Friday, September 5, 2008
Create your mail ID - your name @ icai.org
Our institute has on it's website - www.icai.org has put up the facility to create member's E-mail ID in their name at ICAI.ORG. Do take advantage of this facility as it shall show our identity to society at large that we are member of ICAI
Thursday, September 4, 2008
Nostradamus of the accounting World
COMPILED BY CA RAJU R BAXI:
Prescience or the ability to see into the future is a gift sparingly given to humans. It is
a mixed blessing, for such people are often inadequately recognized in life. Pesi Narielvala was the only such person I was privileged to personally witness up close. A philosopher among accountants, an orator par excellence, his vision was astounding. He realized, for accounting to become a universal language, it must be codified. Single-handedly, he started the technical directorate of the Institute of Chartered Accountants ( ICAI ), dictating landmark professional standards such as the Guidance Note on Expenditure during Construction. This was way back in 1970, when the International Accounting Standards Board, the US Financial Accounting Standards Board and our own Accounting Standards Board were yet to be formed. The framework for Special Reports and Certificates developed by him is the only framework that even today Indian accountants rely on when issuing a certificate or even an Examination report for an IPO.
At a time when it was unheard of, Pesi in his capacity as President of ICAI was instrumental in forming the Accounting Standards Board. In fact, he stood up to great opposition by Chambers of Commerce and the industry to the basic concepts of standardization. Today when the industry and regulators have finally acknowledged the importance of standards, their justified grouses have not been heeded by anybody apart from Pesi who recognized these issues and stood by the industry despite their initial opposition towards him. In ICAIs journal some time back, Pesi justified industries unrest regarding the accounting profession treating industries as “soft targets” while promulgating standards, but doing lesser than what it should have to “sell” these standards to the Tax authorities, regulators and other groups, whose attitude towards standards compounded industries problems in implementation. Pesi was convinced that professional excellence had to receive primacy over ICAI’s tendency to seek equal distribution of work amongst its members. Not a popular view, but one which will survive the test of time. He was apprehensive about the rate of growth in the availability of information not matching with our capacity to develop applications to make meaningful use of it.
He often remarked that the complete change of mindset that technological advances warranted was not adequately evidenced since “one may change ones mind several times a day but one is fortunate to possess the wisdom to change ones mindset even once in a lifetime”. On the archaic issue of prohibition of advertising by accounting professional, Pesi was confident that ultimately the need for the consumer to know the product he was buying would triumph. As recent amendments indicate this is actually materializing.
A keen supporter of globalization, Pesi was convinced that it entailed giving up narrow sectoral and nationalistic concepts of sovereignty. He argued that when we could converge on standards of aviation, nutrition and environment what was so sacrosanct about accounting and auditing that we felt insecure about adopting international standards. Further, he prophesied that mere convergence of accounting would not work and would be a disaster if it was not accompanied by a convergence of interpretations, performance standards, and monitoring standards. In fact, counter intuitively he argued that convergence of knowledge standards – where highest quality of standards are known and practiced by professionals,- would not help, unless there was convergence of standards of understanding among the stakeholders and lay users.
Always a student, Pesi was a rank holder in the examinations of economics and law of Calcutta University in the 1940s and the English Institute of Chartered Accountants. At the age of eighty plus he took up and mastered IFRS, the new body of professional standards and in one of his last public appearances captivated the audience at a chamber of commerce with his technical insights thereon.
His prescience was legendary, in the 1980s he singled out a freshman speaker at a conference and said “you will go a long way in the profession”, 10 years later that person became the youngest in history to head a major accounting profession in the world. A person of strict discipline- he would complete reading all his daily papers, fold them and place them in the dustbin before half past ten in the morning,- on the August 8, he called his secretary of the past three decades in the morning and made her write down how he would like to divide some of his possessions among all his attendants and loyal helpers who had been with him over the years. At the end of this before he sat down to lunch, he said to her, “Anne, now I can die in peace”. He did so, - in the night, - after dinner.
The author is Director, Ernst & Young India Pvt Ltd. The views expressed herein are his personal views and do not necessarily represent the views of Ernst & Young Global or any of its member firms.
AUTHOR: RAHUL ROY.
