Press Conference organized by the Institute during the visit of delegation from International Federation of Accountants (IFAC) to India

Press Conference organized by the Institute during the visit of delegation from International Federation of Accountants (IFAC) to India

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May 11, 2010

PRESS RELEASE

The Institute of Chartered Accountants of India (ICAI) today organized a Press Conference at ICAI Bhawan, Indraparastha Marg, New Delhi. It was addressed by Mr Robert Bunting, President, International Federation of Accountants (IFAC),Mr Ian Ball, Chief Executive Officer, IFAC and Mr Matthew Bohun, Technical Manager, Governance and Operations.From the institute CA.Amarjit Chopra, President, ICAI, CA.G.Ramaswamy, Vice President, ICAI and Shri T.Karthikeyan, Secretary, ICAI were present.

Addressing the media CA. Amarjit Chopra, President ICAI briefed that ICAI has bid for hosting the 19th World Congress of Accountants(WCOA), also called the Olympics of the World's Accountants, in the year 2014 in Hyderabad, India. He stated that the prime objective of the visit of IFAC delegation was to assess the proposal of ICAI for hosting WCOA. He stated that IFAC delegation was deeply impressed with the facilities available at Hyderabad and had also met Hon'ble Governor of Andhra Pradesh, Chief Secretary and Home Secretary, Govt. of Andhra Pradesh in this regard. The President was hopeful that ICAI would get a chance to host WCOA in 2014 which would be decided by IFAC after evaluation of proposals received from other member bodies.

The World Congress is organized every 4 years to deliberate on contemporary issues in the world of accountancy and witnesses participation of approximately 5000 national and international delegates. It is organized under the aegis of the International Federation of Accountants (IFAC), the global organization for the accountancy profession representing 2.5 million accountants across 163 member organizations spread over 124 countries.

Answering to the media queries Mr Robert Bunting, President,IFAC explained about the role of IFAC in the development of accountancy profession worldwide. He said that IFAC is committed to protect the public interest by developing high-quality international standards, promoting strong ethical values, encouraging quality practices, and supporting the development of all sectors of the profession around the world.

Speaking on the issue of recent global financial crisis, Mr. Bunting said that financial reporting and fair valuation does not lead to financial crisis but on the contrary only helps in exposing the flaws. He also said that for further improvement in the financial reporting ,IFAC is re working on the existing standards .

Mr. Ian Ball, Chief Executive Officer, IFAC said that the IFAC is working for more than a decade now towards improvement in financial reporting in both public as well private sector. He stated that one of the main priorities of IFAC is improvement in financial reporting and bringing transparency in governmental sector. He said that efforts are being made for the adoption of International Public Sector Accounting Standards by the governments globally.

CA. Amarjit Chopra said that the Government of India is aiming towards greater transparency as various government departments are moving towards Accrual system of Accounting from the Cash System .This also shows the commitment of Indian Government on this front. He said that ICAI is helping the government in achieving this.

Brief background of IFAC

The functions of the IFAC include the development and promulgation of International Standards on Auditing and Assurance, Ethics, Public Sector Financial Reporting and Accounting Education. With regard to International Accounting Standards (IASs)/International Financial Reporting Standards (IFRSs), IFAC mandates its member bodies, through enforcement of Membership Obligations, to support the work of the International Accounting Standards Board (IASB) by bringing them to the notice of their members and using best endeavours to encourage the compliance of and foster acceptance and observance of International Accounting Standards (IASs)/International Financial Reporting Standards (IFRSs).

ICAI contribution to IFAC

ICAI is a founder member of IFAC and has continued to assist IFAC in the attainment of its mission to strengthen the profession of accountancy globally through immense contribution in the activities of its Board, committees and Permanent Task Forces. ICAI has been associated with the activities of the IFAC in the area of the consideration of the issues concerning small and medium sized firms and businesses and contributed largely by presenting their perspective and guiding the role of IFAC and its other member bodies in addressing such matters and rendering strength to the cause of small and medium sized practitioners and businesses

Objectives of World Congress of Accountants To promote awareness and contribute to the achievement of IFAC's mission and to serve the public interest, To create awareness of and contribute to the implementation of IFAC's strategy, including that IFAC: Be recognized as the international standard setter in areas of auditing and assurance, education, ethics and governmental financial reporting. Actively support the adoption and assist in the implementation of international standards. Continually enhance the relevance of the profession. Be an influential voice for the global accountancy profession. To provide a unique opportunity for professional accountants to fulfill their CPD requirements by attending plenary sessions and workshops on a variety of current topics. To provide an opportunity for professional accountants to meet and interact with colleagues from a diverse range of cultural and professional backgrounds. To provide an opportunity for professional accountants to visit a different culture and to experience its richness.