61365annualreport Icai 2019 20 English

128 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.
4]
THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA

(Set up by an Act of Parliament)
NOTIFICATION
New Delhi, the 30th September, 2020
No. 1-CA(5)/71/2020.—In pursuance of sub-Section (5B) of Section 18 of the Chartered
Accountants Act, 1949, a copy of the audited accounts and the Report of Council of the Institute of
Chartered Accountants of India (ICAI) for the year ended 31 st March 2020 is hereby published for general
information.
71st Annual Report
The Council of ICAI takes immense pleasure in presenting its 71st Annual Report for the year ended 31st
March 2020. Since the inception of the Institute on 1st July 1949 by an Act of Parliament, the Chartered
Accountancy profession has grown tremendously. Founded with about 1,700 members, the Institute has
307238 members as on 31st March, 2020. The Report highlights the important activities of the Council and
its various Committees during the year 2019-2020, besides the accounts of the Institute for the year ended
on 31st March 2020. The Council also takes this opportunity to submit in this Report major initiatives,
important events, statistical data relating to members, students, details of seminars, conference, workshop,
training programmes organised during the period upto early July 2020. The Council acclaims its members
and students for the respect which the Chartered Accountancy profession commands today in the society.
This has been achieved through excellence, independence and integrity displayed by the members and
students all along.
1. THE COUNCIL
The twenty-fourth Council was constituted on 12th February 2019 for a period of three years. It comprises
of 32 elected members and 8 members nominated by the Central Government. Composition of the 24 th
Council is shown separately.
2. COMMITTEES OF THE COUNCIL
The Council, in terms of Section 17 of the Chartered Accountants Act, 1949 constituted; on 12 th February
2020; various Standing and Non-Standing Committees/Boards and Groups to deal with the matters
concerning the profession of Chartered Accountancy. During the year ended 31st March 2020, 281
meetings of various Standing and Non-Standing Committees / Boards and Groups of the Council were held.
3. AUDITORS
M/s Ravi Rajan & Co LLP & M/s Shah Gupta & Co. were the joint auditors of ICAI for the financial year
2019-20.
4. STANDING COMMITTEE
4.1 Executive Committee
Executive Committee is one of the Standing Committees of the Council of ICAI. The functions of this
Committee have been prescribed under the Regulation 175 of Chartered Accountants Regulations, 1988.
Some of these functions are relating to articled and audit assistants and enrolment, removal, restoration of
members from the Register, cancellation of certificate of practice, permission to engage in any other
business or occupation other than profession of accountancy. Executive Committee is also the custodian of
the property, assets and funds of the Institute beside maintenance of the Institute‘s offices.
4.2 Finance Committee
Finance Committee introduced vide the Chartered Accountants (Amendment) Act, 2006, controls,
implements and supervises, inter alia, the activities related with and incidental to maintenance of true and
correct accounts, formulation of annual budget, of the funds, and disbursements from the funds for
expenditure – both revenue and capital.
4.3 Examination Committee
Examination Committee performs all functions of the Council relating to examinations. The Committee
conducted the Chartered Accountants Foundation, Intermediate, Intermediate (IPC) and the Final (existing
and Revised) Examinations smoothly all over the Country and abroad. Details of the examinations
conducted during the period under report are given below:
May 2019 Examinations-The Chartered Accountants Foundation, Intermediate, Intermediate (IPC) and
the Final (Old and New) Examinations were smoothly conducted all over the country and abroad in 479
centres from 2nd May to 17th May, 2019. The total numbers of candidates, who appeared in the said
Foundation, Intermediate, Intermediate (IPC) and the Final (Old and New) and passed, were as follows:
[भाग III—खण्‍ड‍4] भारत‍का‍राजपत्र‍:‍असाधारण‍ 129
Appeared and Passed Appeared and Passed Appeared and Passed Both
Group I only Group II only Groups/ Either of the Groups
Appeared Passed Appeared Passed Appeared Passed
Intermediate 45857 6716 73091 15932 17061 324
(IPC)
Intermediate 51755 9153 41350 13109 25794 4413
Final (Old) 25022 4610 36945 8762 15560 1187 (Both
Groups)
2729 (Either of
the Group)
Final (New) 8894 1500 6529 1146 11092 2313 (Both
Groups)
2101 (Either of
the Group)
November 2019 Examinations-The Chartered Accountants Foundation, Intermediate, Intermediate

(IPC) and the Final (Old and New) were smoothly conducted all over the country and abroad in 504 centres
from 1st to 18th November, 2019. The total numbers of candidates, who appeared in the said Foundation,
Intermediate, Intermediate (IPC) and the Final (Existing and Revised) and passed, were as follows:
Appeared and Passed Appeared and Passed Appeared and Passed Both
Group I only Group II only Groups/ Either of the Groups
Appeared Passed Appeared Passed Appeared Passed
Intermediate 30571 3695 54489 10952 10678 164
(IPC)
Intermediate 69886 15719 45449 8122 31856 4578
Final (Old) 27409 7384 37589 8679 8021 817
Final (New) 27861 4830 26972 7593 15003 2268
Appeared Passed
Foundation Examination, May 2019 30971 5753
Foundation Examination, November 2019 87084 30563
Besides the above, the Common Proficiency Test [CPT] was held successfully on June 16th, 2019 across the
country and abroad at 250 examination centres respectively. The total numbers of candidates who
appeared and passed in the CPT are as under:
Appeared Passed
th
CPT held on June 16 , 2019 20303 5764
During the year, Post Qualification Course in Information Systems Audit – Assessment Test (ISA –AT) was
held successfully on June 29th, 2019 all over the country in 63 Examination centres. Another Information
Systems Audit – Assessment Test was held successfully on December 28 th, 2019 all over the country in 66
examination centres.
The total numbers of candidates, who appeared in these examinations and passed, were as follows:
Appeared Passed
th
ISA – AT held on June 29 , 2019 3215 1038
th
ISA – AT held on December 28 , 2019 2785 1122
130 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
Insurance and Risk Management Technical Examination was held successfully in November, 2019 all over
the country. The total numbers of candidates, who appeared in these examinations and passed, were as
follows:
Appeared Passed
IRM – Technical Examination, Nov. 2019 49 21
International Taxation-Assessment Test (INTT-AT) for members was held successfully in May and
November, 2019. The total numbers of candidates, who appeared and passed in this examination, were as
follows:
Appeared Passed
INTT – AT held in May, 2019 297 76
INTT – AT held in November, 2019 185 44
The examinations of Post Qualification Courses in Management Accountancy Course (MAC) (Part-1),
Corporate Management Course (CMC) (Part-1), Tax Management Course (TMC) (Part-1), and International
Trade Laws and World Trade Organization (ITL & WTO) (Part-1), were also conducted in November, 2019.
During the year Advanced ICITSS were successfully conducted as per details given below:
Date of Test No. of Cities No. of Exam Centres No. of Students
03.03.2019 89 112 10105
27.04.2019 102 122 11030
17.05.2019 67 71 3570
28.07.2019 90 103 8656
01.09.2019 89 98 7300
06.10.2019 73 79 4277
20.10.2019 68 71 2705
05.01.2020 102 125 10737
16.02.2020 101 121 9568
The Institute has continuously been improving its Examination Process right from the question paper
setting stage upto declaration of results so that the integrity and sanctity of the examination system which
is well known for around seven decades, are maintained and further strengthened and developed.
The Institute‘s examinations test the conceptual understanding as well as practical application of each of
the topics covered in the CA curriculum so that the students could meet the expectations of the
stakeholders of the profession. By focusing on analytical abilities of the students and by avoiding
predictability of questions, Institute‘s examinations continue to ensure that those qualifying are well
groomed professionals.
Special Examination: Arising out of the Mutual Recognition Agreement / Memorandum of Understanding
entered with the foreign professional accounting body, the Special Examination for the members of The
Institute of Certified Public Accountants in Australia (CPA Australia) desirous of membership of ICAI were
successfully conducted from June 17th to 20th, 2019 in New Delhi.
Web-Interface on Students Exam Life Cycle Management:-
ICAI embarked on an integrated web-interface called Student Exam Life Cycle Management Project, wherin
CA students using a single user ID and password, can access various examination related services,
including application for duplicate marksheets / pass certificates/transcripts, change of
centre/medium/group, downloading admit cards, checking results, and applying for verification/seeking
certified copies of answer books post result etc. from exam to exam.
New Examination Centres:- With a view to facilitate students to appear in the examination centres as
nearer to their place of residence/ articled training as possible, new examination Centres were opened as
follows:
New examination centres for CA Foundation, Intermediate, Intermediate (IPC) and the Final (Old and New)
opened:
With effect from November 2019 examination onwards : examination centres were opened at Darbhanga
(Bihar), Davangere (Karnataka), Bahadurgarh (Haryana), Bulandshahr (Uttar Pradesh), Dibrugarh (Assam),
Jharsuguda (Odisha), Kadapa (Andhra Pradesh), Kancheepuram (Tamil Nadu), Kurukshetra (Haryana) and
Raniganj (West Bengal),
Further, examination centres at Ambikapur (Chhattisgarh), Raigarh (Chhattisgarh), Balotra (Rajasthan) and
Kalaburgi (Gulbarga) (Karnataka) were opened for Foundation Examinations only.
4.4 Disciplinary Directorate
The Disciplinary Directorate, the regulatory wing of ICAI, has been established to investigate into
matters of Professional and/or Other Misconduct alleged against members, received either in the form of a
―Formal Complaint in Form I‖ or through the ―Information‖ route as provided under the Chartered
Accountants (Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases),
Rules, 2007.
Under the disciplinary mechanism, a mandatory duty has been cast upon the Disciplinary
Directorate of ICAI to look into any alleged lapses/irregularities committed by its members across the
country so as to lay down a strong foundation of credibility to the future members joining the profession.
While, most of the members of the profession are providing selfless dedicated services through their
professional expertise and experience to the society and world at large, yet through its robust Disciplinary
mechanism there is a constant need to caution and to correct the negligible few who inadvertently fall on
the wrong side of the law.
In terms of the amendments made in the Chartered Accountants Act, 1949 in the year 2006, the
disciplinary mechanism of ICAI underwent certain important and path-breaking changes in the provisions
of procedures for conduct of disciplinary cases so as to speeden up the process of disposal of disciplinary
cases. Accordingly, as on date, the disciplinary mechanism functions through its two quasi-judicial arms
constituted as per the provisions of the Chartered Accountants (Amendment) Act, 2006 namely (i) Board of
Discipline (under Section 21A) and (ii) Disciplinary Committee (under Section 21B).
The disciplinary mechanism and the processes involved are designed in such a manner which
ensures transparency and thereby, enhances the confidence of the stakeholders and the public at large
and at the same time give fair and equitable justice to the members charged with allegations of
Professional and/or Other Misconduct.
During the current Council year 2020 - 2021, a new bench of the Disciplinary Committee has been
constituted and thus with the four Benches of the Disciplinary Committee i.e. Bench I, Bench II, Bench III
and Bench IV and the Board of Discipline, it is expected to have an expeditious disposal of cases under
enquiry apart from the consideration of the Prima Facie Opinion formed by the Director (Discipline). In
addition, the Disciplinary Committee under Section 21D headed by the President, ICAI has also been
constituted to look into any residual old cases that are/may be referred back by the Council.
The amendments relating to appearance of the parties/witnesses through video conferencing
before the Disciplinary Committee/Board of Discipline have already been made in the Chartered
Accountants (Procedures of Investigations of Professional and Other Misconduct and Conduct of Cases)
Rules, 2007. Thereafter, the meetings of Board of Discipline and Benches of Disciplinary Committee have
been held through video conferencing apart from the physical meetings.
(I) Salient initiatives/achievements during the current year:
 Constitution of an additional bench of the Disciplinary Committee under Section 21B of the
Chartered Accountants Act 1949 with a view to sustain the process of expeditious disposal of cases
under enquiry and consideration of the Prima Facie Opinions formed by the Director
(Discipline).Further, the nomination of Shri Arun Kumar, IAS (Retd.) and Ms. Nita Chowdhury, IAS
(Retd.) as Government Nominee to the Disciplinary Committee (Bench IV) for the term of three
years of 24th Council or till further Orders, whichever is earlier; has also been received.
 Initiation of E-hearings; resulting in saving the time and energies of the members of the Board of
Discipline/ Disciplinary Committee besides being economical. Out of the total 12 meetings of the
Disciplinary Committee held till 30th June 2020 during current council year i.e., 2020-21, 11 have
been held through Video Conferencing. Now, members of the Committees will not have to travel
to different places for hearing. Parties to the cases will also have an option to attend Board of
Discipline (BOD)/Disciplinary Committee (DC) hearing through Video Conferencing to be held at
respective Regional Offices.
 Hosting of the details of disciplinary cases decided by the Board of Discipline/Disciplinary

Committee as well as the cause list of cases on the website of the ICAI so as to create more
awareness among various stakeholders.
 A separate web portal for the Disciplinary Directorate has been developed and made live with all
relevant information at one place.
 Initiation of online training of the staff of the Disciplinary Directorate on technical and legal matters
to keep them abreast with the latest development in the area.
 Online mode of filing Complaints is now available on the official website of ICAI i.e. www.icai.org
as well as on separate portal of Disciplinary Directorate for which the link is https://disc.icai.org/
 Efforts are being made for automation of certain operations of Disciplinary Directorate of the
Institute.
(II) Board of Discipline (under Section 21A) of the Chartered Accountants Act, 1949
The Board of Discipline has been constituted by the Council of ICAI under Section 21A of the Chartered
Accountants Act, 1949 so as to look into matters of professional and other misconduct by members falling
under First Schedule to the Chartered Accountants Act, 1949 and/or cases wherein the members are held
prima facie NOT guilty of any misconduct by Director (Discipline).
During the year under review, the Board of Discipline held 36 meetings at various places across the country
including meetings through video conference. In these meetings, the Board concluded its enquiry in 119
cases, including cases which had been referred to it in previous years. The statistical break-up of the cases
decided by the Board of Discipline is given below :
Board of Discipline (under Section 21A)–Period from 1st April, 2019 to 30th June, 2020
Sl. No. Particulars No. of cases
a) No. of meetings of the Board of Discipline held during the aforesaid period 36
b) Number of Complaint/Information cases considered by the Board of Discipline 244

(under Section 21A) wherein prima facie opinion of the Director (Discipline)
was formed.*
c) Number of cases (Complaint/Information cases) in which enquiry was 119

completed by the Board of Discipline (including those cases, which were
referred to the Board of Discipline during the earlier years).
d) Number of cases (Complaint/Information) in which punishment has been 56

awarded by the Board of Discipline (including those cases, which were
referred to the Board of Discipline during the earlier years.
*including cases dealt with under Rule 6/12 of the Chartered Accountants (Procedure of Investigations of
Professional and Other Misconduct and Conduct of cases) Rule, 2007.
(III) Disciplinary Committee (under Section 21B) of the Chartered Accountants Act, 1949
The Disciplinary Committee has been constituted by the Council of ICAI under Section 21B of the Chartered
Accountants Act, 1949 so as to look into matters of professional misconduct by members which fall within
the purview of Second Schedule or both First and Second Schedules to the Chartered Accountants Act,
1949.
During the year under review, Disciplinary Committee held 55 meetings at venues in different parts across
the country including meetings through video conference. During the course of the aforesaid meetings,
the Committee concluded its enquiry in 300 cases, which included cases referred to it in previous years.
The statistical break-up of the cases decided by the Disciplinary Committee is given below:
Disciplinary Committee (under Section 21B) – Period from 1st April, 2019 to 30th June, 2020
Sl. No. Particulars No. of cases
a) No. of meetings of the Disciplinary Committee held during the 54
aforesaid period
b) Number of Complaint/Information cases considered by the 288
Disciplinary Committee (under Section 21B) wherein prima facie
opinion of the Director (Discipline) was formed.
c) Number of cases (Complaint/Information cases) in which enquiry was 300

completed by the Disciplinary Committee* (including those cases,
which were referred to the Disciplinary Committee during the earlier
years).
*including cases which have been referred
d) Number of cases (Complaint/Information) in which punishment has 78
been awarded by the Disciplinary Committee* (including those cases,
which were referred to the Disciplinary Committee during the earlier
years.
*including cases which have been referred
(IV) Disciplinary Committee under Section (21D)

The Disciplinary Committee functioning under the provisions of Section 21D of the Chartered Accountants
Act, 1949 conducts enquiry and submits its report to the Council in respect of residual cases pending prior
to the amendments made in the aforesaid Act in 2006. Since all the residual cases were already heard and
concluded by the Disciplinary Committee in 2018, during the year under review, no meeting of this
Committee was held.
Cases dealt with under the Old Disciplinary Mechanism [Section 21(D)]
Statistics of cases placed before the Council and the Disciplinary Committee during the period from 1 st
April, 2019 to 30th June, 2020 is given below.
Sl. No. Particulars No. of
cases
1. (i) Number of cases concluded by the Disciplinary Committee during the above Nil
period Nil
(ii) Meetings of the Disciplinary Committee under Section 21D held during the
aforesaid period
2. Number of reports of Disciplinary Committee considered by the Council 6*
(including reports of those cases in which hearings were concluded by the
Disciplinary Committee during the earlier years).
Out of the above
a) Number of cases in which Respondents have been found guilty under the First Nil
Schedule for affording an opportunity of hearing before the Council before
passing an order under Section 21(4) of the Chartered Accountants Act, 1949.
b) Number of cases in which Respondents have been found guilty under the 3
Second Schedule and/or other misconduct to be referred to High Courts under
3. Section 21(5) of the Chartered Accountants Act, 1949.
c) Number of cases in which Respondents have been found guilty under the First Nil
Schedule and the Second Schedule/other misconduct
d) Number of cases referred back to the Disciplinary Committee for further Nil
enquiry.
e) Number of cases in which Respondents have been found not guilty of any 3
misconduct.
4. Number of cases in which Orders passed under Section 21(4) in respect of the Nil
Respondents who were found guilty under the First Schedule.
5. Number of cases disposed of by the High Court under Section 21(6) 1

*Including a combined report in case of two Respondents.
5. TECHNICAL AND PROFESSIONAL DEVELOPMENT
5.1 Accounting Standards Board (ASB)
The Accounting Standards Board (ASB) was constituted by the ICAI in 1977 with a view to formulate
Accounting Standards to provide a sound, reliable and high-quality accounting and financial reporting
system and to harmonise the diverse accounting policies and practices in India. The ASB, since its
inception, has been constantly working in this direction by formulating new Accounting Standards as well
as revising the existing Accounting Standards from time to time with the objective to bring the Standards in
line with the International Accounting Standards (IAS)/ International Financial Reporting Standards (IFRS),
as issued by the International Accounting Standards Board (IASB). The ASB with a view to provide
guidance on the uniform applications of the Accounting Standards in increasingly complex business
environment, also issues various guidance material from time to time.
The following are the major activities initiated/completed by the Accounting Standards Board during the
year under Report:
(I) Upgrading Financial Reporting Standards:
Amendments / New Ind AS
 In order to remain converged with IFRS Standards issued by IASB, following amendments in
Ind AS have been submitted to Ministry of Corporate Affairs (MCA), Government of India for
notification under section 133 of the Companies Act, 2013:
 Definition of Business Amendment to Ind AS 103, Business Combinations
 Definition of Material: Amendments to Ind AS 1, Presentation of Financial Statements and
Ind AS 8, Accounting Policies, Changes in Accounting Estimates and Errors
 Interest Rate Benchmark Reform (IBOR): Amendments to Ind AS 109, Financial
Instruments, and Ind AS 107, Financial Instruments: Disclosures
 Covid-19 Related-Rent Concessions: Amendments to Ind AS 116, Leases.
The above amendments are yet to be notified by the MCA.
 Conceptual Framework under Ind AS corresponding to Conceptual Framework issued by IASB
has been issued which is applicable for standard setting activities from April 1, 2020.
Continued its efforts to revise the existing Accounting Standards to bring them nearer to Ind ASs and in
this regard following developments on Exposure Drafts of revised Accounting Standards issued by the ASB
took place:
 Exposure Draft of Accounting Standard (AS) 34, Interim Financial Reporting
 Exposure Draft of Accounting Standard (AS) 17, Leases
 Exposure Draft of Accounting Standard (AS) 41, Agriculture
(II) COVID-19 Disruptions ICAI Accounting and Auditing Advisory
 Advisory titled ―Impact of Corona Virus on Financial Reporting and the Auditors Consideration :
To guide the preparers and auditors in the challenging economic and operating environment
caused by COVID-19 global pandemic, a comprehensive Advisory titled ―Impact of Corona Virus
on Financial Reporting and the Auditors Consideration‖ highlighting few important areas of Ind
ASs and ASs issued by the Accounting Standards Board jointly with Auditing & Assurance
Standards Board.
 Addendum to Accounting and Auditing Advisory ―Impact of Coronavirus on Financial Reporting
and the Auditors Consideration‖ issued in April 2020 - An Addendum to Accounting and Auditing
Advisory issued to provide additional guidance in relation to estimation of impairment loss for
financial instruments under Expected Credit Loss approach. The guidance is also given on
considerations to be made in respect of loan moratorium. The guidance has been developed on
the basis of IFRS 9 ECL advisory issued by the International Accounting Standards Board
(IASB).
 Frequently Asked Questions (FAQs) on India Accounting Standards (Ind AS) issued in May 2020
– FAQs containing 49 questions issued to provide application guidance in certain areas of
accounting in the context of contraction in economic activity, disruptions in financial markets
and a series of actions by government, monetary and prudential authorities. The guidance
offered in the FAQs is applicable for financial year ending March 31, 2020. A weblink at ASB
webpage on ICAI website created specifically dedicated to cover the Accounting Guidance on
COVID-19.
 Webcasts conducted - Three webcasts were conducted on COVID-19, its Impact on Financial
Statements on March 30, 2020 and Panel Discussion of Accounting and Auditing Issues on
Coronavirus (COVID-19).
(III) Ind AS Implementation Support

 Following Guidance Note/ FAQs/Announcement issued:
‗FAQ on 'Presentation of Dividend and Dividend Distribution Tax'(Revised September,
2019)
 Online Certificate Course on Ind AS - Due to the outbreak of unprecedented global pandemic
viz. COVID-19 and its devastating effects, Virtual or Online Courses became the need of the
hour. ASB announced Ind AS Online Course in April 2020. The launch of the above online course
received unprecedented overwhelming response and 12 batches of the said course were held
simultaneously wherein around 1200 members were being trained till June 2020.
(IV) International initiatives: Forging long lasting partnership
Comments submitted on the following Exposure Drafts/Discussion Papers issued by the International
Accounting Standards Board (IASB) were submitted to the IASB:
 Exposure Draft on Disclosure of Accounting Policies (Proposed amendments to IAS 1 and
IFRS Practice Statement 2)
 Exposure Draft on Deferred Tax related to Assets and Liabilities arising from a Single
Transaction (Proposed amendments to IAS 12)
 Exposure Draft on Amendments to IFRS 17, Insurance Contracts
 Exposure Draft on Reference to the Conceptual Framework (Proposed amendments to IFRS
3)
 Exposure Draft on Rate Benchmark Reform – Phase I (Proposed amendments to IFRS 9 and
IAS 39)
 Exposure Draft on Annual Improvements to IFRS Standards 2018–2020
 Exposure Draft on Definition of ‗Material‘- Proposed amendments to IAS 1 and IAS 8
 Exposure Draft on Accounting Policies and Accounting Estimates- Proposed amendments to
IAS 8
 Exposure Draft on Interest Rate Benchmark Reform -Phase II (Proposed amendment to
IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16)
 Exposure Draft on Covid-19 Rent Related Concession (Proposed amendment to IFRS 16)
 Tentative Agenda Decisions (TAD) issued by the IFRS Interpretations Committee:
Interaction with International Bodies
 International Events
 Building global partnerships for mutual benefits: Asian-Oceanian Standards Setting Group
(AOSSG) is a key consultative body/forum of International Accounting Standards Board
(IASB) of IFRS Foundation. The ICAI, represented by CA. Dr. S. B. Zaware, Vice-Chair,
AOSSG, took-over as Chair, AOSSG, for a period of two years commencing November 2019
to November 2021. ICAI hosted 11 th Annual AOSSG Meeting on November 11-13, 2019 at
Goa, India. The 11th Annual AOSSG meeting was inaugurated by the Goa Chief Minister,
Dr. Pramod Sawant. The three-day international meeting had also seen the presence of
Ms. Sue Lloyd, Vice Chairperson, International Accounting Standards Board (IASB), key
delegates of the IASB, Board members and representatives from 27- member countries
including India, China, Sri Lanka, Australia, Korea, Hong-kong amongst others. A Survey
conducted on IFRS 16/Ind AS 116 amongst AOSSG members and Indian Stakeholders and
its findings were presented in the 11th Annual AOSSG meeting.
 ICAI had organised two outreach events at Delhi and Mumbai. Shri Vinod Rai, Former
C&AG and Trustee, IFRS Foundation, addressed the Outreach event at Delhi; and meetings
with various Regulators i.e. Ministry of Corporate Affairs, Reserve Bank of India, State Bank
of India, Life Insurance Corporation of India, Insurance Regulatory and Development of
India and Securities and Exchange Board of India, were organised for Vice-Chairperson,
IASB.
 Important International Meetings/Conclaves

ASB continued its contribution and collaboration with International Accounting Standards
Board for developing high quality global accounting standards. ICAI representatives
participated/submitted technical papers in the meetings of various international forum, viz.
World Standards-Setters (WSS), Asian-Oceanian Standard-Setters Group (AOSSG),
Emerging Economies Group (EEG) and International Forum of Accounting Standards
Setters (IFASS) as follows:
 Emerging Economies Group (EEG) & International Forum of Accounting Standards Setters
(IFASS) –ICAI had sent the papers on following two topics for discussion:
IAS 20: Government Grants Receivables-
Finance Costs - IAS 1, IFRS 7 & IAS 23.
 Meeting of Accounting Standards Advisory Forum (ASAF) of IFRS Foundation - CA. (Dr.) S.
B. Zaware, Past Council Member and Vice-Chair, AOSSG, as an official Representative of
AOSSG, attended the quarterly ASAF meeting held on 1-2 April 2019 at London.
 IFRS Advisory Council (IFRS AC)-CA. M P Vijay Kumar, Chairman, ASB, appointed as
representative of South Asian Federation of Accountants on IFRS Advisory Council of IFRS
Foundation, has attended the meeting of Advisory Council in March, 2019. He also chaired
one of the Breakout session on disclosure of sensitive information.
 International Appointment/Election
 CA. M.P. Vijay Kumar, Chairman, ASB, has been appointed as a member of SME
Implementation Group, an Advisory body to the IASB on the IFRS for SMEs Standard for a
three year term starting on 1st July 2020.
(V) Building robust relationship with Regulatory Bodies:
Submitted views on the accounting issues referred by various Regulators and, wherever felt
appropriate, various accounting issues were taken up with the relevant Regulators, e.g.,
 Ministry of Corporate Affairs :
 On request of MCA, ASB drafted new Rules under Companies Act, 2013 mirroring existing
Companies (Accounting Standards) Rules, 2006, and recommended the same to NFRA.
 At the meeting of Core Group of Ministry of Corporate Affairs - Ind AS implementation held on
April 24, 2019, at New Delhi, presentations were made on:
o Ind AS implementation to Indian Financial Sectors- Banking Sector and Insurance Sector.
o IFRS 9 - Financial Instruments - Implementation by Global Banks
o Ind AS Implementation by Non-Banking Finance Companies (NBFCs)
 Insurance Regulatory Development Authority of India (IRDAI) :
 A meeting was held on November 28, 2019, at Mumbai with PSUs of Insurance Sector to discuss
the level of preparedness of the insurers and their unique and specific issues which will have to
be dealt with to be able to implement Ind AS early, independent of the implementation date of
Ind AS 117, including the possibility of adopting other Ind ASs along with Ind AS 104, Insurance
contracts. This meeting was attended by Chairman, ASB, Secretary, ASB, senior officials of
IRDAI, Life Insurance Corporation of India, New India Assurance Co. Ltd, ECGC Ltd., United
India Insurance Co. Ltd, Oriental Insurance Co. Ltd, National Insurance Co. Ltd and General
Insurance Corporation of India.
 Reserve Bank of India:
 A dedicated Study Group has been constituted by ASB to consider various issues forwarded by
the RBI to ICAI with regard to the implementation of Ind AS in Banking Sectors.
 Various letters received from Regulators, such as, were Ministry of Corporate Affairs, Ministry of
Micro, Small and Medium Enterprises (MSME), Securities and Exchange Board of India (SEBI) etc.,
with regard to issues on accounting aspects, were replied during the period.
(VI) Outreach Events, Conferences, Workshops, Training courses etc. conducted

 To participate effectively in the standard-setting activities internationally, outreach events
including virtual were organised on proposed amendments to IFRS 17, Insurance Contracts, on
Extractive Activities- Accounting and Reporting Issues, Better Communication in Financial
Reporting at Mumbai and Goa to obtain views of various stakeholders on certain consultative
documents issued by the IASB:
 To refresh and enrich the knowledge of the members on the Accounting Standards for their critical
and fundamental role of accountancy professionals, Seminar/Webinar/Course were organised on
Overview and Commonly Observed Non-compliance, Accounting Standards and Commonly
Observed Errors in Application of Accounting Standards at Delhi during the year.
(VII) Other Initiatives:
 Releases of Technical publications- During the period, total 8 publications were issued:
 Accounting Standards Quick Referencer as on April 1, 2019
 Compendium of Accounting Standards as on July 1, 2019
 E-version of Compendium of Indian Accounting Standards (Ind AS) as on April 1, 2019 and
related Guidance Material.
 ‗IFRS 9, Financial Instruments, A study- Transition Impact on Banks across the Globe‘
 Technical Guide on Accounting Treatment of Bullion (Gold) Borrowing and Lending Transactions
 Indian Accounting Standards (Ind AS): Disclosure Checklist (For Accounting year 2018-19 -
Revised May 2019)
 Indian Accounting Standards (Ind AS) : Disclosures Checklist‘ (Revised February, 2020)
 Accounting Standards (AS): Disclosure Checklist (Revised February, 2020)
 Digital Learning Hub: All the Publications of the ASB have been uploaded on Digital learning Hub
which can be accessed anywhere, anytime to provide continuous learning for different
stakeholders. Also, video lectures on Accounting Standards have been hosted on this Digital
platform for the benefits of stakeholders.
During the Council Year 2020-21, activities conducted by the Ind AS Implementation Committee have been
entrusted to the Accounting Standards Board. For the period 1.4.2019 to 11.02.2020, the activities of Ind
AS Implementation Committee were as follows:-
(I) Certificate Course on Ind AS/IFRS
A Certificate course on Ind AS of 12 days, held on weekends is being organised for educating
members about Ind AS. During the year, 15 batches of Certificate Course on Ind AS have been
organised in India in which around 625 participants have been successfully trained and 2 batches
of Certificate Course on IFRS have been organised in Abroad (1 batch conducted at Abu Dhabi and
1 batch at Dubai).
(II) Ind AS Technical Facilitation Group (ITFG) Clarification Bulletins
During the year, five (5) Ind AS Technical Facilitation Group (ITFG) Clarification Bulletins (Bulletin
No. 19 to 23) were issued covering 30 issues for providing clarifications on timely basis on various
issues related to the applicability and /or implementation of Ind AS. The Group had issued 23
clarification bulletins covering 162 issues till date.
(III) Educational Material on Ind AS
Educational Materials on following Ind AS have been issued by the Committee during the year:
 Educational Material covering Ind AS 8, Accounting Policies, Changes in Accounting Estimates and
Errors
 Educational Material covering Ind AS 20, Accounting for Government Grants and Disclosure of
Government Assistance
 Educational Material on Ind AS 116, Leases
(IV) Seminars, Conferences, Workshops, Training courses etc. conducted

Technical support provided in the training programmes on Ind AS organised by the officials of regulatory
bodies such as Reserve Bank of India (RBI), Comptroller & Auditor General of India, (C&AG).
 Seminars on Ind AS were organized at New Delhi, Udaipur and Rajasthan wherein around 341
participants attended the said programme.
5.2 Sustainability Reporting Standards Board (SRSB)
Sustainability Reporting Standards Board (SRSB) has been constituted by the Institute in February, 2020,
with the mission to formulate comprehensive, globally comparable and understandable standards for
measuring and disclosing non-financial information about an entity‘s progress towards United Nations
Sustainable Development Goals. The Board is focusing on developing strategy on ways Chartered
Accountants can significantly contribute in achievement of the SDGs in the country which would lead to
better decision making, better use of public resources, and enhanced public services.
The Board reviews the emerging trends globally and identifies areas in which Sustainability Accounting
Standards and reporting matrices need to be developed. The Board would also interact with Government
and Regulators to popularize use of these standards both for general purpose reporting and also in relation
to any specific regulatory requirement. The Board will also identify and develop opportunities for Chartered
Accountants in this emerging professional field of Sustainability Reporting.
The Board has taken up following initiatives –
 The Board organized Webinars on COVID 19 – Need for Strategic Focus on Sustainable Development
Goals (SDGs) – Better Place to Live and Emerging Opportunities for Chartered Accountants in
Sustainability Reporting during the year.
 Following initiatives are under progress -
 Development of thought leadership research paper on Integrated Reporting in India to
assess the current practices adopted by corporates in India for preparing Integrated
Reports, and also to highlight issues and challenges faced in adoption.
 Research on Role of Accountants in measuring and reporting contribution to United Nations
Sustainable Development Goals (SDGs) by public and private sector.
 Launching courses on Business Responsibility Report (BRR) and Integrated Reporting for
upgrading skill and competence of chartered accountants in the area of sustainability
reporting.
 Creating awareness on sustainability issues through videos and webinars for contributing
towards a sustainable planet and green economy.
 Brand building on accountants crucial role as an essential driver of strong and sustainable
organizations, financial markets, and economies.
 Research on developing accountants as key to creating and implementing systems that allow
to measure and value nature in every business.
5.3 Auditing and Assurance Standards Board (AASB)
Audit plays an important role in serving and protecting the public interest by strengthening accountability
and reinforcing trust and confidence in financial reporting. Audit helps enhancing the economic prosperity,
expanding the variety, number and value of transactions that people enter into. However, in the recent
years, due to growing complexity of business environment and business models and their geographical
spread, the auditing profession is witnessing a quantum leap in the expectations from the various
stakeholders.
The ICAI recognizes the pressing need to respond to these expectations proactively. The ICAI through its
Auditing and Assurance Standards Board develops high quality standards on auditing, review, other
assurance, quality control and related services. These Standards not only codify the best practices in audit,
they also provide the benchmark against which the performance of the auditors can be measured. The
Board also develops Guidance Notes on generic as well as industry specific issues in auditing, with the
prime objective of providing guidance to the auditors. These documents, after a rigorous due process of
the Board, are issued under the authority of the Council of the ICAI. The auditing standards issued by the
ICAI are harmonized with the International Standards issued by the International Auditing and Assurance
Standards Board (IAASB). The Board also formulates Technical Guides, Practice Manuals, Studies and
Other Papers which are issued under its own authority for the guidance of the members. To provide
guidance to the members in the implementation of Standards on Auditing, the Board also brings out
Implementation Guides to those Standards. The following is a comprehensive overview of important
achievements of the Board till date:
(I) Representations/ suggestions to Ministries, Regulators
 The Board submitted a representation to RBI regarding interpretation of certain points related to
RBI circular no. RBI/2019-20/186/DOR.No.BP.BC.47/21.04.048/ 2019-20 dated March 27, 2020
w.r.t. COVID 19 – Regulatory Package.
 The Board submitted revised formats of Long Form Audit Report (LFAR) for banks and bank
branches to RBI.
 The Board submitted ICAI recommendations on Revised Standards on Auditing (SAs) 800, 805 and
810 to NFRA.
 The Board submitted to SEBI, the ICAI Views on ―Consultative Paper on policy proposals with
respect to resignation of statutory auditors from listed entities‖ issued by SEBI.
 SEBI issued a Circular dated March 29, 2019 containing formats for limited review/ audit report of
listed entities. The Board aligned the audit report formats given in the Circular with SA
700(Revised) and submitted to SEBI. Based on the same, SEBI issued a revised Circular dated
July 19, 2019.
(II) Publications issued
The Board issued the following publications for benefit of the members at large:
 Guidance Note on the Companies (Auditor‘s Report) Order, 2020.
 Multiple Choice Questions (MCQs) on Engagement and Quality Control Standards.
 Guidance Note on Audit of Banks 2020 edition.
 Implementation Guide to SA 570(Revised), Going Concern.
 Implementation Guide to SA 720(Revised), The Auditor‘s Responsibilities Relating to Other
Information.
 Background Material for Audit Training Workshops and Seminars 2019 edition.
 Ready Referencer on Engagement and Quality Control Standards.
 Practitioner‘s Guide to Audit of Small Entities (Revised 2020).
(III) Other Technical Accomplishments
 The Board issued auditing guidance on following aspects to help the members in conducting
audits under the COVID–19 situation:
 Going Concern – Key Consideration for Auditors amid COVID–19.
 Physical Inventory Veriﬁcation - Key Audit Considerations amid COVID-19.
 Auditor‘s Reporting - Key Audit Considerations amid COVID-19.
 Subsequent Events - Key Audit Considerations amid COVID-19.
 The Board jointly with the Accounting Standards Board issued an Advisory for the members
―ICAI Accounting and Auditing Advisory - Impact of Coronavirus on Financial Reporting and the
Auditors Consideration‖.
 The Board issued ―Compendium of Auditing Guidance Issued by Auditing and Assurance
Standards Board on Various Aspects amid COVID-19‖.
 The Board issued an Addendum to the Guidance Note on Audit of Banks 2020 edition to provide
guidance to the members on the circulars issued by RBI on COVID 19 - Regulatory Package
dated March 27, 2020 and COVID 19 Regulatory Package - Asset Classification and
Provisioning dated April 17, 2020.
 The Board submitted its comments on ―Discussion Paper on Audits of Less Complex Entities:
Exploring Possible Options to Address the Challenges in Applying the ISAs‖ issued by IAASB for
public comments.
(IV) Initiatives for the Members

 The Board organized various seminars, workshops, and awareness programmes on auditing
standards, bank audit and other auditing aspects for awareness and professional enhancement
of the members. Programmes were held in Mumbai, Bhilai, Raipur, Pali, Jaipur, Palakkad, New
Delhi, Belgaum, Chennai, Coimbatore and Kolkata during the year.
 The Board organized six webcasts/Webinars on COVID 19: Impact on audit processes, including
observation of stock verification; audit of estimates; recoverability assessments; electronic
audit evidence instead of original documents, etc, Capacity Building Measures of Practitioners
with special focus on Bank Audit, Panel Discussion on Accounting and Auditing Issues on
Coronavirus (COVID-19), Audit Documentation and Working Papers Management, Second
Panel Discussion on Accounting and Auditing Issues on Coronavirus (COVID-19)‖ and Overview
of Bank Audit during the year.
 The Board organized Virtual CPE Meeting on Accounting, Auditing, and Direct Taxes. Like earlier
years, this year also the Board constituted an online panel of experts to address the members‘
queries regarding bank branch audits for the financial year 2019-20. The panel resolved the
members‘ queries from May 2, 2020 till June 30, 2020.
 The Board issued following announcements/clarifications for guidance of the members:
 Advisory for Statutory Bank Branch Auditors w.r.t. Specific Considerations while
conducting Distance Audit / Remote Audit / Online Audit of Bank Branch under
current Covid-19 situation.
 Announcement on Use of Electronic Signature for Signing Audit Reports and
Certificates.
 Advisory on Exhibit B3 of SEBI‘s Circular dated 29th March 2019 regarding Procedure
and formats for limited review / audit report of the listed entity and those entities
whose accounts are to be consolidated with the listed entity.
 Announcement on Applicability of ―Implementation Guide on Resignation/ Withdrawal
from an Engagement to Perform Audit of Financial Statements‖ to Statutory Auditors
of Listed Entities and their Material Subsidiaries.
 Advisory on Auditor‘s Reporting on Section 197(16) of the Companies Act, 2013.
 Requirement to mention UDIN in all Reports and Certificates issued by Members of the
ICAI.
 The Board recorded Video Lectures of Experts on Engagement and Quality Control Standards
covering all the 46 standards issued till date. These Video Lectures are available on Digital
Learning Hub of ICAI.
 The Board revised its E-learning Course on Standards on Auditing. The revised Course covers all
the 46 Engagement and Quality Control Standards issued till date.
 The Board released Audio Book of Auditing Pronouncements which contains the voiceover of
complete text of all the Engagement and Quality Control Standards. The Audio Book is
available on Digital Learning Hub of ICAI.
 The Board recorded 28 Video Lectures of Experts on various topics of Guidance Note on Audit
of Banks 2020 edition. These Video Lectures are available in the form of E-Book on Digital
Learning Hub of ICAI.
 The Board released an Audio Book of Guidance Note on Audit of Banks 2020 edition. The Audio
Book is available on Digital Learning Hub of ICAI.
 The Board released Digital Resources on Guidance Note on the Companies (Auditor‘s Report)
Order, 2020. These resources include Video Lectures, MCQs and Audio Book. These resources
are available on Digital Learning Hub of ICAI.
 The Board provided replies/clarifications to various queries on auditing aspects received from
the members from time to time.
5.4 Banking Financial Services and Insurance Committee (BFS&IC)
The Committee organised the following activities during the year:
 The Chairman of the Committee met Chairman and Whole Time Member of Pension Fund
Regulatory and Development Authority on 9th April 2019 at New Delhi and discussed matter for
mutual interest for ICAI and PFRDA.
 The Committee organized Workshops/Summit/Conference/Seminar/Webcast/Programme on

