Finance and Corporate Affairs Minister Nirmala Sitharaman on Thursday asked chartered accountants to embrace technology, in a big way, in their professional working, noting that such an endeavour would yield them huge productivity gains in their functioning.

“Productivity gains that you will get out of adapting technology is something that is unique and it can be felt only when you get it.

Only when you do it, use it and adapt it, you will realise how much of a change it can bring towards greater productivity”, Sitharaman said at the inaugural session of National CA Conference titled “Sambhavna: CA profession in Digital era” at Bhubaneswar.

Sitharaman also urged Chartered Accountants to familiarise themselves on the global developments in newer areas like carbon accounting, CSR accounting and Environment, Social and Governance (ESG). A good handle on the expectations on these newer areas are critical for CAs to better advise their clients in these matters, she said. 

Whether it be for say negotiating for transfer of technology or negotiating for partnerships or for raising funds, a good understanding of the newer areas are critical these days, she noted. 

“In each one of these areas, you will have to set up best practices and take steps on best efforts basis and eventually put that as template”, Sitharaman said.

On the new CA course curriculum launched on July 1 this year, Sitharaman noted that it the new ICAI course is in line with the new national education policy. “Focus is now on how to learn than what to learn. The national education policy gives the creative instinct to learning”, she added. 

GLOBAL LEADERS 

 Sitharaman said that government was taking all possible efforts in encouraging chartered accountants to emerge as global leaders in their profession.

She cited the several mutual recognition agreements and MoUs being negotiated or already entered into with several countries. 

In particular, Sitharaman noted that India and the UK are now negotiating a free trade agreement and this could augur well for Indian CAs who would have lot to look forward to in working with their counterparts in England. 

She also urged ICAI to leverage the existing MoUs with Australia, New Zealand, Ireland, Canada, Malaysia, UAE, Saudi Arabia, Qatar, Bahrain, Oman and South Africa.

“You (ICAI) must build on the success of World Congress of accountants held in Mumbai in November 2022 and try to forge greater collaboration (with external accounting bodies)”, Sitharaman added.

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