ICAI held Accountancy & Commerce Education Summit at Centre, New Delhi

The Summit provided a forum for exchange of thoughts and interaction on various areas of academic and practical interest such as the need for the relevant course curriculum, method of imparting education, examination reforms amongst leading academicians in the field of Commerce & Accountancy Education in India and the professional Chartered Accountants.

Shri Suman Jyoti Khaitan, President, PHD Chamber of Commerce & Industry was the Guest of Honour in the Summit. The summit was attended by Vice Chancellors, Principals, Head of Departments, Professors and delegates of IITs, IIMs and Deans of various Universities of India.

Shri Khaitan while addressing the gathering said "The changes that occur in the global business world have a great impact on the functioning of the business. To survive in such dynamic environment business arena requires highly skilled professionals like Chartered Accountants who are able to incorporate these changes in the best possible manner. The responsibility of imparting such skills and knowledge is on the shoulders of the education system of the society. Thus, we need to bring reforms in the education sector to include the new rules and regulations."

The main objective of the Summit was to evaluate the current state of commerce and accountancy education in India, to the changing environment particularly in view of the introduction of the IFRS, Companies Bill 2013, XBRL, Goods and Services Tax, Schedule VI. etc. It also addressed the need to integrate the same in the course curriculum so as to produce competent accounting manpower relevant for the Indian business and society.

In the technical session, I -Steering New Era of Financial Reporting in Accountancy Education, the discussion centred around the latest developments in the field of Financial Reporting namely, International Financial Reporting Standards (IFRS), Revised Schedule VI and XBRL. C.A. Amarjit Chopra, Past President, ICAI focused on the role of International Financial Reporting Standards (IFRS) in the era of globalisation and the challenges ahead for implementation of Ind AS in India.

In the technical session- II - Impact of Recent Developments on Commerce Education, the discussion centred around the latest developments in the field of Direct Taxation, Indirect Taxation and Corporate Laws. C.A. Atul Gupta, Central Council Member, ICAI discussed at length about the momentous share of Indirect Tax Laws in the total tax revenues and the need to make Indirect Tax Laws part of the course curriculum of University education. He further elaborated the applicability of service tax on the Educational Institutes.

The discussion basically focussed on:
(i) Integration of University Education and Professional Education of Chartered Accountancy- Way Forward.
(ii) Leveraging technology for imparting Education.
(iii) Examination Reforms.

The Summit was an amalgamation of honored and renowned academicians from the Education & Commerce stream having made a remarkable contribution towards the academic pursuit of Commerce and Accountancy branch. The quality inputs and insights of the dignitaries at the event would aid the propagation of universal understanding on the imperatives of the theme of the conclave.