The Hindu Business Line : `CAs must gear up to assist SMEs'

CHARTERED accountants working in the industry will be required to undergo a minimum of 10 hours of learning under the Institute of Chartered Accountants of India (ICAI)'s Continuing Professional Education Programme to keep themselves abreast of the changing scenario in the present era of globalisation and liberalisation.This would be made mandatory for the members of the institute from January 1, according to Mr H.N. Motiwala, Chairman, Continuing Professional Education Committee (CPEC), ICAI. He said new opportunities are emerging and the members need to cope with the challenges. The need for learning is such that the period of learning under the institute's programme has been raised to 40 hours. To facilitate this, a decision has been taken to permit unstructured learning for 20 hours using e-mail etc, he said while delivering the inaugural address at the National Conference on Small And Medium Enterprises (SMEs) organised by CPEC and hosted by the Madurai branch of the Southern India Regional Council, ICAI.

He further said a decision had also been taken to liberalise the norms for the companies in accounting standards, based on three levels of turnover and borrowings. Companies with a turnover of Rs 50 crore/borrowings Rs 10 crore come under Level 1; those with a turnover of Rs 40 lakhs to Rs 50 crores/ borrowings between Rs 1 crore and Rs 10 crore come under Level 2 and those less than the above come under Level 3.

Special accounting standards followed in other countries are also being taken note of, he said. Earlier, Mr G. Ramasamy, Central Council Member, ICAI, New Delhi, in his theme address, said that all over the world SMEs depended on chartered accountants for various services. The globalisation process has brought both new opportunities and challenges to the profession. Risk management in enterprises has assumed more significance. With growth in technology, online dealings are becoming the order of the day in matters of taxation. The members are required to take a proactive role. They need to build new areas other than taxation. The role of independent directors is getting strengthened and the government is willing to accept certification by auditors. The SME Bill pending in the Parliament is likely to introduce changes, he said.

The Dindigul MP, Mr N.S.V. Chitthan, in his keynote address, said the well-being of the SMEs that occupied an important place in the country's economy, rested in the hands of chartered accountants and they should equip themselves well to assist SMEs in money, manpower and marketing management and motivate them to greater heights.

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