Blockchain for Financial World, FinTech, PRAGYA CHAKSHU- Exploring Intellectual Excellence,
Banking, Insurance, FinTech and Fraud detection and prevention, Power of Analytics Driving
BFSI, Insolvency and Bankruptcy Code, Women Empowerment, Role of Banking in
Construction Industry, professional relevance and interest at Mumbai, Amravati, New Delhi.
 The Committee constituted a study group for revamping the DIRM Course. The Group met
twice on 1st August 2019 and 21st August 2019 at Mumbai.
 Three batches of the Orientation Programmes for the DIRM Technical Examination passed
members of ICAI were organised during the period. There were 5338 registrations to the DIRM
Course as on 15th July 2020.
5.5 Committee for Members in Practice (CMP)
The Committee for Members in Practice (CMP) is a non-standing Committee of the Institute of Chartered
Accountants of India formed under regulatory provisions of Chartered Accountants Act, 1949. This
Committee was formed in the month of February, 2010 under nomenclature ‗Committee for Capacity
Building of CA Firms and Small & Medium Practitioners‘ (CCBCAF & SMP) by combining previously formed
Committees, Committee for Capacity Building of CA Firms and Committee for Small & Medium Practitioners.
Initially, this Committee was to facilitate consolidation and capacity building of CA firms in order to address
various problems faced by these CA firms and to conceptualize and implement various means for
strengthening their capacity as well as providing comprehensive guidelines for consolidation of CA firms.
Similarly, Committee for Small & Medium Practitioners was formed in 2009 to empower Small & Medium
Practitioners to assimilate and apply ways for carrying out their profession in efficient manner. Thus the
ultimate objective of the Committee is to strengthen CA firms as well as Small & Medium Practitioners to
rejuvenate their practice portfolio.
The Committee performed following activities during the year:
(I) International SMP Day on 27th June of each year
The Committee for Members in Practice (CMP) of the Institute of Chartered Accountants of India,
recognizing the importance of services provided by SMPs to SMEs in the development of these enterprises
declared 27th June as the International Small and Medium Practitioner Day to raise public awareness of the
contribution of SMPs to SMEs to sustainable development.
The Committee has organised various programmes through various Branches of Central, Western,
Northern, Eastern & Southern Region and 3 Regional Councils, NIRC of ICAI, EIRC of ICAI & WIRC of ICAI
on the eve of International SMP Day on 27.06.2020. The Committee also organised ICAI-Edinburgh Group
Global SMP Webinar ―Future Ready SMP - Vital for Global Economy‖ on 27.06.2020.
Initiatives
(II) Financing
 Term Loan (unsecured) facility in the form of Personal loans-The Committee for Members in Practice
(CMP) has arranged the Term Loan Facility in the form of Personal loans for the Members of
ICAI. The details are available on https://cmpbenefits.icai.org/
 BOB Credit Cards- The Committee for Members in Practice (CMP) has arranged Credit Cards for the
Members of ICAI with wholly owned subsidiary of Bank of Baroda). The details are available at
https://cmpbenefits.icai.org/.
(III) Office Management
 RuleZbook: Mobile App-is projected to have most comprehensive Compliance Database. It is free for
3 years upto umlimited users of the members in practice. The details are available at
https://cmpbenefits.icai.org/
 Audit Module- Audit Management product helps to automate the entire audit life cycle. It ensures
standardisation and consistency in audit approach, methodology and outcomes. It facilitates
creation of standard audit templates for various audit types and provides detailed step by step
checklist for each audit area. It is free for 3 years upto 5 users per members firm and 25
Audits/year. The details are available at https://cmpbenefits.icai.org/
 Legal Compliance Management Module- Legal Compliance Management Product is a highly
adaptable software product designed to improve compliance management that replaces people
dependent manual processes. It generates comprehensive ―Group level Compliance Dashboards‖
for consistent reporting across all locations. It is free for 3 years upto 5 Users per CA Firm and 25
Customers (Single Entity and Single Location). The details are available at
 Board Module for Secretarial Compliances- This Platform comprehensively covers the
activities carried out by the Secretarial Function. It is free for 3 years upto 05 Users per CA
Firm and 25 Private Companies (Single Entity). The details are available at
 Payroll Processing and Labour Compliance- It has designed an end to end automated
solution to prepare regulatory compliance documents under Labour Laws in India. It is also
integrating the Labour Compliance product with Payroll software to eliminate the
requirement for manual inputs. Accordingly, basic payroll processing capabilities will also
be available in future. It is free for 3 years upto 05 Users per CA Firm and 25 Customers
with employee strength < 25 (Single Entity & Single Location). The details are available at
 Compliance Audit- This Compliance Product can also be used for generating compliance
checklist for specific customer. These details can be generated by updating the customer
details in terms of type of company, industry, state in which located, etc.These checklists
can then be used to carry out compliance audits covering law of the land for customers. It
is free for 3 years upto 5 Users per CA Firm and 25 Customers (Single Entity and Single
Location). The details are available at https://cmpbenefits.icai.org/
 Practice Management Tool- It has a flexible workflow wherein CA Firms will be able to use
digital workflows to manage assignments. It will facilitate all ―Touch Points‖ between the
Teams and with the Customers via the Platform itself and all data / documents could be
securely shared within the Platform itself. This will help CA Firms to manage data privacy
and access controls. It is free for 3 years upto 05 Users per CA Firm and 25 Customers.
The details are available at https://cmpbenefits.icai.org/
 Papilio Software-It is a secure cloud based collaboration software for Chartered Accountants.
Being on the internet, Papilio can be accessed from anywhere. Papilio also has a mobile
app, thus enabling users to collaborate from anywhere, and anytime. It is free for Life less
than 5 users as per Terms & Conditions. The details are available at
 Tally.ERP 9 Gold Software-ICAI along has worked out a special pricing for Multi-User version
software. The same shall be governed by a set of principles and guidelines. The details of above
are available at https://cmpbenefits.icai.org/
 Antivirus software at Special price for Members & Students of ICAI-An arrangement made by
the Committee in order to enable members to have access to antivirus software, has tied
up with Quick Heal technologies for providing access at a special discounted price. The
details are available at https://cmpbenefits.icai.org/
 Practice Management Software for members in practice & CA Firms of ICAI: -The Committee
has arranged the practice management software for members in practice / firms, in form
of cloud software designed for managing the Professional Practice in an effective way. It is
free as per Terms & Conditions. The details are available at https://cmpbenefits.icai.org/
 GST Annual Returns (GSTR-9 & 9C) software- The Committee has worked an arrangement for ‗GST
Software (Annual Returns)‘ for Members in Practice and CA Firms. It is free of cost as per Tems &
Conditions. The details are available at https://cmpbenefits.icai.org/
 EFF factor software for the Practitioners/CA Firm of ICAI: The Committee has worked an
arrangement for EFF factor software for the practitioners/CA firms. The details are
available at https://cmpbenefits.icai.org/
 CORDL Practice Management software - The details are available at
 XBRL Software-The Committee has arranged the ‗XBRL Filing Software (C&I and Cost &
Accounting Taxonomy)‘ for Practicing Chartered Accountants & CA Firms of ICAI. The
same is free of cost to CA Practitioners & Firms under terms & Conditions. The details are
available at https://cmpbenefits.icai.org/
 ‗All –in-One‘ software – A cloud based Accounting and Compliance solution- Cloud based ‗All-
in-One‘ software, One Stop Solution for all Accounting, Compliance, Return Preparation
and Filing needs of Chartered Accountants in Practice & CA Firms. The said software is free
of cost for three users for 3 years as per terms & conditions to CA Practitioners & Firms.
The details are available at https://cmpbenefits.icai.org/
(IV) Insurance Schemes
 LIC Group term Insurance- The Committee arranged in the form of specially designed Group
Term Insurance through the LIC for Members of ICAI. The Term Insurance policy will cover
death due to any reason.
 Health Insurance- New India Flexi Floater Group Mediclaim Policy is a floater policy in which the
proposer can cover self, spouse and dependent children under a single floater sum insured.
 Motor Insurance- A MOU with New India Assurance Co. Ltd for Motor Vehicle Insurance has
been arranged by the Committee. The Motor Vehicle Insurance is basically designed for the
members having value added features such as Unique Offer of 65% discount on OD for both
Private car and two Wheeler etc.
 Professional Indemnity Insurance- The professional indemnity section covers for awards and
settlements of claims, as well as the costs incurred in investigating, defending or settling a
claim made against you.
 Office Protection Shield Policy- The Insurance Company indemnify against liability as tenant of
the office premises for damages to the building and fixture and fittings.
 Personal Accident Policy- This policy is basically designed to offer some sort of compensation to
the insured person who suffers bodily injury solely as a result of an accident which is external,
violent and visible.
 House Holder Insurance- This policy protects home against various risks/perils. Its Coverage is
extended to the building and contents of home including Furniture, Fixtures, Fittings, Domestic
Appliances, Jewellery etc.
The details of Insurance Schemes are available at https://cmpbenefits.icai.org/
(V) Capacity Building Measures:
 MOU with World Bank for Procurement Audit -The Committee entered a MoU with the World
Bank for the arrangement of Knowledge enhancement of the Members of ICAI in Procurement
Audit & thereof. This aforesaid arrangement with the World Bank offer procurement training
with the Joint Certification basis to the participants of the training programme. These trainings
are meant to enhance the capacity of ICAI members to participate in procurement
opportunities in Bank funded Projects for various assignments including external/internal
audits; procurement audits/post reviews, and other consultancy assignments for firms and
individual members of ICAI.
 Virtual Certificate Course on Preparation of Appeals, Drafting of Deed & Documents and
Representation before Appellate Authorities and Statutory Bodies -The certificate course on
Preparation of appeals, Drafting of Deed & Documents and Representation before Appellate
Authorities and statutory bodies is developed for the knowledge enhancement of the effective
drafting skills of members and acquaints the members with the legal provision pertaining to
appearances before various authorities. The details of the course are available at
https://resource.cdn.icai.org/50996ccbmp210718-0420.pdf.
 Virtual Certificate Course on Wealth Management and Financial Planning (WMFP) -The
Committee has launched the Certificate Course on Wealth Management and Financial Planning
for enhancing new career opportunities for the members. The details of the course are
available at https://resource.cdn.icai.org/35876ccbcaf25359-wmfp-details.pdf
 Revised Minimum Recommended Scale of the fees for the Professional Assignments done by
the Chartered Accountants for Class ‗A‘ & Class ‗B‘ & Class ‗C‘ cities- The Committee has
prepared a Brochure on Revised Minimum Recommended Scale of the fees for the Professional
Assignments done by the Chartered Accountants for Class ‗A‘ , Class ‗B‘ & & Class ‗C‘ cities. The
details of above are available at https://cmpbenefits.icai.org/wp-
content/uploads/2020/02/Details-download.pdf
 Promoting Networking & other consolidation measures of CA firms- Networking of Firms is a

facility provided to CA Firms for collective association to share collective resources for providing
better professional services making it available at multi location places. The Committee is
promoting Merger, Networking, Practice in Corporate Form for Practitioners/CA Firms
(VI) Knowledge sharing & Enhancement
 ICAI Learning Curve–Consolidation of Queries and Solution for Queries by FAQs and Live
Webcast- The Committee has arranged a portal ICAI Learning Curve for Consolidating the
Query on Various Professional Issues and answers these queries in multiple phases for
enhancement of the Practice portfolio and other aspects.
 Portal http://kb.icai.org/: a gateway to ICAI Knowledge Bank – Consolidation of ICAI
Publications- The Committee arranged the portal kb.icai.org gateway to ICAI Knowledge Bank
for Consolidation of all the Publications of ICAI. The portal in such a way designed for
search/Advance search facility and management of publications, the portal has also featured in
the said portal such as user will be able to search uploaded documents with a key phrase.
 ICAI Connect – https://cmp.icai.org -A portal for the Members of ICAI- The Committee has
arranged the ICAI Connect, a portal for the members of ICAI. The features of the aforesaid
single window self-service portal includes viewing personal Profile and firms constitution,
Announcements of ICAI, details of payments of fees and regulatory charges to ICAI, My
Articles details, tracking regulatory forms and application status, e-Services, My Firms, My
Software(s), Letters & Certificates, CPE Hours credited, Guidelines of Networking, Merger &
Demerger etc.
 Committee‘s exclusive website www.icai.org.in- The website provides a platform for the CA
Firms to upload their firms‘ details and gives them an opportunity to reach out to the members
and CA firms practicing worldwide. The website also acts as a forum for consolidation of the
members and CA Firms by providing for consolidation measures like Networking, Merger and
Corporate Form of Practice.
 A portal for Senior Members of ICAI www.seniormembers.icai.org- The Committee has
developed a website namely seniormembers.icai.org. The website provides a platform for
senior members of ICAI for getting flexi working hours assignment as well as fulltime
assignment after their retirement. At the same time it will also help industry to tap experienced
talent pool which might not be accessible otherwise in normal course. The said portal would be
useful & handy to all the senior members of ICAI.
 E-Booklet on Sample Checklist on SAs: Ready Reference for the Practitioner & CA Firms- The
Committee comes up with a publication on E-Booklet on Sample Checklist on SAs: Ready
Reference for the Practitioner & CA Firms. The same is used for day to day work of the
Practitioners & CA Firms.
(VII) Publications of the Committee
 Publication of E-Book on Roadmap to Income Tax Practice : A Practitioner Perspective
 ―Practiquer‖- Quarterly e-Newsletter for the Chartered Accountants
 Publication of E-Book on Companies Act, 2013: A Practitioner Perspective
 Publication of E-Book on Roadmap to GST: A Practitioner Perspective
The Committee has taken an initiative to bring out the following publications:
 E-Book on ―Ready Reckoner on Regulatory Aspects of ICAI for Members & CA Firms‖
 Publication of E-Book on ―Ready Reckoner on Regulatory Aspects of Articled/Audit Assistants
 Ready Referencer 2019
(VIII) Live Webcast/National Conference/Workshop/Seminars/residential programmes/
Virtual Certificate Course
 CCBMP organized 21 live webcasts for the capacity –building measures of practitioners on Recent
Judicial Pronouncements in Income Tax, Strategies of CAs in Practice under GST, Bank Audit,
Benami Law Interplay with Income Tax Law and PMLA and opportunities for CAs in handling these
laws, Office or Work from Home, CA. Profession Post COVID19-Way Forward , Future of Profession
Post Covid19 - Virtual Accounting Firms, SA 700, SA 701, SA 705 & SA 706, Practitioner's Guide to
Audit of Small Entities, Corporate Services & related digitized opportunities, Networking & Merger,
Critical Issues in Audit, Practice Management, ROC Compliance, professional opportunities in
International Arena & RERA, Code of Ethics for Members in Practice, Precautions while doing
Company Audits during the Year 2020 for Members in Practice-in light of Covid-19.
 The Committee organized 26 national conferences, seminars, workshops and residential
programmes for the capacity –building measures of practitioners on Goods and Services Taxes
(GST), Auditors engagement in Procurement post review for World Bank Funded projects on 31st
January, 2020, Companies Act & Income Tax, NRI Taxation and GST, Emerging Challenges in GST
& Direct Taxes¸ Tax Audit & ICDS, UDIN, Capital Gain Taxation & Forensic Audit at Odisha, New
Delhi, Anantapur, Bhyander, Gorakhpur, Ongole, Gurgaon, Visakhapatnam, Udaipur, Thane,
Ranchi, Mangaluru, Asansol, Vijayawada, Indore, Amritsar, Bilaspur, Bhubaneswar, Kollam, Shridi,
Mussoorie Tirupati etc during the year wherein many members participated in the programmes.
 The Committee organized 2 and 4 batches of 30 CPE hours Virtual Certificate Courses on ‗Wealth
Management and Financial Planning‘ and ‗Preparation of appeals, Drafting of Deed & Documents
and Representation before Appellate Authorities and statutory bodies‘ in the month of April-June,
2020 and April-July, 2020.
5.6 CPE Directorate and Centralised Distribution System (CPED&CDS)
The Institute of Chartered Accountants of India (ICAI) through its Continuing Professional Education (CPE)
Directorate implements such measures using tools of learning, physical and virtual that may provide
sufficient opportunity to all Members of the Institute to keep abreast of current knowledge in their core
areas of competence and Professional Development.
Continuing Professional Education Directorate (CPED) keeps its Members updated with the recent
advancements in existing and newly emerging areas of specialized learning in offline/online mode via
numerous initiatives; and supports in fulfilment of their mandatory CPE Hours requirements through
Structured & Unstructured Learning Activities.
In the Council year 2019-20, the CPE Directorate was constituted in place of CPE Committee, in which E-
learning was made a part of CPE Directorate. Thereafter, in the Council year 2020-21, CPE Directorate &
Centralised Distribution System (CDS) is constituted with the evised Terms of Reference of CPE
Directorate.-
Significant Achievements and Recent Initiatives of the CPE Directorate :
(I) Robust Members’ Learning & Development Mechanism :-
To ensure the compliance of various guidelines, rules and Directions, as issued by the Council and
CPE Directorate for organising of CPE event by the CPE POUs, the CPED has adopted stronger and
stricter regulatory mechanism for regulating and overseeing the organisation of CPE Programmes.
Also, the CPE POUs are being monitored and supervised throughout the year for their continuous
improvement and better functioning.
(II) CPE Statement:-
Contemporary with Global requirements & Practices, the CPE Credit Hours requirements for various
categories of members as applicable for the current block of 3 years (1-1-2020 to 31-12-2022) are
as under:-
Category of Members CPE Hours requirement
Members (aged less than 60 years) who are 120 (out of which minimum 60 CPE hours
holding Certificate of Practice (except all should be of Structured learning)
those members who are residing abroad) -minimum 20 CPE credit hours of
structured learning in each calendar year
Members (aged 60 years & above) who are 90 (either structured or unstructured
holding Certificate of Practice learning)
- minimum of 20 CPE credit hours either
Structured or Unstructured Learning in
each calendar year
Members (aged less than 60 years) who are 60 (either structured or unstructured
not holding Certificate of Practice; and all the learning)
members who are residing abroad (whether -minimum 15 CPE credit hours either
holding Certificate of Practice or not) structured or unstructured learning in
each calendar year
Exemptions to Members:
 A member is exempted only for the particular calendar year during which he gets his
membership for the first time.
 The following class of members are exempted from CPE credit hours requirement:
 All the members (aged 60 years and above) who are not holding Certificate of
Practice.
 Judges of Supreme Court, High Court, District Courts and Tribunal
 Members of Parliament/MLAs/MLCs
 Governors of States
 Centre and State Civil Services
 Entrepreneurs (owners of Business (manufacturing) organizations other than professional
services)
 Judicial officers
 Members in Military Service
 Temporary Exemptions:
(i) Female members for one Calendar year on the grounds of pregnancy.
(ii) Physically disabled members on case to case basis having permanent disability of not
less than 40% and above (Supported with medical certificates from any doctor
registered with Indian Medical Council with relevant specialisation as evidenced by Post
Qualifications (M.D., M.S. etc.).
(iii) Members suffering from prolonged critical diseases/illnesses or other disability as may
be specified or approved by the CPED. (Supported with medical certificates from any
doctor registered with Indian Medical Council with relevant specialisation as evidenced
by Post Qualifications (M.D., M.S. etc.)
 A member or class of members to whom the CPED may in their absolute discretion grant
full/partial exemption specifically or generally on account of facts and circumstances of the
case which in their opinion prevent such person(s) from compliance with the requirements of
CPE as specified in the Statement.
(III) IT Initiatives undertaken during the lockdown period:-
 Webinars
Post Covid-19 situation, the public gatherings were prohibited; therefore all physical CPE
Seminars were cancelled and in view of the same all Regional Council/Branches and Foreign
Chapters were allowed first time to organize webinars for grant of Unstructured CPE Hours
only during the lock down period. However, from 19th May, 2020 onwards webinars were
allowed to be organized by Central Committees only.
 Virtual CPE Meeting
Grant of Structured CPE hours were allowed to the participants of the Virtual CPE Meetings
(VCM) (from 17.05.2020 onwards) which may be organised by Central Committees, Regional
Councils, Branches, Foreign Chapters, CPE Study Circles, CPE Study Chapters & CMI & B Study
Circles in controlled online environment to avoid any hardship being faced by members.
CPED has decided that out of 20 hours Structured CPE hours which is mandatory to be
completed by Members below 60 years holding COP, in each calendar year, 10 Structured CPE
hours can be granted through online mode (either through Digital Learning Hub or through
above Virtual CPE meetings including mandatory CPE hours on ―Code of ethics‖ and ―Standard
on auditing‖) till 31st August, 2020.
 Refresher Course
The Central Committees, Regional Councils and Foreign Chapters were allowed to organize
maximum 5 days Refresher Course in Online mode on a particular topic with maximum 3 CPE
hours learning in a day.
 Holding of AGM through Video Conferencing (VC) or Other Audio Video Solutions (OAVS) by
CPE/CMI & B Study Circles and CPE Study Chapters
CPED had issued procedure for holding AGMs by CPE/CMI & B Study Circles and Chapters
through Video Conferencing (VC) or Other Audio Video Solutions (OAVS) for convening
elections of Convenor and Deputy Convenor/Appointment of Auditors etc. due to the impact of
COVID-19.
(IV) Other initiatives taken during the lockdown period:-
 CPED implemented the decision with regard to mandatory completion of 2 Structured CPE
Hours, each on the topics related to ―Standards on Auditing‖ and ―Code of Ethics‖ (total 4
Structured CPE Hours out of 20 Structured CPE Hours) during every Calendar year, from
Calendar Year 2020 onwards in Online/Virtual mode for the Categories of members who
are required to complete minimum 20 Structured CPE Hours in a Calendar year (COP
Holder). This may be completed any time during the year in Online/Virtual mode.
 The last date for submission of audited annual accounts by the CPE Study Circles and CPE
Study Chapters for the financial year 2019-20 has been extended now till 15th July, 2020
from 15th May, 2020, to ensure its compliance by the CPE Study Circles & CPE Study
Chapters in present COVID-19 situation.
 The last date for submitting of self-declaration form online on CPE Portal by the Member for
claiming of Unstructured CPE Hours for the Calendar year 2019 has been extended till 30th
June, 2020 from 31st May, 2020.
(V) Spreading Wings Globally:-
7 CPE International Study Tours were organised internationally by the CPE POUs at Switzerland,
Bali, Muscat, Malaysia, Dubai.
(VI) Brand and Capacity Building:-
The ICAI has all along endeavoured to keep its members aware of and abreast with the
professional and technological changes that are taking place, around the globe through the
process of continuous skill honing by way of classroom teaching, e-Learning mode, In-house
Executive Development Programmes, Webcasts, Awareness programmes, Seminars, Conferences
etc. Few of the milestones are as follows:
 National Level CPE Programmes and other important Events
8906 CPE Programmes were organised for the Members across the country (includes 1204 CPE
Programmes in Virtual mode from 13th March, 2020 to 30th June, 2020), by the CPE
Programme Organising Units of ICAI on various topics of professional interest.
 CA Day Virtual National Summit
Three-day Virtual National CA Summit 2020 on the topic ―Transforming the Future: Enabling
Excellence, Augmenting Trust‖ (providing credit of 9 unstructured CPE hours) was organised
from 29.06.2020 to 01.07.2020 on the occasion of CA day.
 Refresher Courses
7 Virtual CPE Meetings (VCMs) in form of Refresher Courses were organised by Central
Committees/Board on various topics i.e., FEMA, Accounting Standards, Income Tax Appellate
Proceedings, Advanced Excel & Data Dashboard, Data/Forensic Analytics using CAAT
Tools, Practical Guide to ISA & Data Analysis and Visualisation with Microsoft Excel Power
Tools and Power BI (from 13.3.2020 to 30.6.2020)
 National Level Programmes and other Important Events
Types of CPE Programme organised- 150 Live Webcasts/Webinars by various POUs of ICAI,
167 Certificate Courses for the Members by Central Committees of ICAI, 92 Post-Qualification
Courses by the Central Committees of ICAI, 19 National level by Central Committees/Board of
ICAI and hosted by the Regional Councils/Branches of ICAI, 16 Batches of Pre-registration
Education Course by ICAI RVO, 13 Batches of Pre-registration Education Course by IIIPI.
 Opening of New CPE Programme Organising Units (POUs)
3 more CPE POUs were opened for helping the members in mofussil/remote areas of the
country to undergo CPE activities in their nearby places, reaching to a strong network base of
613 CPE POUs in India and Abroad.
(VII) Supporting Society – Commitment to Nation:-

CPE Programmes were being organised in Physical mode and in Virtual Mode on GST and GST Audit,
Ethical Standards, Code of Ethics, Professional Ethics, Companies Act, RERA, Standards on Auditing, ICDS,
Blockchain Technology, Demonetization, Black Money, Benami Transactions and Undisclosed Income,
Insolvency and Bankruptcy Code, Ease of doing Business in India, Start-ups, UDIN, Corporate Social
Responsibility, Investor Awareness etc during the year.
Publication Directorate-CPED
The Publication Directorate of Institute primarily caters to following three areas:
 Printing of study materials for students and member-related publications
 Sale and distribution of publications through Centralised Distribution System
 Maintaining Stock account, sales account and reconciliation of stock and receivables with
Branches.
New Publications brought out
During the period under report, the Publication Directorate printed various new publications on behalf of
Board of Studies and other Committees.
Centralised Distribution System
Since July, 2017, all publications of ICAI including study materials, Revision Test Papers and member-
related publications are dispatched centrally through Central Distribution System Portal (www.icai-cds.org)
to the registered students and persons placing order on the CDS Portal. The CDS portal also hosts various
kinds of mementoes such as ties, cuff links, lapel pins, diaries and calendars.
Future endeavours
The future endeavours of the Directorate includes:
1. Introduction of new high quality mementoes with CA branding for sale at CDS Portal
2. Reduction in Turn Around Time for delivery of ordered material
3. Digital reading copy link to be given at CDS Portal to promote reading through digital mode
5.7 Corporate Laws and Corporate Governance Committee (CL&CGC)
The Corporate Laws & Corporate Governance Committee has the vision to become an instrument towards
empowerment of the profession as well as to accelerate & facilitate a fair corporate regime with the best
global practices. The Committee has been making collaborative efforts with the government to strengthen
the regulatory framework and also regularly interacting with the Ministry of Corporate Affairs and
submitting representation/ providing suggestions/ giving inputs regularly on various issues concerning the
Companies Act 2013. The Committee aims at updating knowledge of members relating to corporate laws.
Significant Achievements and Initiatives
(I) Representations/Suggestions to MCA/SEBI/NFRA
The Companies Act, 2013
The Committee regularly interacts with the Ministry of Corporate Affairs for smooth implementation of
the Companies Act 2013. The Committee submitted the following representations/ inputs/ opinion/
suggestions to the Ministry of Corporate Affairs/ National Financial Reporting Authority:
 Opinion regarding ―whether there is any violation of Companies Act, 2013 relating to purchase of
capital assets out of the cash received on account of share premium‖ submitted to MCA in July,
2020.
 Representation regarding Extension for filing of NFRA -2 and regarding applicability for the year
2017-2018 in July, 2020. NFRA has issued Circular and extended for 60 more days for filing Form
NFRA -2.
 ICAI Suggestions on the Consultation Paper issued by MCA on Audit Independence and
Accountability.
 Draft ICAI Recommendations on the Draft Procedure issued by NFRA for submission of Audit Files
were sent to President‘s office for onward submission in June, 2020.
 Representation on certain issues in the Companies Fresh Settlement Scheme, 2020 sent to MCA
in May, 2020.
 Reply to the Letter received from MCA pertaining to the issues with regard to Computation of net
profit under section 198 of the Companies Act, 2013 for computing CSR liability submitted in
January, 2020
 ICAI Suggestions on the Recommendations made by High Level Committee on CSR-2018
submitted in January, 2020
 ICAI Suggestions on the Report of the Company Law Committee formed by the Ministry of
Corporate Affairs submitted in November, 2019
 ICAI Recommendations on what shall/ shall not constitute Management Services under Section
144 of the Companies Act 2013 were submitted to MCA in June, 2019.
 ICAI Suggestions on the Recommendations of the Committee on Corporate Governance under
Shri Uday Kotak Committee on the following issues submitted to MCA in June, 2019.
 Strengthening role of ICAI – Recommendations w.r.t enforcement/disciplinary process of the
ICAI.
 Strengthening of reporting on Internal Financial Controls
 Greater transparency on audit quality indicators
 Strengthening the independent functioning of the Quality Review Board (QRB) Current
Regulatory Provisions.
 ICAI suggestions on the practices followed by UK, US, Australia and Singapore for appointment of
Internal auditor as external auditor and vice-versa after cessation of the tenure were submitted to
MCA in June, 2019.
 ICAI Comments/ Suggestions on the provisions of CSR in the Companies Act 2013, Companies
(CSR Policy) Rules, 2014 and Circulars issued concerning CSR submitted to High Level Committee
on CSR constituted by MCA in May, 2019.
 Representation regarding improving Governance in Companies
 Request to waive off additional fee for filing ADT- 1 where Form GNL- 2 has already been filed by
the companies for the period 1st April, 2014 to 19th October, 2014, with respect to filing of the
ACTIVE form submitted to MCA in April, 2019.
MCA has issued clarification and waived off fee for filing Form ADT- 1 till 15.06.2019.
(II) Facilitating the Law making process for the Companies Act, 2013
 ICAI is a member of the Committee formed by MCA to discuss Stakeholders Suggestions on
the Consultation Paper on Audit Independence and Accountability.
 ICAI is a member on Governing Council of National Foundation for Corporate Governance
(NFCG).
 ICAI is a member of Secretarial Standards Board (SSB) constituted by the Institute of Company
Secretaries of India (ICSI) for the year 2019-20
 ICAI is a member of the Committee for drafting Appendix to the Investigation Manual of
Serious Fraud Investigation Office
 ICAI is a member of the Company Law and Corporate Governance Committee of PHD Chamber
of Commerce and Industry
 ICAI is a member of the Group to examine the Companies (Acceptance of Deposit) Rules, 2014
 ICAI is a member of the Sub-Group (2) to examine the suggestions pertaining to streamlining
the Companies Act, 2013.
 ICAI is a member of the Working Committee for streamlining working under the Companies
Act, 2013
 ICAI is a member of Group for Scope of Limited Review and Related Procedure constituted by
SEBI.
(III) Interaction with Ministry of Corporate Affairs

Supporting MCA's Initiative for Incorporation through SPICE+ - ICAI is supporting the Ministry of Corporate
Affairs for taking important measures as a part of its India‘s Ease of Doing Business (EODB) initiatives by
introducing an advanced integrated form SPICe+ (eForm-32). It is an integrated Web form offering 10
services by 3 Central Government Ministries & Departments. (Ministry of Corporate Affairs, Ministry of
Labour & Department of Revenue in the Ministry of Finance) and One State Government (Maharashtra),
thereby saving as many procedures, time and cost for Starting a Business in India.Further the Committee
has also sought comments/ suggestions from stakeholders on the difficulties faced while incorporating the
company.With regard to the measure taken by MCA, the Institute of Chartered Accountants of India (ICAI)
through its Corporate Laws & Corporate Governance Committee (CL&CGC) had brought out a ―Technical
Guide on Incorporation of companies through SPICE+‖ for the benefit of all stakeholders.
Collaboration with MCA-IICA to work on Independent Directors Portal - ICAI has entered into partnership
with IICA on the new initiative of MCA-IICA regarding development of a data bank portal for Independent
Directors. As mentioned by IICA, the portal is being created with an objective to have a central repository
of all Independent Directors and Independent Women Directors of the country. The Data bank will be an
approved repository of Government of India with features to facilitate their E-Learning and self
assessment. IICA has requested to partner with ICAI for interest areas namely;
 Advocacy
 Research & Case Studies
 Capacity Building
 Self Assessment for the continued professional development of IDs.
In this regard, a Memorandum of Understanding will be signed soon regarding partnership of ICAI and
IICA for Independent Directors Portal .
Summary of amendments proposed in the Companies (Amendment) Bill, 2020 - The Companies
(Amendment) Bill 2020 has been introduced in the Lok Sabha on 17 th March, 2020.In view of constant
endeavour of the Government to facilitate greater ease of living to law abiding corporates, a Company Law
Committee (CLC) consisting of representatives from Ministry, industry chambers, professional institutes and
legal fraternity was constituted on the 18th September, 2019, to decriminalise some more provisions of the
Act, based on their gravity and to take other concomitant measures to provide further ease of living for
corporates in the country. The CLC submitted its report in November, 2019. Based on the
recommendations of the CLC and internal review by the Government, it is proposed to amend various
provisions of the Act to decriminalise minor procedural or technical lapses under the provisions of the said
Act, into civil wrong; and considering the overall pendency of the courts, a principle based approach was
adopted to further remove criminality in case of defaults, which can be determined objectively and which
otherwise lack any element of fraud or do not involve larger public interest. In addition, the Government
also proposes to provide greater ease of living to corporates through certain other amendments to the
Act.There are amendments in 64 amendments in the Bill and provisions for Producer Companies have been
introduced.Further, Lesser penalties for One Person Companies or Small Companies have been
introduced.A Summary of the amendments proposed in the Companies (Amendment) Bill 2020 has been
hosted on ICAI Website.
Meeting with Secretary, MCA regarding dissemination of salient features of MCA E- Form Active (Active
Company Tagging Identities and Verification) INC-22A-A meeting was held with Secretary, MCA regarding
dissemination of salient features of MCA E- Form Active (Active Company Tagging Identities and
Verification) INC-22A on March 15, 2019, wherein it was discussed that for good corporate Governance it is
required to make these kind of schemes mandatory
Collaboration for organizing Capacity building programs for members of Audit Committee of CPSEs -The
Department of Public Enterprises has requested ICAI to collaborate with DPE and organise capacity
building programmes during 2019-20 for members of Audit Committee of CPSEs. In this regard, the
Committee had decided to conduct Webinars as a 3 day Programme for 3 hrs each, for which presentations
can be prepared for smooth understanding of the Auditors. The Audit checklist released by the Institute of
Chartered Accountants of India can also be referred for such kind of Webinars as pre-webinar preparations.
(IV) Publications & Others:
 Technical Guide on Easy Incorporation of Companies through SPICE Plus
 Technical Guide on the provisions of Independent Directors from Corporate Governance perspective
 Guidance Note on Division I – Non Ind AS Schedule III to the Companies Act, 2013 (Revised July,
2019 Edition)
 Guidance Note on Division II – Ind AS Schedule III to the Companies Act, 2013 (Revised July, 2019
Edition)
 Frequently Asked Questions on the Companies Act, 2013- Revised July, 2019 Edition
 Guidance Note on Division III to Schedule III to the Companies Act 2013 for NBFC that is
required to comply with Indian Accounting Standards (Ind AS )
 Frequently Asked Questions on the Companies Fresh Start Scheme and LLP Settlement Scheme,
2020 (Original and Modified).
 Frequently Asked Questions on the Scheme for relaxation of time for filing forms related to
creation or modification of charges under the Companies Act, 2013.
(V) Other initiatives
 The Committee prepared Frequently Asked Questions on the queries received from participants
during the webcast to give more clarity on the issues and submitted the same to the Ministry of
Corporate Affairs. The Ministry of Corporate Affairs has issued the FAQ‘s on eForm INC 22A as
prepared on the basis of FAQs submitted by the Committee. FAQs are hosted on Ministry of
Corporate Affairs website at the following link: http://mca.gov.in/MinistryV2/active.html
 The Committee prepared Frequently Asked Question on based upon the amendments Section 135
(Corporate Social Responsibility) of the Companies Act, 2013.
 The Committee has invited suggestions/comments from members on various provisions of the
Companies Act, 2013 and Rules thereunder.
 Publications of Corporate Laws & Corporate Governance Committee uploaded on the ICAI Digital
Learning Hub- ICAI had processed Digitization of member publications on the ICAI's Digital
Learning Hub (https://learning.icai.org/elearning) an integrated Learning and knowledge eco-
system, it is envisaged that the said publications are to be made available to members as an "as
on date" updated information. In this regard, the publications that have been issued by CL&CGC
have been uploaded on the Portal and are enabled for view of members.
(VI) Programmes/Conferences/Webcast
 The Committee organised 7 live Webcasts/Webinar on Economy and Governance-Post COVID 19,
―ICAI Leadership Summit – Post COVID 19 Scenario‖, Analysis and key features of Company Fresh
Settlement Scheme 2020 & Revised LLP Settlement Scheme, 2020, MCA E- Form DPT- 3 -
Compliance and other aspects, Salient features of Companies Amendment Act, 2019, MCA E- Form
Active (Active Company Tagging Identities and Verification) INC-22A - Compliance and other
aspects during the year.
 The Committee also conducted seven programmes across the country for creating awareness about
the MCA E- Form Active (Active Company Tagging Identities and Verification) INC-22A, Conference
on ‗Effective Board Dynamics‘ for Directors & Aspiring Directors, training programme for the IAS
Officials of the Government of Tami Nadu and 21 Training/ Awareness Programmes on the
Companies Act, 2013 across the country during the year
(VII) Updates for professional development of members relating to Corporate Laws
The Committee regularly issues series of update for members towards professional development which
includes updates on the Corporate Laws. The 22nd issue of update upto 31st May, 2020 is uploaded on
ICAI Website.
Further, the following Announcements/ analysis have been prepared by the office and on approval
from Chairman CL&CGC have been uploaded on ICAI website.
 Further relaxations by the Ministry of Corporate Affairs till September 30, 2020 for conduct of
Board meetings to approve its financial statements through VC or OAVM and registration of
Independent Directors in the Independent Directors Data Bank by CL&CGC ICAI
 Scheme for relaxation of time for filing forms related to creation or modification of charges under
the Companies Act, 2013
 Clarification on holding of Annual General meeting through video conferencing or other audio-
visual means by CL&CGC ICAI
 Announcement to create awareness regarding Clarification issued by MCA on passing of ordinary

and special resolutions by companies on account of the threat posed by Covid-19 and holding an
extraordinary general meeting (EGM).
 Announcement to create awareness regarding Clarification issued by MCA on dispatch of notice by
Listed entities for rights issue opening under section 62(2) of Companies Act, 2013 up to 31 st July,
2020.
 Clarification on dispatch of notice by Listed entities for rights issue opening under section 62(2) of
Companies Act, 2013 up to 31st July, 2020 by CL&CGC ICAI
 Notification/ Circular/ Advisories Issued by the Ministry of Corporate Affairs in view of COVID-19
outbreak by CL&CGC ICAI
 MCA has introduced LLP Settlement Scheme, 2020 and Company Fresh Settlement Scheme 2020 to
give Onetime relaxation in additional fees to the defaulting companies/ LLPs
 Analysis of MCA Notification regarding filing of E Form DIR-3 KYC upto 30th June every year.
 Analysis of MCA Notification regarding filing of DPT- 3 Form upto 29th June, 2019- One time
Return.
 Announcement regarding extension of date for filing E-Active Form to 15th June 2019
 Summary of Provisions of The Companies (Second Amendment) Ordinance 2019.
 Summary of the Notification dated 2nd November, 2018 regarding Provisions of The Companies
(Amendment) Ordinance 2018.
5.8 Direct Taxes Committee (DTC)
(I) REPRESENTATIONS/ INTERACTIONS WITH CBDT
 Submission of representation to Chairman, CBDT requesting to extend the due date of filing
Income-tax returns for the AY 2019-20.
 Submission of representation to Hon‘ble Finance Minister regarding concerns of the Institute
with reference to the letter dated July 18, 2019 submitted by the Institute of Cost
Accountants of India requesting to amend the definition of ―Accountant‖ in the Explanation
appended to section 288(2) of the Income-tax Act, 1961.
 Submission of representation to the CBDT regarding ICAI‘s inputs for identification of
topics/areas related to Direct Taxes for creation of new Tax Payer Information (TPI) Series
Brochures.
 Submission of representation to Chairman, CBDT regarding request to take up issues faced
by taxpayers leading to unnecessary hardships.
 Submission of representation to Hon‘ble Finance Minister regarding concerns of the Institute
with reference to the letter no. ICSI:PFP:2019 dated August 2, 2019 submitted by the
Institute of Company Secretaries of India requesting to amend the definition of ―Accountant‖
in the Explanation appended to section 288(2) of the Income-tax Act, 1961.
 Submission of representation to the CBDT requesting for extension of time for submission of
Tax Audit Reports and related returns from September 30, 2019 to November 30, 2019.
 Submission of representation to the CBDT regarding ICAI‘s Inputs on Income-tax Rules,
1962.
 Submission of representation for request to provide special relaxations to the assessees
based at Jammu and Kashmir.
 Submission of representation regarding concerns of ICAI w.r.t. Circular No. 24/2019 dated
09.09.2019 issued by the CBDT regarding procedure for identification and processing of cases
for prosecution under Direct Tax Laws.
 Submission of representation to the CBDT regarding ICAI‘s Inputs on draft Notification
proposing amendments in Form No. 10B and Rule 17B.
 Submission of representation to the CBDT regarding further Inputs on Income-tax Rules,
1962.
 Submission of representation to the CBDT regarding suggestions pertaining to TDS in

response to letter received from CPC (TDS).
 Submission of representation to the CBDT requesting for extension of time by at least one
month from 31.12.2019 regarding relaxation of time (one-time measure) for Compounding of
Offences under Direct Tax Laws.
 Submission of representationto the CBDT requesting to amend section 206C – Applicability of
provisions to be restricted to forest produce of India - Exclusion of applicability to collect tax
at source on timber which is imported from outside India.
 Submission of representation to the CBDT requesting to reduce the rate of pre-deposit of
20% of the demand raised for issuance of stay of demand/grant in case of (high pitched)
assessments considering the current state of economy/businesses.
 Submission of representation to Hon'ble Finance Minister, Hon'ble Minister of State for
Finance and Chairman, CBDT requesting to consider various issues in ―The Direct Tax Vivad
Se Vishwas Bill, 2020‖.
 Submission of representation to the CBDT requesting to consider hardship regarding
unnecessary issuance of demand notices despite full tax credit in Form No. 26AS.
 Submission of representationto the CBDT requesting to grant one time stay/relaxation of 30
days from the existing provisions of section 6(1) of the Income-tax Act, 1961 considering
spread of coronavirus.
 Submission of representationto the CBDT requesting to consider and resolve the concerns of
the taxpayers due to long term capital gains chargeable under section 112A of the Income-
tax Act, 1961 being wrongly taxed twice.
 Submission of representation to the CBDT regarding submission of issues/suggestions of the
ICAI on ―The Direct Tax Vivad se Vishwas Act, 2020‖.
 Submission of representation to the CBDT regarding Inputs of the ICAI w.r.t. issue of
guidelines for section 206C and section 194-O of the Income-tax Act, 1961.
 Submission of representation to the CBDT regarding request to consider waiving off first
instalment of advance tax due on 15.06.2020.
 Submission of representation to the CBDT regarding suggestions of the ICAI pertaining to
procedural & law issues arising due to spread of COVID19.
 Submission of representation to the CBDT regarding issues/suggestions of the ICAI on ―The
Direct Tax Vivad se Vishwas Act/Rules, 2020 and Forms notified thereunder‖.
 Submission of representation to the CBDT regarding request to notify/issue Form for
application u/s 12A(1)(ac) r.w.s. 12AB (Procedure for fresh registration) of th e Income-tax
Act, 1961.
 Submission of representation to the CBDT regarding request to extend the due date of
various compliances under the Income-tax Act, 1961 and other related matters.
((II) MEETINGS WITH THE MINISTRY/CBDT
 Meetings of Chairman, Direct Taxes Committee of ICAI nominated as a member of the
Committee constituted by CBDTto examine Data Structure and modalities of upload of data
for E-Assessment in Bangalore and Mumbai
 Meeting with JS(TPL)-II, CBDT at North Block, New Delhi regarding discussion about the
submission of ICAI‘s Inputs on Income-tax Rules, 1962
 Meeting of ICAI representatives with Joint Secretary (TPL)-II, CBDT at North Block on
18.10.2019 regarding concept of Registered Valuers as per Companies Act, 2013
 Meeting with President, ITAT on 10.12.2019 at ITAT, Delhi regarding support sought from
the ICAI with respect to celebrations of Foundation day of ITAT and preparation of
background material for the training of new members of ITAT
((III) ACTIVITIES RELATING TO UNION BUDGET

 Submission of Pre-Budget Memoranda, 2019
 Submission of Post-Budget Memorandum, 2019
 Submission of Pre-Budget Memorandum, 2020
 Submission of Post-Budget Memoranda, 2020
(IV) OTHER INITIATIVES
 Sharing of requisite data of Chartered Accountants with the Income Tax Department.
 Response to email received from Mr. Atma Sah, Dy. Director, CL-V Section, Ministry of
Corporate Affairs (HQ).
 Inputs on Direct Tax benefits for CSR Activities (Report of the High Level Committee on
Corporate Social Responsibility 2018 (August, 2019)) submitted to Corporate Laws & Corporate
Governance Committee
 Eight Live Webcasts have been organized by the Committee during the year on the various
topics such as Capacity building for TDS deductors filing TDS Statement in form 24Q & Recent
changes in Part B of Form 16‖ with Income tax Officials, Preliminary Highlights of Tax
Proposals of Union Budget 2019-20, Understanding and E-filing Income Tax Return Forms,
Faceless E-Assessments- Issues & Challenges, highlights of tax proposals of Union Budget
2020-21,NRI Taxation- Recent Amendments- Analysis and Implication, Vivad Se Vishwas Bill
2020- Issues & Challenges and the Direct Tax Vivad se Vishwas Bill, 2020.
 Online Refresher Course on Income Tax Appellate Proceedings‖ organized by the Direct Taxes
Committee of ICAI from 18th June 2020 to 22nd June 2020.
 Regular updation of the ICAI website on matters pertaining to the Direct Taxes like circulars,
notifications, press releases, orders etc. notified by CBDT from time to time.
 The Committee also makes monthly contribution of the significant circulars, notifications, press
releases, orders etc. issued by CBDT in the CA Journal.
 The Committee organized 19 seminars/conferences/tax awareness programmes/workshops
/lecture meeting during the year.
5.9 Committee on Economic, Commercial Laws and Economic Advisory (CECL&EA)
 Representations to various Government Authorities/ Regulators:
Representation submitted to Chairperson, Odisha Real Estate Regulatory Authority
regarding separate format for CA Certificate including UDIN.
 Guidance Notes/ Technical Guides/ Publications etc.:
In an endeavor to broaden the scope of expertise of members on the Banning of
Unregulated Deposit Schemes Act, 2019, the Committee released an e-publication titled
―FAQs on Banning of Unregulated Deposit Scheme Act, 2019‖
 Study Group on Indian Economy:
The Committee constituted the ‗Study Group on Indian Economy‘ to come out with a
report on how to deal with the crises emerging from COVID-19 and how to make India a
competitive and attractive investment destination by enhancing Ease of Doing
Business, for submitting to the government.
 Seminars/ Conferences/ Workshops/ Webcast:
Awareness programmes were organized on various Commercial & Economic laws including
FEMA, Benami Law, PMLA, Funding scenario in India in general and with specific reference
to Real Estate Projects, Financial Assistance for MSMEs under COVID Stimulus package
etc. during the period.
 Certificate Course on Anti Money Laundering Laws:
The Committee successfully conducted 9 batches of the Certificate Course on Anti Money
Laundering Laws (Anti- Money Laundering Specialist) during 2019-20 at Mumbai, Noida,
Chennai, Kolkata, Bengaluru and Hyderabad.
 Certificate Course on ADR (Arbitration, Mediation & Conciliation) :

