IFCAI prepares 'Vision Document 2021'

Unprecedented growth and a host of changes in the profession of chartered accountants (CA) has compelled the Institute of Chartered Accountants of India (ICAI) to revisit their vision document, 2011 and prepare 'Vision Document 2021'.

The Institute first prepared the vision document in 2001 for 2011. But as Sunil Talati, president, ICAI, puts it, unexpected growth in the profession has made ICAI ponder upon the changing interest of the stakeholders and growing expectations of the government and the society at large.

Since 2001, nature of this profession has somersaulted. "In 2001, as many as 60 per cent of the students passing the CA examination, were opting for practice and very few opted for employment in other companies. But since the last two years there is a complete reversal of trend. Around 85 per cent of these students are opting for employment in various companies," Talati said.

Though ICAI does not see this as a problem, it feels that more needs to be done to take care of the needs of those in employment, as well as those in practice.

"We are welcoming the change as it is not impacting the strength of our membership. Both members, in practice as well as employment, are doing well for themselves. By and large, we are encouraging the membership of the institute. If a CA has got a job and discontinues membership, certain disciplinary actions are taken against him. For instance, he is disallowed to use 'CA' before his name and so on," Talati added.

He further added, that till 2004, the annual intake of students was 2,00,000 which has now, within three years, has gone up to 4,00,000.

According to him, given the scheme of things and pace at which the profession is growing, the new vision document will focus primarily on the growth of both professionals in practice and in employment.

The previous document focused on the mandate of the institute, its role in building up the profession and developing it. The revised document would lay emphasis on the growing importance of India in the International Federation of Accountants (IFAC) and International Auditing and Assurance Standards Board (IAASB), and internal issues like managing the human resource (HR) policies of ICAI.

The document being prepared by the vision committee of ICAI will take about four months to take final shape. "The revised vision document, all in all, would state what ICAI would be 15 years from now,"Talati added.