The Hindu Business Line : ICAI plans panel to focus on public finances

New Delhi, Feb 5 The Institute of Chartered Accountants of India (ICAI) is set to play a larger advisory role in the fiscal affairs management of the State Governments across the country. This was indicated by the new ICAI President, Mr Ved Jain, here on Tuesday.

Plans are afoot to form a special committee on public finances and this committee is expected to focus attention on the State Government finances. Mr Jain told a press conference soon after taking charge as President of the ICAI.

“We will also do extensive research on public finance issues like goods and service tax and make our policy input to the Governments”, he said.

The ICAI also plans to sometime next month submit a report to the Union Finance Minister, Mr P. Chidambaram, detailing the steps that could be taken to improve the format as well as content of the outcome budgets prepared by the various ministries of the Central Government.

On mutual recognition of qualification, he said that there is “some possibility” of agreements with countries such as the UK, Canada and Australia in the coming year. He, however, noted that caution has to be exercised to ensure that the reciprocity element was not diluted under such arrangements.

Meanwhile, Mr Uttam Prakash Aggarwal was elected as the Vice-President of the ICAI here today.

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