi
Chairperson
Research Committee & Shield Panel
CA. Sumantra Guha
Vice Chairman
Research Committee & Shield Panel
CA. Amarjit Chopra
President, ICAI
Dr. Paritosh Basu,
Co-opted Member, Research Committee
CA. Rajendra Prasad
Co-opted Member, Research Committee
CA. Jayesh Gandhi Mumbai
CA. Sudhir Soni Mumbai

Shri PranabMukherjee
Union linance Minister
Shri K. RahmanKhan
Deputy chairman, RajyaSabha
Shri SalmanKhurshid
Minister oj corporate Ajjairs
CA. Amarjit Chopra
Presiaent, lcAl
CA. G. Ramaswamy
1ice-Presiaent lcAl
It is commendable that the ICAI through this
Conerence is making an attempt to bring
National and Global perspecties together on
i ssues o contemporar y rel eance to
accountancy proession and to deliberate on
issues related to Goernance, linancial
engineering, Regulatory Compliance, creation o
stake hold alues and corporate social
responsibilities.
I am sure this International Conerence will not
only beneit the participants, but will also help in
setting up the new techniques, strategies, and
regulations to deal with the new Challenges and
opportunities acing the Global economy.
In the last six decades, the Institute has achieed
global recognition as a premier accounting body
or its contribution in the ield o education,
proessional deelopment and maintenance o
high accounting standards.
1he persistent pursuit o perection, integrity,
skills and knowledge has placed the CA
proession in an exalted position in the present
proessional order o our country. 1his triumph
o our proession must continue unhindered
een in the times o transition. \e need to
continuously strie to explore and conquer the
emerging rontiers o challenges.
1he Indian Accountancy Proession has had a
steadast past and we commit ourseles to take
this august proession to newer zeniths.
Introspection and brainstorming so as to
be a proactie enabler, the ICAI will
continue to play its due role not only
nationally but also globally on
issues on emerging releance.
i \ J l 8 \ \ J i 0 \ \ L 0 0 \ ! l 8 l \ 0 l
Publlshcd by
Shr J KarIhkcyan, SccrcIary
!hc lnslllulc o Charlcrcd Accounlanls o lndla
In conclusion, a reerence needs to be doubt that accounting and record
made to a pertinent obseration made keeping had taken roots in India rom
by Alexander lamilton l.R.S., the time immemorial and accountancy as an
noted orientalist. In the Book Reiewin occupation existed in our country een
Monthly Reiew` 26 ,198, page 129, prior to the days o the Babylonian
he stated as under: Lmpire.

