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THE CHARTERED ACCOUNTANT
FROM THE PRESIDENT
CA. Aniket Sunil Talati
President, ICAI
Dear Professional Colleagues,
“Sustainable development is the pathway to
the future we want for all. It offers a framework
to generate economic growth, achieve social
justice, exercise environmental stewardship
and strengthen governance.”
– Ban Ki Moon,
Former UN Secretary General
As we celebrate India’s G20 Presidency, the
ascent of India as a global leader has been
inspiring. As India hosts the G-20 Summit this
month it is a very proud moment for all of us to
showcase our potential not only as a ‘Youth
Nation’ with innovative and entrepreneurial
mindset, but also as a voice for Oneness,
Inclusivity Equality and Sustainable growth, as
envisaged in our G-20 theme “One Earth, One
Family, One Future” or “Vasudhaiva
Kutumbakam”. The future of global economy
lies on the path of sustainable development, as
it is paramount to bring Environmental, Social
and Governance (ESG) consideration as the
focal point of financial reporting to counter
climate change and make earth a better place
for all.
The drive towards Sustainable development, is
a long road, and we should be mindful and
realistic of our short-term, mid-term and long-
6 SEPTEMBER 2023
term priorities; align our resources optimally in
creating a more prosperous and sustainable world
steadily. On a global scale, organizations are
increasingly shifting towards adopting a
responsible, growth-oriented economic framework
for Sustainable Development. In India, the
Securities and Exchange Board of India (SEBI) has
revised its Business Responsibility & Sustainability
Reporting (BRSR) format, integrating BRSR Core
consisting of a set of Key Performance Indicators
(KPIs) / metrics under 9 ESG attributes. From the
financial year 2023-24, the updated BRSR format
is to be used for BRSR disclosure adherence as a
part of their Annual Reports which is already
mandatory for the leading 1,000 listed entities
based on market capitalization. Notably, SEBI has
now outlined that commencing from the financial
year 2023-24 foremost 150 listed entities shall
mandatorily undertake reasonable assurance of
the BRSR Core, which will gradually to be adopted
by all 1000 companies by the FY 2026-27.
Furthermore, disclosure of ESG aspects within the
value chain will be obligatory for the foremost 250
listed entities commencing from the financial year
2024-25, on a comply-or-explain basis. These
disclosures of value chain will also require limited
assurance from FY 2025-26. These steps would
mandate the industry to make committed transition
towards sustainability reporting.
The Institute of Chartered Accountants of India
(ICAI) has been at the forefront of leading this
movement by setting up the Sustainability
Reporting Standards Board in 2020, to formulate
standards which are in sync with Indian economy
while being benchmarked to International
practices. Since inception, the Board has made
long strides in building a multi-stakeholder
ecosystem to drive the movement of sustainability
by creating awareness, competence and standards
for compliance. The Institute is working with the
regulators and institutions in a proactive manner
and taking all necessary steps to develop
Sustainability Reporting framework in India.
Certificate Course on BRSR and formation of
Institute of Social Auditors of India (ISAI) are the
landmark step in this regard. This special edition
of the journal is on Sustainability reporting to
provide a forum to comprehend this evolving field
and get acquainted with the recent developments.
In the last 74 years we have phenomenally grown to
be the largest accounting body in the world. It
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THE CHARTERED ACCOUNTANT
inspires me to see the growth of the members and
institution since 1st April 1950, when there were just
1,689 members–569 Fellows and 1,120 Associates
and today we are more than 3,90,000 members.
Further, today our members, the institute and
profession are making impact across India by
expanding its presence since formation of six
branches in April 1962 namely, Ahmedabad, Pune,
Coimbatore, Madurai, Bangalore, and Hyderabad
to 171 branches (3 branches approved by the
Council and under notification). Today we are
contributing to the development of Bharat at grass
root level with our presence in all States and 7 UTs.
Let’s have a look at some of the significant
developments that took place since our last
communication:
International Initiatives
� ICAI Global Professional Accountants
Convention (GloPAC)
We are fully geared up to welcome you all to the
GloPAC- a congregation of brilliant minds from
across the globe, converging to forge strong
bonds and move ahead into a future of new
emerging possibilities. This innovative and
futuristic forum will provide you a transformative
experience and will galvanise your professional
growth through networking and learning new
global experiences and knowledge.
Over an engaging three-day span, luminous
plenary sessions and resounding keynote
addresses will provide a comprehensive outlook
on the ever-changing finance landscape, while
navigating the emerging trends, challenges, and
opportunities that will define and shape the
present and future of our profession.
Further, the GloPAC will feature parallel tracks
on Technology & Start-up, Emerging Avenues,
Global Connect and Professional Excellence,
designed to cater to distinct interests and
professional aspirations of the delegates which
will enable one to explore new avenues and
build global connections.