The Committee successfully conducted 2 batches of the Certificate Course on ADR
(Arbitration, Mediation & Conciliation) during 2019-20 in Mumbai and Noida.
5.10 Digital Accounting and Assurance Board (DAAB)
Strengthening the role of Chartered Accountants as information governance, control, security and audit
professionals, ICAI in the year 2018 merged Committee on Information Technology (CIT) with Digital
Accounting and Assurance Board (DAAB). DAAB is developing knowledge base through position papers and
articles on issues related to impact of technology on accounting and assurance. Research on potential
impact of Artificial Intelligence, Robotics Process Automation, Blockchain, Cloud Computing and Big Data
on accounting and assurance is being undertaken to develop concept papers. The purpose is to help
chartered accountants expand their knowledge and enhance their skills in new areas of digital era.
Significant Achievements
(I) Publications Issued
 Guide to Cloud Computing for Accountants
This Guide Provides useful insights on basic concepts of cloud computing, deployment models,
potential concerns and opportunities for Chartered Accountants in cloud computing environment.
 Digital Competency Maturity Model (DCMM) for Professional Accounting Firms – Version 2.0 and
Implementation Guide
This newer version has taken into account discipline specific categorization of accounting firms and
related technology adoption for achieving efficiency and productivity gains. It also includes a new
section on emerging technologies and also provides guidance on implementation of each of the
sections.
 E-learning on Robotics Process Automation
It covers Implementation lifecycle, RPA Delivery Capabilities, Process Evaluation, and Use Cases in
Finance and Accounting. This E-learning is available on Digital Learning Hub of ICAI.
 E-learning on Cybersecurity Basic for Accounting Professionals
It covers concepts and cyber security tools. It includes discussion on how chartered accountants can
protect their practice against cybersecurity threats and also case studies.
 Simulation videos on Data consolidation and Analysis in Microsoft Excel with ―Show me‖ and ―Try me‖
approach
(II) Initiatives towards Partner in Nation Building
 Training Programmes/Sessions were organised on Forensic Accounting & Fraud Detection for Indian
Corporate Law Services (ICLS) Officer Trainees, Fraud and Forensic for State Bank of India
(SBI) officials, Fraud & Forensics for Serious Fraud Investigation Office (SFIO), Training
Programme for IAS & Senior Officials of Telangana State Government at Manesar, Hyderabad,
Gurugram and Delhi.
 ICAI Course on Blockchain Technology for Professional Accountants for IOCL officers
(III) Important Events - National & International
 European Federation of Accountants and Auditors (EFAA) has adopted ―Digital Competency
Maturity Model for Professional Accounting Firms (Version 1.0)‖ issued by DAAB of ICAI for
preparing an updated version which may be propagated in Europe.
Chairman, DAAB represented ICAI at "EFAA International Conference 2019 - Building the Digital
Practice" held on June 27, 2019 at Amsterdam wherein EFAA Competency and Maturity Model was
launched and contribution of ICAI was acknowledged.
 Joint Research with Institute of Chartered Accountant in England and Wales (ICAEW) on
automation in finance and accounting
 ICAI Course on Blockchain Technology for Professional Accountants‖ was organized at Doha, Dubai
and Bahrain.
 National Confrenece/Workshop/Programme/SessionSummit/Seminar/Webinar were organised on
Digital Accounting Profession 2.0, Data Analytics and Business Intelligence using KNIME, Advanced
Excel (Data Analytics), Forensic Analytics using CAAT Tools, Practical Guide to IS Audit,
Technology, DISA 3.0 Implementation, Quick Walkthrough - DISA Syllabus 2.0 and tips to crack
ISA AT exam, Data Analytics Simulation on CBS Files, Self Assessment tool for Practicing Firms at
Hyderabad, Kanpur, Indore, Ahmedabad, Patna, New Delhi during the year.
 Refresher Course/Virtual CPE Meeting – Session- on Advance Excel and Data Dashboard/ VCM-
Data Analytics Using CAAT Tools/Practical Guide to ISA/ Data Analysis and Visualisation with
Microsoft Excel Power Tools and Power BI.
 First time conduct of online DISA Eligibility Test and FAFD Assessment Test. Further first time
inhouse Online FAFD Assessment Test was conducted through ICAI Digital Learning Hub.
 Digital Practice Webinar Series
 Cybersecurity for Accountants – Concepts and Tools
 Artificial Intelligence, Machine Learning Shaping Fintech Landscape
 5 days Refresher Course/Virtual CPE Meeting- Session on Data Analysis and Visualisation with
Microsoft Excel Power Tools and Power BI
(IV) Blockchain Technology for Professional Accountants
The Board has launched five days training programme on Blockchain Technology for Professional
Accountants which would provide introduction to blockchain technology and develop use cases in different
industries. The course also covers future of blockchain technology in terms of innovation in enabling
transparent accounting ecosystem, and its potential to transform current auditing practices. The board had
already successfully conducted 12 Programs during the year.
(V) Post Qualification Course on Information Systems Audit
Post Qualification Course on Information System Audit (DISA), conducted by the Board, was started in the
year 2001 to upskill Chartered Accountants in Information Systems Audit which was in increasing demand.
DISA course combined technology, information assurance and information management expertise that
enabled a DISA qualified Chartered Accountant to become trusted Information Technology advisor and
provider of Information Security Assurance services. From 2001 till date more than 29,000 members have
qualified this Course. DISA was also conducted at Institute of Chartered Accountants of Sri Lanka and
Institute of Chartered Accountants of Nepal. With a view to benchmark DISA qualification to international
standards, the Board is in the process of taking American National Standards Institute (ANSI) Certification.
Digital Accounting and Assurance Board had also updated the syllabus for the Post Qualification Course on
Information Systems Audit. Total 105 batches organized during the year.
 Launching of revised Course of Information Systems Audit (DISA 3.0) on the occasion of CA day, 01st July
2020.
 Organized 6 days virtual Train the trainer program for DISA 3.0 with an objective to give walkthrough to
all the faculties about the revamped syllabus.
(VI) Certificate Course on Forensic Accounting and Fraud Detection
The Board conducts ―Certificate Course on Forensic Accounting and Fraud Detection‖, and till date around
6,400 members have qualified this Course. The objective of this specialized Course is to help the chartered
accountants attain skill of utilizing accounting, auditing, CAATs/ Data Mining Tools, and investigative skills
to detect fraud/ mistakes. 55 batches had been conducted during the year.During COVID-19 the Board had
conducted 14 Batches of the FAFD Certificate course through virtual mode in which more than 1200
members completed the training
(VII) Workshops/ Summits/ Training Sessions on Emerging Technologies conducted by the
Board
During the year Board had conducted more than 25 Workshops/ Seminars/ Conferences/ Training
Programmes on Emerging Technologies.
(VIII) MOU between ICAI and Gujarat Forensic Sciences University (GFSU) for carrying out
joint advanced practical training in Financial Forensic Auditing and Fraud Investigation
The Board has entered an MOU with Gujarat Forensic Sciences University, Gandhinagar for organizing
Advanced Practical Training in Financial Forensic Auditing and Fraud Investigation for the members of ICAI.
5.11 Ethical Standards Board (ESB)

Ethics in the profession of accountancy is invaluable. It is must for all those who rely on the services of
chartered accountants. The stakeholders are many - there is a direct and indirect relationship that a
chartered accountant has with every member of the society. Here is the role of Ethical Standards Board of
the Institute to ensure that the members maintain an impeccable compliance with the professional ethics.
Though the relationship of ethics with the profession of accountancy is as old as the profession itself, the
Ethical Standrads Board of the Institute was formed in 1976 with the primary responsibility to formulate
principles of Ethics for its members that are stringent enough to gurantee the confidence building in the
public.
The Ethical Standards Board develops and issues ethical standards and other pronouncements for
chartered accountants. It works towards evolving a dynamic and contemporary Code of Ethics and ethical
behaviour for members while retaining the long cherished ideals of `excellence, independence, integrity‘ as
also to protect the dignity and interests of the members‖.
The objective of Ethical Standards Board is to set up ethical standards for chartered accountants, converge
with the International best practices on ethics, subject to local laws, thereby enhancing the quality and
consistency of services provided by chartered accountants and strengthening the public confidence in the
profession.
Besides formulating ethical principles for members, the Board also examines and renders advice on
ethical issues referred to it. It reviews the ‗Code of Ethics‘ for members from time to time, and publishes
the revised editions. The other publications of the Board, namely, ‗FAQ on Ethical Issues‘, and ‗Guidance
Note on Independence of Auditors‘ are revised from time to time. The Board promotes public awareness
and confidence in the integrity, objectivity, competence and professionalism of members. It also examines
and deals with the complaints of members against their unjustified removal as auditors of an entity, as per
procedure evolved, and takes necessary steps to protect the interest of its members. The Ethical standards
Board will review the terms of reference at every two years.
The Board advises members on the professional issues faced by them in day to day situations. Members
can reach us vide Ethics Help Desk, E-Sahayataa, Twitter, E-mail and letters. The Board has webpage on
www.icai.org and has a separate portal as well i.e esb.icai.org.
Significant Achievements
The 12th revised edition of the Code of Ethics has been issued. The revised Code of Ethics is available on
the website of the Institute, and has been for the first time, diversified into three volumes.The Code of
Ethics, 2009 (11th edition) had parts – ―A‖ & ―B‖, ―Part-A‖ based on Code of Ethics issued by International
Ethics Standards Board for Accountants (IESBA), and ―Part-B‖ based on domestic provisions governing the
members of the Institute. The revised counterpart of Part-A is referred to as Volume - I of
the revised Code, based on IESBA Code of Ethics, 2018 edition. The revised counterpart of Part-B of the
Code is referred to as Volume –II. The Volume-III is the Case Laws Referencer, and contains
updated Disciplinary Case laws, which were earlier appearing as commentary in Part-B of Code of
Ethics. The revised edition of Code of Ethics is effective from 1st July, 2020.
Some important clarifications by Ethical Standards Board:
 It is not permissible for a Chartered Accountants Firm, tax audit of which is done by a sole
proprietorship Firm, to audit the business concern of the son of the sole proprietor.
 It is not permissible for members to start online portal for the purpose of e-filing of income tax
returns and other services.
 The designation ―Registered Valuer‖ would be deemed as permissible in view of the requirements
of clause (7) of Part I of the First Schedule to the Chartered Accountants Act, 1949, but the use of
abbreviations, whatsoever, would not be permissible.
 It is not permissible for a member in practice can lend loans from his accumulated capital to earn
interest on surplus funds as it would amount to other occupation/business. The member may
prefer to seek specific permission of the Council, if so desire, in this regard.
 A member in practice may be ―Director Simplicitor‖ in a cooperative credit and thrift society under
cooperative societies Act provided he is not acting as a partner of it.
 In view of the provisions of clause (11) of part I of the First schedule to the Chartered Accountant
Act, 1949, it is not permitted for members in practice to engage in Derivatives transactions on
stock exchange since it is not any kind of investment but more likely a business.
 It is permissible for member in practice to hold Honorary post of executive member/office bearer
in a political party.
 It is not permissible for a partnership Firm not registered with the Institute to undertake
professional assignments, even if it comprise only of members in practice.
 It is not permissible for a member to undertake the assignment of certification , wherein the client
is relative of the member. The "relative" for this purpose would refer to the definition mentioned in
Accounting Standard (AS) -18.
 It is not permitted for members to engage in share trading, however, they may hold shares for
the purpose of investment.
5.12 Expert Advisory Committee (EAC)
The EAC was constituted by the Institute in the year 1975 to give guidance to members of the Institute
and other stakeholders on accounting, auditing and allied matters in accordance with the Advisory Service
Rules. The accounting professionals are often exposed to intricate and complex issues related to financial
reporting. Keeping this in mind, the Expert Advisory Committee (EAC) reply to the queries received from
the members of the Institute.
The opinions given by the Committee are published as a Compendium of Opinions. So far, thirty-six
volumes of the Compendium have been published. The role of EAC has always been vital in strengthening
sound accounting and auditing practices especially keeping in line with the expectations of the various
stakeholders.
(I) Expert Opinions
The Committee replies to the queries on issues pertaining to accounting and/or auditing principles under
specific situations/circumstances in the form of Opinions. However, it does not reply to queries which
involve legal interpretation of various enactments. The Committee accepts the queries in accordance with
Advisory Service Rules framed for this purpose. The Committee also does not answer queries which
concern a matter pending before the Disciplinary Committee of the Institute, any court of law, the Income-
tax authorities or any other department of the Government. These Rules are available on the web-site of
the ICAI, at its hyperlink, http://www.icai.org/new_category.html?c_id=142 or can be obtained from the
Institute‘s Head Office at New Delhi.
The services rendered by EAC have been lauded by Regulators and other Government authorities, such as,
Ministry of Corporate Affairs (MCA), Comptroller and Auditor General of India (C&AG), Securities and
Exchange Board of India (SEBI) etc. These Regulators/authorities seek its opinion whenever they are
posed with any complex issues related to accounting and auditing principles.
The opinions expressed by the Expert Advisory Committee are based on the facts supplied and considering
the relevant legal position and the accounting/auditing principles prevailing on the date the Committee
finalises the opinion.
(II) 42 opinions issued during the period
The Committee has finalised 40 opinions on the queries referred on various accounting issues by the
members of the Institute such as Amortisation of leasehold land, provision for pay revision, classification of
spares, Cash Basis Accounting by AIF, Creation of deferral account balances, Valuation of inventories of
iron ore fines, Principal Vs. Agent classification under Ind AS 115, Disclosure of feedstock subsidy,
Amortisation of stamp duty and registration charges pais/payable towards execution of mining lease deeds,
Non-recognition of deferred tax assets on provision for warranty, replacement, inventory and doubtful
debts and claims, Accounting treatment for- project insurance, employee benefits expenses/rent
expenses/travelling expenses/housekeeping expenses incurred doe construction of project, security deposit
under RGGLVY, embedded derivatives in non financial host contracts as per IND As 109, leasehold land,
Dedicated Freight Corridor Concession Agreement etc and 2 opinions on different accounting issues
received from the Regulators/ Government authorities.
(III) Webcast on “Contemporary issues under Ind AS opined by the EAC”
In order to disseminate knowledge and information and to create awareness amongst the members and
other stakeholders with regard to the services rendered and also on the opinions issued by the
Committee, a Webcast on ―Contemporary issues under Ind AS opined by the Expert Advisory Committee‖
was organised on April 15, 2020. The Webcast was a huge success with the total IPs of 4923 and total
viewers hits of 15634.
(IV) Compendium of Opinions

 In the interest of members and for their guidance, EAC publishes its opinions in the form of a
publication, namely, ‗Compendium of Opinions‘. As of now, there are thirty-six volumes of the Compendium
of Opinions and each volume contains opinions finalised during a Council Year. These volumes have
extensive readership and accountants refer to the opinions contained in these volumes for guidance while
discharging their duties. An advanced and user friendly search facility containing around 1400 opinions
contained in these volumes has also been developed by the Committee and the same is hosted on the
website of the Institute at the hyperlink https://www.icai.org/new_post.html?post_id=968&c_id=60 . The
next Volume in series, viz., Volume XXXVII of the Compendium of Opinions is under compilation and is
expected to be released very shortly.
 Some of the opinions finalised by the Committee which are of general professional relevance, are
published in every issue of the Institute‘s Journal, ‗The Chartered Accountant‘. Recent opinions of the
Committee are also hosted on the website of the Institute.
5.13 Financial Reporting Review Board (FRRB)

In its endeavor to improve financial reporting practices, the ICAI through FRRB reviews the General
Purpose Financial Statements of various enterprises and the auditors‘ report thereon. The Board aims to
maintain an environment of sound financial reporting and also to improve transparency in financial
reporting, which is important to promote investor confidence in audited financial statements. The Board
also supports various regulators viz MCA, SEBI, ECI and other regulators by undertaking review of cases as
referred by them time to time.
(I) Accomplishments of the year:
Undertaken review (Review of Cases selected on suo motto basis or as Special)-During this period, the
Board has completed the review of 84 cases selected on suo motto basis or as special case. It includes
review of 20 financial statements undertaken as special cases and 9 Ind-AS Financial Statements.
(II) Contribution to Society – Commitment to Nation
In its endeavour to support regulators, the following significant assignments were performed by the Board
during the period:
 Status of review of cases referred by Regulators
 Election Commission of India has appreciated the role played by FRRB in previous years for
reviewing annual audited accounts of various political parties and also holding a workshop for
auditors of political parties. It has again requested FRRB to undertake review of the annual audited
accounts of at least six National political parties and recognized parties with income/ expenditure
exceeding Rs. 10 Crore. Accordingly, the Board has undertaken the review of 15 annual audited
accounts of political parties, pertaining to financial year 2016-17 and 2017-18.
 During the year, the Board has also undertaken (as special cases) review of 14 general purpose
financial statement and auditor‘s reports thereon of various enterprises as referred by Ministry of
Corporate Affairs and Securities and Exchange Board of India, based on media reports and other
references received.
 Based on the list of companies under liquidation received from Insolvency & Bankruptcy Board of
India (IBBI), the Board has undertaken the review of 25 selected listed companies.
 Office of the Comptroller & Auditor General of India shared the list of CA Firms with ICAI, which
were identified as "Unsatisfactory Performance as auditors of Public Sector Undertakings" and
wherein advisory has been issued or the firms has been debarred for a specific period. The Board
has undertaken the review of the general purpose Financial Statements of the 5 enterprises for
which C&AG has issued advisory to the audit firm.
(III) Publication: Article in Journal
With a view to apprise the members of the Institute and others concerned about the non-compliances
observed during the review, the Board initiated a series of articles in journal regarding ‗Non-Compliance
with various Reporting Obligations' pertaining to various Accounting Standards. In this direction, , 8 articles
on ‗Non-Compliance with Reporting Obligations' pertaining to AS 2: Inventories, AS 3: Cash Flow
Statement, AS 15: Employee Benefits, AS 18: Related Party Disclosures, AS 22: Accounting for Taxes on
Income, Companies (Auditor‘s Report) Order, AS 5: Net Profit or Loss for the Period, Prior Period Items and
Changes in Accounting Policies, AS 9: Revenue Recognition, AS 11: The Effects of Changes in Foreign
Exchange Rates, AS 20: Earning per Share, AS 13: Accounting for Investments and AS 26: Intangible
Assetshave been published in the Institute‘s Journal, ‗The Chartered Accountant‘, in the issue of April,
2019, May 2019, June 2019, August 2019, September 2019, October 2019, November 2019 and December
2019 respectively.
(IV) Empowering Members and Capacity Building
To enhance the knowledge of members on review skill as well as the latest developments taking place in
accounting standards, standards on auditing and other financial reporting requirement, the following
activities were undertaken during this period:
 Webcast on Commonly found Non-Compliances-The Board initiated to organize series of webcasts on
commonly found non-compliances observed in the financial statements by the Board on regular basis.
In view of the same, 9 Live Webcasts were organized on Commonly Found Non-compliances on AS 15,
AS 3, AS 2, AS 18, Companies Act, 2013, AS 22, CARO, AS 5, AS 9, AS 11, AS 20, AS 13 and AS 26 and
were well attended by members.
 Webinars on Commonly Observed Errors in Application of Accounting Standards-In preparation of
financial statements under Accounting Standards, various errors are commonly observed in context of
application of Accounting Standards. Accordingly, a webinar on ‗‘Commonly Observed Errors in
Application of Accounting Standards‘‘ has been conducted on 15-18 June, 2020, jointly with ASB, to
enhance the knowledge of members of the ICAI in the area of application of Accounting Standards.
 Empanelment of Technical Reviewers-To conduct the detailed review of IND-AS based Financial
Statements, the Board is in the process of empanelling more Technical Reviewers having expertise in
Ind AS (IFRS).
5.14 GST and Indirect Taxes Committee (GST & IDTC)
(I) Input/ Representation/presentation to/before the Government: The Committee has
submitted following inputs/ presentations/ representations to/before the Government:
 Suggestions on GST Annual Return and Audit Certificates for the Year 2017-18 on 12th September,
2019.
 The Committee supported GSTN in drafting an e-invoice standard.
 Pre-Budget Memorandum, 2020
 Presentation before Hon‘ble Finance Minister on Return filing issues made on 16th November,
2019.
 Presentation before the Officials of the Central Board of Indirect Taxes and Customs highlighting
the suggestions contained in Pre-Budget Memorandum, 2020 made on 5th December, 2019.
 Representation for providing relaxation to the taxpayers under GST due to COVID – 19 was
submitted on 18th March, 2020.
 Representation to extend the due date of payment by further 60 days in the said SVLDR Scheme
was submitted on 20th March, 2020.
 Representation highlighting the difficulties being faced by the Registered Person in filing GST
Annual Return for financial years 2018-19, who had not filed their Annual Return for financial years
2017-18 was submitted on 27th February, 2020.
 Representation for providing separate login facility to CA for filing Reconciliation Statement in Form
9C in line with Income Tax Audit was submitted on 3rd March, 2020.
 Representation requesting the withdrawal of sub-rule 4 to Rule 36 from retrospective effect was
submitted on 3rd March, 2020.
 Representation for Permitting availment of input tax credit pertaining to Financial Year 2018-19 till
due date of filing of Annual Return was submitted on 3 rd March, 2020.
 Representation for providing facility for mentioning UDIN in all the forms/Certificates to be
certified/ issued by CAs was submitted on 3rd March, 2020.
 Representation for extending date for filing GST Annual Return and Audit submitted on August 21,
2019.
 Representation for correcting technical glitches in filing of Annual Return & Audit i.e. Form 9/ 9C
submitted on June 13, 2019.
 Representation for extending date for filing of statement by a Composition Supplier and payment
of tax for the quarter ending June 30, 2019 submitted on July 17, 2019.
 Representation for inclusion of CA Member in the GST Grievance Redressal Committee
 Representation for change in Jurisdiction of Daman and Dadra & Nagar Haveli from GSTAT Mumbai
to GSTAT Surat Area Bench was submitted on 30th Dec, 2019.
(II) Publication – A research Initiatives: The Committee brought out/revised following publications
on GST and other Indirect Taxes:
 Handbook on Registration under GST - 1st Edition – May, 2020
 Handbook on E-way Bill under GST - 1st Edition – April, 2020
 Handbook on Annual Return under GST - 1st Edition – May, 2020
 Handbook on Refund under GST - 1st Edition – April, 2020
 Handbook on TDS provision under GST - 1st Edition – May, 2020
 Handbook on Interest, Late Fee and Penalties under GST - 1st Edition – May, 2020
 Handbook on Advance Ruling under GST - 1st Edition – May, 2020
 Handbook on Reverse Charge under GST - 1st Edition – May, 2020
 Handbook on Casual Taxable Person under GST - 1st Edition – May, 2020
 Handbook on Invoicing under GST - 1st Edition – May, 2020
 Handbook on Job Work under GST – 3rd Edition – May, 2020
 Guide to CA Certificates in GST - 1st Edition – February, 2020
 Handbook on Exempted Supplies under GST- 2nd Edition – February, 2020
 Background Material on GST– 8th Edition – November, 2019
 Bare Law on GST Acts and Rules – 4th Edition - October, 2019
 Technical Guide on GST Audit - 2nd Edition – May, 2019
 Background Material on Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019– 1st Edition –
October, 2019
 BGM on training programme for Government officials – Oct, 2019
(III) E-initiatives
 Course on Reconciliation Statement, Audit & Appeals and conversion -The Committee organised
an online five days Course on Reconciliation Statement, Audit & Appeals from 25 th April to 3rd
May, 2020 which was subscribed by 1600 members.
 Certificate Course through Virtual classes-A batch of the virtual classes was organised for
incomplete batch of the Course at Gwalior and Surat from 18 th May, 2020 to 1st June, 2020.
Further, two new batches of the Course were organised in June, 2020 which were attended by
200 participants.
 Series of Live webcast on GST - Committee organized a Five days Live Webcasts Series on GST
which was on an average viewed by 10,000 members.
 LIVE Webcasts -With a view to update the members and taking the benefit of technology, the
Committee has been regularly organising LIVE Webcasts, which can be viewed by members from
their workstation/home with a click of mouse. During the period, the Committee has organised 16
Live Webcast for the benefit of members at large.
 Recorded video on GST Annual Return-The Committee has recorded video on all the Table of GST
Annual Return and hosted 30 videos for the benefit of members at large.
-The Committee has hosted 75 short video on various aspects of GST recorded in the Council
Year 2018-19 on the ICAI common portal
https://learning.icai.org/LX/contents/content_home?current_community_id=idtc -gst-2019-
746-1666&content_player=true.
(IV) Other Initatives:

 ICAI E-Newsletter on GST: ICAI has been issuing its newsletter on GST from April, 2017. 27
issues of the same have been released till June, 2020.
 Standardised PPT on GST: The Committee has developed Standardized PPT on GST and hosted
on the website with a view to provide guidance to the faculty members and bring uniformity in
the session of GST in the programme as well as proving a tool to members to learn GST
through PPT.
 ICAI‘s contribution in GST recognized by GSTN: The Goods and Services Tax Network (GSTN)
on the occasion of its foundation day on April 5, 2019 felicitated ICAI in recognition of its
contribution and support in development of GST ecosystem. It was handed over by Shri Navin
Kumar, Chief Guest, former Chairman, GSTN in the presence of Shri Ajay Bhushan Pandey,
Chairman, GSTN & Revenue Secretary Government of India and Shri Krishnamurthy
Subramanian, Chief Economic Advisor.
 GST Survey-A report on impact of GST in India based on the survey conducted on the entire
gamut of GST Implementation was developed. Further, impact of GST on industry like Textile,
FMCG, Tea, Jute and Tour Industry has also been included in the aforesaid report. Committee
had formed 12 Study Groups to conduct survey and develop concept papers on GST impact on
industry.
 Indirect Taxes Updates including legal update-With a view to update the members, summary of
significant notifications, circulars and other important development in the area of Indirect
Taxes, including GST are regularly been circulated among the IDT NET registered members on
the website of the Committee https://idtc.icai.org/
 Training Programme for Government Officials: With a view to help the Government in capacity
building and partner them in Nation Building, the Committee organised 9 training programmes
on GST at various Commissionerates across the Country.
 Outreach Programme on Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 : The
Committee has organised an Outreach programme on Sabka Vishwas (Legacy Dispute
Resolution) Scheme, 2019 jointly with Central Good & Services Tax (CGST & CX), Delhi Zone
which was attended by more than 200 participants. Further, similar outreach programmes
were organised jointly with Vishakhapatnam and Pune Commissionerate.
(V) Awareness programme for members through Course, workshop, conferences etc.
 Certificate Course on GST: With a view to facilitate the members with the specialized knowledge in
the area of GST in a systematic manner and enhancing their skills, the Committee has organised
27 batches of Certificate Course on GST during the year which have been attended by 1159
members.
 National Programme/ Conferences-With a view to update the members and assist them to continue
to enjoy the edge over other profession, the Committee has organised six National Programme/
Conferences as a nationwide outreach programme at Jharsuguda, Chennai, Ernakulam, Pimpri
Chinchwad, Surat and Pune which have been attended by approx. 3641 members.
 Programmes, Seminars and Conferences: During the period, 70 programmes, seminars,
conferences and workshops etc. have been organised by the Committee, which were attended by
more than 10000 members.
5.15 Internal Audit Standards Board (IASB)
Organizations today are faced with a wide range of risks such as, strategy, culture and ethics, IT and data
security, etc., in addition to their traditional focus on financial risks and controls. It thus becomes important
that the internal auditor possesses superior business acumen, dynamic communication skills, unflinching
integrity and ethics, excellent grasp of business risks and rich experience to tackle these risks.
In order to facilitate the members to do so, the Board is working relentlessly to bring out high quality
technical literature in the form of Standards on Internal Audit and Technical Guides/ Studies/ Manuals,
which constitute an important tool in helping internal auditors to provide effective and efficient internal
audit services to the clients and/ or employers.
(I) Standards on Internal Audit (SIAs)

These Standards on Internal Audit are performance benchmarks as they represent the best practices in
internal auditing and other assurance services performed by the members. The Board has also initiated the
process of making Standards on Internal Audit mandatory for certain class of companies in a phased
manner. Mandatory status of SIAs will act as a starting point for ICAI to chalk out a road map for
enhancing relevance of internal audit profession.
These principle-based Standards would support the members in discharging their duties as highly valued,
trusted advisors and groom them as stalwarts in the profession. The Internal Audit Standards Board has
issued following revised Standards on Internal Audit during this period:
 Standard on Internal Audit (SIA) 120, Internal Controls
 Standard on Internal Audit (SIA) 350, Review and Supervision of Audit Assignments
 Standard on Internal Audit (SIA) 390, Monitoring and Reporting of Prior Audit Issues
 The Board has also brought out Compendium of Standards on Internal Audit (As on February 1,
2020) as a one stop reference for members practicing in the area of internal audit.
The Board is also in the process of issuing the following Standards on Internal Audit:
 Standard on Internal Audit (SIA) 130, Risk Management
 Standard on Internal Audit (SIA) 520, Auditing in an Information Technology Environment
 Standard on Internal Audit (SIA) 530, Third Party Service Provider
 Standard on Internal Audit (SIA) 140, Governance
 Standard on Internal Audit (SIA) 150, Compliance with Laws and Regulations
 Standard on Internal Audit (SIA) 250, Communication with Those Charged with Governance
(II) Industry Specific and Generic Internal Audit Guides
The Board had constituted study group for various projects i.e., Revision of Manual on Concurrent Audit of
Banks (2016 edition), Technical Guide on Internal Audit of FMCG Sector, Revision of Technical Guide on
Risk Based Internal Audit in Banks, Revision of Technical Guide on Internal Audit of Pharmaceutical,
Revision of Technical Guide on Internal Audit of Stock Brokers, Technical Guide on Internal Audit of
Alcoholic Beverage Industry and Revision of Study on Fraud Investigative Audits.
(III) Certificate Course on Concurrent Audit of Banks
The Internal Audit Standards Board of the ICAI is conducting Certificate Course on ―Concurrent Audit of
Banks‖ to enable members to understand the intricacies of concurrent audit of banks. The Board has
successfully completed 48 batches of the Certificate Course on Concurrent Audit of Banks at various places
and around 840 members have successfully qualified the Course during this period.
(IV) Virtual Certificate Course on Concurrent Audit of Banks
The Board had organised 28 batches of Virtual Certificate Course on Concurrent Audit of Banks during the
period and around 1,750 participants have successfully attended the course.
(V) E-learning of Certificate Course on Concurrent Audit of Banks
With a view to provide easy access to the members, the Board has also taken up the project of
development of e-learning modules of "Certificate Course on Concurrent Audit of Banks" which would
include quizzes and case studies on practical aspects of concurrent audit.
Further, videos recordings of all the sessions of E-learning of Certificate Course on Concurrent Audit of
Banks have been recorded and uploaded on E-learning platform of the Institute.
(VI) Certificate Course on Internal Audit
The Board is revising Course Structure for "Certificate Course on Internal Audit", which has been
completely revamped with new topics and heavy dose of information technology. Videos recordings of all
the modules of E-learning of Certificate Course on Internal Audit have been done and uploaded on E-
learning platform of the Institute. The Board is currently planning to organise Faculty Development
Program for the identified faculties of the course. Thereafter, the Board will finalise the schedule of batches
for this course.
(VII) Programmes, Seminars, Conferences and Webinars on Awareness on Internal Audit

With a view to provide platform of dissemination of knowledge among members, the Board has organized
14 programs on Internal Audit at various places such as New Delhi, Amritsar, Jalgaon, Nashik, Gurugram,
Bengaluru, Ahmedabad, Bhuj, Gandhidham, Ernakulam, Visakhapatnam and Yamunanagar, during this
period. The Board has also organized two Live Webcasts on Coronavirus (COVID- 19)- Its Impact on
Internal Audit and on Indian Auto Sector: Adaptive Risk Management Framework in Times of Uncertainty.
5.16 Committee on International Taxation (CIT)
(I) Representations/ Interactions with Government
 Submission for inclusion in the Post Budget Memorandum.
 Submission of Pre Budget Memoranda, 2020 pertaining to International Taxation.
 Representation regarding Public consultation on the proposal for amendment of Income-tax Rules
1962, to insert new rule 29BA and Form 15E, to give effect to the amendment in section 195 of
the Income-tax Act, 1961 (the Act) vide Finance (No.2) Act 2019.
 Representation regarding request to consider extension of validity of Tax Residency Certificates.
 Representation for addressing the issues being faced by assessees in respect of International
Taxation and Transfer Pricing.
(II) Conferences/Seminars/Workshops/Webcasts on International Taxation (1.04.2019
to 30.6.2020)
The Committee organised Live Webcasts/Seminars/National Conferences/Workshops on GAAR- Issues and
Case Studies, Royalties and Fees for Technical Services – Case Studies, Tax proposals of Union Budget
2019, International Taxation, TDS u/s 195 & 15CA/CB Certification, Overview of Multilateral Instruments
(MLI), Transfer Pricing and International Taxation, Highlights of tax proposals of Union Budget 2020-21,
Tax Treaty related impact due to COVID-19, NRI Taxation- Recent Amendments- Analysis and Implication,
Certain Important Amendments by the Finance Act, 2020 – International Taxation at New Delhi, Mumbai
and Gurugram during this period.
(III) Post Qualification Diploma in International Taxation
The Committee has conducted 7 batches of Diploma Course in International Taxation with 471 participants
during the period at Ghaziabad, Mumbai, Pune, Bengaluru, Gurugram, Mumbai and Chennai.
(IV) Other initiatives
 The Committee has added e-learning modules on some of the important topics as per following
details:
 Place of Effective Management
 Foreign Tax Credit
 Interpretation of Tax Treaties including perspective on MLI
 Revision of the following publications was undertaken
 Background Material of Diploma in International Tax course
 Technical Guide on Expatriates Taxation
 Guidance Note on Report under section 92E of the Income tax Act, 1961 (Transfer
Pricing)
 The Committee has released its new publication ―Cross Border Transactions and Investments‖.
 Contribution of articles on International taxation in CA Journal.
 Regular updates to the members on the subject of International Taxation to domestic as well as
overseas members.The Committee has entered into an arrangement with Capital
Market Publishers India Pvt. Ltd. for 3 years w.e.f 21.12.2019 to grant licenses of Capitaline
corporate database to the practising Chartered Accountants and CA firms at a special
discounted offer.
5.17 Committee for Members in Industry and Business (CMI&B)

The Committee for Members in Industry & Business (CMI&B), which is one of the non-standing Committees
of the Council, serves as a platform to facilitate synchronization between individual and organizational
goals, create an interface between ICAI and industry, and recognize/ project Chartered Accountants
beyond the traditional fields and as skilled and knowledgeable professionals on all aspects of functioning in
company, business and commerce. The Committee seeks to encourage and enhance close links between
CAs in industry and business and the ICAI. To support this endeavour, the CMI&B has been organizing
various knowledge-enriching conferences, industry meets and outreach programmes for the benefit of the
members. Other important activities of CMI&B include providing placement opportunities to both young
and experienced Chartered Accountants through campus placement programmes and ICAI job portal,
organizing the prestigious ICAI Awards to recognize exemplary achievements of Chartered Accountants in
business and industry, formation of CPE study circles, etc., in the interests of members. Major activities
that took place during the period under report are:
(I) PLACEMENT PROGRAMMES:
Campus Placement for newly qualified CAs:
 August-September 2019: These were held at 18 centres wherein 9051 candidates registered, out of
which 6491 appeared for interviews. 137 organisations participated and offered job to 2135
candidates. Highest salary (cost to company) offered was INR 24.00 lakh per annum for domestic
posting and INR 36.00 lakh per annum for international posting.
 February‐March 2020: Before nationwide lockdown was announced, the interviews were held in 9
major centres, wherein 9272 candidates were registered for both 9 major centres and 9 smaller
centres. A total of 94 organisations participated at 9 major centres and 6 smaller centres. 2307
jobs were offered at major centres. Due to lockdown due to Covid-19 pandemic, interviews were
held by virtual mode at 6 smaller centres in the month of June, 2020 wherein 444 jobs were
offered, taking the total number of jobs offered to 2751. Highest salary (cost to company) offered
was INR 21.57 lakh per annum for domestic posting.
Special Placement Programme for CA Final Rank Holders:

 1st Special Placement Programme: Special Placement Programme was held on 8th September, 2019
at Bengaluru wherein 10 organisations participated, and 82 participants appeared for the
interviews, and all were offered jobs. The highest salary (cost to company) offered was INR 24
lakh per annum for domestic posting and INR 36 lakh per annum for international posting.
 2nd Special Placement Programme: Special Placement Programme was held on 25th February, 2020
at Bengaluru wherein 14 organisations participated and 85 candidates were offered jobs, out of
total number of 127 candidates. The highest salary (cost to company) offered was INR 21.18 lakh
per annum.
Placement for experienced CAs:
Lateral Placement: Lateral Placement was organised successfully from 25th–28th June, 2019 to provide a
platform for placement opportunities to experienced Chartered Accountants to secure career advancement
in leading organizations. 14 companies (17 interview teams) participated with 226 vacancies.
(II) MANAGEMENT DEVELOPMENT PROGRAMME:
 1st Batch of MDP: First batch of MDP for CA-Final Rank Holders was successfully conducted from 22nd
August to 13th September, 2019 at Bengaluru in collaboration with Manipal Global Education. Out
of the total 199 rank holders, 89 participants registered (73 general and 16 EWS) for the said
programme.
 2nd Batch of MDP: Second Batch of MDP was conducted from 3rd to 25th February, 2020 at County
campus of Manipal Global Education, Bengaluru in which out of total 205 rank holders, 127
participated (84 General and 43 EWS) for the said programme.
(III) AWARDS
13th ICAI Awards and Leadership Summit 2020: The Committee had successfully organized 13th ICAI
Awards and Leadership Summit on 14th January, 2020 at Hotel Sahara Star, Mumbai. ICAI does not just
create great professionals but also acknowledges their service to the profession through these prestigious
awards which seeks to honour an individual who possess excellent skills, dedication, enthusiasm,
leadership and the ability to deliver the best. 25 Awardees were felicitated by the august hands of Shri
Piyush Goyal, Hon‘ble Minister of Railways & Commerce and Industry. Jury panel under the chairmanship
of Shri Kishore Biyani, Founder, Future Group selected the awardees.
To add value to the event, Leadership Summit 2020, a multi-track summit was organized on the same day.
It was designed and formulated in a manner to update the knowledge of the members on Contemporary
and path breaking topics, which were of relevance to their professional domain and interest.
(IV) PROGRAMMES ORGANISED:
Various programmes, including seminars, live webcasts, interactive meets, CFO Meets, etc., were organized
on contemporary topics i.e Formation of New Industrial Policy, FTP, FEMA-Foreign Investment, FDI, ODI:
Policy, Regulations & Way Forward, Risks, Covid-19 Impact on self, Industry, Economy & Stock Market,
ICAI Leadership Summit – Post COVID 19 Scenario, FEMA, The World and India- Post COVID 19,
Navigating the path to Professional Success at Raipur, Gururam, Alleppey, Thiruvananthapuram, Noida,
Ghaziabad, Chandigarh, Bengaluru, Nagpur, Aurangabad and Coimbatore during the year .
(V) OTHER INITATIVES
 New CPE Study Circles for Members in Industry -CMI&B has formed Cyber Hub CPE Study Circle of
Indus Towers Limited Ltd for Members in Industry of ICAI.
 Launching of Mentorship Portal-CMI&B has launched Mentorship Portal (https://mentorship.icai.org)
on 14th January, 2020 for facilitating the growth and development of the CAs by building bridges
between emerging and established professionals.
 Publication-CMI&B has launched Quick Insight on GST- Banking Sector on 14th January, 2020 at 13th
ICAI Award function.
5.18 Peer Review Board (PRB)
The Peer Review Board was established in 2002, recognizing the need to ensure the quality of services
provided by practicing Chartered Accountants.The Peer Review is aimed to ensure that in carrying out the
assurance service assignment, the members of the Institute (a) comply with Technical, Professional and
Ethical Standards as applicable including other regulatory requirements thereto and (b) have in place
proper systems including documentation thereof, to amply demonstrate the quality of the assurance
services. The Peer Review is conducted of a Practice Unit by an independent evaluator known as a Peer
Reviewer.
The requirements of two regulators - SEBI and C&AG, in recognition of the Board‘s endeavor are stated
below:-
 SEBI with effect from April 1, 2010, has made it mandatory for the listed entities, that limited
review/statutory audit reports submitted to the concerned stock exchanges shall be given only by
those auditors who have subjected themselves to peer review process and who hold a valid
certificate issued by the ‗Peer Review Board‘ of the Institute.
 C&AG has recognized Board‘s work; as it seeks details from the CA firms about their Peer Review
Status in the application form for allotment of audit for Public Sector Undertakings. Furthermore,
from last few years, the C&AG annually seek details from ICAI of those firms which have been
issued certificate by the Board.
ACTIVITIES/ INITIATIVES:
(I) Peer Review of Practice Units:
Continuous efforts are being made to enhance the scope of peer review making it more effective
and also to have more practicing units being peer reviewed. The planned efforts of the Board
coupled with effective performance of the Peer Reviewers inspired the practice units to continually
improve the quality of services that they render to the society at large. Greater emphasis is being
given on proper selection of samples and effective review. The Peer Review Board has considered
and issued 11855 Peer Review Certificates till June 30, 2020.
(II) Training & Empanelment of Peer Reviewers:
To ensure that there is consistency and uniformity in carrying out reviews, the Board imparts
training to the Reviewers before assigning them the practice units for review. Board has organized
211 Peer Review training programmes all over India since inception, out of which 21 Training
programmes have been held during the year. Peer Review Board has empanelled and trained 6073
Peer Reviewers since inception.
Futuristic plans: Going forward, the Board plans to update the Peer reviewers and the trainers
with the revised Peer Review Process. With this objective, the Board will organise the following
online programmes:
 Train the Trainer : To train the existing trainers
 Train the existing Reviewers - Trainers to train the existing Reviewers
 To conduct training for prospective reviewers and also organize empanelment tests for them.
(III) National Conference/Live webinars
Three National Conferences at Ghaziabad, Jabalpur and Noida have been organised, during the
year. Six webinars have been organised during the year on the topics Audit Documentation with
Special Emphasis on Bank Audit, Documentation to be maintained for Statutory Audit,
Documentation for Peer Review Process, Small & Medium Practice Units – How to make best use of
Peer Review and Audit Documentation and Reporting in Peer Review Process.
(IV) Revision of Various Publications of the Board
The following existing publications of Peer Review Board have been revised:
 The Statement on Peer Review has been revised by the Board and approved by the Council in its
Meeting held in April 2020. The same has become effective from 1 st July, 2020.
 The Peer Review Manual : The publication has been Revised by the Board to incorporate various
Changes made in the Statement on Peer Review. The various formats of Declaration of Practice
Unit, Reviewer, Questionnaire, Annexures etc. have been revised and form Part of Appendix of the
Manual. Recommended checklists pertaining to Accounting Standards, Standards on auditing have
been updated and checklist of Ind AS has been added. The Manual has been made more user
friendly by introducing effective picturesque flowchart to have a better understanding of Step by
step Peer Review Procedure, Onsite and offsite Procedures, Process Flows etc.
 Handbook on Advisories: An amalgamation of the existing publications ‗Handbook on Advisories for
Practice Units‘, ‗Handbook on Advisories for Peer Reviewers‘ and ‗FAQs‘ has been made. The recent
changes made by the Board regarding the Peer Review Process, sample size, fees of Peer Review,
Illustrative Time schedule, etc. have been incorporated in the handbook. The Handbook is a guide
for the Peer Reviewers as well as the Practice Units as it contains advisories for them as well as a
plethora of frequently asked questions.
(V) Revision of fees for Peer Review
In exercise of the power vested in the Peer Review Board by the Statement on Peer Review, the
Board at its 64th meeting held on 4th June, 2020 has revised fees for Peer Review including
honorarium and TA/DA for reviewer and his qualified assistant. Prior to revision, the fees for Peer
Review varied from Rs 15000 to Rs 1,00,000 depending upon the Average gross receipts/ Revenue
from assurance service Clients of Practice Unit (Per Annum) for the period under review. The upper
limit has been increased to Rs. 5,00,000 for Practice Units having Average gross receipts/
Revenue from assurance service Clients above Rs. 30 crore p.a. The revised fee structure is
hosted on the website at https://resource.cdn.icai.org/24073revised_cpr_prb.pdf
(VI) Revision of Sample selection Criteria
The Board at its 64th meeting held on 4th June, 2020 has also revised the criteria of minimum
sample selection for the reviewers. The Revised sample selection criteria is hosted on the website
at https://resource.cdn.icai.org/60093prb-sample-review.pdf . Minimum sample to be selected by
the reviewer is based on the Level of Practice Unit as well as average gross receipts/ revenue from
assurance service Clients of Practice Unit (Per Annum) for the period under review.
(VII) Development of online forms for collating Data from Peer Reviewers and Practice
Units for System update
For better transparency and good governance an online form has been developed for collating
current data of existing Practice Units (PUs) and empanelled Peer Reviewers (REs). Mass mails will
be sent to these PUs and REs with a request to fill their particulars in the form. The form is also
intended to capture the expression of interest from the Empanelled Peer Reviewers to ascertain
whether they wish to continue to act as Reviewers and categorisation of Reviewers into LI and LII
category. Likewise, the data of PUs will also be captured to categorise them into LI and LII
firms.The data so collated is intended to be pushed in the new software being developed for the
Peer Review Board to automate the Peer Review process.
(VIII) Utilizing social media platform for creating awareness about the importance of the
Peer Review
Creatives with short taglines have been developed and designed to create awareness about the
importance of Peer Review Process through social media platform.
(IX) Peer Review software
The peer review process will shortly be steered through a software.
(X) Grant of Extension regarding validity of Peer review Certificate in wake of COVID-19
In the wake of COVID -19 spurt and the extension of nation wise lockdown as well as partial reliefs
granted by various State Governments in phased manner, members were facing hardships in
getting the Peer Review Process completed. Accordingly, the Peer Review Board has hosted an
Announcement dated 30.3.2020 on the website at
https://resource.cdn.icai.org/58882prb47971.pdf and also has granted further extensions by
hosting a new Announcement dated 29.5.2020 regarding ‗Further extensions regarding the validity
of Peer Review Certificate in the wake of COVID -19 spurt across the country‘ on ICAI website at
https://resource.cdn.icai.org/59761prb48614.pdf
5.19 Professional Development Committee (PDC)
The Committee was established in 1962 with the mission to explore and develop opportunities for the use
of the professional talents and skills of Chartered Accountants in different sectors of the world of business.
The Committee in its efforts to explore the unchartered areas for professional opportunities interact with
the Central and State Government, Regulatory Authorities, other agencies etc. requesting them to avail the
expertise of the Chartered Accountants and utilize their services in various areas.
Since 2019, the Committee has been looking into the areas of Co-operatives and NPO sectors to equip
members and other stakeholders to find a new niche for themselves and as well as maintaining and
developing the core competencies in the Co-operatives and NPO sectors.
With a view to enhance skill sets of Chartered Accountants in the existing and new areas, it also organizes
webinars, seminars, workshops on contemporary areas of interest.
(I) Meetings with various Regulators on matters for professional relevance
 RBI on ―Cyber Security Framework”: The representatives from ICAI met the team of CSITE Cell of
Department of Banking Supervision, RBI on 18th April 2019 in Mumbai for the
additional certification by Statutory Auditors for the first time on ―Cyber Security Framework‖. On
acceding to ICAI‘s request, RBI advised SCAs on the methodology to be followed by them to
assess the level of compliance by banks in this regard and advised that the Certificate in this
regard may be submitted by SCAs along with the Long Form Audit Report (LFAR).
 Meeting held with RBI: The Chairman and Vice Chairman, PDC had a meeting with Shri R
Subramanian, Chief General Manager-in-Charge, DBS, Smt. Divya S Daur, General Manager, Audit
Regulation Section in the month of June, 2019 wherein issues relating to strengthening concurrent
audit of banks, Reduction in Statutory Central Auditors by Public Sector Banks, Policy of Rotation
and Resting in Statutory Bank Branch allotment etc faced by various Auditors while conducting
Bank Audits were discussed with them.
 Meeting held with NABARD: The Chairman and Vice Chairman, PDC had a meeting with Shri K
Raghavendra Rao, CGM, Ms. Sarita Arora, CGM and other officials of NABARD on 3 rd June, 2019.
During the meeting, several concerns relating to the profession like gaps in audit, divergence in
Audit and Inspection Report, LFAR and Auditors' Qualification and adherence to Accounting
Standards etc. were discussed. Various matters such as upward revision in audit fee of Regional
Rural Banks (RRBs), separate fee for tax audit, limited number of branches to be allotted to one
auditor and consideration of Sole Proprietorship firm for the allotment of audit etc. were also
discussed on which NABARD has expressed their positive response.
 Meeting with officials of Indian Banks‘ Association Chairman and Vice Chairman, PDC had a
meeting with Shri K. Eswar, Sr. Advisor of IBA on 3 rd June, 2019 wherein the stringent criteria as
mentioned in the tender floated by them for empanelment of Forensic Audit and extension of its
date was discussed. The responses so received by IBA till that time was sufficient, hence,
requirement was felt by them to withdraw or extend the said tender.Further, to emphasize upon
the utilization of the Software for Selection and Allotment of Bank Branch Audit so developed by
ICAI by all the banks with joint efforts, IBA has agreed to arrange for the demonstration by ICAI
wherein all the banks would attend.
(II) Software for Allotment of Bank Branch Audit

