The profession of chartered accountancy is facing stiff competition and chartered accountants need to upgrade their skills to face the emerging challenges. They must equip themselves to become global accounting professionals and ICAI must become a global accounting profession said Mr G. Ramaswamy, President, Institute of Chartered Accountants of India (ICAI).

Dedicating a new building at the ICAI Bhavan here recently, he said that ICAI has signed agreements with accounting firms in other countries such as England and there is a move to adopt an Indian version of the International Financial Reporting Standards (IFRS), principles-based standards, interpretations and the framework adopted by the International Accounting Standards Board.

While professional membership has exponentially increased, 90 per cent of the present members are into private employment with corporates or partnerships with a very few into public practice. Senior members should encourage the youngsters to take to public practice, he urged.

Mr K. Shanmukha Sundaram, Chairman of Southern Indian Regional Council, ICAI, said that the Institute has been focussing on creating infrastructure and IT facility in all branches across the country and working towards creating awareness about Chartered Accountancy.

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