Presentation on Committee on Presentation on Committee on Public Finance and Government Public Finance and Government

AccountingAccounting

The Institute of Chartered Accountants of India

(Set up by an Act of Parliament by the Chartered Accountant Act, 1949)

ICAI will leverage technology and infrastructure and partner with its stakeholders to:

Impart world class education, training and professional development opportunities to create global professionals

Develop an independent and transparent regulatory mechanism that keeps pace with the changing times

Ensure adherence to the highest ethical standards Conduct cutting edge research and development in the

areas of accounting, assurance, taxation, finance and business advisory services

Establish ICAI members and firms as Indian multinational service providers.

The ICAI MissionThe ICAI Mission

FunctionsFunctions

Education and Examination of Accountancy Regulation of the Profession of Accountancy Enhancing the level of Accounting and Financial Reporting

Prescription of Auditing and Assurance Standards Continuing Professional Education Financial Report review Monitoring quality through Peer Review Conducting Post Qualification Courses

Exercise Disciplinary Jurisdiction Input on Policy matters to Government, Regulators, etc.

The ICAI The ICAI Second Largest Accounting Body Second Largest Accounting Body

WorldwideWorldwide

The ICAI's NetworkThe ICAI's Network

* * Organizational Organizational - Regional Offices 5

- Decentralized 13

Offices

- Branches 146

- Overseas Chapters 21

** Membership Membership- 2,26,551 members

- 48% members in practice

* Students* Students- 10,00,000 approx. students

“I am happy to note that various initiatives taken by ICAI to play a greater role in economic development and to uphold public confidence. The profession has moved much beyond performing merely accountancy functions, and has been contributing by giving inputs to the Government and various regulators in the areas of financial markets, taxation, corporate laws, economic laws, banking, insurance, reforms in the government accounting and has truly added value to the process of economic and social development in the country.. With the formulation of Indian Accounting Standards which are IFRS compliant, the India has got a definite edge over the countries of the world, because everyone recognizes your talent in this profession”.

Shri Pranab Mukherjee, Shri Pranab Mukherjee, President of India, 2013President of India, 2013

• Comptroller and Auditor General of India• Central Board of Direct taxes• Central Board of Excise & Custom• Securities & Exchange Board of India• Department Of Central & State Government.• Insurance Regulatory Development Authority • Ministry of Corporate Affairs, Govt. of India• Reserve Bank of India

Provides input to: Provides input to:

The ICAI- Major role in The ICAI- Major role in National PerspectiveNational Perspective

The Committee has been constituted to extend professional excellence of Chartered Accountants in the area of Public Finance and Government Accounting.

It is one of the technical Committee of ICAI.

The Committee is focusing not only in the areas of financial reporting, accounting and auditing but is also laying emphasis on issues on Public Finance and Government Accounting and is thus striving to create resources/outcomes of utility to society at large.

The Committee assist in developing robust mechanism for channelizing adequate resources to ensure appropriate sectoral allocation for inclusive growth and economic development.

Strives to provide awareness about the benefits and necessity of accounting reforms in Government sector.

Brief on Committee on Public Brief on Committee on Public Finance and Government Finance and Government

AccountingAccounting

The principal objectives of the Committee interalia includes to review, analyze, recommend measures and assist Centre and State Government, Civic Bodies and PSU’s in:

Policy Assessment, Planning and Execution

Public Finance Structure to develop a robust mechanism for channelising adequate resources towards inclusive growth and economic development.

Technical support in fostering economic reforms.

Accordingly, the Committee has functional focus on different policies and developmental schemes at Central & State Level.

The Committee also undertakes and organizes training programmes, seminars, and workshops for Government Offices, bureaucrats and persons involved in machinery of public delivery system.

Principal objectives of Committee on Principal objectives of Committee on Public Finance and Government Public Finance and Government

AccountingAccounting

 

To review, analyze, assist, recommend and suggest measures to the Local, State & Central Government, Public Sector Undertakings and other organizations in the areas of :

Reforms in Government accounting system to ensure proper utilization and control over public finance.

Maximizing utility of public funds in order to augment and vitalize the economic growth and benefits to the end beneficiaries.

Framework for public private partnership, e-governance, sustainability development etc.

Broadening the tax base and increasing tax mobilization.

Fiscal policy, public revenue & expenditure, public debt, allocation of resources, distribution of income & wealth for economic stabilization.