The Institute has over the years expressed its concerns on the issue of appointment of auditors of Public
Sector Banks by the Banks‘ Board themselves. The Management of Public Sector Banks do not have any
major ownership interest, this autonomy of appointment of auditors by management is fraught with risk in
a very important and sensitive sector like banking.
To address the issue and in order to bring autonomy in appointment of auditors of Public Sector Banks
(PSBs), a web-based application was designed by ICAI for selection and allotment of Statutory Auditors of
PSBs by randomly mapping and associating with the vacancies available in the PSBs.
In the year 2020, ICAI approached to all the Banks for utilizing the said Software and had also made a
presentation on Software in the meeting of IBA on 16th January, 2020 wherein various public, private and
foreign banks participated. Pursuant to the follow-ups, during 2019-20, 9 banks namely State Bank of
India, Punjab National Bank, Bank of Baroda, Indian Overseas Bank, Central Bank of India, Canara Bank,
Oriental Bank of Commerce, Punjab & Sind Bank, and United Bank of India have utilized the Software for
Selection/ Allotment of Bank Branch Auditors.
(III) Panel to Various Authorities
Bank Branch Auditor's Panel to RBI and NABARD:
PDC in its endeavor to explore equitable professional opportunities for CA members, every year host the
application of Multipurpose Empanelment Form containing pre-filled data of applicants‘ from ICAI‘s records
and based on their last year‘s MEF application. Every effort was made to make MEF more comprehensive
to collect maximum information and disseminate through a centralized. members were also facilitated in
uploading the Financial Documents online in addition to submission of Declaration digitally signed or
Scanned Declaration.
The panels of Chartered Accountants/Firms were provided to RBI, NABARD and various other authorities/
agencies such as Public Sector Bank, Private sector banks, Central Bureau of Investigation, Official
Liquidator, SIDBI, SEBI etc. as per the criteria specified by them.
(IV) Steps taken with respect to Bank Branch Audit of Public Sector Banks for the year 2019-
20
Due to the sudden outbreak of Covid-19, ICAI issued advisory to the bank branch auditors as to how to
conduct audit online while audit could be conducted offline also in phases as per the areas coming in the
green zone. ICAI also approached to RBI and Banks. RBI accepted the inherent need for branch audit in
PSBs and retained coverage of advances to 90% by including the words ―90% of fund advances and 90%
off non funded advances‖ in their previous guidelines.RBI supported ICAI views that branch audit in PSBs
is indispensable and advised the banks to appoint additional audit firms in case of refusal by any audit firm
to accept the audit by seeking its approval.
(V) CSA Meet
An interactive virtual meet was organized with all the Central Statutory Auditors on 9th April, 2020 wherein
President and Vice-President, ICAI along with Chairman and Vice Chairman, PDC discussed about the
importance of the Branch Audits in Banks and had their feedback.
(VI) Representations submitted
Representation to RBI on IFC Reporting-A representation was submitted to Governor of RBI on the
reporting on Internal Financial Control (IFC) while conducting Statutory Audit of Public Sector Banks (PSBs)
and foreign banks operating in India for financial year 2019-20 in absence of the mechanism present in the
Banks and also it is required to be reported by the Branch Auditors. Accordingly, considering our request,
RBI has deferred such reporting to next year.
Further the following representations were also submitted to RBI:
 A circular dated 18th September, 2019 was issued by RBI regarding the concurrent audit system in
Banks. The said circular dealt with issue related to appointment, remuneration and scope of
coverage of concurrent audit etc.
 Representation to Department of Banking Supervision, Reserve Bank of India, Mumbai on 21 st
October, 2019 wherein the issues such as Appointment of Auditor, Scope of Audit and
Remuneration to Auditors was sent.
 Representation to Department of Banking Supervision, Reserve Bank of India, Mumbai on 20 th
December, 2019 wherein the matter of increase in fees for the Bank Audit was sent.
Representation to State Bank of India-During the year 2019, State Bank of India was taking the declaration
from the Statutory Branch Auditors for not having appointed as statutory central/branch auditors in any
private sector/foreign bank during the current year. ICAI represented to SBI as the Auditor/Audit Firm can
do Branch Statutory Audit of a Public Sector Bank simultaneously with Statutory Audits of 4 Private Sector
Banks and 4 Foreign Banks. SBI acceded to our request.
(VII) Appointment of Statutory Auditor of Jammu and Kashmir Bank
ICAI vigorously pursued with RBI for maintaining the past practice of the appointment of Statutory Auditor
of Jammu and Kashmir Bank Ltd for the year 2018-19 by the office of C & AG. Accordingly, the
appointment of auditors was done by C &AG only.
(VIII) Tender Monitoring Group
The Tendering of Professional Services has always been an area of concern. PDC has taken up the various
issues including the evaluation criteria in Tendering with CVC at various point of time. It has been observed
that sometimes organizations float the tenders without mentioning any Minimum Fees or quote very low
minimum fees. On the other hand, it was necessary to monitor the adherence of the Council Guidelines
and decisions by the Members of ICAI while responding to the tenders related to Minimum Fees and
maintenance of Cost Sheets.
To address such issues related to Tendering, a Group for ―Monitoring the Tendering issues‖ was formed by
PDC during the year to monitor and standardize the tenders floated by the organizations, to monitor the
evaluation of the tenders related to professional services, to develop a mechanism for monitoring and
analyzing the responses of the members and referring the deviations at appropriate levels. During the year,
various representations were sent from time to time to the respective organizations in respect of hardships
/ violation of guidelines, etc.
(IX) Cooperatives & NPOs:
For the year 2020-21, the Groups on Cooperatives & NPOs have been formed in all the 5 regions with
nodal control under PD Committee broadly with the aim to suggest Suitable reforms in the statutes,
Promote uniform accounting framework, to formulate guidelines for state-wise auditors empanelment
creating the opportunities for CAs in the areas of Cooperatives and NPOs.The Committee has also
conducted Certificate Courses on Cooperatives and NPOs to update the members of ICAI on these subjects
and enabling them to take up the related assignments.
(X) Draft revised norms for empanelment of C&AG
C & AG in order to review the present arrangement for empanelment of CA firms and to fine tune the
allotment of PSEs audits to the empanelled CA firms has drafted the revised norms and had sought the
inputs of ICAI which were submitted vide letter dated 10 th October, 2019. The Institute represented on the
revised norms so finalized and hosted by the o/o C & AG for the empanelment of CA Firms in the month of
January, 2020.
(XI) State Level Coordination Committee (SLCC)
The Reserve Bank of India holds quarterly meetings of State Level Coordination Committee to regulate
Non-Banking Financial Companies (NBFCs) and deposit accepted activities of incorporated bodies (UIBs) at
each of their regional offices. Such meetings are convened by Regional Director of respective regional
office of RBI and attended by Principal Secretary/Secretaries of various departments such as Finance,
Home, Law etc. of respective states, National Housing Board (NHB), Securities Exchange Board of India
(SEBI), Registrar of Companies (RoC), Insurance Regulatory and Development Authority of India (IRDA),
Registrar of Chit Fund, Department of Chit Fund and The Institute of Chartered Accountants of India
(ICAI). More than 20 meetings were held during the year and were attended by the representatives of
ICAI.
(XII) Women Entrepreneurship Platform- Niti Aayog
Under the MoU with Niti Aayog, ICAI is a knowledge partner and has to provide a channel for resolving the
queries of the general public/entrepreneurs at their WEP Portal specifically in the areas of Taxation, Audit,
Accounting, Statutory Compliance, Regulatory Assessment of Business and Business Validation Processes.
The online WEP platform is under final stages of development and ICAI will be providing the names of
approx. 10 members for answering to the online queries on their platform.
(XIII) MOUs with IIMs:
ICAI has entered into the MoU with IIM Jammu in the month of Feb., 2020 for conducting various
Management and Finance programmes for CAs. Further, the MoU with IIM-Ahmedabad was also for
conducting residential training programme for Chartered Accountants. Under the MoU with IIM-A, various
residential courses have been conducted during the year 2019-20.
Interactive Meet-Upskilling & Up-scaling of the CA Firms
In order to provide a platform for the said brainstorming sessions on the vital issues for CAs in practice in
today‘s context and for sustenance in the future, the Professional Development Committee organized an
―Interactive Meet-Upskilling & Upscaling of the CA Firms‖ on 9th November 2019 in New Delhi wherein
detailed discussions were held on areas of professional development. Further the said meet was also
organized in Chennai on 25th November, 2019.
(XIV) Joint Awareness Programme under SLCC, RBI with Economic Offences Wing (EOW)
The Professional Development Committee jointly with Economic Offences Wing, New Delhi organized Joint
Awareness Programme on 4th December, 2019 in New Delhi with State Level Coordination Committee
wherein Smt. Padmini Singla, IAS, Secretary Finance, Shri O.P. Mishra, IPS, Addl. CP, EOW, Smt. Sumeet
Kapoor, CGM, PFRDA, Shri Ajay Kumar, Regional Director, RBI have also addressed.
(XV) PD Portal
The PD Portal (www.pdicai.org) so developed by PDC, provides the members of ICAI with the information
that they need to enrich their own practice and provide value added services to their clients. Further, it lists
down all the tenders available to Practising CAs for the creation of Professional Opportunities. The Portal
provides a separate section for Committee‘s activities. All related information as to MEF Application,
Webinars & Upcoming events, communications made with different regulatory authorities are placed on the
portal.
5.20 Committee on Public and Government Financial Managament (CP&GFM)
The Committee on Public & Government Financial Management (CP&GFM) strives to assist Central & State
Governments and Local Bodies in successful implementation of the accounting reforms and public finance
management. The Committee primarily focuses on capacity building of the finance officials of various tiers
of Government in India by various means such as organising workshops, developing relevant e-training
modules, etc., apart from formulating Accounting Standards for Local Bodies (ASLBs). This is an initiative of
ICAI to meet its social obligations by providing professional services of CAs beyond corporate sector and to
the public at large, by being true to its role of being a partner in nation building.
Important Activities undertaken
(I) Publications issued by the Committee:
 Compendium of Accounting Standards for Local Bodies - Volume II
 Status Paper on Accrual Accounting Reforms in Local Bodies in India: Overview (Revised)
(II) Issuance of Accounting Standards for Local Bodies (ASLBs):
The Conceptual Framework for General Purpose Financial Reporting by Local Bodies and 12 accrual
basis ASLBs approved by the Council of ICAI were issued during the Council Year 2019-20 and
released as Compendium of ASLBs : Volume II.
(III) Comments/suggestions submitted on the following:
 Exposure Draft 67 on ‗Collective and Individual Services and Emergency Relief (Amendments to
IPSAS 19) to International Public Sector Accounting Standards Board.
 Agenda of meeting of Public Sector Financial Management Committee (PSFMC) of CAPA held on
April 27, 2020, apart from existing PSFM publication.
 GASAB documents/draft Standards:
 Agenda of 35th Board meeting of GASAB held on 3rd February, 2020.
 Due Process of GASAB
 IGAS 2, ‗Grants-in-Aid‘
 IGAS 3, ‗Loans & Advances‘
 Disclosure Statement on ‗Recipients of External Assistance‘
 Draft on ‗Correction of Prior Period Adjustment‘
 Disclosure Statement on Contingent Liabilities
 Draft on ‗Recipients of External Assistance‘

 Draft on ‗Recognition of Revenue Receipts from Non-Exchange and Exchange Transactions‘
(IV) The Committee prepared basic draft of following Standards under cash basis for Central & State
Government for GASAB:
 Revenue,
 Extraordinary Items.
(V) The Committee along with the Research Committee has completed the Impact Study of
implementation of Accounting Standards on the disclosure and transparency in accounts of the
Central Universities and submitted the same to the Ministry of Human Resource Development.
(VI) The Committee has got representation on the Task Force constituted by the Government of Assam
for mentoring and monitoring the finalisation of Annual Accounts and statutory compliance of Assam
PSEs. Regular meetings through video conferences are being conducted to resolve the issues.
(VII) Seminars/Conferences/Training programmes/Webinars
The Committee organised training programmes during the year on Financial Management for
Decision Making and IND AS for PSU officials through DPE, Webinars on Government Schemes for
Urban & Rural Centres and Role of Chartered Accountants therein, Assignments by Asian
Development Bank (ADB): Requirements and Expectations etc and Series of Train the Trainer
Programme on ―Government & Public Financial Management Reforms: Local Self-Government
Perspective‖ for Members at Mumbai, Delhi, Jaipur, Chennai and Kolkata and two days National
Summit on Transparency & Accountability in Government Financial Management addressed by
senior IAS, IA&AS, ICAS officers and professionals, witnessed participation of more than 300
Government officials from 25 States & UTs. Apart from above faculty support to Capacity Building
Programme‖ organised by the Directorate of Municipal Administration, Goa for its officials and
Haryana Institute of Public Administration was also provided.
(VIII) E-learning Modules on basics of accrual accounting for local bodies
The Committee hosted following e-lectures on the ICAI TV:
 Preparation of opening Balance Sheet & procedures for closing of first financial statements of the
ULB, and
 Preparation of Final Accounts under accrual basis of Accounting.
(IX) Certificate course on Public Finance & Government Accounting
The Committee organised one classroom batch and two online batches for Certificate Course on Public
Finance & Government Accounting with 229 paticipants.
(X) Meetings with Government Departments/Local Bodies
 Virtual CPE meeting on Opportunities for CAs in Public Financial Managementjointly with Kalyan-
Dombivili branch of ICAI.
 Virtual CPE meeting on ―Resurgent Chhattisgarh - Accountability, Transparency & Investment
Environment" held on June 28, 2020 jointly with Raipur branch of ICAI. Shri Bhupesh Baghel,
Hon‘ble Chief Minister of Chhattisgarh along with Shri Manoj Kumar Pingua, IAS, Principal Secretary,
Department of Commerce & Industries and Shri Sanjay Shukla, IAS, Managing Director, CG State
Minor Forest Produce Cooperative Federation Limited addressed the meeting.
 Many Ministries/senior officials of Government Departments/Local Bodies to discuss matters of mutual
professional interest and to create awareness about the value addition which can be brought by
Chartered Accountants in their processes and procedures.
5.21 Public Relations Committee (PRC)
PUBLIC RELATIONS GROUP (April 30, 2019 – Feb 11, 2020)
The Public Relations Group was constituted with the mission to develop, strengthen and enhance the
image of the ICAI as a premier accountancy body and the sole regulatory authority for the profession of
Chartered Accountancy in India through various ways and means, as considered appropriate within the
framework of the CA Act. The PR Group undertook various initiatives to foster good relations and steps
were taken to bridge the perception gap, to provide better networking opportunities and to enhance the
visibility of ICAI.
(I) SIGNIFICANT INITIATIVES/ACHIEVEMENTS

 Chartered Accountants Day 2019 -The 70th Chartered Accountants Day of ICAI was celebrated on
July 1st all across the country by 164 branches & 5 Regional Councils of ICAI with great enthusiasm
and zeal by organizing specified activities. The function was widely publicized by media &
promoted through print / electronic media by undertaking the below-mentioned initiatives:
 A short AV for all social media platforms-A short AV of approx. 1 min. (animation only) was
developed for social media publicity of Platinum Jubilee celebrations. The same was uploaded on
all social media platforms.
 Video bytes of President & Vice-President on the occasion of CA Day-On the occasion of CA Day, a
video clip with messages from President and Vice-President addressing the CA Fraternity was
prepared and uploaded on the ICAI website. The same was also played during the CA Day
function. The link of the same was forwarded to all concerned for reference.
 Updation of Corporate Film-2019-20-The ICAI Corporate Film is played during the various important
events, Seminars/Conf. etc. organized by the HO/ DCOs/RCs/Branches. The Group had updated
the ICAI Corporate Film for the year 2019-20 and the same was uploaded on ICAI Tv for the
reference of all concerned and a link of the same was forwarded to all concerned for reference.
(II) Other Initiatives undertaken during CA Day 2019 Celebrations
 A communication was forwarded to all Regional Council / Branches advising to undertake specified
activities to commemorate CA Day. The members/students/officials across the country got united
to celebrate this prestigious occasion by undertaking social activities and programs like Investor
Awareness, Women Empowerment, Tree Plantation, and Blood Donation, etc. Branches also
organisedprogramme to honor 70 years old or above CA members for their contribution to the
Profession.
 The Goodwill Messages on this occasion were invited from various Dignitaries which were published
in the special issue of Chartered Accountants Journal brought out to commemorate CA Day.
(III) 5th International Day of Yoga
To commemorate the 5th International Day of Yoga, ICAI had taken the initiative of encouraging all
members and students to inculcate Yoga for a healthy body and mind. The PR Group asked all Regional
Councils & Branches of ICAI to celebrate this day across the country on June 21, 2019, by undertaking
specified activities. A special grant was also considered to be sanction to all for undertaking such
activities.The President & Vice-President, ICAI addressed the CA fraternity and their video bytes were
recorded and shared with all concerned to be played on Yoga Day.
(IV) International Conference
The following actions were undertaken to promote the International Conference of ICAI scheduled on
December 6th& 7th at Mumbai.
 Print Media-(i) To promote the International Conference & increase the registration, pre-event
advertisements were published in the In-flight magazines - Spice Route, Go Getter & Vistara and
business magazines- Business Today & Outlook in the November issue.
(ii) A half-page color advertisement for creating awareness and Brand Building was released in two
major publications.
 Electronic Media-The International Conference was promoted on 2 Channels- CNBC TV 18 and CNBC
Awaaz. Before the Conference, promos were aired for creating awareness & encouraging registration.
The entire event was covered by CNBC team & a half an hour episode was developed and telecast on
CNBC TV18 & on CNBC Awaaz.The episode was also promoted through promos.
 Goodwill Messages-A Souvenir was brought out to commemorate International Conference 2019. The
Goodwill messages regarding contribution of ICAI, the role of Chartered Accountants and for the
success of International Conference were sought from various dignitaries and 15 messages were
received that were published in the Souvenir.
 Brand Building at the venue of the Conference .-Various initiatives undertaken by ICAI were
encapsulated and publicized through standees placed at prominent locations at the venue. The standee
designs (15 nos.) were developed and shared with IA Committee for further action.
 Audio Visuals-As advised, the following Audio Visuals (AVs) were developed to be played during IC
2019.
 AV on Major Achievements of ICAI

 Introductory AVs of following 4 dignitaries:
o Smt. Smriti Zubin Irani, Hon‘ble Minister of Women & Child Development and Textiles
o Shri Anurag Singh Thakur, Hon‘ble Minister of State for Finance & Corporate Affairs
o Shri Suresh Prabhu, Hon‘ble Member of Parliament
o Shri Injeti Srinivas, Secretary, Ministry of Corporate Affairs
(V) Other Initatives
Advertisement promoting CA Course & ICAI Initiatives-An advertisement promoting the CA course and
services offered by CAs in the various fields was published in major publications. Also, advertisements on
various important initiatives like Virtual Management & Communication Skills Course, E-learning, Go Green,
etc. were developed & published in ICAI Journal.
ICAI Brand Building-Advertisement promoting the concept of UDIN was published in September 2019
issue of In-flight Magazines - Spice Route, Go Getter &Vistara.
Advt. – Benchmarking of ICAI qualification by UK NARIC-To create awareness regarding benchmarking of
ICAI qualification by UK NARIC, an advt. was designed & published in major financial daily. This
benchmarking of the CA qualification would strengthen the position of ICAI members and help corporate
gain a better understanding of the relevance and standing of the CA qualification. It would also provide
opportunities for higher studies and enhanced professional opportunities for ICAI members/ semi-qualified
professionals in the UK, Middle East and other foreign jurisdictions accepting NARIC evaluation.
ICAI Caller Tune for all landline nos. & employees of ICAI-As one of the major initiatives undertaken for
brand building and to develop the corporate identity of ICAI, the Caller tune for all landline nos. &
employees of ICAI was developed by PR Group and approved by the competent authority. The Caller tune
is being used by all ICAI Employees on their mobile phones and also on all official landline nos. The same
is already operational on all official mobile phones ( Airtel ) of the Head office and also on EPBAX (pilot no.
011-39893989) at Head office.Communication was also forwarded to all RCs and Branches asking to get
the Caller Tune operational on mobile phones of ICAI Employees and also on all official landline nos.
Letter(s) to Editors in response to misreporting by media-In the recent past, ICAI came across certain
media reports projecting the profession and its members in an adverse light. The ICAI took a strong note
of the manner in which the news items were printed in leading newspapers bringing disrepute to the
profession. Accordingly, Letters were issued to the Editors of newspapers that published adverse reports
damaging the reputation and tarnishing the image of the profession of Chartered Accountants in the eyes
of the public. The Publications were asked to issue suitable corrigendum in the respective matter.
ICAI Year Book 2019-20-A comprehensive document capturing significant initiatives undertaken &
achievements made by the Institute/Committee‘s/Deptt.‘s/ Regional offices/ Branches during the year was
brought out in the publication-―Year Book‖. The PR Group collated information from all
Committees/Branches/Regional Offices and thereafter compiled and edited all matter. The designs of the
Year Book were also developed and finalised as per approval of competent authority.
PUBLIC RELATIONS COMMITTEE (Feb 12, 2020- June 30, 2020)
(I) CA Day 2020
 Radio–On the basis of proposals submitted and as approved by the competent authority, CA
Day 2020 was publicized through Radio City (13 stations) through airing of 30 spots of 1
minutes each on July 1st. The format of the show was Q & A wherein the queries related to
common business issues were replied by Central Council Members, ICAI. The interview of
President & Vice-President was also aired on Radio City.
 Advt. in Print Media- Quarter page color advt.s were developed & published in
mainline/financial/vernacular publications at directly negotiated rates by PR Committee
Secretariat. Pre-event and an advt. on CA Day was published.
 Goodwill messages– The Goodwill Messages on this occasion were invited from various
Dignitaries which were published in the special issue of Chartered Accountants Journal
brought out to commemorate CA Day.
 Video Bytes of President & Vice-President, ICAI- The messages of President & Vice-President
were shot on the occasion of CA Day & packaged in a video clip. The clip was then shared
with all RCs & Branches to play during the CA Day celebrations.
(II) Webinars
Two webinars were organized on Mind Matters addressed by Sri Sri Ravi Shankar, Spiritual Leader and
Building Positivity amidst COVID -19 crisis addressed by Sister BK Shivani, Spiritual and Motivational
Speaker, Brahma Kumaris World Spiritual University which were also promoted through all ICAI social
media platforms and mass mail / sms were forwarded to all India Members/ Students to attend the live
session. The program was appreciated and attended by many members and students.
(III) Press Conference
The newly elected President & Vice-President, ICAI addressed a Press meet on February 13, 2020 at New
Delhi. The Editors / correspondents of major financial dailies, News wire agencies, Online media & Tv
channels were invited and attended the Press meet. The President shared the latest updates on
Disciplinary Mechanism, Accounting Standards and the ICAI Agenda for the coming months with the
media. The President also interacted with the correspondents and answered their queries. The news was
widely covered by the media.
(IV) ICAI Mailer
To keep the members informed of the latest initiatives of ICAI, an HTML mailer on ICAI MoU with IIM
(Jammu) was forwarded to the Central Council Members, all India Members & MPs( Lok Sabha). It was
decided that the important information would be sent to the members and stakeholders on regular basis
through mailers. For the purpose, PR Committee and Digital Re-Engineering & Learning Directorate worked
towards getting the creatives developed.
(V) Brand building through publishing advertisement. / advertorial/ article in Magazines
Towards brand building of ICAI & CA profession, it has been decided that ICAI initiatives and achievements
shall be covered by way of advt. / advertorial / articles / write ups. For Till date, the following
advertisements and advertorial were published:
 In - flight Magazines –Spice Route & Go Getter
 An advertisement promoting ICAI was published in India Today along with an advertorial about
establishment of ―Centre for Audit Quality‖ by ICAI
 An advertorial on ICAI ( double spread ) in the Coffee Table Book (CTB) - ―India Tomorrow" brought
out by India Today for the Annual Conclave attended by the eminent dignitaries
 A short article on recent initiatives of ICAI was published in the Spice Route magazine.
 An advertisement was published by ICAI saluting these frontline warriors in a leading Publication to
acknowledge the untiring efforts of nurses during this current COVID 19 pandemic,.
 An advertisement was designed & published in major publications in order to update the members/
students/ public at large and showing ICAI commitment to Govt. initiative for supporting Janta
Curfew announced on March 22nd,2020.
 Two Digital banners were hosted on .com/ mobile app/wap platforms of shortlisted publications for a
duration of 15 days for publicizing the provisional registration in Foundation Course
(VI) Other Initiatives
 All major initiatives taken by the Institute were promoted through Social media in addition to
print/electronic & online media.
 The Media was constantly apprised about the latest developments regarding the curriculum,
profession, visit of foreign delegations, other activities and events, etc. through the issue of Press
Releases.
 The potential & scope of Chartered Accountancy Profession in today‘s dynamic context was
promoted by way of articles as well as through interactive meetings/releases issued to the press at
the national/regional level and through various TV Channels.
 Provided logistic support to various departments within ICAI, to the Regional Offices and Branches
with a view to developing a communication link between ICAI and its offices/related organizations.
 As part of the PR exercise, organized appropriate coverage in Print and Electronic Media for
different Seminars/ Programmes/ Events of ICAI.
5.22 Research Committee

The Research Committee of the Institute of Chartered Accountants of India is one of the oldest technical
committees set up in 1955 with a view to undertake research activities to improve the quality of services
rendered by the profession. The primary objective of Research Committee is to undertake research in the
field of accounting and other affiliated areas with a view to enhance the value of services rendered by the
profession. The Committee undertakes approved research projects on current and continuous basis in
various areas which are generally published in the form of Guidance Notes, Technical Guides, Studies,
Monographs, etc. on generally accepted accounting principles and practices designed, to enhance the value
of the services rendered by the profession.
(I) Project in Progress
Committee has various projects in progress such as:
 Revision of Guidance Note on Accounting for Share-based Payments
 Revision of Guidance Note on Accounting by E-commerce and Cloud Computing Companies
 Revision of Guidance Note on Applicability of AS 25 and Measurement of Income Tax Expense for
Interim Financial Results
 Revision of Guidance Note on Accrual basis of Accounting
 Revision of Guidance Note on Turnover in case of Contractors
 Revision of Guidance Note on Accounting for Derivative Contracts
 Revision of Technical Guide on Revenue Recognition for Software
(II) Awards
 ICAI Awards for Excellence in Financial Reporting for the year 2018-19
These awards are being presented annually since 1958. Selection of awardees in specified categories is
made through a robust three tier process: first review by Technical Reviewers followed by review of short-
listed annual report by Shield Panel and final review by External Jury.
Jury meeting for the competition year 2018-19 was held on December 13, 2019 at Mumbai and was
chaired by Shri Rajnish Kumar, Chairman, State Bank of India, Other members of the Jury, who
participated in the meeting to select the awardees were: CA. Thomas Chazhikadan, Member of Parliament,
Lok Sabha, CA. Yogesh Gupta, IPS, Additional DGP & Special Enforcement Director, Eastern India, CA.
Amarjit Chopra, Past President, ICAI, CA. Sunil Goyal, Past President, ICAI, CA. Pravin Kutumbe, Member
(F&I), IRDAI, Shri Sunil Kanoria, Vice-Chairman, SREI Infrastructure Finance Limited & CCM-Government
Nominee, CA. Sobhesh Agarwalla, Faculty, IIM-Ahmedabad, Shri V. Kurian, Ex-Additional Deputy C&AG,
CA. (Dr.) Girish Ahuja, Chairman -Audit Committee, State Bank of India, CA. Kishor Rungta, CMD, The
Fertilisers and Chemicals Travancore Ltd (FACT), CA. Nilesh Shah, Managing Director, Kotak Mahindra AMC
Ltd.
As per the scheme of awards, one Gold Shield and one Silver Shield are awarded for the best entry and the
next best entry, respectively. Apart from the above-mentioned awards, Plaques are awarded for
commendable entries. Hall of Fame award is bestowed on an entity which wins five consecutive Gold
Shields in a particular category.
A function to honour the awardees of ‗ICAI Awards for Excellence in Financial Reporting‘ was held on
January 23, 2020 at B. M. Birla Auditorium, Jaipur. A total of 11 awards – Four Gold Shield, Six Silver
Shields and 1 Plaques were given away.
 ICAI International Research Award 2020
This award is held to recognise the research scholars in the field of Accounting, Auditing, Taxation, Finance
and Economics. This awards is being held with the objective to acknowledge the vital contribution made in
research activities in the area of Accounting, Auditing, Finance, Economics and Taxation with an objective
to enhance the research activities in Accounting, Finance and Taxation and allied areas and to identify the
challenges confronting the global economy where accounting profession can play its due role in public
interest by way of research and contributions which could pave path for innovative practices in mitigating
the various emerging financial and non-financial risks and alternatively propagate good practices for
promoting public interest. The awards to be distributed include Gold Shield, Silver Shield and Bronze
Shield. The Award will be given in five broad categories i.e. Accounting, Auditing, Economics, Finance and
Taxation.
(III) Schemes
 ICAI Doctoral Scholarship Scheme 2020- This scheme is open to all the members of the Institute
who are pursuing PhD to provide scholarship to the eligible candidates with outstanding academics
record with an inclination and commitment to undertake academic in the areas of research such as
Auditing, Taxation, Commerce, Management and Accounting Discipline. The scholarship of Rs.
50,000 per month for 3 years will be given for 5 scholars every year.
 ICAI Research Projects Scheme 2020- This scheme encourages our experienced members and
researcher scholar or faculty of reputed academic institutes to take up research projects which will
be benefiting our whole society at large. Maximum amount of Rs. 10 lacs as reimbursement
expense will be given.
(IV) Conference/Webinars/Virtual Meetings
The Committee organised Confernece/Webinars/Virtual meetings on Excellence in Financial Reporting,
Techniques in Research Methodology, Research on the sickness and remedies for the MSME Industries,
Role of CAs in Healthcare Industry, Professional Ethics – Scope for Research, Crypto-Currencies: An option
for Investment, Research led Professional Opportunities in Capital Market, Pragmatic Way to Research
Proposal writing during the year.
(V) Publications released during the year
 Glossary of Terms used in Financial Statements
 Handbook on Accounting Treatment under Goods & Service Tax (GST)
 Technical Guide on Accounting for Motion Picture Films
5.23 Committee on Capital Markets and Investors' Protection (CCM&IP)
The Committee on Capital Market and Investors Protection provides suggestions on various Bills,
Regulations, Notifications, circulars and other documents relating to capital market for submission to the
Government/Regulator. Besides this the Committee regularly interacts with Reserve Bank of India (RBI)
and Indian Banks Association for example, relating to Depositors, Non-performing Assets Management,
Bank operation and supervision, issues relating to securitisation, Non-Banking Finance companies – NBFCs
(Department of Non-Banking Finance companies of RBI), Regulatory authority of Co-operative Banks,
Strategies / recommendations relating to their investment patterns, Securities and Exchange Board of India
e.g., matters relating to Primary and Secondary Markets, Take-Overs, Amalgamation, Mergers, (tax-
havens, Participatory Note, hot-money, corporate governance regulatory compliances etc.), Mutual Funds,
Foreign Institutional Investors, Intermediaries, Securities Laws etc, Forward Markets Commission (FMC)
including NCDX and MCX, Stock Exchanges on the issues relating to Capital Markets and Investors
Protection.
The Committee held the following activities during the year:
 With the aim to emerge as the preferred partner in the Nation Building and to spread awareness
among public at large about the do‘s and do not‘s of investing their money in financial securities
and to promote financial literacy, the Committee organizes Investor Awareness Programmes under
the under the aegis of Investor Education and Protection Fund (IEPF) of the Ministry of Corporate
Affairs. through various Resource Persons and Programme Organizing Units (Regional Councils,
Branches, Study Circles, Study Chapters and Study Groups) through its various POU's.
 The Committee had organized 623 IAP‘s in the year 2019-20 across India wherein total 32,300
people including 10,766 women participants were educated.
 Till date, more than 6223 Investor Awareness Programmes on PAN India basis have been
conducted through ICAI educating more than 3,36,150 people of India including 1,12,050 women
participants.
 The Committee had organised State Level Conferences on Investor Education and Awareness at
Bhubaneshwar and Dharamshala under the aegis of Investor Education Protection Fund Authority
(IEPFA).
 29 Investor Awareness Programmes were conducted by the Regional Councils and Branches of
ICAI.
 The Committee is entrusted with the task of conducting Certificate Course on Forex and Treasury
Management.
 The Committee has successfully conducted 55 Batches offline of the Certificate Course on Forex
and Treasury Management course. During the period, committee has successfully completed 2
batches of the Certificate Course on Forex and Treasury Management, wherein total 46 Members
of ICAI has enrolled in the said Certificate Course.
 The Committee declared the result of an evaluation test held on 23 rd and 24th November 2019 of
past batches of Forex and Treasury Management Certificate Course on 11 th February, 2020.
 The Committee organised a Training programme on International Finance for ONGC executives, as
per the MOU from 16th to 18th December, 2019 for the CA. executives of Oil and Natural Gas
Corporation Ltd at BKC Mumbai.
 The Committee organized Seminars, Workshop/National Conference/Webcast for the professional
enhancement of members on RRC on Capital Market, New Paradigms of Competitiveness-
Positioning CA‘s for tomorrow‘s Challenges at Chail, HP and Ludhiana durimg the year.
5.24 Audit Committee
The Constitution of Audit Committee of the Institute is governed by the Council. Audit Committee reviews
the reporting process and disclosure of financial information of the Institute to ensure that the financial
statements are true and fair. It appoints auditors for the various units of the Institute, reviews the audit
reports, takes follow up and recommends appropriate actions on the reports submitted by the Auditors of
various units of the Institute. It ensures the independence and integrity while appointing auditors at
various units of the Institute. The Audit Committee operates through five Regional Audit Committees
located at each of its Regional Councils.
5.25 Digital Re-Engineering and Learning Directorate (DR&LD)
Significant Achievements/Initatives
 ICAI Digital Learning Hub- ICAI has enriched Digital Learning Hub with E-book and video lectures
on various topics. Continuous learning of Chartered Accountants is ensured through DLH along
with provision of CPE Hours. There is no fee associated to access the DLH as of now. New course
hubs and courses have been launched on Digital Learning Hub and many more are in the pipeline.
ICAI Digital Learning Hub Link is- https://learning.icai.org/iDH/icai/home
 Launch of New and Improved Website ICAI.org-The website ICAI.org has been revamped to bring
a new look and feel and make it in sync with the changing times and technology to further
enhance the experience of all stakeholders. New Website will bring Easy to search content,
compatibility with cross Browsers, Cross Devices, and faster content access.
 Trademark Registration has been done for ICAI Digital Learning Hub and ICAI Mobile App.
 ICAI has started for the first time ever the Certificate courses in online mode (virtual live classes)
which is assisting the members in anywhere learning.
 Webinars on contemporary and emerging topics and Meetings are being held through new VC
Technologies.
 Cost Saving Initiatives for ICAI i.e working on configuring VIP (Citrix) on the Internet, to remove
VPN connectivity in Branches/Regional offices etc, being done.
 ICAI Mobile App ICAI Now and ICAI Social Media Platforms have been instrumental in
Popularization of various ICAI‘s events, Key ICAI Achievements and Initiatives on no cost basis
amongst students, members and other stakeholders of ICAI.
 ICAI Internal Note Portal – Portal has been launched for making the Internal note approval process
paperless and to effectively streamline the Internal note approval process
 COVID 19 - Resource Page- Compilation of Important Announcements has been hosted on
Website, Mobile App and Social Media for CA Members, Students & ICAI Employees in the wake of
Coronavirus COVID-19 which is updated regularly.
 Webinar was organized on ‗Future of Profession Post Covid19 – Virtual Accounting Firms‘ which
delved on a range of topics i.e Technology Enabled Virtual Firm – Tools, Technology and
Infrastructure, Managing Works and Teams Remotely – Roles, Responsibilities and Reporting,
Adopting Cloud Computing Strategy for Data Management, Cybersecurity – Mitigating Risks of
Virtual Environment and Support Clients from Anywhere, Anytime.
5.26 Quality Review Board (QRB)

The Quality Review Board was constituted on 28th June, 2007 by the Central Government pursuant to the
powers vested in it under Section 28A of the Chartered Accountants Act, 1949 to perform the following
functions:
 To make recommendations to the Council with regard to the quality of services provided by the
members of ICAI;
 To review the quality of services provided by the members of ICAI including audit services; and
 To guide the members ICAI to improve the quality of services and adherence to the various
statutory and other regulatory requirements.
One of the functions of the Council under clause (o) of sub-section (2) of Section 15 of the Chartered
Accountants Act, 1949 is to consider the recommendations of the Quality Review Board made by it with
regard to the quality of services provided by the members of ICAI. The aforesaid clause (o) also provides
that the details of action taken on such recommendations shall be published in its Annual Report. In
accordance with the aforesaid provisions, during the period under Report, the Council received 3
references under Section 28B(a) of the Chartered Accountants Act, 1949 from the Quality Review Board
with regard to the quality of services provided by the members. The same were considered by the Council
at its meeting held during the financial year April 2019 to March, 2020. The following is the details of
action taken:
 Number of references referred to the Director (Discipline) for making further investigation under
the disciplinary mechanism of ICAI – 3
 Number of references where comments of the Technical Reviewer were decided to be issued as an
Advisory to the members / firms – Nil
 Number of references which were decided to be closed – Nil
 Number of references pending for consideration of the Council – Nil
5.27 Management Committee
Management Committee, constituted in 2015 as non-standing Committee of the Council, is mandated to
consider matters pertaining to formation of Branches, setting up of Chapters abroad, MoUs/ MRAs with
national/ international bodies, appointment of central auditors of ICAI, annual accounts of the Institute,
matters referred by the Central Government and other regulatory bodies, proposals for amendments in the
Chartered Accountants Act, 1949, Rules and Regulations framed thereunder, Regional Councils and Branches
matters, Members / CA firms / LLPs / mergers / demergers / networking related matters and proposals
received from other committees / departments of the Institute having administrative and policy implications
and making its recommendations to the Council wherever required.
5.28 Valuation Standards Board
The Valuation Standards Board has been constituted to focus at issuing Valuation Standards from ICAI.
The Board also focuses on providing Interpretations, Guidance and Technical Materials from time to time
for implementation of the Standards.
Significant Achievements and Initiatives
(I) Facilitating the Law Making Process with the Government
 ICAI Valuation Standards 2018 as a benchmark for Valuation Practices applicable for Chartered
Accountants-ICAI Valuation Standards issued by the Institute to set up concepts, principles and
procedures which are generally accepted internationally having regard to legal framework and
practices prevalent in India. With a vision to promote best practices in this niche area of practice,
the ICAI Valuation Standards lay down a framework for the chartered accountants to ensure
uniformity in approach and quality of valuation output.
 Committee of Experts to examine the need for an institutional framework and development of
valuation profession:-The Ministry of Corporate Affairs had set up an eight member Committee of
Experts to examine the need for institutional framework for regulation and development of
valuation professionals. ICAI is a member of the Committee and has participated in the detailed
deliberations undertaken by the Committee.The Committee has prepared and submitted the Draft
Valuers Bill, 2020. The Government-appointed committee of experts has proposed an institutional
framework for valuers by way of setting up the National Institute of Valuers.
 Committee to advise on Valuation Matters constituted by MCA under Rule 19 of Companies