I urge you to register and be a part of the most
prestigious global event for professional
accountants and let’s join hands to
commemorate 75 years of trust, as we progress
together on the path of growth and
development.
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FROM THE PRESIDENT
� MoU between ICAI & CA Maldives
I am elated to share with you all that the ICAI
and the Institute of Chartered Accountants of
the Maldives (CA Maldives) has signed a
Memorandum of Understanding (MoU) to
strengthen their bilateral ties during the SAFA
IFRS and ISAs Forum 2023 hosted by CA
Maldives on August 20, 2023.
The objective of MoU is to establish mutual co-
operation for the advancement of Accounting
Knowledge, Professional and Intellectual
Development, advancing the interests of their
respective members and positively contributing
to the development of the accounting profession
in the Maldives and India.
� SAFA events in Maldives
Institute of Chartered Accountants of the
Maldives hosted the SAFA IFRS and ISAs Forum
on August 19 and 20, 2023 and SAFA committee
meetings and the SAFA Board meeting on
August 21, 2023. I along with CA. Nihar N.
Jambusaria, Past President, ICAI and President,
SAFA attended the SAFA Board meeting on
August 21, 2023, and respective ICAI
representatives attended the other SAFA
Committee meetings.
� Convention on Insolvency Resolution -
Resolve 2023
ICAI through its Committee on Insolvency &
Bankruptcy Code has successfully organized a
two-day International Convention on Insolvency
Resolution “RESOLVE- 2023” on the theme
“Enabling Resolution Maximizing Value” on 4th-
5th August, 2023 at Singapore in association with
the Insolvency and Bankruptcy Board of India
(IBBI) and Indian Institute of Insolvency
Professionals of ICAI (IIIPI) sharing and facilitating
knowledge about best practices and emerging
developments in the insolvency globally.
RESOLVE-2023, which was held for the first time,
attended by over three hundred professionals
and other key stakeholders in person.
The Convention was graced by the presence
of Guest of Honour Mr. Vikram Nair, Member
of Parliament, Republic of Singapore and
Special Guests to the Convention, Hon’ble
Justice Ashok Bhushan, Chairperson, National
Company Law Appellate Tribunal and
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FROM THE PRESIDENT
Mr. Sudhaker Shukla, Whole Time Member,
IBBI. This Convention shall go long way in
establishing brand CA on global landscape as
part of our going global strategy.
Hon’ble Finance Minister graced ICAI
National Conference
Recently I alongwith ICAI Vice President CA.
Ranjeet Kumar Agarwal attended the National
Conference at Bhubaneswar on the theme
‘Possibilities for CA Profession in Digital Era’
which witnessed the benign presence of Smt.
Nirmala Sitharaman, Hon’ble Union Minister for
Finance & Corporate Affairs as Chief Guest and
Shri Dharmendra Pradhan, Hon’ble Union Minister
for Education, Skill Development and
Entrepreneurship as Guest of Honour. The Hon’ble
Chief Guest impressed upon the Chartered
Accountants to develop expertise and competence
in new areas like ESG and Carbon Accounting.
Further, she lauded the role of ICAI in spreading
financial literacy amongst masses and urged to
take it to all corners with the help technology and
use regional languages to enhance its outreach
amongst the masses.
Confluence on ICAI Vision 2049
A Confluence on ICAI Vision 2049 (VI-CON) with
an objective to outline the institute’s strategic path
for the future was organized by Strategy
Perspective Planning & Monitoring Committee on
1st and 2nd August, 2023, in Kevadia, Gujarat,
wherein the Government Nominees on the
Disciplinary Committee of ICAI, Appellate Authority
and Members on Board of five Section 8
Companies constituted under the aegis of ICAI
namely ISAI, XBRL, ICAI ARF, IIIPI and ICAI RVO
were participated.
The Confluence delved upon building a cohesive
approach that sets the stage for developing broad
contours of ICAI’s path toward defining its Vision
2049 to continue to be pillars for economic
development. During the Confluence, the
significant points identified for further working are
actively engaging with stakeholders to address
the perception and expectation, embracing
technology and upskilling members. Notably,
sustainability emerged as a central theme, with
members stressing the need for strategic focus on
this vital aspect.
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THE CHARTERED ACCOUNTANT
Pillars of Growth and Development –
Collaborating with Stakeholders
As a Partner in Nation Building, it is our conscious
and conscientious endeavor to engage, collaborate
and work with Government, Ministries and its
various constituents providing support in the
required areas such as research, capacity building
& training or support in policy development, with
the spirit that together everyone achieves more.
