Increasing collaboration with international accounting bodies
will be a key focus for the Institute of Chartered Accountants of
India (ICAI) this year, according to its president.

Ved Jain, who replaced Sunil Talati at the helm of the ICAI last
month, said strategic co-operation with international accounting
organisations was one of the main agenda items. There has been
ample evidence of this in recent months as the ICAI has held talks
with bodies from France, Japan and Afghanistan.

Last month, the ICAI hosted the presidents of the two French
accounting institutes, the Conseil Supérieur de l’Ordre des
Experts-Comptables and the Compagnie Nationale des Commissaires au
Comptes, and the president of European Federation of Accountants
(Fédération des Experts Comptables Européens) at a summit in Delhi.
The institutes agreed to consult each other on areas of mutual
interest in regard to IFRS, auditing and assurance standards and
ethical standards. They will hold further consultations before
responding to future exposure drafts on standards issued by
International Accounting Standards Board (IASB) and the
International Auditing and Assurance Standards Board to provide a
united position.

Strengthening ties

The accounting bodies will also look at mutual recognition of each
other’s respective qualifications with a view to allowing
accountants to work in both jurisdictions. Jain said the process of
evaluating the respective qualifications was at an informal stage
but there was the intention to work towards a formal agreement by
the end of the year.

The ICAI has also held talks on mutual recognition of
qualifications with the Institute of Chartered Accountants in
England and Wales and the State Authorised Public Accountants in
Denmark. Talks with the Canadian Institute of Chartered Accountants
and institutes in Singapore and Australia have also been held. This
month, the ICAI has discussed the adoption of IFRS with the
Accounting Standards Board of Japan.