(Registered Valuers and Valuation Rules), 2017 :-The Ministry had formed a Committee to make
recommendations to the Central Government on formulation and laying down of valuation
standards and policies for compliance by companies and registered valuers. ICAI is a member of
the Committee to advise on valuation matters.
 Round table Conferences to discuss issues identified by the Committee of Experts -ICAI through its
Valuation Standards Board had organised Round table Conferences at different locations to discuss
40 issues identified by the Committee of Experts constituted to examine the need for regulation
and development of valuation professionals. The Round tables were held at Ahmedabad, Kolkata,
Mumbai, Bangalore, Raipur, Hyderabad and Chennai.The points arising out of the discussions held
were submitted to IBBI.
 Meeting with the dignitaries at MCA and IBBI requesting them to use ICAI Valuation Standards
2018, to formulate Indian Valuation Standards as ICAI standards have been formulated on the
basis of global practices and Indian Laws and Practices.
(II) Representation to Regulators/ Banks regarding mandating Valuations and adoption of
ICAI Valuation Standards
Following Representations have been submitted to the Ministry of Corporate Affairs/ SEBI/ SBI and
RBI.
 Letter submitted to MCA regarding request to mandate valuation under Ind AS where a
separate Valuation Report is required to be issued by a Registered Valuer and ICAI Valuation
Standards to be followed for such Valuation
 Letter sent to State Bank of India for non-inclusion of the International Valuation Standards in
the empanelment and to adopt ICAI Valuation Standards as National Standards as in India
we should have made in India concept.
 Letter sent to Reserve Bank of India for non-inclusion of the International Valuation Standards
in the empanelment and to adopt ICAI Valuation Standards as National Standards as in India
we should have made in India concept.
 Letter sent to SEBI- Request to mandate valuation under Regulations and other requirements
issued by Securities and Exchange Board of India where a separate Valuation Report is
required to be issued by a Registered Valuer and ICAI Valuation Standards to be followed for
such Valuation.
 Letter sent to CBDT- Request to mandate valuation under Income Tax Act, 1961 by a
Registered Valuer and ICAI Valuation Standards to be followed for such Valuation.
(III) Submission to MCA
 ICAI Suggestions on Draft Valuers Bill, 2020 -The Committee of Experts which was formed to
examine the need for an institutional framework for regulation and development of valuation
professionals, has submitted its Report to the Government of India which accompanied the Draft
Valuers Bill 2020.ICAI has also been a member of the committee and has participated in the
detailed deliberations undertaken by the Committee.ICAI Recommendations have been submitted
to the Ministry of Corporate Affairs.
 Detailed document on Distinguishing Features of ICAI Valuation Standards vis-à-vis IVSC.-The
Ministry of Corporate Affairs had requested ICAI to submit Distinguishing Features of ICAI
Valuation Standards 2018 vis-à-vis International Valuation Standards issued by IVSC.In this regard
a detailed document enumerating the distinguishing features of ICAI Valuation Standards 2018
vis-à-vis International Valuation Standards issued by IVSC has been submitted to MCA.
(IV) Other Initatives
 Concept Paper on All About Fair Value brought out by ICAI and ICAI RVO -Looking at the
importance of the concept of fair value and its various aspects, the Valuation Standards Board
decided to bring out a Concept Paper on ―All about Fair Value‖ highlighting various Key aspects
of Fair Value as per Ind AS 113, Consideration for determination of value based on highest and
best use, where the highest and best use is different from the existi ng use, factors influencing
Fair Value and Relevance of Exit Price in Fair Value. In this Concept Paper, an analysis of 505
Companies listed on S&P500 in identifying data related to fair value accounting since year 1990
has been done alongwith an Analysis of Fair Value Impact in Financial Statements of Nifty 50 since
FY 1989-90.The Concept Paper is available at the link:
https://resource.cdn.icai.org/59299icairvo48306.pdf
 Concept paper on the findings of the Peer Review of Valuation Reports-The Valuation Standards
Board along with ICAI Registered valuers Organisation has prepared a Concept paper on the
findings of the Peer Review of Valuation Reports.The concept paper has been prepared with a view
to help the Registered valuers to understand the process as well as to know about the findings of
the Peer Review of the Valuation Reports and key takeaways.The Concept Paper is available on the
website at the following link:https://icairvo.s3.amazonaws.com/media/documents/
Findings_of_Peer_review_workshop_14022020.pdf
 Outreach programme of ICAI Valuation Standards with SAFA countries-In order to create
awareness regarding the ICAI Valuation Standards and also promote for adoption of ICAI Valuation
Standards for transparency and uniformity across SAFA Countries, the Board had proposed for
active engagement with SAFA countries for adoption of ICAI Valuation Standards. The SAFA Board
at its 58th meeting on consideration of the ICAI proposal to organize outreach programmes on
valuation Standards issued by ICAI in SAFA countries, had in principle agreed to the same.The
Board has planned for support in implementation of ICAI Valuation Standards in SAFA Countries by
undertaking the followings:
 By preparing the Educational Material, Guidance Notes on practical aspects,Frequently
Asked Questions, Interpretations, publications etc.
 By organising programmes on the valuation standards to create awareness on various
requirements of Valuation Standards.
 Will provide the format of valuation report so that the Reporting is uniform and
comparable.
(V) Publications
 Valuation: Professionals‘ Insight- Series-4
 Valuation: Professionals' Insight Series 3 in July 2019
 Publications that have been made live on Digital Learning Hub are as follows:-
 ICAI Valuation Standards 2018
 Frequently Asked Questions on Valuation
 Technical Guide on Valuation (Revised 2018 edition)
 Valuation: Professionals‘ Insight- Series 1
 Valuation: Professionals‘ Insight- Series 2
(VI) Webcast/Programme
 Live Webcast: NBFCs and Valuation under COVID- 19 conditions and Impact on Valuation -The
Valuation Standards Board of ICAI had organized a Live Webcast on ―NBFCs and Valuation under
COVID- 19 conditions‖ on 5th June, 2020.The webcast was addressed by President, ICAI along
with Vice President ICAI, Chairman, and Vice Chairman, VSB and eminent panelists.The webcast
was attended by more than 15000 members and hosted at the following link:
http://ecpl.live/icai/vsb/05062020/
 Live Webcast to discuss the Draft Valuers Bill, 2020 - Ministry of Corporate Affairs had set up an
eight-member Committee of Experts to examine the need for institutional framework for regulation
and development of valuation professionals and the Committee has prepared and submitted the
Draft Valuers Bill, 2020. The Government-appointed committee of experts has proposed an
institutional framework for valuers by way of setting up the National Institute of Valuers.In order to
discuss further the various aspects of the Draft Valuers Bill, 2020, the Valuation Standards Board
had organized two webcasts in the month of April and May, 2020, wherein the provisions were
explained by officers of the Insolvency and Bankruptcy Board of India (IBBI).The webcast was
addressed by Chairman and Vice Chairman VSB and Shri Sudhaker Shukla, Whole Time Member,
IBBI along with other officials of IBBI.The webcast were well received by the stakeholders and was
attended by more than 10000 participants and is available at the
link:http://ecpl.live/icai/rvo/27052020/and http://ecpl.live/icai/rvo/28042020/
 Webcast on ―Valuation Standards & Code of Ethics for Registered Valuer ‖.-Valuation Standards
Board jointly with ICAI RVO conducted a webcast on ―Valuation Standards & Code of Ethics for
Registered Valuer‖ on 19th April, 2019. The purpose of the webcast was to provide knowledge to
the large number of audiences regarding valuation standards to be followed and the code of ethics
to be complied while taking up a specific valuation assignment.The webcast was addressed by Dr.
Navrang Saini, Whole time member, Insolvency and Bankruptcy Board of India (IBBI).The webcast
was viewed by more than 4000 members and is available at the link:
http://ecpl.live/icai/19042020/
 Answers to the Questions raised during the Live Webcast on ―Valuation and Valuation Standards
Compliance and other aspects under various Laws‖ -Based on the Questions raised during the Live
Webcast on ―Valuation and Valuation Standards Compliance and other aspects under various Laws‖
held on 19th April, 2020, the office had prepared answers for the questions.The same have been
hosted on ICAI website and are available at the link:
https://resource.cdn.icai.org/59538vsb48459.pdf
 Awareness Programme on ICAI Valuation Standards 2018 to be conducted by Regional Council and
Branches- The Valuation Standards Board had conducted half a day awareness programmes on
ICAI Valuation Standards 2018 jointly with the Regional Councils and Branches so that our
members are fully equipped with the Valuation Standards and conduct valuations in accordance
with ICAI Valuation Standards, 2018.
5.29 Taxation Audits Quality Review Board (TAQRB)
Continuing with its commitment to serve the nation and in order to improve the reporting of compliances
under various taxation laws (both Direct as well as Indirect), the Taxation Audits Quality Review Board has
been constituted by the Council Year in the year 2018-19. It is envisaged that the reviews carried out by
the Board, will ensure that the members will exercise greater diligence while certifying the various reports
prescribed under direct and indirect taxation and in the long-run would improve the overall reporting and
certification done by them.
ACTIVITIES/ INITIATIVES:
(I) Status of Review of Tax Audit Reports selected during the Council Year 2018-19:
The Board had selected 100 companies during the Council Year 2018-19 for review of their tax audit
reports pertaining to Assessment Year 2017-18 on suo motto basis. In this regard, 95 tax audit reports
have been received from the tax auditors. Preliminary Review of these reports has been completed by
the Technical Reviewers empanelled with the Board. Out of these, 91 preliminary review reports have
been assigned to Taxation Audits Quality Review Groups constituted under the convenorship of various
Board members for undertaking secondary review of the reports. Reports of these Groups are being
considered by the Board wherein the Board has decided:
 To issue advisory letter to the auditor in respect of certain aspects.
 To flag common errors being committed by the members for the purpose of spreading
awareness to improve the quality of tax audits.
(II) Selection of reports during the year 2020-21
The Board had decided to select 104 reports (100 for Tax audit + 4 GST) for the FY 2018-19 (AY 2019-20)
during the year 2020-21. The Board has selected less number of audit reports for GST since GST law is in
its nascent stage. The Board decided to select more report once the law establishes.
(III) Request to CBDT and CBIC for nomination on TAQRB
Considering the fact that the intent of formation of TAQRB is to improve the reporting of compliances
under the taxation laws, the Chairman, CBDT and Chairman, CBIC have been requested to nominate a
special invitee from CBDT and CBIC respectively for participating in the meetings of the Taxation Audit
Quality Review Board of ICAI for the period ending 11th February, 2021. It is envisaged that active
participation of the nominees of Central Board of Direct Taxes and Central Board of Indirect Taxes and
Customs in this exercise would add qualitative value to the activities being undertaken.
(IV) Common Errors in Tax Audit
While considering the reports the Board has come across certain observations which would require
attention of members. The Board has decided that in due course these observations/ issues can be
compiled by the Board and be published as ―Common errors in Tax audit‖ and also various programmes
will be held to spread awareness about the errors being conducted.
5.30 Committee on Insolvency and Bankruptcy Code (CI&BC)
The Committee on Insolvency & Bankruptcy Code of ICAI has been constituted to give specific focus on
Insolvency and Bankruptcy Laws. It is an emerging area and it has created a new professional opportunity
for the members. The Committee aims to bring in awareness about this new area of practice in the
Insolvency Resolution sphere to the members at large and facilitates in educating the members on the
practical aspects and procedures of the Law.
(I) Towards Partner in Nation Building

 ICAI is contributing as a member of the Insolvency Law Committee as constituted byGovernment
of India as Standing Committee for review of implementation of the Insolvency and Bankruptcy
Code, 2016.
 The Hon‘ble Standing Committee on Finance had sought the views/suggestions of ICAI on The
Insolvency and Bankruptcy Code (Second Amendment) Bill 2019 and ICAI had submitted its
response to the Hon‘ble Committee in January, 2020.
(II) Release of Publications
 Frequently Asked Questions on The Insolvency and Bankruptcy Code, 2016 (Revised July, 2019
Edition)
The Committee has released the publication- ―Frequently Asked Questions on The Insolvency and
Bankruptcy Code, 2016 (Revised July, 2019 Edition)‖, incorporating the amendments that have
taken place in the Insolvency and Bankruptcy Code, 2016.
 Judicial Pronouncements under Insolvency and Bankruptcy Code, 2016 Series 3-
The Committee jointly with Indian Institute of Insolvency Professionals of ICAI has brought out
the publication – ―Judicial Pronouncements under Insolvency and Bankruptcy Code, 2016 Series
3‖ covering important Case Analysis based on the decisions by Supreme Court, High Courts, NCLAT
and NCLT on issues under the Code.
(III) Updates on Insolvency & Bankruptcy Code
 The Committee has brought out Updates on Insolvency and Bankruptcy Laws for the benefit of
members. The Updates throw light upon Case Updates, News Updates as well as give information
on the initiatives of the Committee.
(IV) Seminars / Workshops/ Training Programmes/ Awareness Programmes
 The Committee organised Seminars/ Workshops/Training Programmes/Awareness Programmes on
Graduate Insolvency Programme, Insolvency and Bankruptcy Code, IBC and IBBI Limited
Insolvency Examination, GST & IBC, Cracking the Insolvency Examination and Professional
Opportunities for CA's under the Insolvency and Bankruptcy Code, 2016 at Jaipur, Mumbai, Noida,
Nagpur, Ghaziabad, Tirunelveli, Pune, Visakhapatnam, Raipur, Gandhidham, Kolkata, Hyderabad
and Jodhpur during the year.
(V) Webcasts
The Committee organised Live Webcasts on Insolvency: An Emerging Profession with Multifold
Opportunities Graduate Insolvency Programme for Young Members, COVID -19 Impact on IBC
Proceedings, Case Study of Key Aspects of Essar Steel Resolution under IBC and Case Study of Binani
Cement Resolution under IBC during the year.
5.31 Women Members Empowerment Directorate (WMED)
ICAI has setup Women Members Empowerment Directorate (WMED) to formulate and implement plans,
policies, and measures for the empowerment of its Women Members. WMED especially work towards
promoting the fulfillment of Women Member's potential through capacity building initiatives, skill
development activities, providing awareness of various employment opportunities and by other similar
means.
The Directorate performed the following important activities
(I) WMED has launched specialised Training programs (SETU programs) on the theme ―Making the
presence of Women members felt and visible in practise domain through Digital platform for vast
and wider reach across different segments of women members in enriching their knowledge &
overall confidence building by keeping them abreast with the latest amendments in diverse fields
like Direct Taxes, Indirect Taxes, Auditing, and Corporate Law etc., work areas which are integral
to Chartered Accountant practice firm.
(II) For Female CA‘s who are not able to commit to full time job, Women Members Empowerment
Directorate identified various areas of opportunities in ICAI itself where women members can
contribute professionally as per their ease and pace and also become financially independent. A
mass email was sent to all the women members across the country, enlisting various professional
opportunities available at various department/Committees of ICAI e.g. Development of case
studies for BOS, Resource person for Investor awareness programs, in Examination department
etc.
(III) WMED organized a live webcast on the theme ―CA‘s in Excellence: Women perspective‖ on to
discuss Professional Opportunities for Today's Women Accountants: In & Beyond Borders and
Leadership during times of Complexity and Uncertainty. The live webcast had eminent speakers i.e.
CA R M Vishakha ,Ms Parveen Mahmud from Bangladesh and CA Dr. Reeta Shah, so as to motivate
and inspire women members.
(IV) Portal for women members (https://womenportal.icai.org/ ) - Women Portal provides women
members a medium through which they can post their requirements and can explore flexi working
options available for them based on region/branch. It also aims to provide a common platform to
women members to update their knowledge and share their views and concerns.
 Success stories of women members: To inspire women members to set and achieve
higher goals, Directorate has invited success stories from women members and
uploaded on Women portal.
 Women at ICAI Platform: To recognize the presence of women members, Directorate
has uploaded updated details of women members associated with ICAI.
(V) To commemorate International Women‘s Day i.e. 8th March 2020, the Women Members
Empowerment Directorate undertook following activities;
 Video bytes of President ICAI and Vice President ICAI were recorded and sent to all the branches
across India to be telecasted during the women members programme for motivating and inspiring
women members across the country. The said video recordings were also uploaded on the social
media platform of ICAI for the benefit of all the stakeholders at large.
 A draft press brief to be released in local newspapers on 8th March was forwarded to all the
branches across the country, to widely publicize and promote the various initiatives of ICAI
conducted under the aegis of Women Members Empowerment Directorate.
 Various social media creative‘s were created and uploaded on social media platforms of Women
Members Empowerment Directorate to publicize and promote ICAI‘s initiatives towards women
members empowerment.
 WMED initiatives brochure with the theme ―Empowering Initiatives to augment Women‘s
Contribution to the Accountancy profession for inclusive Growth‖ was conceptualised and
published. Along with ICAI initiatives for women members, the brochure also contains details about
women empowering schemes of Govt. of India.
(VI) Women Centric Programmes: In response to the WMED mass email were sent to branches to
promote and conduct events for the benefit of women members at large. Some of the programmes
were organised by branches under the aegis of WMED on Professional Opportunities for Women
Chartered Accountants, Women‘s Seminar Prerana 2020, Women Centric Programme, Work Life
Balance for CA Women, Women CPE Seminar, Women Empowerment Programme and
International Women‘s Day,
6. COMMITTEE FOR EXPORT OF CA SERVICES & WTO (CECAS & WTO)
The Government of India identified accountancy sector as one of the Champion Sector which can catapult
trade in services to newer attar. With the increase in the global trade in services, it has been a natural
corollary that it has propelled the opportunities for Chartered Accountant professionals involved in various
facets, through professional practice or employment. Manifested by presence of a great number of
members of Institute in different countries, the efforts of the Committee, since its inception in the Council
year 2018-19 in this direction would not only bring goodwill and develop brand image, but also supplement
Government of India‘s Initiative on increasing share of Trade in Accountancy & related services being
identified as Champion Sector as also bring panorama of opportunities for the Indian CAs in the WTO
regime.
INITIATIVES FOR FACILITATING EXPORT OF SERVICES

(I) Joining hands with Government of India to enhance export potential for Accounting and
Finance Sector (Champion Sector)
Proposal for Champion Sector
During the period, in continuation to the ongoing dialogue with Ministry of Corporate Affairs, ICAI has
submitted
its proposal for champion sector having new proposals:
 Proposal for Development and Training to set Accounting Process Outsourcing (APOs)
 Specialized Short-Term courses/ Certificate Courses/ Modules through E-learning through ICAI-ARF
 Capturing Global Students through International Curriculum
 Strengthening and Mentoring Accounting Profession abroad
 Offering Training Courses to Foreign Nationals under Indian Technical and Economic Cooperation
(ITEC) Programme, Ministry of External Affairs, Government of India through ICAI-ARF
 Promoting Brand Indian CA globally through Chapters and Representative offices
 Promoting ICAI Digital Learning Hub Globally
MoU signed with Service Export Promotion Council
The Institute of Chartered Accountants of India (ICAI) has signed an Memorandum of Understanding
(MoU) with the Service Export Promotion Council on 30th June, 2020 at Mumbai under the aegis of the
Committee for Export of CA Services & WTO (CESWTO) of ICAI. The objective of the MoU is to enhance
the competitiveness of India‘s export in Accounting and Finance Services through the implementation of
the focused and monitored Action Plan, both the parties have agreed to enter this MoU.
Representations/Inputs given to Government of India
During the period, apart from Champion Sector initiatives, this Committee also liaison with various
Ministries to provide inputs to promote export of CA Services or areas pertaining to WTO which are as
under:
 Reservation List of Investment Chapter of Regional Comprehensive Economic Partnership
(RCEP) Agreement
 Regional Comprehensive Economic Partnership (RCEP) Stakeholder Consultations on Trade in
Services under RCEP agreement was held on 22nd April, 2019 wherein ICAI expressed its
interest in going forward for technical collaborations for capacity building in the mutual interest
areas with the 15 countries of RCEP agreement which would be followed by mutual recognition
agreements in future.
 Draft professional services annex under RECP agreement
 Developments in the bilateral dialogue between India and Japan
 11th session of India-Tajikistan Joint Commission on Trade, Economic, Scientific and Technical
Cooperation (IT-JCM).
 India-UK Joint Working Group Meeting – Trade in Services
 Export Strategy for Africa and WANA regions with focus on services sector
 Reservation List of Investment Chapter of Regional Comprehensive Economic Partnership
(RCEP) Agreement and Professional services annexe
 ICAI inputs on Report to the WTO Trade Policy Review Body (TPRB) on Trade Related
Developments
 ICAI inputs for Inter-Ministerial Meeting in connection with the 2nd meeting of Joint
Administration Committee (JAC) under expanded India Chile PTA
 ICAI Inputs on India- China fourth meeting on Joint Working Group on Trade in Services
 India‘s preferential treatment to LDCs in trade in services at the WTO
 5th Meeting of India-Brazil Trade Monitoring Mechanism (TMM)
 Regional Comprehensive Economic Partnership (RCEP) Agreement negative list offer in services
 Inter-ministerial meeting in connection with 2nd meeting of Joint Administration Committee

under expanded India-Chile Preferential Trade Agreement.
 Inputs toExpenditure Finance Committee (EFC) on Champion Services Sector Scheme (CSSS).
 Inter-ministerial stakeholders consultations under India-Peru negotiations.
 Movement of Natural Persons (MoNP) with respect to Trade in Services set up for
implementing the provisions of the Chapter on Trade in Services agreed under India-
Japan CEPA.
 Issues for 4th Joint Sub-Commission on Trade meeting between India & Vietnam
 India- China 4thmeeting on Joint Working Group on Trade in Services
 11th Session of India-Tajikistan Joint Commission on Trade, Economic, Scientific and Technical
Cooperation (IT-JCM)
 ICAI inputs on Record of discussions on India EU-BTIA held on 4th February 2020
 Inputs to Directorate General of Foreign Trade (DGFT) for relaxing the last date of submitting
the claims under SEIS.
 Impact of COVID-19 on service exporters
 Update in India-Japan Collaboration
(II) Initiatives for facilitating Export of Services
Overseas Campus Placement of Indian Chartered Accountants abroad in co-ordination with
ICAI Chapters Overseas
After the successful conduct of its maiden project in September, 2019, the Committee organized its 2nd
Overseas Campus Placement for Chartered Accountants and Accountants from December 12-14, 2019 at
Delhi, Mumbai and Chennai personally and at Bengaluru, Hyderabad, Pune, Jaipur and Ahmadabad through
video call. It is a step forward to the initiative of last year by including accountants as well in overseas
campus drive. The summary of the placement drive wherein 18 companies registered is as under :
Promoting Foreign Language amongst members

As one of the mandates from Government of India to promote foreign language for easy placement of
Indian Chartered Accountants abroad; in order to enhance and grasp the opportunities in international
arena; ICAI would like to overcome the language barriers in the career growth of its members and
students.
The Committee had made a tie up with Instituto Cervantes, Spanish Embassy Cultural Centre, to promote
Spanish language course, Goethe Institut Max MuellerBhavan (official German culture Institute and
promotes learning of German language in India) to promote German Language Course, Alliance Francaise
to promote French Language and The Japan Foundation to promote Japanese Language Course within
members and students of ICAI.
 Spanish Language Learning Courses through Instituto Cervantes, Spanish Embassy Cultural Centre - 11
batches with 77 candidates.
 German Language Learning Courses through Goethe Institut Max Mueller Bhavan (official German
culture Institute and promotes learning of German language in India) - 3 batches with 25
candidates.
 French Language Learning Course through Alliance Française De Delhi - 3 batches with 22 candidates.
 Japanese Language Learning Course through the Japan Foundation-1 batch with 17 candidates.
Survey for seeking preference for foreign language course from ICAI Members and
Students
The Committee has launched the survey for assessing the demand for foreign language. Till date, the
Committee has received 12655 responses as per details given below:
(III) Services to Members

The Committee organised Workshop/Programme/Live Webinars on Emerging role of youth in economic
development, Financial Statement, Tapping Professional Opportunities abroad, Impact of COVID-19 on
Export of Services & means to reduce its impact, Promoting Indian Accounting Profession in USA, IND AS
VS IFRS : Global Investors‘ Perspective, Promoting Investments in India, Upliftment and development of
J&K by engaging with the people and sensitizing them and providing professional opportunities for ICAI
member during the year.
7. OTHER ACTIVITIES
7.1 Committee on Management Accounting (CMA)
The Committee on Management Accounting provides advanced Knowledge and specialized training on
various areas of Management Accountancy, including finance and other allied subjects by way of
conducting Courses/Webinar/ Seminar etc.The main objective of Committee on Management Accounting of
ICAI is to enable the members to gain acumen, expertise and in-depth knowledge in the areas of
Management and Business Finance.
(I) Courses
 The Committee on Management Accounting (CMA) of ICAI had launched the Certificate Course on
Master in Business Finance in the Year 2009 to impart the nitty-gritties of finance to the members
of the Institute. It was approx 1 year Course which required approx. 30 class room sessions with
mandatorily attendance in two Residential programmes (5 days each programme) and
examinations.It has now been decided by the Council of the Institute to discontinue the above
mentioned Certificate course for members and the examinations thereon. Hence, there would be
no more registrations for the above mentioned courses. The last examination in respect of the
above mentioned Certificate course was held in May- June, 2019 and result was declared in the
month of October, 2019.
 The Committee has recently launched PQC- Diploma on Management & Business Finance Course
(DMBF) in the year 2019 to impart the nuances of finance amongst the members of the Institute.
1st batch of DMBF was commenced at various location i.e Delhi, Mumbai. Hyderabad & Bengaluru
with 62 participants.
(II) INITIATIVES FOR MEMBERS
 The Committee revamped the Course Structure of PQC-Diploma on Management & Business Finance
course (DMBF) .The Committee bring outs/develops the study material (i.e total 33 Modules
distributed under six subjects i.e Strategic Management, Capital Structuring and Investment
Management, Capital and Financial Markets, Forex and Treasury, Banking and Risk Management.
 The Committee has collaborated with Jamnalal Bajaj Institute of Management Studies (JBIMS),
Mumbai to conduct the one-week Residential training program (mandatory part of Course
Curriculum) which will give practical insights to the members on management concepts ,
leadership skills and decision making for carrying out their management functions more efficiently
and effectively. However, due to spurt of COVID- 19, The Residential Program for the DMBF 1st
batch participants were organised through online modein the month of July, 2020 by way of three
weekends sessions i.e 6 days in association with JBIMS.
 Committee has collaborated with Manipal Global Education Service, Bengaluru (covering 11 Modules)
for development of e- Learning platform (80 hours e- learning training is mandatory) for the
current batch participants and was launched on 28th June, 2020.
(III) Webinars/ VCM
The Committee organised Webinar/Virtual CPE Meeting on NPA Identification and Management, Queries
Discussion: NPA Identification and Management, Cost Management Strategies for Economy Revival, Role of
CAs in Strategic Management of Organisation.
7.2 ICAI establishes Centre for Audit Quality to boost Indian firms' global standing
Over the years, ICAI has been tirelessly working towards providing quality education & internationally
benchmarked training for students; continuous professional development of members in niche & emerging
areas; Improving Quality of Financial Reporting and Assurance functions through strong framework of
standard-setting and enforcement.
The purpose of independent audit is to provide confidence to the users of audited financial statements in
the quality of financial reports, in particular their reliability. Improving audit quality and the consistency of
audit execution is essential to maintain confidence in the independent assurance, provided by the auditors.
As part of ICAI's drive to continue to benchmark the accountancy profession against the best available
global practices, we have already converged to global standards on disclosure and assurance while keeping
Indian interests in high stead. The future of the profession lies in its ability to change, evolve and adapt to
the changing environment, which is a central element of the reforms and of the ICAI's mission is its
standard-setting role. ICAI, recognizing the fact that high level ―quality framework‖ provide the foundation
for development of a proficient, high quality accountancy profession, has moved to set up a ―Centre for
Audit Quality‖ at Jaipur Centre of Excellence.
The Centre for Audit Quality will aim at the continuous investment in the contemporary education and
training for prospective accountants and/or auditors, developing guidance and training programmes to
assist audit teams and offices to undertake effective root cause analysis, conducting group learning
sessions to discuss identified causes of findings and the solutions to be implemented, establishing Audit
quality indicators, thus will work for Audit Quality Maturity Model. The Audit Quality Maturity model will
initiate a process of laying out a voluntary self-evaluation matrix for accounting firms to gauge their
relative maturity level as regards audit quality pertaining to Audit and Accounting related functions being
rendered by them. The CAQ would enable the Institute to have discussion on the qualitative aspects of the
audit function and to provide a conducive environment for doing research projects in the field.
CA. Atul Kumar Gupta, President, ICAI said ―India is on the cusp of a huge data revolution. It has become
essential to advocate the position of the auditors to the various stakeholders to fill in the expectation gaps.
In such changing times, a Centre for Audit Quality can play an important role that would further build
Investor‘s confidence and develop Public trust at large‖.
The Centre of Quality will aim for:-
 To develop Framework for Audit Quality.

 To work on key elements of Audit Quality.
 To develop Audit Quality Maturity Model.
 To conduct contemporary Education and Training in area of audit and allied areas for continuous
improvement of Audit Quality.
 To conduct CPD specialized training programmes for Professional Accountants to enable them to
perform audit in full compliance with principles of Audit standards.
 To pursue Research and Innovation in area of audit for improving Audit Quality
 To deliberate on the experience of Audit Committees for improving Audit Quality
 To develop and promote Audit Quality Indicators
 To invest and enable access to cost effective Digital and online Resources for accountants/
accounting firms for high Audit quality
7.3 Committee for Members in Enterpreneurship and Public Services (CME&PS)
One of the important objectives of the Committee is to provide enabling interface between the ICAI and
the Members in Entrepreneurship and ICAI Members in Public Service by factoring their vision and
perspective to enhance the efficacy of ICAI and to explore new avenues and opportunities for our
members.
The Committee was initially constituted in 2011 with a view to to involve and recognize the contribution of
Members in Public Service and successful CA Entrepreneurs. This will enhance interaction with members in
public service and entrepreneurs and bring them into the mainstream of the Institute‘s activities. It may be
of utmost importance to involve them in the Institute activities, who are successful as entrepreneurs and
occupying eminent positions in public service and to gain from their rich experience, wisdom and
knowledge for the betterment of the profession.
(I) Regional Meet of ICAI Members in Public Service, New Delhi, 23 rd August 2019
The Committee for Members in Entrepreneurship and Public Service organised a Regional Meet of CA
Members in Public Service at Delhi on 23rd August 2019 which was attended by Members from different
sectors in Public Service . The Members offered their suggestions for a better tomorrow of ICAI and
provided valuable feedback on the mechanism of Industrial Training, suggested that ICAI should undertake
study on emerging issues of economic relevance. The Members further guided that ICAI should pay a
strategic role as an advisor to the Government and should partner with Government in projects of strategic
importance.
(II) Residential Meet of CA Members in Public Service, Kumarakom, Kerala, 31st January-2nd
February 2020
The Committee for Members in Entrepreneurship and Public Services (CMEPS) of ICAI organised Annual
Residential Meet of ICAI Members in Public Service from 31st January- 2nd February, 2020. The Residential
meet was attended by 51 members from various sectors of politics, judiciary, administrative services,
foreign services, IPS, IRS, Appellate Tribunal, SFIO and others. The residential meet provided a common
platform where members in public service from all sectors participated and discussed emerging issues.
The Residential Meet was inaugurated at the august hands of CA. Suresh P. Prabhu, Hon‘ble Member of
Parliament and Prime Minister‘s Sherpa to G7 and G20. He appreciated the new efforts and initiatives taken
by ICAI in keeping pace with the digital revolution and making the profession ready for future. During his
address he advised ICAI to take steps to strengthen the administrative set up of ICAI so that the same can
meet the expectations of the stakeholders at large. Hon‘ble Suresh Prabhu ji also addressed the Members
on 2nd February on the implications of Climate change and steps that can be taken for preventing future
erosion. The residential Meet was also graced by the presence of CA. Thomas Chazhikadan, Hon‘ble
Member of Parliament on 2nd February who addressed the members in public service on issues of relevance
to the profession. He also dwelled upon some of the aspects of the Union budget.
The Residential meet was also addressed by Guests of Honour Hon‘ble Mr. Justice (CA.) Bhargav D. Karia,
Judge, Gujarat High Court on day 1 and Hon‘ble Mr. Justice (CA.) Dr. Vineet Kothari, Senior most Judge of
Madras High Court and Hon‘ble Mr. Justice (CA.) Dinesh Mehta, Judge, Rajasthan High Court on day 2. The
residential meet dwelled upon technical sessions on How to Enhance Public Trust and Confidence by CA.
Arun Kumar Gujarathi, Hon‘ble Ex. Speaker of Maharashtra Legislative Council, Climate Change Financing
by CA Praveen Garg IAS, Additional Secretary & Financial Advisor, Ministry of Environment, Forests and
Climate Change, Positive strengths of CA profession amongst the Government, Regulators, Media,
Members, Students and other Stakeholders by CA. Deepak Kumar Kedia, IPS and Role of ICAI as
Professional Accountancy Body for a Future Ready Profession by CA. Mahaveer Singhvi, IFS, Joint
Secretary (Counter Terrorism) MEA, Government of India. A session on Managing Oneself was addressed
by Dr. CV Ananda Bose IAS(Retd.) Principal Advisor, Heritage Project, Government of India and Chairman,
UN Consultative Body. Habitat Alliance.
An Open House Discussion was also organised wherein the Members in Public Service shared their views
on positioning of Accountancy Profession in Nation Building. There were several suggestions from Members
on improving the audit quality, enhancing the scope of article ship, guidelines on minimum fees regime,
participation of ICAI in environmental cause improving he communication skills of the students, providing
them guidance to opt for the civil services .
(III) Webcasts
The Committee organised Webcasts on Chartered Accountants- ―How to Enter Civil Service for Nation
Building‖ and ―Oxygen Debit…..Carbon Credit, Environment is our Business‖ on the occasion of World
Environment Day.
7.4 Legal Directorate
The following important activities were undertaken by the Legal Directorate:
The Legal Co-ordination Group discussed and submitted to the Council the draft Amendments to the
Disciplinary Mechanism under the CA Act, 1949. The Council in its Meeting held in August, 2019 approved
this Draft Amendment for submission to the Government. Accordingly, draft Amendments pertaining to
disciplinary mechanism in the Chartered Accountants Act, 1949 were forwarded to the Ministry of
Corporate Affairs on 27.08.2019.
Total number of cases disposed of by the various High Courts under Section 21(6) of the Chartered
Accountants Act, 1949 during the period from 1.4.2019 to 31.3.2020 is 1.
Total number of pending cases in various Courts as on 30.06.2020
S. No. Nature of Case No. of Cases
1. List I- Reference Cases filed under Section 21 (5) Of the Chartered 178
Accountants Act, 1949 pending before different High Courts
- 168
List I - Special Leave Petition (SLP)/Appeal filed against the Judgment
of the High Court in Reference Cases pending in the Supreme Court -
10
2. Writ Petitions filed arising out of disciplinary action under Section 21 of 148
the Chartered Accountants Act, 1949
3. Court Cases related to Non-Disciplinary Matters pending before various 132

courts
4. Cases arising out of Violation of Section 24 of the Chartered 24

Accountants Act, 1949 pending before various courts
5. Cases arising out of Violation of Section 24A of the Chartered 2

Accountants Act, 1949 pending before various courts
6. Appeals (filed by members of the Institute under Section 22G of the 29

Chartered Accountants Act, 1949) before the Appellate Authority under
Section 22A of Chartered Accountants Act, 1949 as amended by the
Chartered Accountants (Amendment) Act, 2006.
Total Number of Cases as on 30.06.2020 513

 Rendering effective legal assistance in the form of legal opinions, studies and reports, as required
from time to time by the Council /Executive Committee / various Non-Standing Committees and
departments of the Institute.
 Providing appropriate legal advice on diverse range of substantive and procedural questions of law
arising in administrative functioning of the Institute to firmly secure the interest of ICAI, as required
by the operational departments.
 Supervising and overseeing the review, negotiations, drafting and vetting of contracts, tender
documents and other legal documents, as required by the operational departments and various
committees of ICAI.
 Serving on various Standing and Non-standing Committees, Study groups and task force, as required,
to take care of legal niceties in framing of policies.
 Advising in the matters of taking recourse to legal remedies whenever necessary and assisting the
operational departments and committees in preparing reply to legal notices received.
7.5 Infrastructure Development Committee (IDC)
In the year 2014, Infrastructure Development Committee was formed as a non-standing Committee
of the Institute. This Committee formulated Infrastructure policy for Branches and Regional
Councils/offices. Since 2014, the ICAI has a robust infrastructure policy in place, which ensures
financial prudence and discipline. The policy defines what all facilities can be provided, composition of
local Infrastructure Committees, policy and procedure for acquisition of land/ building, indicative area,
permissible grant from Head Office, powers and delegation vested with various authorities within the
Institute. Since the policy itself defines the financial powers, all infrastructure projects from the year
2014 onwards are being approved by IDC, instead of the Finance Committee. Since formulation of
Infrastructure policy, the ICAI has initiated following projects:
Purchase of new Construction proposals approved Gifted
Infrastructure Property
Kannur, Jalandhar, Jabalpur, Ajmer, Surat, Hubli, Bhopal, Bengaluru
Goa, Gurugram, Moradabad, Rajamahendravaram, Centre of Excellence Gifted Property
Pali, Agra, Gorakhpur, Karnal, Jaipur, Bathinda, Bareilly, Jodhpur, Raipur,
Kishangarh, Latur, Patiala, Kannur, Ghaziabad, Goa, Moradabad,
Ujjan, Ratlam and Ahmedabad Guntur, Agra, Gurugram and Rohini
Out of total 164 Branches set up by the ICAI so far, 99 branches are having their own premises
which include 14 Branches (presently functioning from Rented Premises) who have procured land on
which construction is either commenced or construction is under-way. 16 Branches (functioning from
own premises) have procured land where either construction has started or construction is under-
way. 51 Branches do not own either land or building. The Region-wise break-up as on 21st July, 2020
is as under:
Remarks
S. No. Particulars WIRC SIRC EIRC CIRC NIRC Total
1 Total Nos. of Branches 35 45 13 47 24 164
2 Nos. of Branches having own premises 21 33 6 29 10 99
3 Nos. of Branches having land on which 1 1 0 7 5 14
construction is started or yet to be
started (functioning from rented
premises)
4 Nos. of Branches having land on which 5 2 1 7 1 16
construction is started or yet to be
started besides the own premises
(functioning from
own premises)
5 Total nos. of Branches having neither 13 11 7 11 9 51
land nor building
Creation of Infrastructure Department

In order to have a single point of contact for operations aspect related to Infrastructure of the Institute
along with resolving various procedural aspects, The Council in its meeting held in April, 2020 approved for
creation of Infrastructure Department at Head Office, which shall own & deal with all the available
Infrastructure of ICAI including its repair and maintenance related to Civil Works only. All
direction/guidance in this regard shall be taken by Infrastructure Department from Infrastructure
Development Committee.
Coffee Table Book
A Coffee Table Book has been prepared which showcase information of all ICAI Branches as well as Centre
of Excellence, Regional Office and Head Office functional from their own premises. The book contains the
details of infrastructure facilities such as Class Rooms, ITT Labs, Reading Rooms, Library,
Conference/Seminar Hall, Multipurpose Hall and Auditorium at one place, to effectively and efficiently use
them as a strategic resource in ICAI‘s work program and development of Accountancy profession.
7.6 International Affairs Committee (IAC)
ACTIVITIES
(I) Initiatives of IAC for recognition of professional opportunities abroad
In order to spread its wings internationally, ICAI has been entering into qualification reciprocity
agreements with accounting bodies globally to recognize qualification of members at either ends. These
agreements foster working relations between the two accounting institutes. Foreign institutes with which
ICAI currently has qualification reciprocity arrangements are CPA Ireland, SAICA, CPA Canada and ICAEW.
During the year, qualification reciprocity agrrements were finalized/renewed with different accounting
bodies as per details below:
 ICAI has renewed its qualification reciprocity agreement with the Institute of Chartered
Accountants in England & Wales (ICAEW) in October, 2019 at London, UK to recognize the
qualification, training of each other and admit the members in good standing by prescribing a
bridging mechanism.
 It has finalized MRA arrangements with ICA Nepal .The MRA with ICA Nepal has received the
approval of Union Cabinet chaired by Hon‘ble Prime Minister of India Shri Narendra Modi at its
meeting held on 19th February 2020 and is expected to be signed soon.
 It has finalized MRA arrangements with MICPA.The matter for signing of MRA with Malaysian
Institute of CPAs (MICPA) and the matter for renewal of qualification reciprocity agreements with
Certified Public Accountants of Australia (CPA Australia) and Chartered Accountants Australia &
New Zealand are awaiting clearances/concurrence from Governmental authorities..
 In addition, Chartered Accountants Australia and New Zealand (CAANZ) and Institute of Chartered
Accountants of England and Wales (ICAEW) have offered Pilot Pathways program for ICAI
members. These are unilateral offers in addition to the bilateral qualification reciprocity
agreements.
 ICAI has got its qualification evaluated UK NARIC (The National Recognition Information Centre,
United Kingdom) for UK as well as UAE Education Systemsin order to provide a strong interface to
Indian members for recognition and professional opportunities abroad.
(II) Globalizing ICAI’s Brand Equity
 ICAI Chapters abroad
ICAI currently has 34 Chapters abroad that promote Brand CA ahead of similarly placed qualifications and
act as a gateway to promote career opportunities for the Indian Chartered Accountants. During the period,
approval has been accorded by the ICAI Council for opening up the following Chapters which are going to
be inaugurated soon :-
 Luxemburg Chapter of ICAI, which would be the 35th Chapter in the list of overseas Chapter
and 4th in the Europe Region.
 UAE (Fujairah) Chapter of ICAI, which would be the 36 th Chapter in the list of overseas
Chapter and 11th in the Middle East Region.
 Foreign Policy of the Institute of Chartered Accountants of India

