On Plenary Session - Chief Value Officers: Championing an Integrated Mindset to Drive Sustainable Value Creation

The session on ‘Championing an Integrated Mindset to Drive Sustainable Value Creation’ was an insightful session bringing to the fore the critical role of the CFO/Finance function in creating a successful sustainable value creation model for businesses. The paradigm shift is quite apparent from the deliberations – they have the access, tools, knowledge, and position to move the needle. The basic essence is to connect Performance with Purpose through apt policies, procedures, KPIs and last but not the least an apt disclosure framework addressing stakeholder expectations.

On Session C2 - Technology and the Future 

The changing role from Accountant to Business Advisor is driven by the latest cloud enabled technologies like automation, analytics, ML, AI & blockchain bringing a rapid transformation in the accounting profession focusing more on productivity optimisation, making continuous accounting a reality and enabling accountants to pursue more logically invigorating tasks.

On Session C1 - Public Sector Priorities: Trust, Sustainability and Accountability 

Public trust in the Government is crucial to sustainable development and growth of the economy. Efficient public financial management based on a standards-based approach can play an important role in accountable governance. Public Sector accounts and Audit professionals through collaborative working models with the Private Sector can help improve such systems leading to improved transparency. Further, adoption of smart and innovative digital systems that are based on continuous improvement concepts will not only lead to improved trust, governance and accountability but will also improve overall efficiencies and outcomes”

On Session B1- Understanding Capital Market for Wealth Creation

India is the fastest growing economy. The GDP of some of the states like Maharashtra is around the same as India's, a few years back. For the first time in Indian history, India’s inflation is lower than that of America’s. India has improved its Debt-to-GDP ratio during the crisis. The country has the potential to become a global leader and its journey has just begun.

On session S9 - Taxation Landscape in India

The point on - Denial of the input tax credit to the assessee in case of non-payment of tax to the Government by the supplier, raised by Mr. R. Bupathy, is a burning issue for the industry and as pointed out by Mr. Rajendra Kumar, various representations have been made by the ICAI and the industry to address this issue. This provision has also been challenged in various courts, where it is pending. The industry would hope for a resolution to this important issue.

S10 - Taxation in the New Global Era

Mr. Arvind Datar made some thought provoking points about the need to develop a common global framework of indirect taxes for achieving uniformity in legal provisions and determining indirect tax allocation, similar to direct taxes. In a digital world, there is a need for proper allocation of rights to levy indirect taxes and a common legal framework to avoid double taxation or double non-taxation of a transaction. It would be a right time to commence a discussion on such concepts at a policy level by organisations such as OECD.

On session S8 - Igniting Innovation in Global Professional Landscape

The time has come to unleash the hidden talent and potential of our small and medium practitioners (SMP) and make them accessible to the world. Necessary platforms can be provided to this talent pool first to enhance their quality and ensure consistency and second to help them in their global reach. SMPs are the first choice of the SMC sector not only in India but globally. This will also help bridge the current mismatch between what larger firms are offering to SMCs and what SMCs are looking for besides addressing affordability.

On Session S11 - ICAI – Robust Regulatory Framework

ICAI is regulating various aspects. Unique Identification Number which is initiated as a document identification number, and which can be independently verified by third party is indeed a unique innovation. Reviews conducted by the peer review board to set the standards high is indeed a strong regulation. Quality framework on audit quality maturity model AQMM which is recently developed which is going to be implemented by ICAI from April 2023 is again a very distinctive initiative to regulate quality. In summary ICAI is putting into place a Robust Regulatory Framework!!

On session S9 - Taxation Landscape in India

To tax or not tax isn’t the question anymore! How and when, is what really needs an answer in today’s highly digital global economy. With the world coming together and building consensus against anti-evasion, the success of a decade long exercise around BEPS seems in sight. As the OECD & G20 work to build consensus on the complex specifics of Pillar 1 and Pillar 2, the struggle really is ‘does one size fit all?’ or will the propositions build another dimension of complexities. All said, exciting times ahead in the domain of international taxation.

S10 - Taxation in the New Global Era

As the globe evolves with the evolving business space, the questions around tax evolve too. In the last decade, the globe has seen Digital tax, Carbon tax, Crypto tax, Global minimum tax and many other tax reforms and policy changes. The conflict however continues to remain between creating social equity, promoting economic equality, simplifying legislation, enhancing compliance and retaining sovereignty. Tax is definitely becoming a more taxing topic, in the era of digitalisation and globalisation.

On Session S6 -Technology, Innovation & Entrepreneurship

Deep technology knowledge is important to move away from commodity businesses and have a higher per-capita income in the economy. We must innovate actively to remain in long term balance with technologically developed countries. Entrepreneurs can help build innovative products & services, create opportunities across the country and build higher value through the economy

On Session S7 - Enhancing the Startup Eco System

Shri Suresh Prabhuji, former Union Minister and MP explained the importance of an ecosystem for continued growth and development of start-ups. Linking the origination of the word to ecology, he highlighted the importance of each wheel of the ecosystem working in tandem and emphasised on the funding wheel to continue churning funds to good start-ups even in today's difficult economic times and tightening liquidity. Stressing on the development of an ecosystem and using it for solving critical socio-economic problems of the world, he highlighted how the ecosystem can play a role in identifying the problems and then leverage entrepreneurs to come with sustainable solutions and in the process create sustainable business ideas for start-ups. While the world tracks successful start-ups, it is important for the ecosystem to understand the reasons for failures of other start-ups and pass on that knowledge to ensure reduction in failure rates.

On Plenary Session - Accountancy Profession: Partner in Nation Building

The ICAI developed universally accepted standards which are reaping fruits today and have been instrumental in imbibing confidence amongst the investor lot, thereby building the nation. But the question is, how do we improve further? which is important in today’s day and age. Audit quality must meet the expectations of stakeholders; therefore, it will make sense to debate the role of statutory auditors in fraud reporting through Concept of crowd sourcing… said the NFRA Chairperson. It may be noted that only 4% of frauds get picked up by statutory auditors.

The use of contemporary audit tools such as data research and analysis tools, third party confirmation through technology has to be considered to strengthen the hands of the auditors. This will help meet the expectation gaps.

On Session S4 - Future of Accounting

Accountants have a key role to play in our evolving economy. It is pivotal that we embrace change, such as recognising the importance of Environment, Sustainability and Governance. This would be critical in attracting the best and the brightest talent to become a force for the good. Together, the accounting profession can build and shape the future of our growth and sustainability as a planet.

On Session S3 - Improving Global Competitiveness through Free Trade Zones

Free Trade Zones are dedicated zones - deemed foreign territories created for cross border movement of goods. They provide world class infrastructure to carry out the transportation of goods with duty exemption & tax incentives to optimize the overall cost of operations which helps build efficiencies and brings economic growth to the nation.

Free Trade Zones provide economies of scale to boost international trade and are set to attract investments.

On Session S2 – ICAI – A knowledge based National standard setter

The Eminent speakers have rightly pointed out that setting the Standards is an onerous responsibility as it has wider implications. In this emerging world, the necessity for setting up standards on topics of current importance like crypto accounting and guidance on cyber security have been well recognised. We further wait for new guidance in these areas.

On Session S5 ICAI – A world class Educator

With more than 7.5 lakhs students and 3.5 lakh members enrolled, ICAI’s job of educating and enriching people on a global curriculum is sharply cut out.  It holds various career counselling programs, has one of the world’s most robust system of examination, mandatory CPE programs post qualification, etc. Truly a lot goes behind in gaining and building the trust and confidence of the society at large.