opportunities for practicing chartered accountants
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opportunities for practicing chartered accountantsTRANSCRIPT
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Opportunities For Practicing Opportunities For Practicing Chartered AccountantsChartered Accountants
ByCA Mitil Chokshi
Chokshi & Chokshi* Global Approach
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WHAT DO YOU THINK??
WHAT DO YOU THINK??
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Opportunities Knocking At Our Door
IFRS ImplementationIT-enabled ServicesICAI’s Initiatives – Worldwide RecognitionFDIs Into SMEs – One Stop ShopStrategic Takeover of Firms In Emerging NationsInternational TrainingKnowledge Process OutsourcingGATS – A WTO Initiative
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IFRS Convergence
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International Financial Reporting Standards
NOW 100 COUNTRIESNOW 100 COUNTRIESBY 2011,
APPROX 150 COUNTRIES
BY 2011,APPROX 150 COUNTRIES
INDIAINDIA CHINACHINA
including
BRAZILBRAZIL KOREAKOREA
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IFRS Convergence – Indian Roadmap
Mitil Chokshi WIRC of ICAI 19/06/2010
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Phase I
NSE – Nifty 50NSE – Nifty 50
BSE – Sensex 30BSE – Sensex 30
Companies With
Net worth > Rs. 1000 Crores
Companies With
Net worth > Rs. 1000 Crores
01.04.201101.04.2011
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Phase II
Companies, whether listed or
not, with Net worth> Rs. 500
Cr. < Rs. 1000 Cr.
Companies, whether listed or
not, with Net worth> Rs. 500
Cr. < Rs. 1000 Cr.01.04.201301.04.2013
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Phase III
Companies, whether listed or
not, with Net worth
less than or equal to Rs. 500 Cr.
Companies, whether listed or
not, with Net worth
less than or equal to Rs. 500 Cr.
01.04.201401.04.2014
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Together We ExchangeProcess at a Glance
CLIENT INDIAN HELP DESK
REQUIREMENTS
ACCOUNTS BACKUP AND TRIAL BALANCE
ONSITE VALIDATION REQUEST
RESULT:
1. RESTATED BALANCE SHEET, NOTES TO ACCOUNT, ACCOUNTING POLICIES AS AT THE CUT OFF DATE
2. SIGNIFICANT DIFFERENCES BETWEEN THE LOCAL GAAP AND IFRS TO BE TAKEN CARE OF
IMPACT ANALYSIS
IMPACT ANALYSIS
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Together We Exchange
STAGE 1Onsite Prima Facie Presentations -
Key Impact Areas -
Assistance to be provided by
India Help Desk
STAGE 2India Help Desk Services – Solving
Questions On Call
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Together We Exchange
STAGE 3Data Transfer
STAGE 4Simulation
STAGE 5Preparation of Reconciliation Balance Sheet
Restatement of Opening Balance Sheet
Restatement of Profit & Loss Account
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Together We Exchange
STAGE 6Determine onsite reviews
for the client
STAGE 7Offsite restatement of
Financial Statements
Also,
Disclosures in regard to
IFRS, IAS, IFRIC & SIC
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TECHNOLOGY AFFECTS EVERY PROFESSION….
OURS ‘IS NO EXCEPTION
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IT-enabled Services
Information System Management & Control
Information System Evaluation
Information System Development & Design
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Information System Management &
Will the organization's computer systems be available for the business at all times when required?
Availability
Will the information in the systems be disclosed only to authorized users?
Confidentiality
Will the information provided by the system always be accurate, reliable, and timely?
Integrity
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Information System Evaluation
Evaluation of needs & decisions
Evaluation of requirements
Evaluation of procurement process
Evaluation of IS in use
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Using CAATs
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Why Use CAATs???
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Our Recognition Worldwide –ICAI’s Tie-ups Abroad
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ICAI’s Initiatives
MRAs with –Institute of Chartered Accountants in Australia
Institute of Certified General Accountants of Canada
Institute of Chartered Accountants In England & Wales
Indian CAs soon be able to practice in Australia, Canada & UK.
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ICAI’s Initiatives . . .
Sharing of professionalexpertise in –
NepalSrilankaOmanMongoliaDubaiDjibouti
Indian CAs already recognized in Mauritius.
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FDI Into SMEs
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One Stop ShopPotential Investor SME
Our Client Desk
Investment
Due diligence
Fund Require
ments
MARKET STUDY, STRATEGY &
PROJECTANALYSIS
MARKET STUDY, STRATEGY &
PROJECTANALYSIS
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Strategic Takeover of Firms In Emerging Nations
Emerging Countries – Undergoing Development In Accounting Profession;
Russia
Mongolia
Poland
USA
UAE
South Africa
Malaysia
Kenya.. etc..*
* Source – IFAC
Establishing global presence in terms of professional expertise
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International Training
Training sessions for ;
Strategic Planners
Analysts
Investment & Corporate Bankers
Professionals
On
IFRS
Transfer Pricing
Accounting & Finance
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Knowledge Process Outsourcing
Market AnalysisMarket Analysis
Restructuring Analysis
Restructuring Analysis
Investment Analysis
Investment Analysis
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WTO Initiative… Across The Globe..
GATS
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General Agreement On Trade In Services (GATS) – A WTO Initiative
The 1st & only set of multilateral rules covering international trade in services
Covers all internationally traded services except:
services provided in the exercise of Governmental Authority
services directly related to the exercise of Air Traffic Rights
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GATS – Global Agreement – 140 Economies
GATS’ Signatories – 140 WTO Member Governments including:IndiaJapanChinaFrance GermanyGreeceMalaysiaUSAUKMauritius.. etc..
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GATS & Accountancy Services
Accountancy Services in context of GATS include;AccountingAuditing & Book-Keeping Services
GATS initiated the MRAs in accountancy sector –facilitating the movement of accountants services across borders
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India – An Attractive Location For Accountancy Services
Foreign Airlines, Banking & Finance Companies setting Accounting Head Quarters in India; e.g.,Swiss AirSingapore AirlinesLloydsCiti Bank
Indian Accountancy Professionals – Share their professional expertise across the globe
GATS
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GATS – Service Delivery
GATS
Mode 1:Cross Border Supply
Mode 2:Consumption Abroad
Mode 3:Commercial Presence
Mode 4:Movement of
Natural Persons
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The World Is In Our Hands…
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YOURYOUR
QUESTIONSQUESTIONS
PLEASE !!!PLEASE !!!
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