The Council has approved the Foreign Policy of the Institute which would provide an organised and focused
approach to ICAI while duly recognizing limitations and constraints in international perspective. The aim of
the policy is to serve members globally and act as a world leader in disseminating knowledge and skills set
in this era of dynamism.
 ICAI ‗s Representative Offices abroad
In a bid to enhance its global footprints, ICAI has decided to open up its Representative Offices abroad
where currently ICAI Chapters cannot be formed and thus bring together ICAI members abroad and enable
effective reach and service to its members, thus aiding to positioning the ‗Indian Chartered Accountant‘ as
a ‗Brand‘ worldwide for generating more professional avenues for Indian Chartered Accountants. ICAI
commences it with the launch of 5 Representative Offices at Chicago, Dallas, Houston, New England
Region ;Washington D.C, in July 2020. 12 Representative Offices in Ghana, Accra; Rwanda, Kigali;
Mauritius, Port Lious; Democratic Republic of Congo, Kinshasa; South Africa, Durban; South Africa,
Johannesburg; Egypt Cairo; Jordan, Aqaba; Seychelles, Mahe; Malawi, Lilongwe; Malawi, Blayntre and
Mozambique, Maputo have also been approved and would be launched shortly.
 ICAI‘s second overseas office in Singapore
ICAI has presence of about 1000 members in ASEAN countries and an ICAI office in Singapore would
enhance the brand image of CA India in Association of Southeast Asian Nations (ASEAN) countries as well
as in other Asia Pacific countries. With this thought, the 2 nd Overseas Office of ICAI in Singapore has been
incorporated. The office would also be useful for member‘s related areas and in restoring the membership
in these countries. It would also help them in maintaining good liasoning with PAO‘s in these countries and
will promote brand CA in Asia Pacific regions, more particularly in ASEAN countries.
 ICAI Best Overseas Chapter Awards 2020
Since 2013, the International Affairs Committee (IAC) has been organizing ICAI Best Chapter Awards for its
Chapters overseas as a token to appreciate the efforts of the Chapter Managing Committee in enhancing
the ‗Indian CA‘ brand and providing members a platform for networking thus creating a feeling of
belongingness amongst members in foreign soil. They recognize the distinguished efforts and exemplary
achievements of the Chapters in furtherance of the horizon of the Chartered Accountancy profession. The
best overseas Chapters are selected on the basis of defined parameters as approved from time to time.
For the Best Chapter Award Competition 2020-21, the criteria has been updated and it has been decided to
recognize the efforts of the overseas Chapters who have performed commendably during the period under
evaluation but have not been able to secure the top positions under three categories by presenting a
Certificate of Appreciation.
 ICAI to host the World Congress of Accountants on November 18-21, 2022 in Mumbai, India
WCOA is held every four years under the auspices of the International Federation of Accountants (IFAC),
the worldwide organization for the accountancy profession and is one of the most prestigious global events
of Professional accountants where about 6000 delegates gather and exchange views on accounting & allied
areas. ICAI, being a member of IFAC, had bid to host the WCOA 2022 and after rigorous assessment won
the bid to host the WCOA in November 18-21, 2022 Mumbai.
(III) Delegations visiting ICAI
 A delegation from CPA Australia comprising Ms. Deborah Leung, Head of International, Mr. Mark
Chau, Regional General Manager Business Development International and Mr. Leslie Leow,
Regional Manager – MESA, visited ICAI HO on 30th April 2019 to discuss the renewal of Mutual
Reciprocity Agreement (MRA) between ICAI and CPA Australia which expired in September 2019
besides dwelling on issues of bilateral cooperation including exploring the Joint Study on
Sustainable Development Goals and role of Accountants, and holding Joint Seminars/Workshops on
Corporate Governance, Blockchain, Artificial Intelligence etc.
 Dr. In Ki Joo, President, IFAC and Mr. Russell Guthrie, CFO &Executive Director, IFAC had visited
ICAI to be a part of the ICAI Platinum Jubilee celebrations on July 01, 2019. The celebrations were
inaugurated by Shri M. Venkaiah Naidu, Hon‘ble Vice President of India. Discussions were also held
for successful conduct of WCOA 2022 on November 18-21, 2022 in Mumbai, India and had a
meeting with the Chairman and Vice Chairman of ESB, AASB and IASB.
 A delegation from Kenya Accountants and Secretaries National Examinations Board (KASNEB) &
Institute of Certified Public Accountants of Kenya (ICPAK) visited ICAI on 7th November 2019 to
discuss on possibilities of availing technical support from ICAI in various technical and professional
issues.
 Mr. Alan Johnson, Deputy President and Mr. Russell Guthrie, Chief Financial Officer, IFAC
addressed the International Conference at Mumbai. Coinciding with their visit, they had also visited
the venue for WCOA 2022, i.e. Jio World Centre on 5th December 2019 and had discussions with
the President & Vice President on the preparations of the World Congress of Accountants 2022
(WCOA 2022) at Mumbai.
 A delegation from CPA Australia led by Mr. Andrew Hunter, CEO, CPA Australia had visited Mumbai
on December 3, 2019 and had met with ICAI leadership to discuss on the renewal of the MRA
between ICAI & CPA Australia. Various issues of mutual interest to both the Institutes were also
deliberated upon.
(IV) Conferences/Programs
 ICAI- CPA Australia Joint Information Sessions -ICAI and CPA Australia jointly organized a series of
workshops in June , September, November 2019 and February 2020 in different Tier I and Tier II
cities creating awareness about the opportunities in Australia after qualifying CPA Australia exams
through MRA route.
 International Networking Event organized by Vancouver Chapter of ICAI during the sideline of IFAC
Council meeting-Key meetings of IFAC, CAPA, CAW were held in Vancouver, Canada in the month
of November 2019. In conjunction with such meetings, the British Columbia, Vancouver Chapter of
ICAI had organized an International Networking event wherein Board Members of CAPA
participated. The events were attended by President IFAC, President CAPA and President SAFA as
well and gave wide mileage to ICAI.The Networking Dinner organized by the Chapter on November
11, 2019 provided an exclusive opportunity to enhance the brand CA image at the global stage and
also to promote the WCOA 2022 to be held in India. The event also witnessed the august presence
of President, IFAC, CAPA and SAFA. CA. Atul Kumar Gupta, Vice President, ICAI had given a
presentation on the UDIN initiative of ICAI which elucidated on the concept and advantages of this
initiative at the IFAC Council on November 13, 2019 which was attended by the representatives of
175 member bodies in 130 countries. This initiative of ICAI was highly appreciated by the IFAC
Council.
 ICAI International Conference ―Accountancy Profession: Catalyzing Reforms, Creating Values, on
December 6-7, 2019 in Mumbai-The ICAI mega International Conference on ―Accountancy
Profession: Catalyzing Reforms, Creating Values, was successfully held on December 6-7, 2019 in
Mumbai, the financial capital of India. The Conference witnessed a plethora of speakers both of
national as well as international eminence from Government, Industry and Accounting profession
including Mr. Alan Johnson, Deputy President, IFAC; CA. Suresh Prabhu, Hon‘ble Member of
Parliament (Rajya Sabha) & Prime Minister's Sherpa to G 7 and G 20 and CA. Thomas
Chazhikadan, Hon‘ble Member of Parliament (Lok Sabha). The Conference witnessed overwhelming
response with over 1200 delegates attending the event and was very well appreciated by all the
delegates.
 ICAI Global Webinar on the topic "Impact of COVID 19 pandemic on the Reporting and Assurance
on April 13, 2020-The International Affairs Committee organised the Global Webinar on "Impact of
COVID 19 pandemic on Reporting and Assurance‖ in April 2020 with the focus to address the
challenges that COVID-19 outbreak has impulse on Global Economies and specially addressing the
challenge being faced by Professionals & Corporates across the globe on accounting, reporting and
assurance perspective. The Webinar was addressed by global leaders including: CA. Suresh
Prabhu, Hon‘ble MP(Rajya Sabha)& Prime Minister‘s Sherpa to G 7 & G 20 ; Dr. In Ki Joo,
President, IFAC; Mr. Florin Toma, President, Accountancy Europe; Mr. Salvador Marin, President,
European Federation of Accountants & Auditors for SMEs (EFAA); Mr. Wan Tin, President, ASEAN
Federation of Accountants; Mr. Tom Seidenstein, Chair, IAASB ; Mr. Alan Johnson, Deputy
President IFAC and Mr. Arjuna Herath, Chair, PAODC , IFAC.The Webinar was also addressed by
representatives of other Professional Accountancy Organisations (PAOs)/International
Organisations like: Chartered Accountants Worldwide (CAW); South Asian Federation of
Accountants (SAFA); The Edinburgh Group; CPA Canada; CPA Australia; CPA Malaysia; Institute
of and Indonesia Chartered Accountants.
 Global Webinar on the topic "Risk Diversification Strategies - Opportunity for Global Manufacturers
in India - Post COVID-19" on 30th April, 2020-The COVID-19 pandemic is posing critical challenges
to global economies and it will have lasting impact for many nations. Most nations have already
started initiatives to realign their investment and supply chain strategy for building their
economies, through the path to normal economic growth paradigm will be tough. As the world
emerges out of COVID-19, dawn of new economic order will occur with shifting of global
investments, manufacturing and supply chains. This would require India to rebuild its economy in
the post pandemic era. To make India ready and contribute towards economic development, ICAI
organized a Global Webinar on the topic ―Risk Diversification Strategies – Opportunity for Global
Manufacturers within India – COVID-19‖ on 30 April, 2020. The webinar witnessed e-presence of
CA. Piyush Goyal, Hon‘ble Minister of Commerce and Industry & Minister of Railways, CA. Arun
Singh, Hon‘ble Member of Parliament. The webinar has an eminent panel of speakers Dr. Rajiv
Kumar, Vice Chairman, NITI Aayog, Shri Rajkiran Rai G, MD & CEO, Union Bank of India, Shri
Satish Marathe, Director, Reserve Bank of India, CA. Gopal Krishna Aggarwal, Economist, CA. Rajiv
Kumar Singh, Independent Director, Union Bank of India and CA. Umesh Chandra Pandey, Former
Independent Director, Engineers India Ltd., who shared their views on the topic followed by
Questions and Answers session from Chapters abroad with Hon‘ble Minister CA. Piyush Goyal.
 Meeting with Chapter Representatives through Video call to seek suggestions on Future
Investment Policy in India to attract Overseas investment on May 14, 2020 -The International
Affairs Committee organised an interactive meeting of ICAI leadership with ICAI overseas Chapters
to seek their suggestions on Future Investment Policy in India to attract Foreign Investment on
May 14, 2020.
Awareness session for ICAI members to promote MoU with the Institute of Chartered Accountants
of England and Wales (ICAEW) on 27th and 30th June 2020-With the initiative to promote the MoU
and Pathway scheme signed between ICAI and the Institute of Chartered Accountants of England
and Wales (ICAEW), both Institutes jointly organised Webinar ―Your passport to the world: ICAI
members' opportunity to join ICAEW‖ on 27th and 30th June 2020‖respectively. The 2 Webinars
were attended by more than 400 ICAI members.
 Webinar in collaboration with Edinburgh Group on June 27, 2020-The International Affairs
Committee and Committee for Members in Practice organized an ICAI-Edinburgh Group Global SMP
Webinar on Future Ready SMP - Vital for Global Economy on the eve of International SMP Day on
June 27, 2020. The webinar had the e-presence of Ms. Monica Foerster, Chair, SMP Committee of
IFAC; Mr. Eamonn Siggins, Chair, Edinburgh Group & CE, CPA Ireland; Ms. Keddie Waller, Head of
Public Practice, CPA Australia; Mr. Mark Edmondson, President & CEO, INFLO; CA. Satish Kumar
Gupta, Chairman, Committee for Members in Practice, ICAI & Chair, SMP Committee of SAFA..
(V) Technical Co-operation to under developed countries
ICAI‘s assistance to NBAA Tanzania, ICA Nepal and CPAPNG under mandate of MoUs signed with them
 ICAI support to NBAA, Tanzania-ICAI had signed a technical co-operation MoU with the National
Board of Accountants & Auditors, Tanzania to establish mutual co-operation in accounting and
allied areas. In order to carry forward the mandate of the MoU, ICAI has undertaken the Review of
syllabus of NBAA; Detailed evaluation and revision of study material of NBAA and procurement and
delivery of books for NBAA.
 ICAI support to CPAPNG-ICAI & CPAPNG are going to sign a bilateral co-operation MoU and in
pursuance thereof, ICAI has received a request from CPAPNG to improve their course curriculum
for their CPA Module. ICAI has undertaken this evaluation/study to improve their modules. Earlier,
ICAI had extended its support to CPAPNG in attaining full membership of IFAC. ICAI had
completed the due diligence process and submitted its report to IFAC for consideration. IFAC at its
Council Meeting held on November 13, 2019 has granted CPAPNG its full membership. In
pursuance thereof, Mr. Yuwak Tau, Executive Director, CPAPNG had expressed gratitude on behalf
of CPAPNG to ICAI at the ICAI International Conference in Mumbai.
 ICAI support to ICA Nepal-ICAI provided technical assistance to ICAN in further strengthening their
examination systems wherein officers from ICAN visited ICAI to peruse the examination system
and discuss various activities related to smooth conduct / flow of Examinations.
 Technical Co-operation Agreements-ICAI is also associated in providing framework of Technical
Cooperation to countries that lack the accountancy infrastructure. It has signed Technical Co-
operation Agreement with Kuwait Accountants and Auditors Association (KAAA) and Saudi
Organization for Certified Public Accountants (SOCPA) in the current year and following are the
Institutes with which ICAI is having technical collaboration agreements for institutionalization of
accounting profession in these countries.
• College for Banking & Financial Studies, Oman
• Institute of Chartered Accountants of Nepal
• Bahrain Institute of Banking and Finance (BIBF)
• National Board of Accountants & Auditors, Tanzania
• Institute of Certified Public Accountants of Kenya (ICPAK)
• Kuwait Accountants and Auditors Association (KAAA)
• Saudi Organization for Certified Public Accountants (SOCPA)
The Technical co-operation agreements with CPA Afghanistan and Higher Colleges of Technology,
UAE have been approved by the Government of India and are expected to be signed soon.
ICAI signs MoU with Kuwait Accountants and Auditors Association (KAAA)-The Institute of
Chartered Accountants of India (ICAI) signed the Memorandum of Understanding (MoU) with the
Kuwait Accountants and Auditors Association (KAAA) in Kuwait on November 21, 2019.Signing of
the MoU between ICAI & KAAA would facilitate both institutions working together to strengthen the
accounting, financial and audit knowledge base in Kuwait. Under the MoU, ICAI would offer
technical programs to the employees of Kuwait Government/Ministries/KAAA members and Kuwait
Nationals in collaboration with KAAA.
 Memorandum of Understanding between ICAI and Saudi Organisation for Certified Public
Accountants (SOCPA)-ICAI and the Saudi Organization for Certified Public Accountants (SOCPA)
had signed an MOU in 2014. The MoU was due for renewal and post the approval of the Union
Cabinet of India, ICAI & SOCPA signed the MoU on January 27, 2020 during the opening
Ceremony of Saudi Accountants Forum at Riyadh.The MoU promotes mutual co-operation
framework in the areas of corporate governance, technical research and advice, quality assurance,
forensic accounting, issues for Small and Medium-sized Practices (SMPs), Islamic finance,
Continuing Professional Development (CPD) and other subjects of mutual interest related to
accountancy profession.
(VI) Working for building blocks
Offering access of ICAI‘s e-Learning platform to the members of SAFA member bodies and other
accounting bodies with whom ICAI has entered into MoU / MRA and proposes to enter into MoU/MRA in
future-ICAI's Digital Learning Hub is an integrated Learning Management System (LMS) which facilitates
access to courses and professional contents in multiple formats(videos/presentations and interactive
content) which can be used in self-paced way to professionals of International Accounting Bodies/Forums.
The same was appreciated by the SAFA member bodies and SAFA had requested if ICAI could share these
with the SAFA member bodies.
As a goodwill gesture, ICAI has offered its unique Digital Learning Hub with SAFA countries and
accountancy bodies with which ICAI has entered into MRA/ MoU at a very nominal rate of USD 1 p.a. as
against USD 200 p.a.
Further, ICAI in the extraordinary emergent circumstances; as a proactive measure, has decided to share
these digital resources to support smaller PAOs to enable them to provide online CPD learning to its
members. The proposal of ICAI has been highly appreciated by IFAC and has posted the ICAI proposal of
offering ICAI Digital Learning Hub to smaller PAOs on the IFAC website. The Digital Learning Hub has also
been shared with the members of International Panel on Accountancy Education and they have also
appreciated this initiative of ICAI. About 100 members of the Institute of Chartered Accountants of Nepal
(ICAN) have already started using the ICAI' digital platform to continue enhancing their professional
knowledge.
7.7 Working Committee on World Congress of Accountants (WCOA)
The Council has formulated a non standing Committee i.e. Working Committee on World Congress of
Accountants from the current Council year for completing the different tasks for organizing the World
Congress of Accountants (WCOA) 2022 scheduled to be held on 18th Nov 2022 to 21st Nov 2022 at JIO
World Centre BKC, Mumbai.
The Committee has performed the following activities:

 Preparations for World congress of accountants 2022 are going on and Registration and other
activities for WCOA-2022 will come soon.
 During the year the IFAC Deputy President and other Dignitaries also visited venue of WCOA-
2022.
 Also established a fully functional Secretariat at ICAI Bhawan, BKC, Mumbai with full time
dedicated staff in Mumbai for better co-ordination.
 RFP Finalization is on process for appointing Professional Conference Organizer of WCOA-2022.
 Logo of WCOA-2022 is finalized and website is under process with social media pages for
advertising WCOA 2022.
 Sub Committees to look after various operations of WCOA has been formed.
7.8 Strategy, Perspective Planning and Monitoring Committee (SPP&MC)
The objective of Strategy Perspective Planning and Monitoring Committee is to identify, focus, explore,
discuss and develop core competencies of the Accounting Profession in strategic & emerging areas in order
to develop & broaden ICAI as a focused and vibrant accountancy Institute.
Events organized by the Committee
The Committee has organized the following activities:
A webcast was organized by Strategy Perspective Planning and Monitoring Committee on 3 rd May on the
theme ―Making of New India‖ wherein key speakers namely Shri Nitin Gadkari, Hon‘ble Minister for Road
Transport & Highways and Micro, Small and Medium Enterprises, Government of India addressed the
Members on the challenges and issues in Covid and post Covid era. The key issues covered by the Hon‘ble
Minister were :
 Make in India
 Attract investments by good policy
 Increased productivity by innovation and technology
 Increase exports
 Reduce imports
 Self sufficiency
 New sectoral developments
 Sustainability
Shri Shripad Yeso Naik, Hon‘ble Minister of State for AYUSH (Independent Charge) & Minister of State for
Defence, Government of India also addressed the Members on the efforts taken by Government in
combatting the Covid era and the important role played by the Members of the profession . The webcast was
also addressed by Prof. Asha Kaul, Professor in Communications, Indian Institute of Management (IIM)
Ahmedabad who dwelled upon the critical issues of personal branding. The Webcast was viewed by about 1
lakh participants.
7.9 CSR Committee
The CSR Committee is a Non Standing Committee of the Institute of Chartered Accountants of India
formed under the regulatory provisions of the Chartered Accountants Act, 1949. The Mission and Objective
of the CSR Committee is to create, maintain, and improve awareness and compliances of CSR Regulations;
undertake meaningful and quality initiatives; such activities that capture the true essence of social
responsibility in such a way that leads to value creation for the society, promote sustained growth in
harmony with the environment through transparency and effective governance.
Activities undertaken:
 The CSR Committee has issued the following publications:
 Advisory for Independent Practitioner's Report on Utilisation of CSR funds – 29.05.2020
 Answers to Questions raised during the Live Webcast on CSR Rules, Accounting and Taxation held
on 29.04.2020 – 09.06.2020
 Technical Guide on Accounting for Expenditure on Corporate Social Responsibility Activities –

30.06.2020
 The CSR Committee had successfully organised a Live Webinar on 29.04.2020 on CSR Laws,
Accounting and Taxation. There were 4122 logins for the webcast. Same has now been hosted on ICAI
TV for the benefit of members.
 Response on Draft CSR Companies (CSR Policy) Rules 2020, has been submitted by the CSR
Committee to the MCA after incorporating feedback received from members.
 Certificate Course on CSR, designed to meet the need of trained professionals who can help implement
the vision and objectives of CSR for common good. The 1st Batch of the Certificate Course on CSR,
started from 4th July, 2020 and has received very good response from the members.
 A web portal has been developed for tracking and showcasing the CSR activities of CAs. Information of
donations made by CAs towards the Covid - 19 pandemic, is has been collated. Also, all developments
in the field of CSR and the activities of the CSR Committee are updated regularly on the CSR portal
at https://csr.icai.org
 Regular Communications are sent to members to come forward and take part towards the
development of the economy and caring for the society by contributing towards the PM CARES Fund,
PM National Relief Fund, CM National Relief Fund, ICAI Covid Fund, contribution of food packets and
medical kits to the needy.
 Regular communications are sent to members updating them on the decisions of the Government/MCA
and Notifications / Circulars issued.
7.10 UDIN Directorate
UDIN Directorate was set up by the Council of the Institute of Chartered Accountants of India in the year
2019 to implement and monitor the progress of UDIN and it‘s day to day functioning on real time basis.
Prior to that, it was the part of Professional Development Committee.
(I) Implementation of UDIN
In December, 2018, it was decided by the Council to make UDIN mandatory for every full time practicing
Chartered Accountant in following phases:
 For all Certification done by Practising Chartered Accountants w.e.f. 1st Feb., 2019.
 For all GST & Tax Audit Reports w.e.f. 1st April, 2019.
 For all other Audit, Assurance and Attestation functions w.e.f. 1st July, 2019.
The members were informed about the implementation in phased manner well in advance through
Announcements and mass emails. For their facilitation,details FAQs were released for each phase and were
hosted on UDIN Portal and ICAI website.
(II) Statistics of UDIN
1.05 Crore (98.53 Active UDINs) have been generated till 31 st March, 2020
Category-wise UDINs
Certificates 49.85 lakhs
GST & Tax Audit 37.12 lakhs
Other Audit & Assurance 11.56 lakhs
Number of Practising Members – Registered & Generated UDINs
In Full-time Practice 1,38,441
Registered on UDIN 1,12,786
Generated UDIN 1,05,802

UDINs Generated by Members vis-à-vis Articles under them

Members training Articles No. of members No. of UDINs
No Articles 49,977 29,02,954
1 to 2 30,022 29,45,910
3 to 4 11,919 15,54,126
5 to 7 8,898 13,98,989
8 to 10 4,833 10,28,096
> 10 Articled Assistants 153 24,273
(III) Unearthing of Frauds

After implementation of UDIN, lots of malpractices which were in place by wrongdoers started coming to
the lime light. Complaints are being received from stakeholders wherein frauds done by non-CAs in the
name of CAs have started unearthing. UDINs are being verified by the regulators / stakeholders for
establishing the authenticity of being signed by CAs only. The Banks have verified more than 10 lakhs
UDINs.
(IV) Notification of Council Decision on UDIN mandate
The decision of the Council for mandating UDIN in phased manner was notified under Notification No. 1-
CA(7)/192/2019 dated 2nd August. Accordingly, the non-compliance by the members may lead to
disciplinary action.
(V) Trademark & Copyright of UDIN
The acronym "UDIN" has been registered under the Trade Marks Act, 1999 with effect from 15th March
2019 in the name of The Institute of Chartered Accountants of India under the seal of Registrar of Trade
Marks dated 7th September, 2019. Further, Institute is in the process of obtaining Copyright for UDIN.
(VI) UDIN has been implemented by IBA, SEBI, RERA, CBDT
Indian Banks‘ Association vide its communication dated 11th March, 2019 requested all Banks to impress
upon UDIN on all the documents accepted by them certified by the Chartered Accountants.
In SEBI, a meeting was held with Shri Nagendraa Parakh, Executive Director on 6th June, 2019 at Mumbai
to emphasize upon the importance and effectiveness of UDIN. Acceding to our request SEBI has included a
column for mentioning UDIN in their forms/ Audit Reports including all Stock Market Intermediaries Audit
Reports.
In CBDT, a meeting was held with Sh. Rajesh Bhoot, Joint Secretary on 20th August, 2019 for inclusion of
UDIN field in all IT Forms and Reports.Pursuant to the meeting and communications sent to CBDT, a
column for mentioning UDIN has been included in all their forms and reports certified/ issued by
CAs. CBDT will shortly implement the validation of UDIN through API from UDIN Portal of ICAI on real time
basis while uploading the forms in their e-Filing portal.
(VII) Meeting with Director, SIFO for UDIN
Virtual Meeting was held with Sh. Amarjeet Singh Bhatia, Director, SIFO and his team on 12 th June. 2020
wherein the concept of UDIN was shared and its importance on all their forms certified by CAs.
(VIII) Communications with RERA
Communications have been sent to Real Estate Regulatory Authorities of all the States with a request to
include column for UDIN on all their audit reports to be signed by Chartered Accountants and has been
implemented by Gujarat and Tamil Nadu.
(IX) Presentation of UDIN
 In State Level Coordination Committee Meeting (SLCC)-In all the SLCC Meetings held during the
last year, ICAI representative has made a presentation on UDIN wherein Chief Secretary of the
respective State, SEBI, MCA, ED, SFIO, CBI were present and have appreciated the UDIN Concept
developed by ICAI.
 To SAFA, IFAC, AOSSG-SAFA has formed a task force to implement UDIN in SAFA Member Bodies.
The first meeting of the taskforce was held on July 29, 2019 in Colombo, Sri Lanka wherein a
detailed presentation on UDIN was given. ICA Bangladesh, ICA Pakistan & ICA Nepal have
requested for the technical assistance of ICAI to implement UDIN in their respective member
bodies.
A presentation on ―Impact Analysis on UDIN‖ was made at 11 th Annual General Meeting of Asian Oceanian
Standard Setters Group (AOSSG) at Goa held in the month of Nov., 2019 where more than 27 Countries
representatives were present.During the International Networking Meet organised by British Columbia,
Vancouver Chapter of ICAI in Nov., 2019, a presentation was made to IFAC Council on the UDIN initiatives
of ICAI which elucidated on the concept and advantages of this initiative and was highly appreciated by the
IFAC Council.A presentation on UDIN was given to ICA Bangladesh on 15th February 2020 wherein the
concept was highly appreciated.
(X) Release of Publications:
 FAQS on Unique-Document Identification Number-A Publication on FAQS on Unique Document
Identification Number (UDIN) was released in the month of November, 2019
 Report on UDIN-UDIN Directorate had released a report on Annual Function on 7th Feb., 2020.
Starting from the conceptualization, implementation; the report also depicted various data of
UDINs based on information punched by the members as well as way forward.
(XI) Generation of Bulk UDIN on Certificates-A provision for generating UDIN in bulk for
Certificates has been incorporated in UDIN Portal in the month of June 2020. Using this facility
now the members will be able to generate UDIN in bulk i.e upto 300, for various types of
Certificates in one go. It can be done through uploading of excel file.
(XII) UDIN- a Catalyst for Regulator
It is envisaged that gradually UDIN will become a tool for regulating the Profession and enforcing the
guidelines and laws effectively. Few such areas are stated as below:
 Remittances/flow of money overseas as per FCRA/FEMA
 Check on utilization of Govt. Sponsored Schemes
 Evaluation of GDP growth vis-à-vis Assesse
 Number of Tax/Company Audits permissible to CAs
 Enforce ICAI Rules/Regulations/Guidelines effectively through UDIN
 For Communication with Previous Auditor through UDIN
7.11 International Placement Directorate
The International Placement Directorate has been de-merged this year from Committee for Export of CA
Services & WTO wherein the Overseas Campus Placement was undertaken for two consecutive years, for
placement of Chartered Accountants and Accountants overseas.
Accounting and finance sector is identified as one of the 12 Champion Sectors for export promotion by
Hon‘ble Prime Minister of India. International Placement Directorate is an initiative under the Champion
Sector, is aimed to make potential employers, Chartered Accountants and accountants meet for global
opportunities under ICAI institutional framework and would provide a unique opportunity to overseas
employers to recruit Indian CAs and accountants.
INITIATIVES
 Directorate is working on the International Placement Online Portal which will work 24*7 for Indian
Chartered Accountants to work overseas which will enter the UAT phase and will be launch soon.
 Directorate is approaching to Commercial wing of all the Indian Mission abroad by writing them for
support and assistance in promotion of Indian Accounting Profession globally and will discuss
further modalities after receipt of confirmation from them.
 Directorate had requested all the Chapters of ICAI abroad to share the list of Internationally
recognised HR Consultants in their jurisdiction to whom Directorate will contact individually or
routed through Chapters so that they can share the list of perspective companies who will hire
Indian Chartered Accountants abroad.
7.12 Right to Information Act, 2005

The Right to information is implicitly guaranteed by the Constitution. However, with a view to set out a
practical regime for the citizens to secure information as a matter of right, the Indian Parliament enacted
the Right to Information Act, 2005. The basic object of the Right to Information Act is to empower the
citizens, to promote transparency and accountability in the working of every public authority. The Institute
of Chartered Accountants of India (ICAI) a statutory body set up by an Act of Parliament i.e. The Chartered
Accountants Act, 1949 is a public authority as envisaged under section 2(h) of the RTI Act, 2005. In
compliance of the provisions of the RTI Act, 2005 and direction of the Central Information Commission,
officers of the Institute have been designated as Central Public Information Officer, Central Assistant Public
Information Officer, First Appellate Authority (FAA) and Transparency Officer.
Disclosure under Section 4 (1)(b) of RTI Act, 2005
In terms of the Section 4(1)(b) of the Right to Information Act, 2005, necessary disclosures have been
made by the Institute by hosting them on the website of the Institute www.icai.org and the same are
updated from time to time. Total 68901 (Sixty Eight thousand Nine hundred one) applications have been
received which includes the applications for certified copies of various examinations conducted by the
ICAI.
7.13 XBRL
For the effective participation of the regulators, technologists, corporates and academicians in the
endeavour of the Institute for the promotion of XBRL in India, the Institute has facilitated the incorporation
of XBRL India as a section 25 company with the main objective of promoting and encouraging the adoption
of XBRL in India as the standard for electronic business reporting in India through development of
taxonomies, facilitation of education and training on XBRL. Also, considering the growing importance of
XBRL internationally, XBRL India has taken membership of XBRL International Inc. to facilitate and get
updates of XBRL filing globally. XBRL India is an established Indian jurisdiction of XBRL International.
Currently, The Institute of Chartered Accountants of India (ICAI) and the Institute of Company Secretaries
of India (ICSI) are the members of XBRL India under the category of ―Regulators and Stock Exchanges‖
and ―Universities and Educational Institutions‖ respectively.
XBRL India is developing and maintaining XBRL taxonomies for Ministry of Corporate Affairs (MCA). XBRL
India has developed two taxonomies for MCA, one is Commercial & Industrial (C&I) taxonomy for
companies following Accounting Standards and the other one is Ind AS Taxonomy for companies following
Ind AS. Through guidance and support provided by XBRL India, Ind AS taxonomy has been successfully
implemented and XBRL filing of the financial statements for the financial year 2017-18 and 2018-19 has
been successfully done.
XBRL filing requirements by the Ministry of Corporate Affairs (MCA)
XBRL taxonomy, based on the Ind AS and Ind AS compliant Schedule III requirements, has already been in
place for filing of financial statements in XBRL format.
The Ind AS taxonony has been amended to Incorporate the following changes:-
 Issuance of new Leases Standard viz Ind AS 116, ‗Leases‘ effective for the accounting year 2019-
2020.
 Amendments in other Ind AS
Further, Taxonomies will need to be revised for changes in Ind AS compliant Schedule III.The Ind AS
Taxonomy after incorporating changes in Ind AS compliant Schedule III will be submitted to MCA after due
approval by Taxonomy Development and Review committee of XBRL India and the Council of ICAI.
7.14 ICAI-ARF
ICAI Accounting Research Foundation (ICAI ARF) was established in January, 1999 as a Section 25
Company (now Section 8 Company under the Companies Act, 2013) for doing core research in the areas of
accounting, auditing, capital markets, fiscal and monetary policies. The following is the detail of projects
undertaken by ICAI ARF during the last year :
 Roll Out of Accrual Accounting in all Zonal Railways and Production Units over Indian Railways – ICAI
ARF organised intensive training programmes across the Country covering all the 17 Zonal Railways
and 8 Production Units of Indian Railways supported by a customised Training Manual (in two
parts) inclusive of assessment. Accrual Accounting Implementation Manual (AAIM) has also been
submitted. Approach I as mentioned in the Concept Paper on Mapping of Finance Code-II has been
approved and the team is working on Transaction Based Accrual Accounting system.
 Compilation of data and preparation of Financial Statements for FY 2017-18 & 2018-19 and Balance
Sheet as on 31.03.2018 & 31.03.2019 for Indian Railways, and Conducting studies on data/system
shortcomings observed at the Roll Out Stage during compilation of Financial Statements for FY
2015-16 and 2016-17 and its improvements – ICAI ARF has been awarded the said project which is
inclusive of following 5 studies:
 Framework on Applicability of Ind AS on Accrual Based FS of Indian Railways
 Pilot Study to reconcile Rolling Stock Data of NR with Railway Board as on 31.03.2017
 Pilot study to develop mechanism for identification of lease assets and owned assets at Northern
Railway
 Pilot Study to develop framework for Clearance of CWIP and transfer to FAR to be undertaken over
NR based on the CWIP data received in FA-13 as on 31st March 2017
 Pilot Study to reconcile investment made by Indian Railways in various subsidiaries, associates
companies and joint ventures as on 31st March 2017.
Work has been initiated on all of these.
 ICAI ARF published Concept Paper on Audit Committee for Municipal Bodies and submitted the
same to the Minister and Secretary to Ministry of Housing & Urban Affairs of Government of
India, Chief Minister and Minister of Urban Development/Municipal Administration of all the
States, Finance Commission and NITI Aayog for their consideration.
7.15 ICAI Registered Valuers Organisation
ICAI Registered Valuers Organisation is a section 8 Private Company formed by the Institute of Chartered
Accountants of India to enrol and regulate Registered Valuers or valuer member as its members in
accordance with the Companies (Registered Valuers and Valuation) Rules, 2017, and functions incidental
thereto.
(I) Educational Course (50 hours) by ICAI Registered Valuers Organisation which is a
precondition to become Registered Valuer:
 In the initial phase, ICAI Registered Valuers Organisation has been focusing on building its membership
base and conducting 50 hours of educational course for its valuer members which is a precondition
for becoming Registered Valuers and preparing Educational material for the Educational Course.
 In this direction, from June, 2018 onwards, ICAI RVO has conducted the 43 batches for the 50 hours
training across the country.
 As on August, 2020, 3000+ members have been trained by ICAI RVO for its Educational course of 50
hours.
(II) Online Classes of Educational Course (50 hours) by ICAI Registered Valuers
Organisation which is a precondition to become Registered Valuer:
 Due to the outbreak of COVID-19, conducting the classes of Educational Course through Online mode
has been allowed by IBBI.
 ICAI RVO has conducted 3 online batches and trained 500+ members.
(III) Registration of Registered Valuers with IBBI for the Asset Class Securities or Financial
Assets:
The Insolvency and Bankruptcy Board of India under the Asset Class Securities or Financial Assets has
registered 1183 Registered Valuers as on 31st July, 2020 out of which, 635 Registered Valuers are ICAI
RVO members which contributes to 54% of the membership.
(IV) Study Modules for Educational Course by ICAI RVO:
Four Study Modules for Educational Course have been prepared to help the members who enrols with ICAI
RVO for the Educational Course, in understanding the subject better
 Module 1 covers in detail Overview and Concepts of Valuation
 Module 2 covers in detail Valuation Approaches and Methods
 Module 3 covers Judicial Pronouncements
 Module 4 covers Relevant laws & Regulations as per the Syllabus
(V) Adoption of ICAI Valuation Standards 2018 by ICAI RVO

ICAI through its Valuation Standards Board has brought out ICAI Valuation Standards 2018 which are first
of its kind in India. ICAI RVO under rule 8 of the Companies (Registered Valuers and valuation) Rules,
2017 has adopted ICAI Valuation Standards 2018. The ICAI Valuation Standards 2018 are Mandatory for
the members who are enrolled with ICAI RVO under the Companies Act 2013 till the time the Valuation
Standards are issued by the Government as per the said Rules. The ICAI Standards are recommendatory
for Chartered Accountants for valuation under other Statutes.
(VI) Launch of ICAI RVO Learning Management System
ICAI RVO has launched its Learning Management System which is an e-learning platform which delivers
the concepts of the syllabus prescribed by the Revised Insolvency and Bankruptcy Board of India in the
form of study material and supplemented by mock test in Multiple Choice Questions format. This Learning
Management System facilitates the members who are primary members of ICAI RVO, in preparing for IBBI
Valuer Examination.
(VII) Publications
ICAI Registered Valuers Organisation jointly with the Valuation Standards Board of ICAI has issued the
following Publications:
 Concept Paper on All About Fair Value
 Valuation: Professionals' Insight (Series I, II, III and IV)
 Concept paper on the findings of the Peer Review of Valuation Reports
 Technical Guide on Valuation
 Frequently Asked Questions on Valuation
7.16 Indian Institute of Insolvency Professionals of ICAI (IIIPI)
Indian Institute of Insolvency Professionals of ICAI (IIIPI), a wholly owned subsidiary of the Institute of
Chartered Accountants of India, is a Section 8 Public Company formed by the Institute of Chartered
Accountants of India to enroll and regulate insolvency professionals as its members in accordance with the
Insolvency and Bankruptcy Code, 2016 and read with regulations and functions incidental thereto.
It has been awarded with the registration certificate as the First Insolvency Professional Agency of India by
the then Hon‘ble Union Finance Minister Shri Arun Jaitely on 28 th November 2016 at Delhi. IIIPI has
attracted members from a diverse stream including Chartered Accountant, Company Secretary, Cost
Accountant, Advocates and Management Professionals. As on 31 st March, 2020 out of total 3014 Insolvency
Professionals (IPs) registered with Insolvency & Bankruptcy Board of India (IBBI), 1860 IPs are from IIIPI.
(I) Movement of Membership
Total Registrations (From 01.04.2019 to 31.03.2020)*
FY 2019-20
IPA
Q1 Q2 Q3 Q4
No. % No. % No. % No. %
ICAI 137 67.49 83 64.84 73 58.87 49 49.5
ICSI 57 28.08 32 25.00 36 29.03 40 40.40
ICWAI 9 4.43 13 10.16 15 12.10 10 10.10
Total 203 100.00 128 100.00 124 100.00 99 100.00
* Source: IBBI Data

The initial phases of IIIPI‘s operations have been focused on building its membership base. However, with
the strengthening of the same, the activities have become more broad-based.
(II) Monitoring of the performance of the Insolvency Professionals
As per Section 204 of Insolvency and Bankruptcy Code, 2016, monitoring the performance of its members
is one of the core functions of IIIPI. Accordingly, IIIPI assess the performance of the members on the
following parameters-
 Relationship Disclosure: IBBI issued a circular on ―Disclosures by Insolvency Professionals and

other Professionals appointed by Insolvency Professionals conducting Resolution Processes‖ on 16th
January 2018 which states as under:
An insolvency professional shall disclose his relationship, if any, with (i) the Corporate Debtor, (ii)
other Professional(s) engaged by him, (iii) Financial Creditor(s), (iv) Interim Finance Provider(s),
and (v) Prospective Resolution Applicant(s) to the Insolvency Professional Agency of which he is a
member
 Fees and Other Expense Disclosure: IBBI issued a circular on ―Fee and other Expenses incurred for
Corporate Insolvency Resolution Process‖ on 12th June 2019. The IP is directed to disclose fee and
other expenses in the relevant Forms to the Insolvency Professional Agency of which he is a
member for all concluded, ongoing and subsequent CIRPs within the specified time.
 Appointment of Valuers by the IPs: Para 6 of IBBI Circular dated 17th October 2018 provides as
under:
In view of the above, every valuation required under the Code or any of the regulations made
thereunder is required to be conducted by a ‗registered valuer‘, that is, a valuer registered with the
IBBI under the Companies (Registered Valuers and Valuation) Rules, 2017. It is hereby directed
that with effect from 1st February 2019, no insolvency professional shall appoint a person other
than a registered valuer to conduct any valuation under the Code or any of the regulations made
thereunder.
 Submission of CIRP Forms on the Website of IBBI – As per Regulation 40B of IBBI (Insolvency
Resolution Process for Corporate Persons), Regulations, 2016: The Insolvency Professional (IRP or
RP as the case may be), shall file the forms, along with the enclosures thereto, on an electronic
platform of the Board (available on www.ibbi.gov.in) as per the timelines stipulated against each
form.
 Half Yearly Report Submission: In terms of Para 16 of Model Byelaws of an Insolvency Professional
Agency, every member shall submit information, including records of ongoing and concluded
engagements as an insolvency professional, in the manner and format specified by the IIIPI, at
least twice a year
(III) Inspection
In pursuance of the monitoring objective, monitoring committee of IIIPI may carry out the onsite visit at
the registered corporate office of the professional members. Committee may select the professional
member to be inspected on the following two criteria:
1. Trigger Basis
2. Random Basis
IIIPI has carried out the Onsite Inspection of 05 Insolvency Professionals so far.
(IV) Other Initiatives by IIIPI
 Vision Statement: IIIPI has launched its Vision Statement recently and has become first IPA in India
to have Vision statement. The statement reads as follows: -
―To be a leading institution for development of an independent, ethical and world-class insolvency
profession responding to needs and expectations of the stakeholders‖
 Appointment of MD - The Governing Board of IIIPI appointed Managing Director of IIIPI.
 Awareness Program - Frequent Awareness program were arranged for DRT officers on IBC, 2016
and on IBC for Income Tax Officers in association with IBBI.
 Association with CII – A Conference on Resolving Insolvency in India was organised in association
with CII in November, 2019.
 Association with IMC and BSE- A seminar was organised jointly at Mumbai in association with IMC
and BSE on IBC- Challenges, Opportunities, Learning and way forward.
 Pre-Registration Educational Course – IIIPI has Organized 14 Pre-Registration Training Courses at
different centers across the country till 30th June 2020.
 Round Tables were conducted by IIIPI - To review and discuss the possible implementable prospects
of Inspection Manual, Code of Conduct and Ethics, Role of IP in valuations conducted under IBC,
2016 and on Special Insolvency Resolution Framework for MSMEs under IBC, 2016.
 Study Group Meetings for Insolvency Professionals by IIIPI - IIIPI has participated in various
meetings of Study Groups of Insolvency Professionals to address issues and concerns in the
Insolvency Resolution process.
 Learning Management System of Indian Institute of Insolvency Professionals of ICAI - IIIPI jointly
with ICAI, has designed a Learning Management System to enable the professionals to prepare for
the Limited Insolvency Examination to become an IP.
 IIIPI Weekly Newsletter - IIIPI Weekly Newsletter, giving the details of important events and
developments relating to the Insolvency Profession are being hosted on the website.
 National Conference - National Conference on ―on Resolving Insolvency in India‖ in association with
ASSOCHAM India, CII.
 Association with ASSOCHAM and EIRC - Conference and Seminars were extensively organized in
association with ASSOCHAM and EIRC and seminars were conducted to touch the different aspects
of IBC and unfold operational facts and understanding.
 IP Conclave - IBBI Insolvency Professionals Conclave was organized by IIIPI on 29th Feb 2019 with
EIRC-ICAI.
 Webinar & Web conferences – IIIPI has organized various Webinars and Web-Conferences in
association with IFC, IBBI, to keep IPs updated with the latest amendment, notification or circular or
change in process in context to IBC making the interface interactive to lead to a proper
communication, effect due to Covid 19 and address to their queries.
 Workshops in association with IBBI - IIIPI frequently organizes workshops and advanced trainings in
association with IBBI pan India for the IPs.
 Grievance Redressal - A total of 83 Grievances were dismissed or dealt with during 01.04.2019 to
30.06.2020 by the Grievance Redressal Committee of IIIPI.
 Online Utilities - IIIPI has developed various online utilities functional in its website www.iiipicai.in to
capture the status of insolvency & liquidation assignments which includes:
 Uploading of Public Announcements.
 Filing of relationship disclosures
 Uploading the details of Fees and other expenses incurred in CIRP and Liquidation
 IIIPI made Enrolment application Form Online
 Submission of Half Yearly Return
 Developed payment gateway to facilitate members of IIIPI to pay all types of fees online
IIIPI is in the process of developing an integrated ERP package, a single window facility for its
members.
8. OTHER MATTERS
8.1 Chartered Accountants’ (CA) Day – 1st July, 2020
On 1st July, i.e. CA Day, ICAI completed 71 years of its glorious existence. Owing to the Covid-19 pandemic
and to abide with the government guidelines to avoid large gatherings, CA Day function was organised in a
Virtual Mode. As part of the celebrations a 3 Day Virtual CA Summit on ―Transforming the Future: Enabling
Excellence, Augmenting Trust‖ was organised from 29th June 2020 to 1st July 2020. It was indeed a great
honour for the profession that Shri Om Birla, Hon‘ble Speaker of Lok Sabha, addressed the members and
students on July 1, 2020. The 3 day Summit, wherein different sessions were scheduled covering entire
gamut and varied areas of contribution profession is making to the society at large, were addressed by
galaxy of speakers from all walks of life sharing their rich experience with the audience.
8.2 Central Council Library
The Central Council Library of the Institute caters to the information requirements of its stakeholders. Its
aim is to provide comprehensive and upto date collection of primary and secondary print and non-print
material to the present and anticipated members/students, research scholars and officials of ICAI. Library
has assumed greater responsibilities of serving committees, departments in imparting knowledge and
valuable information through books, e-books, journals, magazines, on-line databases, print newspapers as
well as e-newspapers. Central council library is responsible for updating and providing journals and books
required for the various committees work.
The Central Council Library is fully computerized and working through Liberty- library management
software. Library material including database of Books, Journals & Articles can be searched through
Subject, Author, Title, Topic, Keyword, & Publisher wise. These records are available on Internet Online
Services www.icai.org under ―Central Council Library‖-online search OPAC-Liberty for the books, Journals,
articles etc. in the library.
Under the Column ―Accountants Browser‖, an index of articles relevant to accounting profession are
published every month in the journal ―The Chartered Accountant‖. The ―Accountants Browser‖ is an index
of important/Professional Articles with archives of past articles. Reference service from library is also
provided to the Researchers & Scholars, faculties, students and members.
A number of online databases have been acquired by the Library, details of which are available on
www.icai.org – Central Council Library. These On-line knowledge databases have been installed in the
Central Council Library and can be accessed in-house only, to facilitate the search for required material by
the Members, Faculties and Research Scholars. Several e-journals have also been subscribed in the Library.
Details of the new resources added in the Central Council library at Head office and Noida office library
respectively for the financial year 2020 – 21 are as follows:
CENTRAL COUNCIL LIBRARY (H.Q).
S.NO. Title Figures
1. Journals (Print)- national & International 31
2. Online Resources 19
3. No. of new arrival Books added during the period 708
CENTRAL COUNCIL LIBRARY SEC.62, NOIDA
S.NO. Title Figures
1. Journals (Print) - national & International 15
2. Online Resources 12
3. No. of new arrival Books added during the period 202
Central Council Library is regularly updating its resources to provide the professional Members, students,
faculties & other stakeholders with the latest and upto date knowledge and information.
8.3 Editorial Board
The Editorial Board is a non-standing committee of the Institute of Chartered Accountants of India (ICAI)
with a MISSION to convey regularly to the members the professional knowledge, matters of interest of
profession through the journal `The Chartered Accountant‘. The reach and impact of the Journal can be
gauged by its circulation figure which stands about 3,10,000 that comprises of e-journal and printed
copies.
A ‗Brand Ambassador‘ of ICAI and the most visible indicator of the Institute‘s profile for the members,
students and external audiences, The Chartered Accountant today matches the global standards of
professional Journals. The Editorial Board is continuously moving ahead in its mission to keep the ICAI
members and other readers of the journal up-to-date on the knowledge domain of accounting profession-
as well as disseminate information on various developments that are taking place in ICAI.
Following are the most significant achievements of the Editorial Board during the period 1 st April 2019 to
31st March 2020:
(I) Initiatives towards Partner in Nation Building
Editorial Board has undertaken a number of initiatives towards partnering in Nation Building by way of
knowledge upgrade and dissemination through its monthly journal, The Chartered Accountant, as well as
otherwise. Some significant initiatives in this regard are as under:
(A) Publication of Articles of National/Professional interest:
About 215 articles/features of national-professional-economic interest were published in the ICAI‘s journal
The Chartered Accountant in coordination with various government organs, ICAI Committees, Member
authors and other stakeholders.
(B) ‗I GO GREEN WITH ICAI‘ Initiative

