ICAI President elected as IFAC Board Member

ICAI President - ICAI - IFAC - CA Atuk Kumar Gupta - IFAC Board Member - Taxscan

CA. Atul Kumar Gupta, President, The Institute of Chartered Accountants of India (ICAI) has been elected as the Board Member of the International Federation of Accountants (IFAC) at the IFAC Council Meeting in November 2020. CA. Gupta has been elected for a period of three years from November 2020 to November 2023.

IFAC is a global organization for the accountancy profession, dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies.

Beginning with 63 founding members from 51 countries in 1977, IFAC now comprises 175 members and associates in 130 countries and jurisdictions worldwide, representing approximately 3 million accountants in public practice, education, government service, industry, and commerce.

IFAC’s mission is to serve the public interest by contributing to the development of high-quality standards & guidance; facilitating the adoption & implementation of these standards; contributing to the development of strong professional accountancy organizations & accounting firms and promoting the value of professional accountants worldwide and speaking out on public interest issues.

Internationally, CA. Atul Gupta is also serving on the Board of XBRL International and the South Asian Federation of Accountants (SAFA). He is also a member of the Public Sector Financial Management Committee of Confederation of Asian and Pacific Accountants (CAPA) and representing ICAI in International Integrated Reporting Council (IIRC). He, earlier, has been the Chairman of the Committee on Education, Training & CPD of SAFA.

Experience of CA. Gupta spans education, examination, CPD, research, I&D, and system development with a strong focus on IT architecture giving him adequate insight into the accountancy profession. He has adequate International exposure & hands-on experience in dealing with multi-lateral agencies & the capability to deal with multi-cultural teams including an understanding of the work program of IFAC & has contributed significantly to building a strong relationship between ICAI & IFAC.

On being elected on the Board of IFAC, CA. Atul Kumar Gupta said “Being associated with IFAC reflects the recognition of the pivotal role being played by ICAI for the profession both nationally as well as internationally. We at ICAI are truly excited to work with IFAC, which is a global voice for the accountancy profession. Being associated with IFAC would allow me to work towards re-skilling the skillsets, equip professional with changing technology paradigm, building trust and inspiring confidence amongst various stakeholders, supporting the development and implementation of high-quality international standards, improving public sector financial management, and working with member bodies to strengthen the profession globally”.

Describing his vision and priorities for the accountancy profession and IFAC activities, CA. Atul Kumar Gupta mentioned that “He would like to see that economic issues and challenges being faced by the developing Countries & SMPs are appropriately taken up at the global platform and suitable initiatives for professional accountants to enrich and equip them in new-age technology skills, acquire strategic managerial skills besides continuing their prowess in accountancy, finance, taxation, and business laws are undertaken.”

IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC’s vision is that the global accountancy profession is recognized as a valued leader in the development of strong and sustainable organizations, financial markets, and economies.

IFAC’s view is that a fundamental way to protect and serve the public interest is to develop, promote, and enforce high-quality, internationally recognized standards for auditing and assurance, education, ethics, and public sector accounting. These standards and related regulations are essential to ensuring the credibility of information upon which investors and other stakeholders depend and to achieving sustainable global economic development. As a result, IFAC supports the following independent standard-setting boards:

  • International Auditing and Assurance Standards Board
  • International Accounting Education Standards Board
  • International Ethics Standards Board for Accountants
  • International Public Sector Accounting Standards Board

It promotes convergence to the standards issued by the boards as well as to the International Financial Reporting Standards (IFRSs) set by the International Accounting Standards Board.

IFAC also issues tools, guidance, and resources to support member bodies and their members who are professional accountants in business or employed in small and medium practices-both of these groups play a critical role in the global economy. In addition, it collaborates with member bodies and works with organizations throughout the world to support the growth and development of the accountancy profession in emerging economies.

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