OUTCOME OF SUPPORT OF ALL THE MEMBERS OF BCAA
Prescience or the ability to see into the future is a gift sparingly given to humans. It is
a mixed blessing, for such people are often inadequately recognized in life. Pesi Narielvala was the only such person I was privileged to personally witness up close. A philosopher among accountants, an orator par excellence, his vision was astounding. He realized, for accounting to become a universal language, it must be codified. Single-handedly, he started the technical directorate of the Institute of Chartered Accountants ( ICAI ), dictating landmark professional standards such as the Guidance Note on Expenditure during Construction. This was way back in 1970, when the International Accounting Standards Board, the US Financial Accounting Standards Board and our own Accounting Standards Board were yet to be formed. The framework for Special Reports and Certificates developed by him is the only framework that even today Indian accountants rely on when issuing a certificate or even an Examination report for an IPO.
At a time when it was unheard of, Pesi in his capacity as President of ICAI was instrumental in forming the Accounting Standards Board. In fact, he stood up to great opposition by Chambers of Commerce and the industry to the basic concepts of standardization. Today when the industry and regulators have finally acknowledged the importance of standards, their justified grouses have not been heeded by anybody apart from Pesi who recognized these issues and stood by the industry despite their initial opposition towards him. In ICAIs journal some time back, Pesi justified industries unrest regarding the accounting profession treating industries as “soft targets” while promulgating standards, but doing lesser than what it should have to “sell” these standards to the Tax authorities, regulators and other groups, whose attitude towards standards compounded industries problems in implementation. Pesi was convinced that professional excellence had to receive primacy over ICAI’s tendency to seek equal distribution of work amongst its members. Not a popular view, but one which will survive the test of time. He was apprehensive about the rate of growth in the availability of information not matching with our capacity to develop applications to make meaningful use of it.
He often remarked that the complete change of mindset that technological advances warranted was not adequately evidenced since “one may change ones mind several times a day but one is fortunate to possess the wisdom to change ones mindset even once in a lifetime”. On the archaic issue of prohibition of advertising by accounting professional, Pesi was confident that ultimately the need for the consumer to know the product he was buying would triumph. As recent amendments indicate this is actually materializing.
A keen supporter of globalization, Pesi was convinced that it entailed giving up narrow sectoral and nationalistic concepts of sovereignty. He argued that when we could converge on standards of aviation, nutrition and environment what was so sacrosanct about accounting and auditing that we felt insecure about adopting international standards. Further, he prophesied that mere convergence of accounting would not work and would be a disaster if it was not accompanied by a convergence of interpretations, performance standards, and monitoring standards. In fact, counter intuitively he argued that convergence of knowledge standards – where highest quality of standards are known and practiced by professionals,- would not help, unless there was convergence of standards of understanding among the stakeholders and lay users.
Always a student, Pesi was a rank holder in the examinations of economics and law of Calcutta University in the 1940s and the English Institute of Chartered Accountants. At the age of eighty plus he took up and mastered IFRS, the new body of professional standards and in one of his last public appearances captivated the audience at a chamber of commerce with his technical insights thereon.
His prescience was legendary, in the 1980s he singled out a freshman speaker at a conference and said “you will go a long way in the profession”, 10 years later that person became the youngest in history to head a major accounting profession in the world. A person of strict discipline- he would complete reading all his daily papers, fold them and place them in the dustbin before half past ten in the morning,- on the August 8, he called his secretary of the past three decades in the morning and made her write down how he would like to divide some of his possessions among all his attendants and loyal helpers who had been with him over the years. At the end of this before he sat down to lunch, he said to her, “Anne, now I can die in peace”. He did so, - in the night, - after dinner.
The author is Director, Ernst & Young India Pvt Ltd. The views expressed herein are his personal views and do not necessarily represent the views of Ernst & Young Global or any of its member firms.
AUTHOR: RAHUL ROY.
OUTCOME OF SUPPORT OF ALL THE MEMBERS OF BCAA
Tuesday, September 2, 2008
OUR INSTITUTE FREE HELP LINE NUMBERS
With a view to serve the members and students better, Institute of Chartered Accountants of India is starting two toll-free help lines -one dedicated to the members and another dedicated to students to answer their queries and resolve their problems vis-à-vis the Institute, if any. The toll free number for Members will be 18002002500 while the toll free numbers for students will be 18002002501. Members ; Students will be happy to note that the calling party (Members ; Students) calls free of charge and the subscriber (The Institute) pays for the call charges. Duration of every call shall only be for 3 minutes. Hence Members ; Students are requested to frame the QUERY ; be specific before making a call. ;These lines will become operational from 1st September 2008. All the calls received on these telephone numbers will be recorded to ensure good quality of services and necessary follow-ups and resolution of problems.
