Future of Accounting

Date08 July 2021
Published date08 July 2021
AuthorAMARJIT CHOPRA & SABYASACHEE DASH
Publication titleStatesman, The (India)
This is because the stakeholders' expectations have risen, recognising the ICAI's role in creating an economically resolute India.

To put things in perspective, we may remember what our first Prime Minister had said: "Time is not measured by the passing of years but by what one does, what one feels, and what one achieves."

In this context, it is also quite relevant to recall ICAI's founder President Gopaldas Padamsey Kapadia, who had said: "… it will take time to build up its (Institute's) traditions and I am sure that in course of time the Institute will have the best of traditions of which the profession and the country will be proud. The assistance of the members of the profession as also the Government and public is necessary in building up the Institute and I am sure that this be had in the fullest measure." His words were both wise and prophetic. Our membership has been contributing to the economy of the nation and in all possible ways strengthening the foundations of ICAI. At the same time let us be cognizant that our glorious past puts more onerous responsibilities on CAs to continue to be custodians of public interest and welfare, and to discharge all responsibilities in the best interests of the nation. The last two decades have been full of challenges to the accounting profession with regard to its credibility in view of numerous scams in India and abroad including in developed nations like USA, UK, Singapore and Hongkong. The Indian accounting profession has evolved and has undergone a positive paradigm shift. Having upheld a tradition of converting challenges into opportunities, the story of ICAI has been one of pursuit of professional excellence. Over the decades, we have lived up to the outlook of the founding fathers of our Constitution when they granted autonomy to the profession through the Chartered Accountants Act, 1949. The fact that this Act predates the adoption of the Constitution of India shows the importance that was given to the profession, to act as custodians of transparency and integrity.

Our history shows that we have resolutely upheld society's trust barring certain mishaps on the way. As such, today's CA is no longer just a statistician but a versatile strategist and value-creator for modern business. In the last 72 years, the role of the CA has shifted from the backroom to the boardroom. This dynamic journey is marked by several milestones. A few areas deserve to be highlighted. These include the remarkable growth of...

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