As part of a multifarious Green Drive of ICAI, the members and other readers of The Chartered Accountant
journal were motivated to opt for various electronic versions of the journal while discontinuing the hard
copy, to save trees. The digital version of the ICAI Journal is becoming highly popular. Advertisements, in
the Journal to go-green, announcements and information in the message from the President of ICAI have
been included to encourage members to prefer e-Journal. Members are also being encouraged to opt for e-
journal by a reduction in their membership fees. With such efforts a large number of members are opting
out of eco-unfriendly physical copies. With these efforts, there is a significant drop in the number of
printed copies from 2,74,600 in March 2019 to 1,74,815 in March 2020.
(II) Initiatives for the Members/Students
Editorial Board has always been very active in taking initiatives for the knowledge enhancement and
professional development of the Members and Students through its monthly journal, The Chartered
Accountant. Some significant initiatives in this regard are as under:
Coverage of Quality and Contemporary Contents in The Chartered Accountant Journal:
 Wide range of topics covered: From April 2019 and March 2020 issues of the journal, more than
215 articles/features and reports on various topics were published under various innovative and
contemporary theme issues.
 Feature ‗Our Achiever‘: Under ‗Our Achiever‘ feature of the journal interviews of outstanding ICAI
members, who have excelled in various walks of life, were published. The personalities covered
included CA. Arun Singh, Member of Parliament, Rajya Sabha, CA. Sanjiv Mehta, CMD, Hindustan
Unilever Ltd., CA. Subhash Runwal, Runwal Group Chairman, Justice (CA.) Dr. Vineet Kothari and
ICAI Members who are sitting judges, technocrats, business personalities, etc.
 Feature ‗Ind AS Alert‘: The feature ‗Ind AS Alert‘ kept the members/readers up-to-date with latest
developments vis-à-vis Indian Accounting Standards.
 July 2019 Issue Brought Out as Collector‘s Edition: The July 2019 issue, coinciding with CA Day
and ICAI entering Platinum Jubilee year, was brought out as Collector‘s Edition in 164 pages.
 Legal Update section of the journal: Case reports in the journal were made succinct with the
introduction headnotes. Simultaneously, complete summaries of the case laws were published
online on the Committee page of Institute‘s website.
Many Facets of Digital Versions of The Chartered Accountant Journal Upgraded for the convenience of
Members and Students:
 Journal on Digital Learning Hub: The electronic version of Journal, which is available online on ICAI
website www.icai.org hi-tech user-friendly e-magazine, was further upgraded and included as part
of Digital Learning Hub. This helped in providing knowledge through ICAI Learning Management
System, besides supporting the Green Drive of the ICAI. SCORM compliant version of e-Journal is
faster, responsive, carrying better user experience and offering better mobile compatibility, which
is in line with the expectations of new generation of Chartered Accountants. E-journal in form of
flip-book is also hosted providing aesthetically attractive content.
 Journal in PDF format: For the added and alternative convenience of readers, particularly for
separate content-wise downloads, the journal continues to be hosted in the PDF format. The
archives of digital journal are available on ICAI website from July, 2002 onwards.
 Journal on Mobile: The eJournal is now also available on mobile, compatible on iOS (IPad/IPhone
etc.) and Android devices. It can be accessed at http://www.icai.org/ under ‗e-journal‘ tab. The
eJournal is also available on ICAI Mobile App.
 Journal Highlight emailers: As an add-on service, the highlights of every issue of journal in capsule
form and the ICAI‘s President Message in the journal are now mass-emailed to all the members.
 Journals in DVD: As a single point reference window to the readers of The Chartered Accountant
journal and leverage the technology to serve them better, a DVD of past issues of the journal is
continued to be available for readers and other stakeholders. While a DVD of 10 years of the
journal (July 2002-June 2012) in PDF format is already available for members at a nominal cost
along with an HTMLised DVD (wherein the readers can global search the contents through key
words relating to accounting, auditing, taxation, etc., besides searching by month, year, volume,
category (like Circulars & Notifications, ICAI News, Legal Decisions, author, etc.) which contains 63
years of The Chartered Accountant Journal (July 1952 to June 2015) .
9. MEMBERS
9.1 Membership
During the year ended 31st March, 2020, 15,540 new members were enrolled by the ICAI bringing the total
membership to 3,07,238 as on 1st April, 2020.
During the year ended 31st March 2020, 642 associates were admitted as fellows, in comparison to the
figure of 6,752 in the previous year.
Total Members as on 1.4.2020
Category of Members Fellow Associate Total of

(1) (2) Columns (1)
and (2)
In Full Time Practice 82953 53368 136321
In Part-time Practice 2705 4531 7236
Not in Practice 13825 149856 163681
Total 99483 207755 307238
9.2 Convocation
Since November 2008, the Institute has been organizing Convocation to confer membership certificates to
newly enrolled members. ICAI has successfully organized 1st round of ―Convocation 2019‖ for the newly
enrolled members covering the period from May, 2019 to October, 2019 on 3 rd, 4th & 5th January, 2020 at
following nine places under five Regional Offices:-
1. Ahmedabad 6. Kolkata
2. Mumbai 7. Jaipur
3. Pune 8. Kanpur
4. Chennai 9. New Delhi
5. Hyderabad
9.3 Chartered Accountants’ Benevolent Fund

Established in December, 1962, the Chartered Accountants Benevolent Fund provides financial assistance
to needy persons who are or have been members of the Institute as well as their dependents, for
maintenance, their emergent educational and medical needs etc.
The financial and other particulars of the Fund are as follows:
Details of Membership
1. Total Life Members as on 31st March, 2019 1,36,050
2. Total Life Members as on 31st March, 2020 1,37,775
st
3. Total Additions of New Life Members (as on 31 March, 2020) 1,725
Details of Financial Particulars
During the year ended During the year ended

31st March, 2020 (Rs.) 31st March, 2019 (Rs.)
1. Total Assistance provided 93,98,000 1,12,70,000
2. Administrative Expenses 15,000 2,014
3. Surplus of the Fund during the year 1,94,70,000 1,24,95,000
4. Balance of the Fund 6,87,99,000 4,93,29,000
5. Balance of Corpus 21,68,98,000 20,63,28,000
9.4 S. Vaidyanath Aiyar Memorial Fund

The number of life membership of the Fund as on 31 st March, 2020 is 8,735. The balance in the credit of
the Fund was Rs. 61,64,000/- as on 31st March, 2020 as against Rs. 52,97,000/- as on 31st March, 2019.
9.5 Chartered Accountants Student’s Benevolent Fund (CASBF)
The Fund was established in August, 2008 with the aim and objective to provide financial assistance to the
students registered with ICAI. As regards the Scholarships for the year 2019-2020, 1824 articled assistants
who are registered for IPCC and IIPCC have been granted assistance @ Rs. 1,500 p.m. and 492 articled
assistants who are registered for final course granted financial assistance @ Rs. 2,000 p.m. The balance in
the credit of the general fund was Rs.13,31,54,000/- as on 31st March, 2020 as against Rs. 14,31,53,000 as
on 31st March, 2019.
STATISTICS MEMBERS
AS ON 01/04/2020
FELLOWS : In Full Time Practice 82953
In Part-time Practice 2705
Not in Practice 13825
99483
ASSOCIATES : In Full Time Practice 53368

In Part-time Practice 4531
Not in Practice 149856
207755
TOTAL MEMBERSHIP : 307238
FELLOWS ASSOCIATES
In Practice In Practice
Region Full Time Part Time Not In Total Full Time Part Time Not In Total Grand Total
Practice Practice
Western 24118 782 3960 28860 18279 1567 54439 74285 103145
Southern 17491 700 3304 21495 8632 1019 28754 38405 59900
Eastern 7804 232 1259 9295 3683 335 11717 15735 25030
Central 16744 375 1898 19017 11915 705 25833 38453 57470
Northern 16796 616 3404 20816 10859 905 29113 40877 61693
TOTAL 82953 2705 13825 99483 53368 4531 149856 207755 307238
[
10. BOARD OF STUDIES
Board of Studies of the Institute is responsible for the administration of the Chartered Accountancy
curriculum and imparting theoretical instruction to Students who are undergoing Chartered Accountancy
course. Significant initiatives and achievements of the Board during the period are mentioned below:-
10.1 Board of Studies (Academic)
Initiatives towards Partner in Nation Building
(I) New Scheme of Education and Training
 Value Added Study Material: The revised value added edition of the Study Materials was released
this year and also webhosted at BoS Knowledge Portal. Moreover, in the year 2020, a Group has
been constituted for further Quality Enhancement of the Study Material and it has been made error
free in the first phase and the work of further addition and updation is being done in the second
phase.
 Questions and Case Studies for Practice: In order to prepare students for their forthcoming
examinations, Questions for Core Papers and Case Studies for Elective Papers were uploaded on
the ICAI‘s website.
 Subject-specific webcasts in elective subjects at Final level: The webcasts were delivered by BoS
faculty before May and November examinations, wherein select case studies on elective papers
were discussed at length and the students queries were addressed on real time basis.
 Subject-specific Revision Capsules: Released subject-specific revision capsules every month in the
Student Journal ―The Chartered Accountant Student‖. These capsules facilitate effective revision of
the topics, especially the day before the examination.
 Revision Test Papers for all papers under old and new schemes were uploaded and printed for the
convenience of students. Questions include MCQs and descriptive questions assessing different
skills – knowledge and comprehension, application and analysis and evaluation and synthesis.
 MCQ based Assessment : In order to hone the analytical and comprehension skills of students and
to have an objective assessment of their performance in the examination, an assessment system in
30% of the questions asked in the examination of Select Papers (given in the table below) would
be multiple choice based questions of 1 and 2 marks. This system was put in place for May, 2019
examination for both Intermediate and Final levels under both the old and new scheme of
education and training. Model MCQs were webhosted at the BoS Knowledge Portal for each
subject.
Intermediate (New Course) IIPCC (Old Course)

Paper Subject Paper Subject
2 Corporate and Other Laws 2 Business Laws, Ethics &
Communication
4 Taxation 4 Taxation
6 Auditing & Assurance 6 Auditing & Assurance
7 Enterprise Information System 7 Information Technology & Strategic
& Strategic Management Management
Final (New Course) Final (Old Course)

Paper Subject Paper Subject
3 Advanced Auditing and 3 Advanced Auditing and
Professional Ethics Professional Ethics
4 Corporate and Economic Laws 4 Corporate and Allied Laws
6 Information Systems Control
and Audit
7 Direct Tax Laws and 7 Direct Tax Laws
International Taxation
8 Indirect Tax Laws 8 Indirect Tax Laws
Model MCQs for Practical Training Assessment
Webhosted Model MCQs assessing skills acquired during articleship training for the two-level practical
training assessment.
e-Journal for Students
The publication will continue to be released as e-Journal as part of the Go Green initiative of ICAI. The
same facilitates free access on the go anytime and anywhere, easy navigation with annotations was
unveiled on July 1, 2019 and is accessible at Learning Management System for all existing and new
students. Students at all levels can view/access the pdf/SCORM compliant version of the journal at the link
to be provided during the registration process through the SSP portal.
Scholarships granted to Students
The Board awards Scholarships twice a year under various categories namely Merit, Merit cum need, Need
Based and Weaker Sections, Endowment. Accordingly, during the year, the Board awarded around 1060
Scholarships.
Harmonizing CA Education with University Education
The Board envisioned harmonizing and streamlining the syllabi of B.Com (H) course of various Indian
universities/colleges with Chartered Accountancy education, as a suo moto initiative. Subsequently, a
booklet was designed containing 'Model Curriculum for Commerce Under Graduate Courses' for core papers
namely, Accounting, Auditing, Law, Income Tax Law, Goods and Services Tax and Cost Accounting. The
booklet was launched on the occasion of CA Day on July 1, 2019.
Peer Review Learning Outcomes Based Curriculum Framework (LOCF) for B.Com (General)
and B.Com (Hons) of University Grants Commission (UGC)
The University Grants Commission (UGC) has brought out Quality Mandate for achieving quality in Higher
Education Institutions (HEIs) comprising of 10 initiatives to be undertaken by UGC. One of the major
initiatives in this direction is development of Learning Outcomes based Curriculum Framework (LOCF) for
B.Com (General) and B.Com (Hons), UGC. CA. Nihar Jambusaria, Vice President, ICAI, was requested to
undertake the task of peer review of the same. This assignment has been completed after considering the
valuable inputs received from CA. Atul Kumar Gupta, President, ICAI, members of the CA fraternity, CA.
(Dr.) Debashis Mitra, Chairman, Board of Studies, CA (Dr.) M.S. Jadhav, CA. Vandana D. Nagpal, Director,
Board of Studies and the faculty, Board of Studies.
ICAI is also pursuing with the University Grants Commission (UGC) to attain equivalency to Chartered
Accountancy Intermediate and Final Course with Bachelor‘s degree and Master‘s degree respectively.
(II) Initiatives for the Members/Students

New Initiatives for Students
 Fee Concession to students from Jammu & Kashmir and Ladakh, and North Eastern States
ICAI in order to encourage students from the newly formed Union Territories of Jammu & Kashmir and
Ladakh, and North Eastern States (Arunachal Pradesh, Assam, Manipur, Meghalya, Mizoram, Nagaland,
Sikkim and Tripura) to enroll for the CA course in great numbers, allowed waiver of tuition fee to the
extent of 75% to the students from these Union Territories/States enrolling till March 31, 2022 in any of
the levels of CA course i.e Foundation, Intermediate and Final.
 BoS: One Stop Referencer
A booklet namely BoS: One Stop Referencer, was published for the benefits of Regions, Branches,
Members in Practice, Members in Industry and CA Students. This booklet contains detailed information
about the initiatives and activities of the Board, contact details of the respective officials handling the
activities, web addresses where detailed information related to the respective activity can be found.
 Live Virtual Classes
Live Virtual Classes (LVC) have been conducted for Intermediate and Final level since August 2018. While
Intermediate Classes are held twice a year, Final classes are held once a year.
 Features
 Attend live lectures or view recorded lectures
 Delivered on computers and mobiles
 Expert faculty with rich experience
 Interactive - raise questions during live classes
 Exam focused approach
 Separate Open House Sessions on Case Study based Elective Papers
 Separate question answer sessions
 Performance review through integrated tests
 Smart classes having the state of art technology
 Coverage of Syllabus: These classes cover the entire syllabus and have periodical tests as well.
 Timings: These classes are held from Monday to Saturday during Morning and Evening beyond
office hours. (Morning: 7 to 9.30 AM) (Evening: 6 to 8.30 PM)
 Very Nominal Fees: Rs 4,000/- and Rs 4,750/- has been fixed for both the groups of
Intermediate and Final levels respectively.
Fees
At the time of Registration After Registration
Single Group Both Groups Single Group Both Groups
Intermediate 2,250 4,000 3,750 6,250
Final 2,500 4,750 4,500 7,500
 Live Revision Classes

As part of the Live Virtual Classes project, Live Revision Classes (LRC) were conducted for the Intermediate
and Final students of ICAI in Sep-Oct 2019 targeting Nov 2019 exams. These were also started for Inter.
Level targeting May 20 exams, however because of corona pandemic these were suspended. LRC for Final
which were supposed to start from April 2020 were also suspended.
 Features of Live Revision classes
 Whole day intensive live revision classes.
 Cover all important topics in 2-5 days per subject.
 Prepare for upcoming May/November examinations.
 Expert faculty with rich experience.

 Interactive classes with facility to raise questions.
 Delivered on your laptops, computers and mobiles.
 Recording of these classes also available.
These classes cover salient concepts and help the students to revise the subjects in a matter of 2 to 5
days. All students‘ queries relating to the respective subjects are solved on the spot. The following fees
have been fixed:
Single Group (Rs) Both Groups (Rs)

Intermediate Course 500 800
Final Course 1,000 1,600
Students already registered Nil Nil
for LVC classes
 Free Live Revision Classes

Due to Covid-19 pandemic and resultant lockdown, in order to assist to revise their courses from the
comfort of their home, the Institute conducted Free LRC during April-May 2020. These targeted July 2020
exams. These were intensive in nature and covered important topics in 2-5 days.
 Free Virtual Coaching Classes
The BoS is conducting Free Live Virtual Classes now called Virtual Coaching Classes with the following
features:
 The BoS is conducting free the forthcoming batches of Foundation, Intermediate and Final Virtual
Coaching Classes targeting November 2020.
 Entire syllabus will be covered at all levels - Foundation, Intermediate and Final.
 These have started from 1st July, 2020.
 These are conducted using internet technology and delivered on computers and mobiles.
 Classes are available live and students who miss the live sessions will be able to view recorded
lectures at their convenience. The classes are interactive in nature as students are able to ask
questions.
 Timing of Classes: Intermediate and Final classes are held in the morning beyond office hours and
Foundation classes are held during the day time.
 E-Books on Digital Learning Hub
Chapter-wise e-Books for all the subjects of the new scheme of education and training at all levels are
available on the ICAI Cloud Campus through Digital Learning Hub. For Foundation and Intermediate
Courses, the video lectures and self-assessment quizzes are also embedded in the e-Books. The same
process is underway for Final Course and video lectures are being embedded inside the Final Course
chapters on a continual basis.
 Refresher Course through Webcast
Board of Studies organized Refresher Course on GST, Ind AS and Companies Act, 2013, Insolvency and
Bankruptcy Code, 2016 Real Estate Regulation and Development Act, 2016 and Information Technology for
the students of Intermediate and Final level classes on weekends held from 25 th January, 2020 to 1st
March, 2020. 440 students participated in the course.
 Social Media
The Board has started making its initiatives and important announcements available to students through
various social media sites like Facebook, Instagram, Twitter and YouTube. A profile for the Board was
created on each of these sites. Students‘ queries are being addressed through this mode also whilst
popularising and creating awareness about the initiatives being undertaken by Board.
 Recognition by NARIC, United Kingdom
With the aim of expanding the opportunities for CA professionals in foreign jurisdictions, the Institute had
engaged with UK NARIC (The National Recognition Information Centre for the United Kingdom), a
renowned UK national agency responsible for providing information and expert opinion on qualifications
and skills worldwide, to conduct an independent benchmarking study for evaluating the comparability of
the ICAI Intermediate and Final levels in the context of the UK and UAE education systems.
UK NARIC evaluated ICAI qualification comparable to specific Regulated Qualifications Framework levels of
UK and UAE. This benchmarking of the CA qualification would strengthen the position of ICAI members
and help corporates gain a better understanding on the relevance and standing of the CA qualification. It
would also provide opportunities for higher studies and enhanced professional opportunities for ICAI
members/ semi qualified professionals in UK, Middle East and other foreign jurisdictions accepting NARIC
evaluation.
Other Initiatives for Students
 Mock Test Papers
Mock Test Papers Series-I for July, 2020 examination was conducted online in May, 2020 through BoS
Knowledge Portal. The mock test of each paper was uploaded as per the schedule and its answers were
uploaded after 48 hours so that the students could check and verify their answers.
 Special Counseling Sessions
Special Counseling Sessions were organized in each subject after the conduct of Mock Test Papers from 1st
to 10th June, 2020 to guide the students as to how they have to attempt the questions in the examination.
 Computer Based Test for Assessment of Practical Training
Online MCQ-based tests are conducted for students after completion of first and second year of practical
training. Eleven such tests for both levels have been conducted on September 23, October 21, December
2, December 30, 2018, February 3, March 10, April 21, July 7, September 8, December 8 and December
29, 2019 covering around 1,13,000 students at both levels.
 One day Orientation Course for the Faculty/Coordinators and their HoDs of approved
Accredited Institutions
The Board organized ―One day Orientation Course‖ for the Faculty/Coordinators and their HoDs of
approved Accredited Institutions on August 30, 2019 at Chennai. Such Orientation Course was organized as
per ―National Policy for organizing Oral Coaching Class by Accredited Institutions‖ approved by the Board
to promote intra and inter-institutional interaction and provide an opportunity to experience the standard
methodology/pedagogy of teaching. 31 participants from Accredited Institutions participated in that
programme.
 Reading Room Portal
170 Libraries/Reading Rooms/Additional Reading Rooms are functional to provide conducive reading
atmosphere for CA students across the country. The students can login to the Reading Room Portal by
entering with their Username and Password and register anytime anywhere. The other features of the
reading room portal are as under:-
 Features of Portal
 Securing seat by paying fees at the Centre.
 Flexible registrations for the students for a day/ a month.
 24 x 7 online services available.
 Confirmation of the seat within 24 hrs of Payment.
 Updated information available on the Portal to help students to register.
 Monthly Interaction with Regional Councils, Branches and Students
Monthly interaction of Chairperson, Vice-Chairman and Director, BOS has been initiated with Regional
Councils, Branches and students through webcast so that the connect with them can be strengthened.
BoS has compiled and uploaded Frequently Asked Questions (FAQs) on Institute‘s website relating to
various academic and other initiatives of the BoS.
 Toll Free Helpline
The Board initiated Toll-free Help line service 18001211330 as a Student Support Initiative from May 11,
2017 to redress queries/grievances of CA students from across the country. Till date, close
to 2.5 Lakh queries have been addressed from students all over the country
 Students Activity Portal

The Board developed Student Activity Portal to help students to register for various students‘
programmes/activities being organised by Regional Councils and Branches. It helps in systematic
management of student activity at the level of programme organising units and Board of Studies. 1000
programmes have been registered on the portal from 1.4.2019 to 11.2.2020.
 Article & Industrial Placement Portal
Articleship and Industrial Training Placement portal - a common platform for members, organisations and
students to interact with one another and facilitates members/organisations to search, shortlist and
schedule interviews with the interested students was made. Students can also apply / search vacancies
indicating their preferences of place and areas. The Portal is user friendly and will help in bridging the
requirement gaps between members/industries and students seeking articleship / industrial training.
Board is in the process of enhancing the Industrial Training portal which will be integrated with SSP to ease
both the students and members.
 Soft Skill Courses organized for Students (both physical and online)
The Regional Offices and Branches have organized and trained the students since April 01, 2019 to
February 11, 2020. The details are as under:
Course No. of POU No of Batches No of Students
Advanced MCS Course 140 1192 50519
Advanced ITT 147 1468 49450
Information Technology 151 1636 49254
Orientation Course 150 1148 50345
Grand Total 588 5444 199568
 Status of installation of systems at various ITT Labs all over India
An RFP was released on April 19, 2019 and subsequently on May 10, 2019. After following the due process,
M/s Team Computers Private Ltd. (supplier of Lenovo Brand computers) had been issued Letter of Intent
(LOI) on June 14, 2019. Till date 4166 desktops has been delivered at all 113 Regional and Branches
Offices of ICAI.
 Installation of Biometric Devices at 18 POUs for IT and Soft Skill Courses
In order to ensure the smooth execution of these courses and adherence to the guidelines issued by BOS,
the Institute has successfully installed and integrated 80 bio-metrics devices at the 18 Regional and Branch
offices of ICAI where the member strength is more than 2500 in first phase. In second phase, around 290
bio-metrics machines are being installed at 140 Regional and Branch offices of ICAI.
Important Events
 Conferences/ Conventions/ Seminars and other activities Students' Conferences
National Conference, CA Student Conference and International Conference for CA students: During the
period 2019-2020, Board of Studies organised 5 National Conferences at Kolkata, Chennai, Visakhapatnam,
Indore, Mumbai, in addition to 43 CA Student Conference organised at various places all over the India and
International Conference organised at Pune. The Conferences are attended by around 27,000 students.
 International Conference was organised at Pune which was hosted by Pune Branch of WIRC &
WICASA of ICAI on 14th and 15th December, 2019. CA. Prafulla Premsukh Chhajed, President,
ICAI was the Chief Guest along with CA. RM Vishakha, MD & CEO, India First Life Insurance and CA.
Atul Kumar Gupta, Vice President, ICAI as the Guest of Honour. The conference was graced by
various dignitaries - Swami Mukundanandaji, Founder of Jagadguru Kripaluji Yog and Yoga,
Meditation and Spirituality alongwith Mrs. Ritu Chhabria, Co-founder Managing Trustee - Mukul
Madhav Foundation, Shri. Siddharth Shirole, Member of Legislative Assembly (Maharashtra), Mr.
Makarand Tilloo, Laughter Yoga Trainer and Motivational Speaker, Mr. Parag Shah, Founder FLAME
and MIDAS alongwith CA. Amarjit Chopra, Past President, ICAI; CA. (Dr.) S.B. Zaware, Past Central
Council Member, ICAI; CA. Kemisha Soni, Chairperson, Board of Studies; CA. Durgesh Kabra, Vice-
Chairman, Board of Studies; CA. C. V. Chitale, CA. Jay Chhaira, CA. Dhiraj Khandelwal, CA. Aniket
Talati, Central Council Members. The Conference was attended by 2581 students and 21 foreign
delegates from various SAFA Countries.
 CA Students Talent Search 2019

Board of Studies has organized ―National Level CA Students Talent Search-2019‖ on 20th December, 2019
hosted by Indore Branch of Central India Regional Council of ICAI which was a massive success and much
cherished by the students and members. Padam Shri Dr. Pandit Gokulotsavji Maharaj was the Chief Guest
at the Grand Finale. CA. Kemisha Soni, Chairperson, Board of Studies, ICAI, CA. Durgesh Kabra, Vice
Chairman, Board of Studies, ICAI, graced the occasion.
The event was a grand success and the following are the details of winners:-
Winner Details
1st Winner 2nd Winner 3rd Winner
Name Name Name
Quiz Contest Mr. Gaurang Kumar Agarwal Ms. Vineetha Reddy J.
Mr. Shabd Roop Satsangi Ms. Sannidhi Naga
Lakshmi Durga Poojitha
Elocution Mr. Anis Sayani Ms. Jeenat Gumber Ms. Lipika Goyal
Instrumental Mr. Aloshin Joseph Mr. Prakhar Gupta Mr. Narottam Majhi
Music
Nukkad Ms. Ankita Maheshwari Mr. Nilay Gokhale Mr. Mehakpreet Singh
Drama [Team Leader] [Team Leader] [Team Leader]
Mr. Keshav Birla Ms. Priyanka Thakur Mr. Sachin Goyal
Ms. Shruti Taparia Mr. Abhishek Sathe Mr. Shubham Khullar
Mr. Sahil Bhandari Mr. Pradnyesh Patil Ms. Simran Dhawan
Mr. Keshav Rathi Mr. Soham Vaidya Ms. Muskan Jaswal
Ms. Shivani Rathore Ms. Supreet Kaur
 Teachers’ Day Celebrations

 The Board celebrated Teachers‘ Day across the country through Regional Councils and Branches
on September 5, 2019 so as to have a strong Teacher and Student relationship amongst the CAs and
the CA Students. During the programme, the Regional Council and branches organized Essay
competition and Slogan Competition.
 To create a feel of reverence and gratitude in students for their mentor, the ICAI Website and Social
Media page was uploaded with the e-cards and Dp image. The Board of Studies also scheduled a
Webcast from 10.00 am to 12.00 noon from ICAI, Delhi Office, which was addressed by CA. Prafulla P.
Chhajed, President, ICAI; CA. Kemisha Soni, Chairperson, Board of Studies, CA. Durgesh Kabra, Vice -
Chairman, Board of Studies followed by sessions by two eminent speakers.
 ICAI in Conversation with its Students
Board of Studies has organized a live interactive session with Students‘ fraternity namely; ‗ICAI
in Conversation with its Students‘, on 23rd May, 2020 through webcast.
CA. Atul Kumar Gupta, President ICAI, CA. Nihar Niranjan Jambusaria, Vice President, ICAI, CA. (Dr.)
Debashis Mitra; Chairman, BOS; CA. Jay Chhaira, Chairman, SSEB; CA. Sushil Kumar Goyal, Vice Chairman,
BOS and CA. Pramod Kumar Boob, Vice Chairman, SSEB addressed the participants and also answered
their queries.
Around 46,000 students viewed the webcast and approximate 5000 queries were posted by students. Each
and every query of the student has been responded to by BOS separately through mail.
10.2 Students Skills Enrichment Board (Board of Studies - Operations)
 Students Activity Portal
The Board developed Student Activity Portal to help the students to register for various students‘
programmes being organised by Regional Councils and Branches. It helps in the systematic management
of student activity at the level of programme organising units and Board of Studies. 180 Programmes have
been registered on the portal.
 Article Placement & Industrial Training Portal

The Students Skills Enrichment Board (Board of Studies – Operations) of ICAI has recently launched
the Article Placement & Industrial Training Portal through live webinar on 14th June, 2020. It is a platform
to provide opportunity to both students and companies to interact each other for selection of company vis.-
a-vis. students. The Portal showcases the number students eligible for enrolment as well as members
available for imparting training to them. It also shows the details of companies registered, region-wise,
specialization-wise and number of vacancies available. The portal will intimate the students well in
advance through the system about their eligibility for industrial training via emails/SMSs. The portal grants
online approval to industries who intend to impart industrial training to CA aspirants as per our Chartered
Accountants Regulations.
 Reading Room Portal
170 Libraries/Reading Rooms/Additional Reading Rooms are functional to provide conducive reading
atmosphere for CA students across the country. The students can login to the Reading Room Portal by
entering with their Username and Password and register anytime anywhere. The other features of the
reading room portal are as under:-
 Features of Portal
Securing seat by paying monthly fees in advance.
Flexible registrations by students for a day/ a month.
24 x 7 online services available.
Confirmation of the seat within 24 hrs. of Payment.
Updated information available on the Portal to help students to register.
 Virtual Management and Communication Skills Course
Virtual Courses for MCS & Adv ITT were launched for students who have passed their final exam. in May
2019 /Nov, 2019 OR appearing in July 2020 (now postponed to NOV) / NOV 2020. These students have
been given one time relaxation due to the prevailing COVID 19 situation from attending physical MCS &
Advanced IT classes and were thereby allowed to complete the same through the virtual mode. Virtual
MCS classes for the above category of students started form 28 th April, 2020 and for Adv ITT students, it
started from 12th May 2020.
 Features of Virtual Management and Communication Skills Course-
 No class room teaching. The student will be undergoing the course through online mode. The
duration of Virtual MCS course shall be 90 hours.
 Maximum time allowed to the student for completing the course is 180 days. Incase the student
is not able to complete the course during the aforestated period; extension of 90 days shall be
given to the student. The student has to pay 50% of the course fee for re-validation of the
registration in the aforestated course.
 Separate portal/Learning Management system (LMS) is there where the student can register and
undergo the course.
 The student will be able to view day wise session in seriatim.
 At the end of the each session, there will be an objective type online test. The certificate will be
issued after student clears all the test. 50% marks are mandatory for clearing the test. In case,
student is not able to clear the online test, the student will appear in re-test
Soft Skill Courses organized for Students (both physical and online)
(I) The Regional Offices and Branches have been organized and trained the students since February 12,
2020. The details are as under:
Course No. of POU No of Batches No of Students
Advanced MCS Course 140 243 8247
Advanced ITT 147 260 7522
Information Technology 151 163 3156
Orientation Course 150 159 3377
Grand Total 588 825 22302
(II) 5962 and 5122 Students were trained in Virtual MCS and Advanced ITT since April 01, 2020 to June
30,2020.
11. CAREER COUNSELLING DIRECTORATE
This Career counselling Committee was formed in the month of February, 2015 with an objective
to promote the Commerce Education with special focus on CA course among Secondary, Senior/ Higher
Secondary, Graduate/Post Graduate students as well as other stakeholders in India and abroad. In the
Council year 2018-19, the Career Counselling Group was formed and then it is converted into Career
Counselling Directorate on 12th February 2020. The Directorate is continuously promoting the Commerce
education with special focuss on the most Reputed, Respected, Recognised and Globally Trusted profession
of Chartered Accountancy.
The Directorate conducts various programmes including Quiz, Debate competitions throughout the year to
gauge the Skills, Abilities and Knowledge of students, identify their talent and encourage them towards
Commerce Education. The Directorate is making effective use of social media platforms like Facebook,
Twitter, Google+, Youtube & Linkedin, facilitating creating buzz, post updates, starting discussions,
sharing links, promotional campaigns, promote blogs/feeds, posting of photos & documents, creating
twitter handler, customised for contact form/ registration form for the same etc. to achieve the objectives.
There are 2815 resource persons across India who are empanelled for carrying out the Career Counselling
programmes in all almost every part of the country.
The following activities were conducted during the period from 1st April 2019 to 30th June 2020:-
The Directorate organised more than 1000 career counselling programmes in India and 13 programmes at
overseas chapters of the ICAI for the benefit of the students. The challenge of spurt of ongoing COVID-19
pandemic is converted into an opportunity by organising 93 programmes through virtual online mode. 4
Mega Career Counselling Programmes were organised during the period at Paladi, Ahmedabad, Bellary
Karnataka, Ernakulam and Kanchipuram. 3 Commerce Champ Programmes were conducted at Jaipur,
Lucknow, and Siliguri.
The Directorate for the first time organized the ICAI Commerce Quiz 2020 through online mode on 29 th
June 2020 for the students from class IX to XII in 4 levels separately. There were total 48343 registrations
of which 46054 registrations are from India and 2289 from other countries. Cash prizes worth Rs. 820000
will be presented to the winners of the Quiz.
Country Class IX Class X Class XI Class XII Grand Total
India 3882 6511 12250 23411 46054
Outside India 665 593 525 506 2289
Grand Total 4547 7104 12775 23917 48343
The Directorate is working continuously in promotion of commerce education in India and abroad and wish
to organize more programmes in the next year to reach to the students of every part of India.
12. REGIONAL COUNCILS AND THEIR BRANCHES
The ICAI has five Regional Councils, namely Western India Regional Council, Southern India Regional
Council, Eastern India Regional Council, Central India Regional Council and Northern India Regional
Council with their Headquarters at Mumbai, Chennai, Kolkata, Kanpur and New Delhi respectively.
Currently it has 164 Branches, 34 Chapters outside India and 15 Regional Libraries all over In dia.
Award for Best Regional Council, Best Branch of Regional Council, Best Students‘ Association and Best
Branch of Students‘ Association.
These awards are given by the ICAI every year. The awards are given on the basis of overall
performance and established norms. For the year 2019, these Shields were awarded at the Annual
Function held on 7th February, 2020 to the following winners:-
1. Best Regional Council
First Prize : Western India Regional Council
Second Prize : Southern India Regional Council jointly with
Eastern India Regional Council
2. Best Branch of Regional Councils

1. Mega Category:
First Prize : Pune Branch of WIRC of ICAI
Second Prize : Ahmedabad Branch of WIRC jointly with Gurugram Branch of NIRC of ICAI
2. Large Category
First Prize : Ernakulam Branch of SIRC of ICAI
Second Prize : Vadodara Branch of WIRC jointly with Ludhiana Branch of NIRC of ICAI
3. Medium Category
First Prize : Siliguri Branch of EIRC jointly with Amritsar Branch of NIRC of ICAI
Second Prize : Aurangabad Branch of WIRC of ICAI
4. Small Category
First Prize : Ahmedanagar Branch of WIRC of ICAI
Second Prize : Jalgaon Branch of WIRC jointly with Salem Branch of SIRC of ICAI
5. Micro Category
First Prize : Dibrugarh Branch of EIRC of ICAI
Second Prize : Tirunelveli Branch of SIRC of ICAI
3. Best Students’ Association
First Prize : Western India Chartered Accountants Students‘ Association
Second Prize : Eastern India Chartered Accountants Students‘ Association
4. Best Branch of Students’ Association
a. Mega Category
First Prize : Pune Branch of WICASA of WIRC of ICAI
Second Prize : Ahmedabad Branch of WICASA of WIRC of ICAI
b. Large Category :
First Prize : Nagpur Branch of WICASA of WIRC of ICAI
Second Prize : Thane Branch of WICASA of WIRC of ICAI
c. Medium Category:
First Prize : Aurangabad Branch of WICASA of WIRC of ICAI.
Second Prize : Vadodara Branch of WICASA of WIRC of ICAI jointly with Chandigarh
Branch of NICASA of NIRC of ICAI.
d. Small Category:
First Prize : Ahmednagar Branch of WICASA of WIRC of ICAI
Second Prize : Jalgaon Branch of WICASA of WIRC of ICAI
e. Micro Category:
First Prize : Sivakasi Branch of SICASA of SIRC of ICAI
Second Prize : Pimpri Chinchwad Branch of WICASA of WIRC of ICAI
Decentralised Offices
Recognising the value of expeditious and personalised service which are achievable through the
process of decentralisation, the Council of the ICAI has set up Five Decentralised Offices as under: -
Mumbai Chennai Kolkata Kanpur New Delhi

13. FINANCE AND ACCOUNTS

The Balance Sheet as on 31st March, 2020 and the Income & Expenditure Account for the year ended on
that date duly audited by the Auditors are published hereinafter.
14. APPRECIATION
The Council is grateful to members of the profession who functioned as co-opted members on its
Committees, persons nominated on the Boards/Committees under the Chartered Accountants Act, 1949, the
Regional Councils, its branches and their members, and to the non-members who assisted the Council
during the year 2019-20 in the conduct of its educational, technical and other developmental activities and
in its examinations.
The Council wishes to place on record its appreciation of the continued assistance and support given by the
Central Government and its nominees on the Council during the year 2019-20.
The Council also acknowledges its appreciation of the sincere interest evinced by various Central and State
Governments in the numerous initiatives taken by the ICAI and the steps already/ being initiated by them,
pursuant to such initiatives.
The Council also acknowledges its appreciation of the sincere and devoted efforts put in during the year
2019-20 and thereafter by all officers and employees of the ICAI.
 STATISTICS AT A GLANCE
 MEMBERS REGISTERED
 (From 1st April, 2007)
 TABLE I
Year Western Southern Eastern Central Northern

 TOTAL
(As on) Region Region Region Region Region
Associate 31159 18237 7829 9642 14182 81049

1st April,
Fellow 16896 13646 6488 8882 12880 58792
2007
Total 48055 31883 14317 18524 27062 139841
Associate 32364 19203 7939 10045 14642 84193

1st April,
Fellow 17646 14034 6738 9472 13398 61288
2008
Total 50010 33237 14677 19517 28040 145481
Associate 34294 20666 8193 10578 15951 89682

1st April,
Fellow 18442 14516 7002 10007 13951 63918
2009
Total 52736 35182 15195 20585 29902 153600
Associate 36390 21733 8512 11252 17104 94991

1st April,
Fellow 19181 15076 7192 10615 14461 66525
2010
Total 55571 36809 15704 21867 31565 161516
Associate 38608 22998 9154 12329 18547 101636

1st April,
Fellow 19831 15612 7406 11182 14943 68974
2011
Total 58439 38610 16560 23511 33490 170610
Associate 45273 25505 11069 15963 23332 121142

1st April,
Fellow 20510 16132 7578 11720 15431 71371
2012
Total 65783 41637 18647 27683 38763 192513
Associate 52846 28020 13258 20606 27743 142473

1st April,
Fellow 21522 16918 7815 12327 16051 74633
2013
Total 74368 44938 21073 32933 43794 217106
1st April, Associate 56595 29401 14035 22978 29467 152476

2014 Fellow 22313 17460 8007 12915 16508 77203
Total 78908 46861 22042 35893 45975 229679
1st April, Associate 60229 30126 14514 24702 31137 160708

2015 Fellow 22838 17864 8137 13441 16986 79266
Total 83067 47990 22651 38143 48123 239974

2016 Fellow 23700 18495 8223 14071 17521 82010
Total 87935 50414 23269 41424 50295 253337

2017 Fellow 25742 19711 8718 15618 18933 88722
Total 93488 53302 24298 45654 53565 270307

2018 Fellow 26736 20280 8912 16494 19667 92089
Total 97419 55013 24518 48588 56655 282193
1st April Associate 72296 34352 15547 33522 37129 192857

2019 Fellow 28747 21437 9418 18337 20895 98841
Total 101043 55789 24965 51859 58024 291698
1st April Associate 74285 38405 15735 38453 40877 207755

2020 Fellow 28860 21495 9295 19017 20816 99483
Total 103145 59900 25030 57470 61693 307238
 MEMBERS
 (From 1st April, 1950)
 TABLE II
  Associate  Fellow  Total
 As on 1st April, 1950  1,120  569  1,689
 As on 1st April, 1951  1,285  672  1,957
 As on 1st April, 1961  4,059  1,590  5,649
 As on 1st April, 1971  7,901  3,326  11,227
 As on 1st April, 1981  16,796  8,642  25,438
 As on 1st April, 1991  36,862  22,136  58,998
 As on 1st April, 2001  51,603  44,789  96,392
 As on 1st April, 2002  54,666  47,064  1,01,730
 As on 1st April, 2003  60,619  49,637  1,10,256
 As on 1st April, 2004  63,384  52,707  1,16,091
 As on 1st April, 2005  68,052  55,494  1,23,546
 As on 1st April, 2006  73,778  57,168  1,30,946
 As on 1st April, 2007  81,049  58,792  1,39,841
 As on 1st April, 2008  84,193  61,288  1,45,481
 As on 1st April, 2009  89,682  63,918  1,53,600
 As on 1st April, 2010  94,991  66,525  1,61,516
 As on 1st April, 2011  1,01,636  68,974  1,70,610
 As on 1st April, 2012  1,21,142  71,371  1,92,513
 As on 1st April, 2013  1,42,473  74,633  2,17,106
 As on 1st April, 2014  1,52,476  77,203  2,29,679
 As on 1st April, 2015  1,60,708  79,266  2,39,974
 As on 1st April, 2016  1,71,327  82,010  2,53,337
 As on 1st April, 2017  1,81,585  88,722  2,70,307
 As on 1st April, 2018  1,90,104  92,089  2,82,193
 As on 1st April, 2019  1,92,857  98,841  2,91,698
 As on 1st April, 2020  2,07,755  99,483  3,07,238

STUDENTS REGISTERED
 (From 31st March, 2009)

 Foundation  New  Intermediat
 During the  IPCC &
as per new  Final Final  CPT  PCC e  ATC  Total
year IIPCC
CRET
 2009-10 -  24,172 -  1,67,073  1,860  80,745 -  3,376  2,77,226
 2010-11 -  57,175 -  1,55,217  329  67,984 -  1,906  2,82,611
 2011-12 -  47,515 -  1,61,712 -  85,053 -  2,099  2,96,379
 2012-13 -  45,102 -  1,61,084 -  1,02,406 -  2,615  3,11,207
 2013-14 -  39,348 -  1,54,742 -  96,285 -  3,209  2,93,584
 2014-15 -  36,950 -  1,41,241 -  66,570 -  881  2,45,642
 2015-16 -  31,669 -  1,25,140 -  77,962 -  1,249  2,36,020
 2016-17 -  27,611 -  1,07,392 -  81,886 -  1,430  2,18,319
 9,788  14,05  63,693
 2017-18  26,291  73,804 -  22,657 -  2,10,289
6
 45,048  27,96  53,654
 2018-19 - - - - -  1,26,668
6
 63,228  67,09  87,949
 2019-20 - - - - -  2,18,267
0



COMPOSITION OF THE COUNCIL - (2020-2021)
Members of the Council

President Elected Members
CA. Atul Kumar Gupta CA. Anil Satyanarayan Bhandari Mumbai
CA. Jay Chhaira Surat
CA. Prafulla Premsukh Chhajed Mumbai
Vice-President CA. Chandrashekhar Vasant Chitale Pune
CA. Nihar Niranjan Jambusaria CA. Tarun Jamnadas Ghia Mumbai
CA. Nandkishore Chidamber Hegde Mumbai
CA. Nihar Niranjan Jambusaria Mumbai
CA. Shriniwas Yeshwant Joshi Mumbai
CA. Durgesh Kumar Kabra Mumbai
CA. Dheeraj Kumar Khandelwal Mumbai
CA. Aniket Sunil Talati Ahmedabad
CA. Babu Abraham Kallivayalil Kochi
CA. Dayaniwas Sharma Hyderabad
CA. Prasanna Kumar D Visakhapatnam
Secretary to the Council CA. Rajendra Kumar P. Chennai
Shri Rakesh Sehgal CA. G. Sekar Chennai
Acting Secretary CA. M.P. Vijay Kumar Chennai
CA. Ranjeet Kumar Agarwal Kolkata
CA. Sushil Kumar Goyal Kolkata
CA. (Dr.) Debashis Mitra Guwahati
CA. Manu Agrawal Kanpur
CA. Pramod Kumar Boob Jaipur
CA. Anuj Goyal Ghaziabad
CA. Satish Kumar Gupta Jaipur
CA. Prakash Sharma Jaipur
CA. Kemisha Soni Indore
CA. Hans Raj Chugh New Delhi
CA. Atul Kumar Gupta Gurugram
CA. Pramod Jain New Delhi
CA. Charanjot Singh Nanda New Delhi
CA. Rajesh Sharma New Delhi
CA. (Dr.) Sanjeev Kumar Singhal New Dehli
Government Nominee Shri Manoj Pandey, Joint Secretary, Ministry of New Delhi
Corporate Affairs
Shri Gyaneshwar Kumar Singh, Joint Secretary, New Delhi
Ministry of Corporate Affairs
Ms. Ritika Bhatia, Principal Director (Commercial- New Delhi
II) O/o Comptroller & Auditor General of India
Dr. Ravi Gupta, Associate Professor, Sri Ram New Delhi
College of Commerce University of Delhi
Shri Sunil Kanoria Kolkata
Shri Chandra Wadhwa New Delhi
Dr. P.C. Jain New Delhi
Adv. Vijay Kumar Jhalani New Delhi
Shah Gupta & Co. Ravi Rajan & Co LLP

Chartered Accountants Chartered Accountants
INDEPENDENT AUDITOR'S REPORT
To the Council of The Institute of Chartered Accountants of India
Report on the Audit of the Financial Statements
Opinion
We have audited the accompanying financial statements of the Institute of Chartered Accountants of India
(―the Institute‖), which comprise the Balance Sheet as at March 31 st 2020, the Statement of Income and
Expenditure and the statement of Cash Flows for the year then ended, and notes to the financial
statements, including a summary of significant accounting policies.
In our opinion, the accompanying financial statements are prepared in all material respects in accordance
with the Chartered Accountants Act, 1949, and give a true and fair view of the financial position of the
Institute as at March 31, 2020, its financial performance and its cash flows for the year then ended in
accordance with the Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI).
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) issued by the ICAI. Our
responsibilities under those standards are further described in the Auditor‘s Responsibilities for the Audit of
the Financial Statements section of our report. We are independent of the Institute in accordance with the
ethical requirements that are relevant to our audit of the financial statements and we have fulfilled our
ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
Responsibilities of Management for the Financial Statements
The Institute's Management is responsible for the preparation and fair presentation of these financial
statements in accordance with the Chartered Accountants Act, 1949 and for such internal controls as
management determines, is necessary to enable the preparation of financial statements that are free from
material misstatement, whether due to fraud or error.
In preparing the financial statements, the management is responsible for assessing the Institute‘s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless management either intends to liquidate the Institute or to cease
operations, or has no realistic alternative but to do so.
The management is responsible for overseeing the Institute‘s financial reporting process.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor‘s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting
a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
controls.
• Obtain an understanding of internal controls relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Institute‘s internal controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
• Conclude on the appropriateness of the management‘s use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Institute‘s ability to continue as a going concern. If
we conclude that a material uncertainty exists, we are required to draw attention in our auditor‘s
report to the related disclosures in the financial statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditor‘s report. However, future events or conditions may cause the Institute to cease to continue as
a going concern.
We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal
controls that we identify during our audit.
Other Matters
a) The Institute has authorized a large number of Chapters in India and abroad. The Institute has
represented to us that since these Chapters are separate entities, their accounts are not required
to be consolidated.
b) We did not audit the financial statements of the Institute‘s Decentralized offices, Computer
Centers, Students Associations, Regional Councils and their Branches (Collectively known as
Branches) whose financial statements reflect total assets of Rs. 1,00,156 Lakhs, total revenue of
Rs. 19,171 Lakhs and net cash flows/ (outflow) amounting to Rs. 224 Lakhs as considered in the
financial statements. The financial statements of these branches have been audited by other
auditors whose reports have been furnished to us by the management. Our Opinion on the
financial statements, in so far as it relates to the amounts and disclosures included in respect of
these Branches is based solely on the reports of the other auditors.
Our opinion on the financial statements, and Regulatory Requirements below, is not modified in
respect of the above matters with respect to our reliance on the work done and the reports of the
other auditors and the financial statements certified by the management.
Report on Other Regulatory Requirements
Further, we report that:
a) We have obtained all the information and explanations which to the best of our knowledge and
belief were necessary for the purpose of our audit;
b) In our opinion, proper books of account have been kept by the Institute so far as appears from our
examination of those books and proper returns adequate for the purpose of our audit have been
received from the decentralized offices, computer centers, students‘ associations, Regional Councils
and their branches.
c) The Institute‘s Balance Sheet, Statement of Income and Expenditure, and Cash Flow Statement
dealt with by this Report are in agreement with the books of accounts.
For Shah Gupta & Co. For Ravi Rajan & Co LLP
Firm Reg. No. 109574W Firm Reg. No.009073N/N500320
Sd/- Sd/-
CA. Rajeev Bansal CA. Deepak Gupta
Partner Partner
Membership No. 088598 Membership No. 516002
UDIN:20088598AAAABO5581 UDIN:20516002AAAACN8820
Place: New Delhi
Date: 24th September, 2020

ICAI Bhawan, Indraprastha Marg, New Delhi - 110 002
BALANCE SHEET AS AT MARCH 31, 2020
Particulars Note As at March 31,
No. 2020 2019
I ( ₹ in Lakhs)
SOURCES OF FUNDS
i SURPLUS AND EARMARKED FUNDS
a. Reserves and surplus 3 1,36,373 1,27,756
b. Earmarked funds 4 90,601 68,591
ii. NON - CURRENT LIABILITIES
a. Other long-term liabilities 5 2,112 1,591
b. Long-term provisions 6 28,975 25,291
iii. CURRENT LIABILITIES
a. Trade payables 7 4,944 4,132
b. Other current liabilities 8 20,240 24,042
c. Short-term provisions 6 959 1,628
TOTAL 2,84,204 2,53,031
II APPLICATION OF FUNDS
i. NON - CURRENT ASSETS
a. Property, Plant and Equipment 9 64,725 61,006
b. Intangible assets 10 30 34
c. Capital work-in-progress 11 4,816 5,555
d. Non-current investments 12 1,09,757 1,18,177
e. Assets held for Earmarked and other Funds 13 5,140 5,176
f. Long-term loans and advances 14 3,845 3,433
g. Other non-current assets 15 2,645 1,659
ii. CURRENT ASSETS
a. Current investments 12 8,009 4,917
b. Assets held for Earmarked and Other Funds 13 67,754 37,992
c. Inventories 16 480 479
d. Cash and bank balances 17 8,748 8,712
e. Short-term loans and advances 14 4,874 3,295
f. Other current assets 15 3,381 2,596
TOTAL 2,84,204 2,53,031
See accompanying notes 1 to 27 forming part of the financial statements
For and on behalf of the Council
Sd/- Sd/- Sd/- Sd/-

CA. Sudeep Shrivastava Rakesh Sehgal CA. Nihar N. Jambusaria CA. Atul Kumar
Gupta
Joint Secretary Acting Secretary Vice-President President
In our report referred to even date

Firm registration number:109574W Firm registration number:
009073N/N500320
Sd/- Sd/-
Partner, Membership No. 088598 Partner, Membership No. 516002
th
New Delhi, 24 September, 2020.

