In an effort to bolster the competitiveness of Indian Chartered Accountant (CA) firms on a global scale, the Institute of Chartered Accountants of India ( ICAI ) is poised to unveil new guidelines within the next three months. President Ranjeet Kumar Agarwal disclosed this development, emphasizing the aim of fostering growth opportunities for Indian CA firms and enabling them to scale up significantly.
Agarwal elaborated that the forthcoming guidelines would focus on facilitating the aggregation of domestic CA firms, empowering them to compete effectively with renowned global firms such as the Big Four. These guidelines, currently undergoing revision, will mark a significant milestone by incorporating international networking norms for domestic firms, enabling collaborations with overseas counterparts.
The establishment of a Committee for Aggregation of CA Firms ( CACAF ) earlier this year underscored ICAI’s commitment to modernizing and enhancing the capabilities of Indian CA firms. Agarwal highlighted key areas that the new guidelines would cover, including rules governing mergers and demergers, multidisciplinary partnerships, and advertising standards for CAs.
Furthermore, Agarwal expressed optimism about the potential of the Gujarat International Finance Tec-City International Financial Services Centre ( GIFT IFSC ) to revolutionize the landscape for Indian CAs. He described GIFT IFSC as a “game-changer” that would open avenues for Indian CA firms to expand their global footprint and attract international clientele.
The International Financial Services Centres Authority ( IFSCA ) has been actively involved in shaping GIFT IFSC as a premier global finance and accounting hub. Agarwal noted the submission of an expert committee’s report to IFSCA, outlining recommendations to establish GIFT IFSC as a center of excellence in financial services.
Among the proposed initiatives is the creation of a new legal framework for bookkeeping, accounting, tax, and financial crime compliance services within GIFT IFSC. Agarwal underscored the strategic importance of training and upskilling CAs to meet the rigorous standards expected in such a dynamic international financial ecosystem.
Agarwal concluded by highlighting India’s growing demand for skilled CAs, projecting a significant rise in the profession’s numbers to cater to the expanding economy. He emphasized the need for comprehensive planning and training initiatives to meet the evolving demands of the accounting industry and position India as a global leader in accounting services.
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