MUSEUM OF CA INSTITUTE

The Indian Institute of Chartered Accountants of India (ICAI) is on mission to preserve and share what most would not normally associate with the CA profession - heritage.


By this November, ICAI will inaugurate the country's first museum that traces the evolution of chartered accountancy in India.



Historic press clippings, photographs, rare documents and video clippings are some of things through which the institute hopes to illustrate the past.



"The initial idea was to start a museum dedicated just to ICAI, which is celebrating its diamond jubilee this year It was while working on this idea that we decided to look at the bigger picture. This museum will trace the journey of accountancy in the country right from the rudimentary stages. That is when Chanakya spoke of economy and made references to accounting," said ICAI president Ved Jain.



"A lot of the material from 1913 onwards will be easily available from the institute as well as people who have been associated with ICAI. We have, for example, managed to procure a photograph of the East India Company's first balance sheet that dates all the way back to the early 1700s," informed Vijay Kapur, director, ICAI.



The apex accounting body is also going to set up its 21st chapter in Singapore to provide forum for the members of the institute working there to interact and keep themselves abreast with the developments in the field of accounting.



That apart, ICAI has formulated a 75hour certificate course on International Financial Reporting Standards, which will provide in-depth education and training to professionals. The course will be launched in September



Source: Ritika Chopra Hindustan Times



By Sumit Kumar, Section ICAI News
 
NOTE :::
 
Attention of members are invited that it has been decided to have a museum of the Institute which can enable students and members to explore collections for inspiration, learning and enjoyment. You are therefore requested to provide any such item, viz., historic press clippings, mementoes, any document whose heritage needs to be shared with others, classic photographs and ancient paintings related to the Institute and the profession, handicrafts having any link with the culture heritage of our Institute, stamps, video shoots, posters etc, or an item which according to you may be preserved and displayed in the said museum for the inspiration of our coming generations.








In case the material to be sent is delicate/bulky and, thus, needs extra care, you may inform us and the suitable arrangement for collecting the same shall be made.







- President,ICAI

ISSUANCE OF EXPOSURE DRAFT OF REVISED AS 3

In its endeavors of converging with IASs/IFRSs, the Institute of Chartered Accountants of India (ICAI) has issued an exposure draft of revised Accounting Standard (AS) 3, Statement of Cash Flows on the lines of corresponding IAS 7 for public comments. The last date of sending comments is November 10, 2008. The exposure draft of revised AS 3 contains more disclosure requirements as compared to the existing AS 3, Cash Flow Statements and contains specific treatment for various items, such as, bank overdrafts, cash flows from changes in interests in a subsidiary that do not result in a loss of control, etc. for which the existing AS 3 does not provide for any specific treatment. The draft also differs from IAS 7 in that it removes the alternative to classify the interest paid, interest and dividends received, and dividends paid as an item of operating activity, which is the position in the existing AS 3. It may be noted that in spite of the afore-mentioned differences with IAS 7, the standard would still be considered as converged as the IASB permits removal of alternatives. The exposure draft is being hosted on the website of the Institute for public information.

Commencment of 1st IFRS CERTIFICATE COURSE in Mumbai

Dear Sir/Madam,

We are very pleased to inform your that 1st IFRS Certificate Course launched by The Institute of Chartered Accountants of India is scheduled in Mumbai from 29th Novermber, 2008 of which details are mentioned below:

Duration of Course :80 Hours consisting of 40 Hours of E-Learning40 Hours of Class Room teaching

Class Timings : 11 A.M. to 5 P.M.(inclusive lunch break)

Days of Class Room : Saturday & Sunday (5 Hours each)

Venue 70 C, Nehru Road,Adjacent to Domestic Airport,Vile Parle (EastMumbai-400099 ),

Thanks & Regards

CA. Karuna BhansaliNodal OfficerIFRS Certificate Course