Thrust areas of the Thrust areas of the CommitteeCommittee

Cont…

 

Thrust areas of the Thrust areas of the CommitteeCommittee

To form taskforce as required at Regional / State level.

To interact with:IFAC/ CAPA/ SAFAUniversities, research and training institutesUNO, World Bank, ADB, Ford Foundation, Canadian International Development Agency, DFID and other funding and professional institutions

to forge linkages within and outside the country for undertaking collaborative research and exchange of information and publications.

Conduct research relating to aspects of public finance as may relate to broader economic and fiscal policies.

 

Our Core CompetenciesOur Core Competencies

Cont….

TRAINING PROGRAMMES FOR THE OFFICIALS OF TRAINING PROGRAMMES FOR THE OFFICIALS OF VARIOUS GOVERNMENT ORGANISATIONSVARIOUS GOVERNMENT ORGANISATIONS

ADVISORYADVISORY

INPUTS ON ACCRUAL ACCOUNTINGINPUTS ON ACCRUAL ACCOUNTING

SYNERGIES WITH VARIOUS GOVERNMENT BODIES &

REGULATORS

Cont….

TRAINING PROGRAMMES FOR THE TRAINING PROGRAMMES FOR THE OFFICIALS OF VARIOUS GOVERNMENT OFFICIALS OF VARIOUS GOVERNMENT

ORGANISATIONSORGANISATIONS Joint State Summit with Centre for Taxation Studies, Joint State Summit with Centre for Taxation Studies, Govt. of KeralaGovt. of Kerala

Officials of the Dept. of PE, Officials of the Dept. of PE, Ministry of Heavy Industries & Public Ministry of Heavy Industries & Public

EnterprisesEnterprises

VAT officials of Trade & Taxes Department of VAT officials of Trade & Taxes Department of Government of DelhiGovernment of Delhi

Senior officers of Senior officers of C&AG of India C&AG of India

Officers of Superintendent of taxes, Officers of Superintendent of taxes, Govt. of MizoramGovt. of Mizoram

Officials of Survey of India, Officers of Public Enterprises Department, Officials of Survey of India, Officers of Public Enterprises Department, Govt. Govt.

of Assam of Assam and Officials of Finance Dept., and Officials of Finance Dept., Govt. of Tamil NaduGovt. of Tamil Nadu

State level Public Enterprises (SLPES) of State level Public Enterprises (SLPES) of Andhra Pradesh/ Madhya Andhra Pradesh/ Madhya

Pradesh/ Himachal Pradesh/ KarnatakaPradesh/ Himachal Pradesh/ Karnataka

Panchayat SecretariesPanchayat Secretaries

Autonomous Bodies...Autonomous Bodies...

Cont….

ADVISORYADVISORY Technical inputs provided to C&AG, CGA, RBI, SEBI, CBDT, CBEC, IRDA Technical inputs provided to C&AG, CGA, RBI, SEBI, CBDT, CBEC, IRDA

etc… etc…

Observation Report on Convergence of Resources of the State Meghalaya Observation Report on Convergence of Resources of the State Meghalaya

Offered ICAI services on Tax Administration Reform Commission. Offered ICAI services on Tax Administration Reform Commission.

Expert Group advisory to Dept. of Public Enterprise, Govt. of India on The Expert Group advisory to Dept. of Public Enterprise, Govt. of India on The

Revised Schedule-VI under the Companies Act.Revised Schedule-VI under the Companies Act.

Spearheaded XBRL revolution in the country with active participation of Spearheaded XBRL revolution in the country with active participation of

Ministry of Corporate Affairs (MCA), SEBI, IRDA and RBI. Ministry of Corporate Affairs (MCA), SEBI, IRDA and RBI.

Submitted the inputs to Ministry of Finance, Govt. of India on the Economic Submitted the inputs to Ministry of Finance, Govt. of India on the Economic

Survey 2012-13.Survey 2012-13.

Nodal agency for facilitating wide dissemination of converged accounting Nodal agency for facilitating wide dissemination of converged accounting

standards.standards.

Implementation of an Accrual Based Double Entry Accounting System in Implementation of an Accrual Based Double Entry Accounting System in

Kerala State Insurance Department (KSID)... Kerala State Insurance Department (KSID)...

