From The Economic Times · Twesh Mishra · · 1m 20s
India's accounting firms get a growth blueprint
ICAI is pushing major reforms to help domestic accounting firms scale up and compete globally.
In brief
ICAI is pushing major reforms to help domestic accounting firms scale up and compete globally. India's accounting regulator is preparing sweeping reforms within two months to allow larger firm networks, multidisciplinary partnerships, and capital infusion, aiming to help domestic firms compete internationally…
ICAI plans major accounting reforms
India's accounting regulator will propose changes within two months to allow larger accounting firms, capital infusion, and aggregation structures to help domestic firms scale up and compete globally.
Deregulation of non-assurance services
The proposals include amending the Chartered Accountants Act to deregulate non-assurance services, giving accountants greater flexibility in consultancy and advisory work.
Multidisciplinary networks coming
ICAI will revise its 2021 networking guidelines to allow networks to include company secretaries, cost accountants, advocates, engineers, architects, and actuaries alongside chartered accountants.
Corporate practice guidelines updated
ICAI will revise 2006 guidelines to allow company secretaries, cost accountants, actuaries, engineers, architects, lawyers, and management professionals to participate in corporate practice structures.
CA Setu digital platform launches
ICAI is building a digital platform called CA Setu to connect chartered accountants and firms with opportunities for mergers, networking, aggregation, referrals, and specialisation.
Government backing for tech and capital
ICAI is seeking formal recognition for aggregation structures, infrastructure support, capital infusion for firms, and removal of barriers for government consulting work. Technology enablement should be a national priority.
The big picture
India's accounting regulator is preparing sweeping reforms within two months to allow larger firm networks, multidisciplinary partnerships, and capital infusion, aiming to help domestic firms compete internationally.