OUTCOME OF SUPPORT OF ALL THE MEMBERS OF BCAA
OUTCOME OF SUPPORT OF ALL THE MEMBERS OF BCAA
Thursday, August 28, 2008
OFFICES WILL BE PAPERLESS
Committee on Information Technology, ICAI
SAP FICO, Oracle 11i Financials & Microsoft Dynamics NAV ERP Courses
The Committee has started offering aforesaid ERP courses for the benefit of members and final/ article completed students. These courses are offered through M/s. SAP India/ M/s. Oracle University and M/s. Microsoft provide an opportunity to learn ERP for professional development at discounted prices and convenient scheduling.
SAP FICO course is offered through e-learning of 200 hours in four months @ Rs.78,000/-, Oracle 11i Financials course of 7 days @ Rs.30,000/- and Microsoft Dynamics NAV Module I of 2.5 days @ Rs.9,000/-. Further details are available at www.icai.org under announcements (Find ERP), erp@icai.org/ secyitc@icai.org/ 011-30210619/ 621.
OUTCOME OF SUPPORT OF ALL THE MEMBERS OF BCAA
SAP FICO, Oracle 11i Financials & Microsoft Dynamics NAV ERP Courses
The Committee has started offering aforesaid ERP courses for the benefit of members and final/ article completed students. These courses are offered through M/s. SAP India/ M/s. Oracle University and M/s. Microsoft provide an opportunity to learn ERP for professional development at discounted prices and convenient scheduling.
SAP FICO course is offered through e-learning of 200 hours in four months @ Rs.78,000/-, Oracle 11i Financials course of 7 days @ Rs.30,000/- and Microsoft Dynamics NAV Module I of 2.5 days @ Rs.9,000/-. Further details are available at www.icai.org under announcements (Find ERP), erp@icai.org/ secyitc@icai.org/ 011-30210619/ 621.
OUTCOME OF SUPPORT OF ALL THE MEMBERS OF BCAA
WE ARE HUMAN FIRST
Supreme Court Judgment => PT. PARMANAND KATARA, PETITIONER v. UNION OF INDIA AND OTHERS, RESPONDENTS. Writ Petition (Criminal) No. 270 of 1988 (Under Article 32 of the Constitution of India), decided on August 28, 1989.The Supreme Court has ruled that all injured persons especially in the case of road traffic accidents, assaults, etc., when brought to a hospital / medical centre, have to be offered first aid, stabilized and shifted to a higher centre / government centre if required. It is only after this that the hospital can demand payment or complete police formalities. In case you are a bystander and wish to help someone in an accident, please go ahead and do so. Your responsibility ends as soon as you leave the person at the hospital.The hospital bears the responsibility of informing the police, giving first aid etc.Please do inform your family and friends about these basic rights so that we all know what to expect and what to do in the hour of need. Please not only go ahead and forward, use it too!!!!The BackgroundIn a Public interest petition filed in Supreme Court of India in 1988 the Supreme Court of India had declared that " Every Doctor whether at Government Hospital or otherwise has the professional obligation to extend his services with due expertise for protecting life. The obligation is total, absolute and paramount".In spite of the fact that the Supreme Court had ordered that this order should be given wide publicity, neither the publicity had been adequate nor the knowledge of this order. Due to this there are still many instances of refusal by private hospitals to treat accident victims.Further, it is a common sight that when accident occurs there will be many to crowd around and express their views on who was responsible for the accident but hardly anyone would help to rush the accident victim to the nearest hospital.
OUTCOME OF SUPPORT OF ALL THE MEMBERS OF BCAA
OUTCOME OF SUPPORT OF ALL THE MEMBERS OF BCAA
JUSTICE IS GREAT THAN MERCY
Hi, Do action instead of more words... An important message , Indian government has introduced a new scheme of grievance form submission through online. Government of India has an online Grievance forum at http://pgportal. gov.in/ Can you imagine this is happening in INDIA ? The govt. wants people to use this tool to highlight the problems they face while dealing with Government officials or departments like Passport Office, Electricity board, BSNL/MTNL, Railways etc. So use this grievance forum and educate others who don't know about this facility. This way we can raise our concerns instead of just talking about the ' System ' in India . Invite your friends/Collegues/Families to contribute for many such happenings.
OUTCOME OF SUPPORT OF ALL THE MEMBERS OF BCAA
OUTCOME OF SUPPORT OF ALL THE MEMBERS OF BCAA
Hi all,
This is CA Rajesh Langalia posting the 1st blog (for me)on the blogspot " cainbhavnagar ". All of us should actively make use of this blogspot by sharing our view,thoughts,knowledge etc. and thereby we will be able to keep ourselves updated with every single query solved by fellow fraternity and we will become one family in Bhavnagar. Thanks.
regards,
CA Rajesh Langalia
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