1. The Institute of Chartered Accountants of India (ICAI), being one of the premier accounting bodies, has achieved global recognition over the years for maintaining highest standards in technical, ethical areas and for sustaining stringent examination and complying with International Education Standards issued by International Federation of Accountants (IFAC).
2. Indian CAs are, therefore, recognized and appreciated worldwide for their knowledge, expertise, acumen and work ethics. Over the years, the role of a Chartered Accountant has been evolving continually to assume newer responsibilities in a dynamic environment. There has been a notable shift towards strategic decision making and entrepreneurial roles that add value beyond traditional accounting and auditing.
3. The causative factors for the change include globalisation leading to increase in cross border transactions and consequent business complexities, significant developments in Information and Technology and financial scams underlining the need for a stringent regulatory setup. In fact, globalisation, capital mobility and increased trade and services have resulted in the whole world virtually becoming one market.
4. In the afore-stated context, the “International Affairs Policy” and “International Curriculum of ICAI” was launched yesterday by Shri V. Muraleedharan, Hon’ble Minister of State for External Affair, Chief Guest of the occasion, in an event held at New Delhi. The event was also graced by CA. Atul Kumar Gupta, President, CA. Nihar N Jambusaria, Vice-President, ICAI, dignitaries from Government and Central & Regional Council Members, ICAI.
Shri V. Muraleedharan, Hon’ble Minister of State for External Affair lauded “The International Affair Policy and International Curriculum launched by ICAI is a step in the right direction to enhance ICAI’s global presence and recognition. The International Affair Policy of ICAI aims to develop Indian CAs as a truly global brand at international level. It envisions positioning ICAI as a highly valued accountancy body globally and enhancing global visibility, increasing global mobility and contributing to the development of Indian economy as a whole.”
Hon’ble Minister further added “I am confident that it will prove to be another historic milestone in the journey of accountancy profession, not only in India but also in other foreign countries.”
5. The International Curriculum of ICAI is, in line with the stated intent, being designed in such a manner to attract students from across developing nations in the initial stages of economic development, who in turn will contribute to the economic growth of their countries.
CA. Atul Kumar Gupta, President, ICAI said “The thought behind this initiative of the ICAI is in parity with the saying from the Maha – Upanishad “Vasudhaiva Kutumbakam” – “ the whole world is one family”. Through its International Curriculum, ICAI seeks to achieve the Government’s objective of internationalisation of higher education as enshrined in the National Education Policy 2020 as also to partner the Government’s efforts in facilitating and supporting the economic growth of developing nations by imparting professional accountancy education to students of such countries (which do not have a national professional accountancy organization of their own).”
CA. (Dr.) Ashok Haldia, Convener, Group to formulate Foreign Policy of ICAI opined that “In the current fintech era where physical boundaries have diminished and finance & technology have merged, the International Affairs Policy document is of paramount importance to position Indian Chartered Accountants as strategic business leaders for the global economy.”
6. While offering the vote of thanks, CA. Nihar N. Jambusaria, Vice-President, ICAI informed the august gathering that “The International Curriculum envisages positioning CA qualification as Global qualification to meet the demand for accountancy professionals. The ICAI shall endeavour to implement the International Curriculum in its true intent and spirit.”
7. The existing structure of the CA curriculum with three levels of examination would be retained in the International Curriculum. Education would continue to be imparted through distance learning by providing study materials and other educational inputs. In addition, greater emphasis would be laid on e-learning modes, like e-books, e-lectures, e-journal and virtual coaching classes to bridge the distance learning gap. Information Technology Training (ITT) and Management and Communication Skills (MCS) would also be imparted online. The three years of concurrent practical / Industrial training would be mandatory in the international curriculum as well.