From 22nd October, HICC Hyderabad will witness a two-day international conference on 'Jnana- Yajna- The Quest for Excellence' being organised by Institute of Chartered Accountants of India (ICAI).
The conference will be inaugurated by Union Urban Development Minister M Venkaiah Naidu. Union Minister of State for Finance and Corporate Affairs, Arjun Meghwal will also participate at the event, besides other distinguished members.
As told by ICAI President M Devaraja Reddy and ICAI Vice-President Nilesh S Vikamsey, the International Conference is being held in Hyderabad for the first time and will be attended by around 3,500 delegates from five regional centres, 154 branches and from 28 chapters from abroad.
Elaborating about the conference, the ICAI president and vice-president said that,"It will deliberate on various issues including GST, ways to cope with paperless auditing, transferring price, code of conduct, building competitiveness for small firms, enhancing trust in CAs etc."
Reddy also revealed that a committee has been instituted for syllabus revision which will come out with a new syllabus (for CA) in a month's time. This will be launched by the Prime Minister.
Important subjects like IT, IFRS, Fraud accounting will be added to the revised syllabus, to meet the new demands and challenges for the profession of CA, he added
"We have made 12th standard as the basic qualification for registration for CA, as earlier Class 10 students were not in a frame of mind to decide on their career and often parental and societal pressure made them pursue the course, which resulted in several people dropping out mid-stream or not clearing the course due to general lack of interest in the subject," he said
They also commented, "To combat the menace of coaching institutes, we have changed the exam format from 200 marks of objective type questions to 400 marks comprising of 200 marks for objective type multiple choice questions and 200 marks for subjective type questions. Students going through coaching institute rote learning will be filtered out through this."
"We are producing CAs for global requirements, there are 30,000 CAs trained in India working abroad in Gulf and African countries. Currently, there are 2.6 lakh CAs practising, but the demand for CAs by 2020 will be 10 lakh," proclaimed Reddy.