INPUTS ON ACCRUAL ACCOUNTING

Staff in the Postal Accounts Offices on PAN India basisStaff in the Postal Accounts Offices on PAN India basis

Officials of Municipal Corporation Greater MumbaiOfficials of Municipal Corporation Greater Mumbai

Govt. officials of UT of LakshadweepGovt. officials of UT of Lakshadweep

Officials of Agartala Muncipal Council, TripuraOfficials of Agartala Muncipal Council, Tripura

Officials of Kohima and Dimapur Muncipal Council, NagalandOfficials of Kohima and Dimapur Muncipal Council, Nagaland

Officials of Finance Department, Govt. of MizoramOfficials of Finance Department, Govt. of Mizoram

Officials of Employees of State Insurance Corporation (ESIC)Officials of Employees of State Insurance Corporation (ESIC)

Officials of Survey of India, Hyderabad...Officials of Survey of India, Hyderabad...

Provided to: Provided to:

Cont….

AREAS WHERE ICAI CAN AREAS WHERE ICAI CAN

WORK TOGETHERWORK TOGETHER Help to make less dependent on budgetary resources by studying present Help to make less dependent on budgetary resources by studying present

avenues of resource mobilization.avenues of resource mobilization.

To introduce systems for Outcome based Budgeting through pilot basis.To introduce systems for Outcome based Budgeting through pilot basis.

Research and Development in Public Finance and Government Accounting Research and Development in Public Finance and Government Accounting

System to ensure proper utilization and control over Public Finance.System to ensure proper utilization and control over Public Finance.

To provide Technical inputs to the Central, State & Local Government in the To provide Technical inputs to the Central, State & Local Government in the

areas of Policy assessment, planning and execution in public finance.areas of Policy assessment, planning and execution in public finance.

Collaboration with Comptroller & Auditor General of India (CAG), Controller Collaboration with Comptroller & Auditor General of India (CAG), Controller

General of Accounts (CGA) and various Ministries for developing a General of Accounts (CGA) and various Ministries for developing a

mechanism of improving the Government Accounting System.mechanism of improving the Government Accounting System.

Cont….

AREAS WHERE ICAI CAN AREAS WHERE ICAI CAN

WORK TOGETHERWORK TOGETHER To assist the government in reorganizing the department/ministry of public To assist the government in reorganizing the department/ministry of public

enterprises to make it an effective instrument of PSE monitoring and control.enterprises to make it an effective instrument of PSE monitoring and control.

Enhancing the accountability and transparency in public service delivery Enhancing the accountability and transparency in public service delivery

mechanism.mechanism.

To explore the possibility of entering into Memorandum of Understanding To explore the possibility of entering into Memorandum of Understanding

(MoUs) with different government departments for capacity building of these (MoUs) with different government departments for capacity building of these

departments to carry out accounting reforms.departments to carry out accounting reforms.

To undertake and organize training programmes, Seminars, Workshops and To undertake and organize training programmes, Seminars, Workshops and

Summits and harnessing technology to deliver better services through Summits and harnessing technology to deliver better services through

Webcasts, Video Lectures to enhance understanding of issues concerning Webcasts, Video Lectures to enhance understanding of issues concerning

Public Finance & Government Accounting.Public Finance & Government Accounting.

AREAS WHERE ICAI CAN AREAS WHERE ICAI CAN

WORK TOGETHERWORK TOGETHER To suggest checks and balances for monitoring periodical review/ audit of end To suggest checks and balances for monitoring periodical review/ audit of end

use of funds.use of funds.

Enhancing the role of members of the Institute of Chartered Accountants of Enhancing the role of members of the Institute of Chartered Accountants of

India in Public Finance and Government Accounting.India in Public Finance and Government Accounting.

Help in developing strategies to control operations and maintenance Help in developing strategies to control operations and maintenance

expenditure in key departments.expenditure in key departments.

To help in Budgetary Control Framework.To help in Budgetary Control Framework.

To help in development of Accounting Manual.To help in development of Accounting Manual.

To help in Reforms and Control over Public Finance Studies.To help in Reforms and Control over Public Finance Studies.

To help in Conversion from Cash to Accrual Accounting.To help in Conversion from Cash to Accrual Accounting.

The Institute of Chartered Accountants of India(Set up by an Act of Parliament)

Secretariat,Committee on Public Finance and Government AccountingICAI Bhawan , A-29, Sector 62, Noida, Uttar Pradesh-201309Website: www.icai.org, E-mail id: pfc@icai.in, cpf_ga@icai.inPh.No.: 0120-3045950/ 3045968