The following initiatives were taken in this regard:
� Inspiring Life with Education - MoU with
Government of Goa
A significant stride taken by ICAI towards
fostering excellence, disseminating
knowledge, and nurturing collaborations that
enrich both academia and industry. The
Institute through Board of Studies (Academic)
has entered into a Memorandum of
Understanding (MoU) with Goa State Higher
Education Council (GSHEC) and the
Directorate of Higher Education (DHE),
Government of Goa. The MoU Exchange
ceremony took place in the esteemed
presence of Hon’ble Chief Minister of Goa,
Shri Pramod Sawant, and Secretary of Ministry
of Education & Director, DHE, Shri Prasad
Lolayekar during the Council Meeting on 14th
August in Panaji, Goa.
I am pleased to share that over the past two
months, ICAI, through the Board of Studies
(Academic), has entered into 12 more MoUs
with other educational institutions from all over
the country. The objective of these MoUs is to
stimulate and facilitate the development of
collaborative and mutually beneficial
programmes, which will serve to enhance the
intellectual life and cultural development within
both ICAI and the respective Institutions.
� MoU signed with the Comptroller & Auditor
General Office
The ICAI (through its Committee on Public and
Government Financial Management) signed a
MoU with the O/o C&AG on 9thAugust, 2023 to
collaborate on accounting & auditing issues and
to strengthen accountability mechanism for
good governance in local self-government
bodies including all three tiers of Panchayat and
Municipal Bodies. From ICAI, the MoU was
signed by CA. (Dr.) Jai Kumar Batra, Secretary,
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THE CHARTERED ACCOUNTANT
ICAI and Ms. Yashodhara Ray Chaudhuri,
Additional Deputy C&AG (Local Bodies) signed
on behalf of the C&AG.
� Commemoration of Indian Cost Accounts
Services Day
Recently I had the privilege to interact and
address the past and present officers of Indian
Cost Accounts Services (ICoAS) on the occasion
of Indian Cost Accounts Services Day on 9th
August 2023 wherein Chief Guest was Finance
Secretary and Secretary, Department of
Expenditure Shri T. V. Somanathan. The event
had also the presence of Shri Tuhin Kanta
Pandey, Secretary, DIPAM. The role of ICoAS
officers has been paramount in the economic
development of the nation with their support
and suggestions in bringing efficiency and cost
reduction in government functioning.
� Capacity Building Initiatives for ICLS Officials
The ICAI is being recognised for its knowledge
prowess and it is matter of pride that the
institute, as per request of ICLS Academy,
provided training to the Indian Corporate Law
Service (ICLS) officials wherein knowledge has
been imparted about the functioning of the
institute, standard setting boards and also about
disciplinary process.
I am sure that all these developments reflect the
continuous trust and faith bestowed by the
government and its constituents in the
contribution being made by the ICAI and further
strengthen our position as ‘Partner in Nation
Building’ and ‘Pillars of Economic Development’.
Conclusion
Teachers are the backbone of any country, the
pillar upon which all aspirations are converted
into realities
– Dr. A.P.J. Abdul Kalam
Today our nation and the profession has
leapfrogged into the bigger league on the global
canvas. As we enjoy the admiration and respect of
the world, earned over more than last seven
decades with dedication, determination and
discipline, we must remember our guiding
lighthouses, our beacons of strength, architect
shaping our dreams, moulding our characters,
showing conviction on us, our parents, teachers,
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289
FROM THE PRESIDENT
gurus, mentors who have steered us on the path
of glory and success. On this Teacher’s Day lets’
bow to our revered pillars of strength, who with
their knowledge, experience and teaching are
transforming India, our lives and our profession.
On this Independence Day, our Hon’ble Prime
Minister emphasised that India’s greatest strength
is Trust, and it is the cornerstone for the nation’s
progress towards a brighter future. Moving ahead
sustainable development will be the central theme
of India’s growth story, and it’s imperative to foster
a culture of conscientious choices and ethical
practices to make positive impact not only on
profit, but also on people and planet.
As a profession, we continue to illuminate the path
towards sustainable practices by working towards
integrating environmental, social, and governance
considerations into financial reporting; the
profession is empowering decision-makers to
drive growth that is both economically rewarding
and environmentally responsible.
As I am finalising this message, my heart filled with
sense of immense pride on India’s historic
achievement in mission Chandrayaan – 3 and I
take this opportunity to join hands with nation to
congratulate the team ISRO for their untiring
efforts and relentless pursuit in making history.
What a great achievement to become the first
Country to reach South pole of moon. Mission
Chandrayaan -3 is an important scientific milestone
and ignites our passion to think that everything is
possible, as it signifies the importance of dreaming
big, being different & persistent, never say never
spirit, long range planning and execution, risk
mitigation and ability to think & innovate at critical
movements are truly inspirational. These qualities
are important for professional success too. Once
again congratulations to the entire nation on this
historic achievement.
Jai Hind, Jai ICAI !
CA. Aniket Sunil Talati
President, ICAI
29th August, 2023
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