We uouIa remark that the Banias oj
loweer, accounting with its present
l nai a hav e be e n j r o m t i me
day reinements, no doubt, is o
immemoriaI, in possession oj the
comparatiely ery recent origin. 1he
methoa oj book-keeping by aoubIe
proession o accountancy in the orm
entry, ana that 1enice uas the
amiliar to us today is essentially a
emporium oj lnaian commerce at the th
product o 19 century where the
time at uhich lriar Lucass PacioIis)
deelopment o commerce, trade and
treatise appearea.
industry engendered the need or
1his obseration has been quoted in the competent persons with knowledge and
Introduction to Studies in the listory ability to practise accountancy and the
o Accounting` by B. S. \amey, Sweet & deelopment o the corporate structure
Maxwell Ltd. 1956, at page 1. An o business organisation in the country
obseration has been appended to the resulting in a diision between
eect that Unortunately, lamilton ownershi p o unds and thei r
did not indicate the basis or his management has undoubtedly been one
remarks`. Needless to say, the analysis o the strongest inluences on the
attempted in the earlier paragraphs eolution o both accounting and
should more than proide that basis and auditing as well as the proession o
establish beyond the shadow o any accountancy as we knowthem now.
1he Institute o Chartered Accountants o India was eentually set up on July 1, 1949. Its irst Council was inaugurated by the lon'ble
Commerce Minister Shri K. C. Neogy on August 15, 1949. Out o 15 elected members, 11 had been the members o the Indian Accountancy
Board:
Region I Region II Region III Region IV Region V
Shri G.P. Kapadia Shri M.S. Krishnaswami Shri S. Ghosh Shri S.B.L. Vaish Shri P.R. Mehra
Shri N.R. Mody Shri C.S. Sastri Shri S.N. Banerjea
Shri B.D. Birdy Shri S. Suryanarayan Shri G. Basu
Shri N.M. Shah Shri R.N. Rajam Aiyar Shri M.K. Deb Mehra
Shri N.M. Raiji
irst Ceunti| e| thr 3CA3
1he elections to the irst Council o the Institute were held and the ollowing 15 members were declared elected:
Mr. B. D. Birdy. Mr C. S. Sastri, Mr. G. Basu, Mr. G. P. Kapadia, Mr. M. K. Deb, Mr. M. S. Krishnaswami, Mr. N. M. Raiji, Mr. N. M.
Shah, Mr. N. R. Mody, Mr P. R. Mehra, Mr. R. N. Rajam Aiyar, Mr. S. B. L. Viash, Mr. S. Ghose, Mr. S. N. Banerjea and Mr. S.
Suryanarayana Iyer.
O these, 11 had been members o the Indian Accountancy Board. 1he irst meeting o the irst Council o the Institute was held
th
at NewDelhi on 15 August 1949 and it was inaugurated by Mr. K. C. Neogy, who was then the Minister or Commerce.
lndian NaIhemaIician CianIs
Indians tradition o knowledge has
cared a niche in the ield o
mathematics, with the contributions
rom mathematicians like Aryabhatta,
B r a h m a g u p t a , M a h a i r a
Bhaskaracharya, Narayana the irst,
Ganesa and Narayana the second.
Aryabhatta ,46-550 AD,, the ounder
o modern mathematics, discoered the
alue o r ,pi, and proed that it is
irrational in his Aryabhatya. 1he
i rrati onal i ty o r was qui te a
sophisticated inding or that era.
Brahmagupta ,598-60 AD, gae the
solution o the general linear equation
in his Brahmasphunasiddhanta. lor the
irst time, he made use o the most
priced concept in mathematics, i.e. 0
,zero,. Preiously, zero was treated
simply as a placeholder digit, and it was
simply a symbol denoting lack o
quanti ty or Ptol emy. Such an
important, landmark and innoatie
play o digits contributed to the
reinement o the accounting practices.
InauguraIon (5 pm-6 pm)
lnaugurallon o lhc Concrcncc by
Shr Pranab Mukhcr|cc
hon'blc llnancc Mlnlslcr o lndla
Shr Salman Khurshd
hon'blc unlon Mlnlslcr o Slalc (ljC} or Cororalc Aalrs
CA. K Rahman Khan
hon'blc uculy Chalrman, Pa|ya Sabha
Shr R. 8andyopadhyay
Sccrclary, Mlnlslry o Cororalc Aalrs
shall also gracc lhc occaslon
SPFCIAL SFSSI0N (6 pm - 6.30 pm)
Slgnlng o Mou bclwccn hlghcr Collcgcs o !cchnology,
Mlnlslry o hlghcr Lducallon and Sclcnlllc Pcscarch, uAL and lhc lCAl
SPFCIAL SFSSI0N (1pm - 8 pm)
lCAl Awards or Lxccllcncc ln llnanclal Pcorllng
0uFSJS 0F R0N0uR
Iive nominated members: Shri C. C. Desai ,Secretary to Iirst Bulletin and Journal: 1he Council o the Institute
Ministry o Commerce,, Shri Dr. 1arachand ,Secretary to Ministry published its irst Bulletin in January 1950 to proide correct
o Lducation,, Shri S. D. Nargolwala ,Commissioner o Income inormation to its members. It, then, announced that the Bulletin
1ax, \est Bengal,, Shri G. M. Bathgate and Shri K. N. Gutgutia. would soon be replaced by a journal o the Institute. Keeping up its
Iirst President, Vice-President and Secretary of the promise, the Council published the irst issue o its journal, 1be
Institute: Shri G. P. Kapadia and Shri G. Basu were elected Cbarterea .ccovvtavt, in July 1952.
President and Vice-President respectiely and unanimously. 1he Institute's Building: lal an acre o land was allotted to the
Goernment o India appointed Shri S. Venkataraman as the irst Institute at the rate o Rs. 4,000.00 acre plus 5 per cent o the
Secretary to the Council. amount as annual ground rent. loundation stone o the Institute
Iirst Toppers of C.A. Lxaminations: Shri Ajit S. S. Bhandari was laid by Shri C. D. Deshmukh, the then Union linance Minister
and Shri l. M. 1alati were awarded the irst G. P. Kapadia lirst o India, on lebruary , 1953. 1he building was completed in little
President Gold and Siler Medals respectiely or securing irst more than one year and was inaugurated by the irst lon'ble
rank in the linal and lirst Lxamination respectiely held in President o our nation, Dr. Rajendra Prasadon April 2, 1954.
Noember 1949.
lCAl is Bcrn
Annetatiens |ren )isterv:
On Origin e| Deuh|rCntrv Atteunting
Annetatiens |ren )isterv:
On Origin e| Deuh|rCntrv Atteunting
Tcday's Prcgramme
1 DAY OHE
January 4, <011
Dr. Rajenora Frasao, Fresioent ol Inoia, aooressing the participants
at the opening ol ICAI Heaoquarters builoing on April 2, 19o!
Lxtracts rom G. P. Kapadia ,193,: i.tor, of tbe .ccovvtavc, Profe..iov iv vaia. ICAI, New Delhi
Shri C.D. Deshmukh, Lnion Iinance Minister, perlorming the
lounoation laying ceremony ol the ICAI Heaoquarters on Iebruary 7, 19o3

R. Bandyopadhyay
Secretary, Ministry oj corporate Ajjairs
In a rapidly changing world, accountants hae
eoled as a proessional group with new
concepts and procedures to meet the aried
demands made by society on their skills. As
custodian o transparency and integrity in
inancial reporting and maintenance o highest
accounting and auditing standards, the Institute
has achieed an inimitable status.

T. Karthikeyan
Secretary, lcAl
1he bedrock o any economy is the high quality
credible and reliable inancial inormation that
build inestor conidence, which in turn
acilitates business deelopment, contributes to
stable economic growth and leads to indiidual
inancial prosperity. 1hus the role o chartered
accountants assumes greater importance in the
deelopment and growth o any economy.