STATEMENT OF INCOME AND EXPENDITURE FOR THE YEAR ENDED MARCH 31, 2020
Particulars Note For the year ended March 31,
No. 2020 2019
( ₹ in Lakhs)
I INCOME
a) Fees 18 71,249 70,467
b) Seminars 19 4,289 4,312
c) Other income 20 18,134 15,566
Total income 93,672 90,345
II EXPENSES
a) Seminars and training programmes 21 5,012 4,505
b) Employee benefit expenses 22 15,017 14,695
c) Printing and stationery 5,585 5,517
d) Professional fees paid to examiners and consultants 10,220 9,557
e) Depreciation and amortisation expense 9-10 3,392 2,688
f) Other expenses 23 24,527 25,044
Total expenses 63,753 62,006
III Net surplus (I-II) 29,919 28,339
IV Appropriation to funds / reserves:

a) Education Fund [ See Note 2.06 (iii) ] 6,391 5,818
b) Employees Benevolent Fund [ See Note 2.06 (iv) ] 81 80
c) Members Benevolent Fund [See (Note 24.20)] 1,076 2,138
d) Earmarked Funds and Other Funds (Net of expenses) 4,951 2,831
e) Information Technology Training Reserves [See Note 2.06 (vii)] 1,874 1,780
f) Sinking Fund [ See Note 2.06 (viii)] 1,303 276
g) World Congress of Accountants (WCOA), 2022 (Note 24.15) 1,500 1,500
h) General reserve 12,743 13,916
TOTAL 29,919 28,339
For and on behalf of the

Council
Sd/- Sd/- Sd/- Sd/-

CA. Sudeep Shrivastava Rakesh Sehgal CA. Nihar N. Jambusaria CA. Atul Kumar Gupta

Firm registration number:109574W Firm registration number: 009073N/N500320
Sd/- Sd/-
New Delhi, 24th September, 2020.

CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2020
Particulars For the year ended March 31,
2020 2019
( ₹ in Lakhs)
I Cash Flow from operating activities
Net surplus after prior period adjustments 29,919 28,339
Adjustments for:
-Depreciation and amortisation expense 3,392 2,688
-Provision no longer required written back
-Provision for doubtful advances (255) (445)
-Interest income - 4
-Admission fees from members directly allocated to reserves (13,523) (11,332)
Operating surplus before Working Capital changes 604 387
20,137 19,641
Changes in working capital:
Adjustments for (increase) / decrease in operating assets:
-Inventories
(1) 601
-Long-term loans and advances
-Short-term loans and advances (198) 216
Adjustments for increase / (decrease) in operating liabilities: (1,579) (585)
-Other long-term liabilities
-Long-term provisions 521 372
-Trade payables 3,684 2,350
-Other current liabilities
1,067 900
-Short-term provisions
(3,815) (218)
Income tax (paid) / received (net) (669) 321
Cash generated from operating activities (A) 19,147 23,598
Cash Flow from Investing Activities (214) (252)
-Sale / redemption / (purchase) of non-current investments 18,933 23,346
II -Sale / redemption / (purchase) of current investments
-Capital expenditure on Property, Plant and Equipment
-Proceeds from sale of Property, Plant and Equipment 8,420 (41,642)
-Decrease in earmarked and other funds (3,092) (2,411)
-Interest income received (7,001) (4,273)
Cash (used in) investing activities (B) 646 271
(29,726) 16,765
Cash Flow from financing Activities 11,752 9,820
-Contribution received (19,001) (21,470)
III -Other fund received/(utilisation)
Cash from financing activities (C)
154 27
Net Increase / (Decrease) in cash and cash equivalents (50) (15)
(A+B+C) Cash and Cash Equivalents at beginning of the year 104 12
Cash and Cash Equivalents at closing of the year 36 1,888
8,712 6,824
8,748 8,712
Notes:
Cash and Cash Equivalents represent cash on hand and balances with banks (Refer Note. 17).
For and on behalf of the Council
Sd/- Sd/- Sd/- Sd/-

Sd/- Sd/-
Partner, Membership No. 088598 Partner,
Membership No. 516002 New Delhi, 24th September, 2020.

NOTES FORMING PART OF THE FINANCIAL STATEMENTS
1. General Information
The Institute of Chartered Accountants of India ("the Institute or ICAI"), having its Head Office at New
Delhi, was established on 1st July 1949 under an Act of Parliament viz The Chartered Accountants Act,
1949 for the purpose of regulating the profession of Chartered Accountants in India. In terms of the said
Act, the Council of the Institute is entrusted with the task of managing the affairs of the institute. For this
purpose, the Council has constituted 5 Regional Councils, one each at Mumbai, Kolkata, Kanpur, Chennai
and New Delhi, 5 Decentralised Offices, 13 Sub-Decentralised Offices,164 branches and one overseas
office in Dubai.
2. Summary of Significant Accounting Policies
2.01 Basis of Preparation
The financial statements comprising Balance Sheet, Statement of Income and Expenditure, Cash Flow
Statement and Notes thereon are prepared in accordance with the Generally Accepted Accounting
Principles in India (Indian GAAP) and The Chartered Accountants Act,1949. Indian GAAP here comprises
of the accounting standards and other pronouncements issued by the Institute of Chartered Accountants of
India.The financial statements are prepared on going concern, under the historical cost convention and on
accrual basis unless other wise stated. The accounting polices adopted in the preparation of the financial
statements are consistent with those followed in the previous year,unless stated otherwise.
2.02 Use of Estimates
The preparation of the financial statements in conformity with Indian GAAP requires the Management to
make estimates and assumptions considered in the reported amounts of assets and liabilities (including
contingent liabilities) and the reported income and expenses of the year. The Management believes that
the estimates used in preparation of the financial statements are prudent and reasonable. Actual results
could differ from the estimates and the differences between the actual results and the estimates are
recognised in the periods in which the results are known / materialised.
2.03 Inventories
Inventories comprise publications, study materials, stationery and other stores. Inventories are valued at
the lower of cost based on first in first out method ("FIFO") and the net realisable value after providing for
obsolescence and other losses, where considered necessary. Cost includes all charges in bringing the
goods to the point of sale, including other levies, transit insurance and incidental charges.
2.04 Cash and cash equivalents (for purposes of Cash Flow Statement)
Cash comprises cash on hand and demand deposits with banks. Cash equivalents are short-term
balances (with an original maturity of three months or less from the date of acquisition), highly liquid
investments that are readily convertible into known amounts of cash and which are subject to insignificant
risk of changes in value.
2.05 Cash Flow Statement
Cash flows are reported using the indirect method, whereby net surplus is adjusted for the effects of
transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments.
The cash flows from operating, investing and financing activities of the Institute are segregated based on
the available information.
2.06 Appropriation to Reserves and Allocation to Earmarked Funds
i) Fee received from members for admission as fellow of the Institute is credited to Infrastructure
Reserve Account.
ii) Donations received for buildings are credited directly to the reserve account.
iii) 25% of the Distance Education Fee, not exceeding 50% of the net surplus of the year is
transferred to Education Fund.
iv) 0.75% of Membership Fee (Annual and Certificate of Practice Fee) received during the year is
transferred to the Employees' Benevolent Fund.
v) From the earmarked funds the following transfers are made to Education Reserve Account:
a) From Accounting Research 100% of cost of additions (net of deductions if any) to
Building Fund Building Fund relating to Accounting Research Building
Fund.
b) From Education Fund 50% of cost of additions (net of deductions if any) to Fixed
Assets.
vi) Income from investments of Earmarked Funds is added to Earmarked Funds. The income is
allocated based on opening balances of the respective earmarked funds on weighted average
basis.
vii) 25% of the Information Technology Training (ITT)/Advance Information Technology Training
course Fee received during the year is transferred to Other Reserves for replacement of
computers and other ITT centre infrastructure.
viii) A sum equal to depreciation for the year (excluding amount transferred to the ITT Reserve) is
transferred to Sinking Fund for repair and replacement of assets.
2.07 Property, Plant and Equipment
Property, Plant and Equipment is recognised when it is probable that future economic benefits associated
with the item will flow to the Institute and the cost of the item can be measured reliably. Property, Plant and
Equipment are carried at cost less accumulated depreciation and accumulated impairment losses, if any.
The cost of Property, Plant and Equipment comprises its purchase price net of any trade discounts and
rebates, import duties and other taxes (other than those subsequently recoverable from the tax authorities),
directly attributable expenditure on making the asset ready for its intended use. Other incidental expenses
and interest on borrowings attributable to acquisition of qualifying Property, Plant and Equipment up to the
date the asset is ready for its intended use are also capitalised.
2.08 Intangible Assets
Intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses, if
any. The cost of intangible assets comprises its purchase price net of any trade discounts and rebates,
import duties and other taxes (other than those subsequently recoverable from the tax authorities), directly
attributable expenditure on making the asset ready for its intended use, other incidental expenses and
interest on borrowings attributable to acquisition of qualifying assets up to the date the asset is ready for its
intended use. Subsequent expenditure on tangible assets after its purchase / completion is capitalised only
if such expenditure results in an increase in the future benefits from such asset beyond its previously
assessed standard of performance.
2.09 Capital Work in Progress
Expenditure incurred on construction of assets which is not ready for their intended use is carried at cost
less impairment, if any, under Capital Work-in-Progress. The cost includes the purchase cost including
import duties, non-refundable taxes, if any, and directly attributable costs .
2.10 Depreciation and amortisation
A). Depreciable amount for assets is the cost of an asset, or other amount substituted as cost. Depreciation
on Property, Plant and Equipment is provided on the written down value method at the following rates as
approved by the Council based on the useful life of the respective assets.
Class of Property,Plant and Equipment Rate of Depreciation
i) Buildings 5%
ii) Lifts, electrical installations and fittings 10%
iii) Computers 60%
iv) Furniture and fixtures 10%
v) Air conditioners and office equipments 15%
vi) Vehicles 20%
vii) Library books 100%
B) Carrying amount of Leasehold land is amortised over the shorter of the lease term or its useful life.
C) Intangible assets, consisting of Computer software, is amortised over its estimated useful life on straight
line method over three years.
2.11 Revenue recognition
The Revenue is recognised as follows:
i) Distance education fee received from the students is recognised pro-rata over the duration of the
respective courses.
ii) Class room training fee comprises fee received for Management Communcation Skills Course
("MCS"), Integrated Course on Information Technology & Soft Skills ("ICITSS"), Advanced
Integrated Course on Information Technology & Soft Skills ("AICITSS") and Orientation Programme
("OP").The income for classroom training and coaching classes is recognised when services are
rendered and related costs are incurred.
iii) Examination fee is recognised as revenue when the Institute renders the related service i.e when
the examinations are conducted.
iv) Seminar fee is recognised as revenue when the Institute renders the related service i.e when the
seminars are conducted.
v) Membership fee comprising of annual membership fee (including fee for certificate of practice and
restoration fee) and entrance fee is recognised as under:
a) Annual membership fee (including fee for certificate of practice) is recognised as income when
it becomes due for the year. Restoration of membership fee is recognised when it is
received.
b) Entrance Fee:
- One third of entrance fee collected at the time of admission as associate member is recognised
as income in the year of admission and the balance is recognised in Infrastructure Reserve.
- Entrance fee collected at the time of admission of person as fellow member is recognised in
Infrastructure Reserve.
vi) Student registration fees is recognised when student is admitted for the course.
vii) Student Association income is recognised when student is admitted for the course.
viii) Revenue from post qualification and certificate course is recognised in the period in which services
are rendered.
ix) In case of cancellation before commencement of the Certificate/ Post Qualification Course/Diploma
Course, 10% of the fee is deducted and in case the course has commenced, no fee is refunded but
the member will be given an option to attend remaining part of the course in subsequent batches.
2.12 Other income
a) Income from sale of publications are recognised when the risk and rewards are transferred to the
buyer which normally coincide with delivery of goods. Income includes consideration received or
receivable, net of discounts and other related taxes, (if any).
b) Income from students news letter and journal subscription is recognised on pro-rata basis over the
period of subscription.
c) Income from campus interviews and expert advisory fee are recognised when services are
rendered and related costs are incurred.
d) Interest Income is recognised on a time apportionment basis.
2.13 Investment
a) The Institute’s investments comprise of instruments in the form of domestic government securities
issued by Central and State Governments, fixed deposits with nationalised banks domiciled in
India and shares in Not-for-Profit entities.
b) Investments are classified as current and long term investments in accordance with AS 13
Investments. Current investments are those that are readily realisable and intended to be held for
not more than one year from the date on which such investments are made. A long term
investment is an investment other than a current investment.
c) Investments are initially recorded at cost and the cost includes acquisition costs such as brokerage,
fees and duties. Accrued interest paid at the time of purchase is setoff against first
receipt of interest.
d) At each balance sheet date, current investments are carried at lower of cost and fair value. The fair
value is determined on an individual basis. The Long term investments are carried at cost.
However, the provision for diminution in value is made to recognise the decline in value, other than
temporary, of investments. The premium paid at the time of purchase is amortised over the
remaining maturity of the investments. Amortisation of premium is adjusted against the income
under head ‘Interest from Investments.’.
2.14 Foreign Currency Transaction
Transactions in foreign currencies are accounted at the exchange rates prevailing on the date of
the transaction.
Foreign currency monetary items outstanding at the balance sheet date are restated at the year-
end rates. Non-monetary items are carried at historical cost.
Exchange differences arising on settlement / restatement of foreign currency monetary assets and
liabilities are recognised as income or expense in the Statement of Income and Expenditure.
2.15 Employee benefits
Employee benefits include provident fund, gratuity fund, compensated absence, long service
awards, pension scheme and post-employment medical benefits.
i) Short term employee benefits
The undiscounted amount of short-term employee benefits (ie. salary, allowances, exgratia etc)
expected to be paid in exchange for the services rendered by employees are recognised
during the year when the employees render the service. The short-term employee benefits are
expected to occur within twelve months after the end of the period in which the employee
renders the related service.
The cost of short-term compensated absences is accounted as under :
a) in case of accumulated compensated absences, when employees render the service that
increase their entitlement of future compensated absences; and
b) in case of non-accumulating compensated absences, when the absences occur.
ii) Post-employment benefits
Post-employment benefits are the benefits to employees, other than termination benefits,
which are payable after the completion of employment. Accounting of post-employment
benefits depends upon the classification of relevant plans as either defined benefit plan (DBP)
or defined contribution plan (DCP). The post-employment benefit plans where the Institute
pays fixed contributions into a separate entity or fund and it will have no obligation to pay
further contributions if the separate entity or fund does not hold sufficient assets to all
employee benefits relating to employee service in the current and prior period. On the other
hand, post-employment benefit plans other than those classified as DCP are classified as DBP.
a) Defined Benefits Plans
For defined benefit plans in the form of gratuity and post retirement pension, the cost of
providing benefits is determined using the Projected Unit Credit Method, with actuarial
valuations being carried out at each balance sheet date. Actuarial gains and losses are
recognised in the Statement of Income and Expenditure in the period in which they occur. Past
service cost is recognised immediately to the extent that the benefits are already vested and
otherwise is amortised on a straight-line basis over the average period until the benefits
become vested. The retirement benefit obligation recognised represent the present value of the
defined benefit obligation as adjusted for unrecognised past service cost, as reduced by the
fair value of scheme assets. Any asset resulting from this calculation is limited to past service
cost, plus the present value of available refunds and reductions in future contributions to the
schemes. Gratuity liability is funded with Life Insurance Corporation of India.
The contribution towards provident fund scheme to The Institute of Chartered Accountants of
India Provident Fund Trust ('the Trust') is considered as defined benefit plan and charged as an
expense based on the amount of contribution required to be made and when services are
rendered by the employees. The Trust is managed by the governing body elected by the
Institute.
The present value of the defined benefit obligations are ascertained by an independent actuary
as per the requirements of Accounting Standard (AS) - 15 Employee Benefits.
b) Pension scheme
The Institute offers its employees benefits in the form of pension. The present value of the
obligation as at the balance sheet date is recognised based on the actuarial valuation.
c) Post retirement medical scheme benefit to retired employees and spouse
The Institute offers employee benefits to its retired employees in the form of medical scheme.
iii) Other Long-term employee benefits
Compensated absences which are not expected to occur within twelve months after the end of
the period in which the employee renders the related service are recognised as a liability at the
present value of the defined benefit obligation as at the balance sheet date less the fair value
of the plan assets out of which the obligations are expected to be settled.
2.16 Leases
The Institute classifies the leases as Finance and Operating Lease for accounting and disclosure
purposes. The leases where the Institute assumes substantially all the risks and rewards of the
ownership are classified as finance leases. The leases where the lessor and not the Institute
assumes substantially all the risks and rewards of the ownership are classified as operating leases.
Lease rental under operating leases are recognised in the statement of income and expenditure on
straight-line basis over the lease term. In case of Finance Lease, assets are capitalised at lower of
fair value of the leased asset and present value of minimum lease payments. The lease payments
are apportioned between the finance charge and repayment of lease liability. Leased assets are
depreciated over the shorter of lease term or useful life of the asset.
2.17 Impairment of Property, Plant and Equipment and intangible assets
The carrying value of assets at each balance sheet date are reviewed for impairment. If any
indication of impairment exists, the recoverable amount of such assets is estimated and impairment
recognised, if the carrying amount of these assets exceeds their recoverable amount. The
recoverable amount is the greater of the net selling price and their value in use. Value in use is
arrived at by discounting the future cash flows to their present value based on an appropriate
discount factor. When there is indication that an impairment loss recognised for an asset in earlier
accounting periods no longer exists or may have decreased, such reversal of impairment loss is
recognised in the statement of income and expenditure
2.18 Taxes on income
The Institute has been granted exemption from Income Tax under section 10(23C)(iv) and Section
11 of the Income Tax Act, 1961. As such no provision for income tax is made and no provision for
deferred tax asset and liability is considered necessary.
2.19 Assets held for Earmarked and Other Funds
Earmarked fund and others funds in the form of deposits with banks maturing after a period of
twelve months from the date of balance sheet are classified as non-current and others are
classified as current. These are available for use freely at the discretion of the Council except to the
extent of total of the earmarked, employee benefit funds.
2.20 Provisions and Contingencies
A provision is recognised when there is a present obligation as a result of past events and it is
probable that an outflow of resources will be required to settle the obligation in respect of which a
reliable estimate can be made.
Contingent liability is a possible obligation that arises from past events and the existence of which
will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events
not wholly within the control of the Institute, or is a present obligation that arises from past event
but is not recognised because either it is not probable that an outflow of resources embodying
economic benefits will be required to settle the obligation, or a reliable estimate of the amount of
the obligation cannot be made. Contingent liabilities are disclosed and not recognised.
Contingent assets are neither recognised nor disclosed.
THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA NOTES FORMING PART OF THE

FINANCIAL STATEMENTS
NOTE # 3 RESERVES AND SURPLUS ( ₹ in Lakhs)

General Education Infrastructure Others* Total
Particulars As at March 31, As at March 31, As at March 31, As at March 31, As at March 31,
2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
Balance at the beginning of 75,233 82,207 42,682 38,343 6,072 5,700 3,769 1,989 1,27,756 1,28,239
the year
Add: Appropriation from 12,743 13,916 - - - - 1,874 1,780 14,617 15,696
Statement of Income
and Expenditure
Transfer from / (to) - - - - - - - - - -
General Reserve,
Infrastructure Reserve
and Other Reserve
Transfer from / (to) (10,000) (20,890) 3,446 4,339 - - - - (6,554) (16,551)
Earmarked Funds
Admission fees and allocated - - - - 604 387 - - 604 387
Entrance fees
(Utilization)/Addition - - 2 - (3) (15) (49) - (50) (15)
Balance at the end of 77,976 75,233 46,130 42,682 6,673 6,072 5,594 3,769 1,36,373 1,27,756
the year
* Others comprises Library Reserve, Class Room Training Reserves, Foreign Currency Translation Reserve (Dubai branch) etc.
THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA NOTES FORMING PART OF THE FINANCIAL STATEMENTS
NOTE # 4 EARMARKED FUNDS ( ₹ in Lakhs)

Research Funds Accounting Education Fund Medals Students Members Employees Sinking Fund for Other Funds Total
Research and Scholarship Funds Benevolent Benevolent Fund Repair and
Building Prizes Fund Replacement of
Fund Funds Assets
Particulars
As at March 31, As at March 31, As at March 31, As at March As at March 31, As at March 31, As at March 31, As at March 31, As at March 31, As at March 31,
31,
2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
Balance at the 2,677 2,479 924 854 33,608 29,713 280 265 186 167 2,138 - 923 789 21,166 - 6,689 5,103 68,591 39,370
beginning of
the year
Appropriation - - - - 6,391 5,818 - - - - 1,076 2,138 81 80 1,303 276 1,500 1,500 10,351 9,812
from
Statement of
Income and
Expenditure
Transfer from - - - - (3,446) (4,339) - - 10,000* - - - - - - 20,890 - - 6,554 16,551

/ (to)
Reserves and
Surplus
Contribution - - - - - - 15 15 38 12 - - - - - - 101 - 154 27

received /
Addition
during the
year
Interest 209 198 73 70 2,668 2,416 17 19 12 11 170 - 73 64 1,681 - 84 88 4,987 2,866

income
during the
year
appropriated
through
Income and
Expenditure
Utilised - - - - - - (23) (19) (5) (4) - - (8) (10) - - - (2) (36) (35)
during the
year
2,886 2,677 997 924 39,221 33,608 289 280 10,231 186 3,384 2,138 1,069 923 24,150 21,166 8,374 6,689 90,601 68,591
Balance at
the end of
the year
Note
1. Total earmarked funds of ₹ 90601 Lakhs (Previous year ₹. 68,591 Lakhs) are held in fixed deposits and Government Securities (See Note 12 & 13)
2. Rs. 1,500 lakhs have been appropriated to finance estimated expenditure Rs.4,500 Lakhs for the World Congress of Accountants to be held in the year
2022. (See Note No.24.15)
3. Refer Note 24.16*
THE INSTITUTE OF CHARTERED ACCOUNTANTS OF

INDIA NOTES FORMING PART OF THE FINANCIAL
STATEMENTS
( ₹ in Lakhs)
NOTE # 5: OTHER LONG-TERM LIABILITIES As at March 31,
2020 2019
Fees received in advance
i) Education fees 2,103 1,579
ii) Journal subscription 9 12
Total 2,112 1,591
NOTE # 6: PROVISIONS As at March 31, As at March 31,

2020 2019 2020 2019
Long-term Long-term Short-term Short-term
Provisions for employee benefits :
a) Post employment benefits
i) Gratuity - - - 392
ii) Pension 14,282 11,861 557 503
iii) Provident Fund - - - 200
b) Provision for leave encashment 5,133 4,570 402 533
c) Provision for Branch Employees 4,200 3,500 - -
(Note-24.12)
d) Provision for Pay Revision 5,360 5,360 - -
(Note-24.13)
Total 28,975 25,291 959 1,628
NOTE # 7: TRADE PAYABLES As at March 31,

2020 2019
Trade 4,944 4,132
payables 4,944 4,132
Total
NOTE # 8: OTHER CURRENT LIABILITIES As at March 31,

2020 2019
a) Fees received in advance
i) Examination fees 6,967 7,046
ii) Journal subscription 21 25
iii) Membership fees 1,447 3,112
iv) Education fees 7,504 9,471
v) Post qualification courses fees 442 256
vi) Certificate courses fees 250 171
vii) Seminar fees :
a) Seminar Members 129 110
b) Seminar Students 26 -
viii) Class room training fees 155 937
ix) Coaching class fees 108 105
x) Other fees 73 63
Sub Total (A) 17,122 21,296
b) Other liabilities
i) Capital Creditors 28 15
ii) PF, ESIC and Professional tax payable 254 109
iii) Withholding taxes 534 540
iv) GST Payable 724 784
v) Security and earnest money deposit 773 816
vi) Others 805 482
Sub Total (B) 3,118 2,746
Total (A+B) 20,240 24,042


( ₹ in Lakhs)
NOTE # 9:Property, Plant and Equipment Gross Block Depreciation
Particulars As at Cost at Additio Transfer Cost Accumulated Charged Transfers/ Accumulated Net book
Marc the ns s/ at the depreciation at the for the Deletions depreciation at value at end
h 31, beginni during Deletion end of beginning of the year during the the end of the of the year
ng of the year s during the year year year
the year the year year
Freehold 2020 18,311 3,082 (303) 21,090 - - - - 21,090

land
2019 17,663 356 292 18,311 - - - - 18,311
Leasehold 2020 7,790 5 (281) 7,514 840 95 - 935 6,579

land
2019 7,549 1,033 (792) 7,790 824 92 (76) 840 6,950
Buildings 2020 38,735 1,958 (49) 40,644 9,002 1,633 - 10,635 30,009
2019 31,800 7,005 (70) 38,735 7,766 1,584 (348) 9,002 29,733
Lifts, 2020 2,312 124 (2) 2,434 1,267 122 - 1,389 1,045
electrical
2019 2,183 118 11 2,312 1,157 115 (5) 1,267 1,045
installations
& fittings
Computers 2020 5,417 2,052 (208) 7,261 5,102 880 (203) 5,779 1,482
2019 5,233 260 (76) 5,417 4,948 239 (85) 5,102 315
Furniture 2020 4,835 209 (1) 5,043 2,417 252 (2) 2,667 2,376
and
2019 4,572 455 (192) 4,835 2,221 244 (48) 2,417 2,418
fixtures
Air 2020 5,626 265 (11) 5,880 3,412 351 (6) 3,757 2,123
conditioners
and 2019 5,387 322 (83) 5,626 3,135 354 (77) 3,412 2,214
office
equipments
Vehicles 2020 136 2 - 138 114 5 (2) 117 21

2019 135 2 (1) 136 108 6 - 114 22
Library 2020 1,059 22 - 1,081 1,061 22 (2) 1,081 -

books
2019 1,041 25 (7) 1,059 1,041 26 (6) 1,061 (2)
Total 2020 84,221 7,719 (855) 91,085 23,215 3,360 (215) 26,360 64,725
2019 75,563 9,576 (918) 84,221 21,200 2,660 (645) 23,215 61,006

( ₹ in Lakhs)
NOTE # 10: INTANGIBLE ASSETS As at March 31,

Computer Software 2020 2019
Cost at the beginning of the year 766 746

Additions Transfers/Deletions 34 5
(6) 15
Cost at the end of the year 794 766
Amortisation at the beginning of the year 732 691

Charge for the year 32 28
Transfers/Deletions
- 13
Amortisation at the end of the year 764 732
Net book value at the end of the year 30 34

Net book value at the beginning of the year 34 55
NOTE # 11: CAPITAL WORK IN PROGRESS As at March 31,

2020 2019
Opening balance 5,555 10,877

Add: Addition during the year 1,562 1,292
Less: Amount capitalised/adjusted during the year (2,301) (6,614)
Closing balance 4,816 5,555

NOTE # 12: INVESTMENTS

(at cost less diminution in value) As at March 31, As at March 31,
2020 2019 2020 2019
Non- Non- Current Current
current current
A. Central Government Securities
Quoted Securities
1 8.27% Government of India 2020 - 2,548 2,508 -
2 7.80% Government of India 2021 2,530 2,559 - -
3 6.35% Government of India 2020 - 998 - -
2,530 6,105 2,508 -
Unquoted Securities
8.00% Government of India Taxable
4 Bonds- cumulative 11,200 11,200 - -
5 8% Saving (Taxable) Bond 2003-
44,000 44,000 - -
non cumulative
55,200 55,200 - -
Book
57,730 61,305 2,508 -
Value (A)
2,571 6,109 2,517 -
Market 55,200 55,200 - -
57,771 61,309 2,517 -
Value
Quoted
Unquoted(Book
value) - - - 2,910
- 2,497 2,499 -
B. State Government Securities - 1,506 1,501 -
Quoted Securities : - - - 1,003
1 07.86 Rajasthan Uday 2019 3,836 3,870 - -
2 8.01% Rajasthan Uday SDL 2020 1,518 1,527 - -
3 8.18% Andhra Pradesh SDL 1,003 1,004 - -
2020 4 8.20% Punjab SDL 2019 3,048 3,058 - -
5 8.39% Rajasthan Uday Bond 2021 2,032 2,038 - -
6 8.39% Rajasthan Uday SDL 2022 2,543 2,557 - -
7 8.44% Uttar Pradesh Uday 2023 - 1,510 1,501 -
8 8.45% Karnataka SDL 2024 508 511 - -
9 8.45% Karnataka SDL 2024 506 510 - -
10 8.45% Punjab SDL 2023 - - - 1,004
11 8.49% Andhra Pradesh P SDL 2020
12 8.62% Maharashtra SDL 2023 14,994 20,588 5,501 4,917
13 8.75% West Bengal GS 2022
14 8.85% Punjab SDL 2019
SGS
(i)

2020 2019 2020 2019
current current
16 07.79% Himachal Pradesh SDL 2022 993 990 - -

17 6.90% Punjab SDL 2021 2,479 2,452 - -
18 6.94% Odisha SDL 2021 1,480 1,464 - -
19 7.56% Andhra Pradesh SDL 2021 2,490 2,478 - -
20 7.62% Maharashtra SDL 2021 1,992 1,984 - -
22 7.93% Chattisgarh SDL 2024 1,516 1,520 - -
23 8.18% Haryana SDL UDAY 2024 46 46 - -
24 8.21% Haryana Uday 2022 1,491 1,487 - -
25 8.25% Uttar Pradesh UDAY BOND 2023 507 509 - -
26 8.27% Rajasthan SDL SPL 2023 195 196 - -
27 8.37% Odisha SDL 2022 1,002 1,003 - -
28 8.39 Rajasthan Uday 2022 1,496 1,494 - -
29 8.39% Rajasthan Uday Bond 2021 3,008 3,016 - -
30 8.45% Gujarat SDL 2023 2,563 2,582 - -
31 8.86% Punjab SDL 2022 1,010 1,014 - -
33 8.92% Himachal Pradesh SDL 2022 1,010 1,015 - -
34 8.95% Assam SDL 2022 1,517 1,524 - -
35 8.97% Bihar SDL 2022 506 509 - -
36 9.01% Karnataka SDL 2024 523 528 - -
37 9.01% West Bengal SDL 2022 505 508 - -
38 9.04% West Bengal SDL 2021 506 509 - -
39 9.13% Gujarat SDL 9/5/2022 2,423 2,434 - -
40 9.18% Punjab SDL 2021 507 511 - -
41 8.51% UP UDAY 2023 752 - - -
SGS 36,023 35,274 - -

(ii)
Book Value [ B= ( i + ii ) ] 51,017 55,862 5,501 4,917
Sub-Total (A+B) 1,08,747 1,17,167 8,009 4,917


2020 2019 2020 2019
current current
C. Investment in equity instruments
of subsidiaries
(fully paid up)
i. Institute of Insolvency Professionals of 1,000 1,000 - -
ICAI
10,00,000 Ordinary shares of Rs. 100 each
ii. Investment ICAI Registered Valuers 10 10 - -
Organisation
Sub-Total ( C ) Book Value 1,010 1,010 - -
Total (A+B+C) 1,09,757 1,18,177 8,009 4,917
NOTE # 13: Assets held for Earmarked and As at March 31, As at March 31,
Others Funds 2020 2019 2020 2019
current current
Fixed deposits with banks 5,140 5,176 67,754 37,992

Total 5,140 5,176 67,754 37,992
NOTE # 14: LOANS AND ADVANCES As at March 31, As at March 31,

(Unsecured, considered good) 2020 2019 2020 2019
current current
a) Security deposits 79 81 376 352

b) Tax deducted at source 2,722 2,508 - -
c) Input Tax Credit - -
d) Plan assets for Gratuity ( Net of obligation ) - - 2,032 1,230
e) GST on advances received from members - - 168 -
f) Other loans and advances 283
800 600 521
i) Loans and advances to employees
244 244 983
ii) Other receivables
- - 1,032 900
Less: Provision for doubtful receivables
- 296
(4)
Total 3,845 3,433 4,874 3,295
NOTE # 15: OTHER ASSETS As at March 31, As at March 31,

2020 2019 2020 2019
current current
Interest accrued
i) on fixed deposits with banks - 44 1,780 960
ii) on investments 2,495 1,461 1,527 1,596
iii) on loans to employees 150 154 74 40
Total 2,645 1,659 3,381 2,596
NOTE # 16: INVENTORIES As at March 31,

(At lower of cost and net realisable value) 2020 2019
a) Publications and study materials 407 434

b) Stationery and stores 73 45
Total 480 479
NOTE # 17: CASH AND BANK BALANCES As at March 31,

2020 2019
a) Cash on hand 45 42
b) Balances with banks in savings and current accounts 8,703 8,670
Total 8,748 8,712
NOTE # 18: FEES For the year ended March 31,

2020 2019
a) Distance education 26,252 23,910
b) Class room training income 15,574 15,182
c) Coaching 930 1,160
d) Examination 15,601 16,867
e) Membership 11,236 10,870
Less:-Discount on E Journal (683) -
f) Entrance 230 116
g) Post qualification courses 869 976
h) Certificate courses 1,240 1,386
Total 71,249 70,467
NOTE # 19: SEMINAR INCOME For the year ended March 31,
2020 2019
a) Members 2,929 2,889
b) Students 587 695
c) Non members 770 711
d) E-Learning income 3 17
Total 4,289 4,312

NOTE # 20: OTHER INCOME For the year ended March 31,
2020 2019
a) Interest income
i) on bank deposit held in general funds 2,957 2,783
ii) from investments 5,490 5,613
iii) on bank deposits held for earmarked funds 4,987 2,866
iv) on loans to employees 89 70
b) Sale of publications 1,123 933
c) News letters 110 106
d) Journal subscription 232 277
e) Campus interview 433 970
f) Expert advisory fee 39 53
g) Provision no longer required written back 255 445
h) Miscellaneous income 609 481
i) Income Support Services 7,904 5,335
Less:- Expense Support Services (7,904) (5,335)
j) Prior period income 1,810 969
Total 18,134 15,566
NOTE # 21: SEMINARS AND TRAINING For the year ended March 31,
PROGRAMMES 2020 2019
a) Members 3,705 3,441
b) Students 1,212 943
c) Students activity expenses 77 83
d) E-Learning expenses 18 38
Total 5,012 4,505
NOTE # 22: EMPLOYEE BENEFIT EXPENSE For the year ended March 31,
2020 2019
a) Salary, pension and other allowances 14,116 12,912
b) Contribution to provident and other funds 758 1,616
c) Staff welfare expenses 143 167
Total 15,017 14,695

NOTE # 23: OTHER EXPENSES For the year ended March 31,
2020 2019
a) Postage and telephone 2,378 2,743
b) Rent, rates and taxes 5,572 5,542
c) Domestic Travelling 2,421 2,212
d) Overseas expenses:
i) Overseas travelling 232 110
ii) Membership fees for foreign professional bodies 635 573
iii) Others 201 160
e) Repairs and maintenance 2,894 2,589
f) Class room training expenses 5,523 5,187
g) Advertisement and publicity 349 278
h) Meeting expenses 1,191 1,182
i) Merit scholarship 195 189
j) Audit fees : Head office 15 11
: Other 37 39
offices 36 35
k) Payments from earmarked funds 1039 1,213
l) GST expenses - 4
m) Provision for doubtful advances 564 1,084
n) Prior period expenses 1,245 1,893
o) Other expenses
Total 24,527 25,044
24 Additional Notes to the Financial Statements

24.01 Contingent liabilities and commitments ( ₹ in Lakhs)
2019-20 2018-19
a. Contingent liabilities
i) Claims against the Institute not acknowledged as debts 2,916 2,603
ii) The Institute has received two show cause notices of ₹ 15,797 lakhs from the Additional Director
General, Goods and Service Tax Intelligence for payment of service tax on annual fee, certificate of
practice fee, entrance fee, Seminar Fees and Coaching Class Fees etc. The Institute is of the
opinion that it is not liable to service tax as mentioned in show cause notice (SCN). In October 2019,
Additional Director General, DGCEI, Kochi filed a Counter affidavit against the writ petition no
3957/2019 in High Court of Delhi. Accordingly, the Institute had filed a rejoinder affidavit in
December 2019.The matter is now scheduled for hearing on 27th November, 2020.
b. Capital Commitments 2019-20 2018-19
Capital Commitments ( Net of advances ) 3,575 2,716
24.02 Other Receivables in Note 14 # under long term loans and advances include ₹ 243.75 Lakh for
stamp duty refund receivable on cancellation of principal and supplementary agreements of
acquiring property at Nagpur which has been rejected by the Joint District Registrar (JDR), Nagpur.
The Institute has filed two appeals before the Chief Controlling Revenue Authority, Pune under
section 53 of Maharashtra Stamp Act challenging the orders passed by JDR, Nagpur which are still
pending for final adjudication. The Institute has been advised that it has a good legal case to receive
the refund of stamp duty.
24.03 Directly attributable expenses on the seminars activity have been charged to seminar expenses and
related indirect expenditure is charged to functional heads of expenditure.
24.04 Out of the fee received from the students towards Students Registration Fee, a sum of ₹ 250 per
student in respect of students registered after 1st April, 2009, is remitted to Chartered Accountants
Students Benevolent Fund.
24.05 Leasehold land includes ₹ 6.17 lakhs paid for the plot of land in Indraprastha Estate, New Delhi
(adjacent to existing head office) allotted by Land and Development Authority, New Delhi for which
execution of Memorandum of Agreement and Lease Deed is in progress.
24.06 The Institute had initiated a process for digitization of entire activities by undertaking a project
referred as 'Project Parivartan'. For this purpose, Institute had appointed a global integrated service
provider (vendor) supervised by a globally reputed project management consultant at a total cost of
₹ 3,981 lakhs. A sum of ₹ 867 lakhs was incurred up to March 31, 2015.
Since the service provider did not carry out the development of digitization as per the requirement
even after extended periods, the Institute cancelled the contract and encashed the bank guarantee
of ₹ 295 lakhs in the month of June 2015 and the balance amount of ₹ 572 lakhs was written off in
the year ended March 31, 2015.
The vendor submitted a proposal requiring the Institute to pay ₹ 807 lakhs including the amount
encashed Bank Guarantee which has been rejected by the Institute and the agreement with service
providers in February, 2017. No communication has been received from the vendors after contract
was terminated.
During 2018-19, Institute had sent a legal notice dated 31.10.2018 to the vendor requiring it to pay
an amount of ₹ 2,140.79 lakhs along with applicable interest towards loss incurred on account of non
execution of the project. The vendor in its response dated 20.03.2019 has contested that claim of
Institute is time barred.
The opinion from the legal advisor has been placed before the Competent Authority for further
necessary direction in the matter.
24.07 Land measuring 225 sq. mtrs area of ICAI Bhawan Faridabad, had been acquired by DMRC in
January 2013 for which, Faridabad branch had requested for another piece of land, adjacent to the
branch in compensation against the acquisition by DMRC. The matter is currently under
consideration by Haryana Urban Development Authority.
24.08 A detailed review of the various reserve funds and earmarked funds created in the earlier years and
related earmarked investments has been taken up to restructure these funds as per the present
requirements and functioning of the Institute.
24.09 In the case of inter unit accounts relating to income and expenditure heads, the unreconciled
differences aggregate to ₹ 464 Lakhs in debit and ₹ 478 Lakhs in credit, Net difference being ₹ 14
Lakhs. Pending completion of reconciliation, the amount of net difference of ₹ 14 Lakhs has been
included under 'Provision for Inter branch reconciliation account' in Trade Payable.
In the case of inter unit accounts relating to assets and liabilities, the unreconciled differences
aggregate to ₹ 2842 Lakhs in debit and ₹ 3004 Lakhs in credit. The net difference of ₹ 162 Lakhs
has been included under 'Provision for Inter branch reconciliation account' in Trade Payable.
24.10 In view of the Management, the study circles, study chapters and overseas chapters are separate
entities and their accounts are not consolidated.
24.11 Steps have been taken to carry out physical verification of fixed assets and reconciliation with books
balances at the Head office and the Branches.
24.12 The Branch Employees Scheme 2006 has been replaced by new Branch Employees Scheme 2014
which has been approved by the Central Council but not yet implemented. Since 2014-15, a
provision of ₹ 700 lakhs per year is being made in the accounts adding upto ₹ 4200 lakhs as on
March 31, 2020. The shortfall / excess of provision will be determined when the revised scheme is
fully implemented.
Some of the branches have deducted PF contribution from the branch employees. Pending approval
of the registration of the 5 Regional Provident Fund Trust from the Income Tax Department, the
amount of PF along with matching employer contribution of ₹ 103 lakhs could not be deposited with
the PF Trust. However, the aforesaid funds have been invested in separate fixed deposit.
24.13 Consequent to revision of salary and allowances of employees effective 1.1.2016 and 1.7.2017
respectively, a total provision of ₹ 5360 lakhs was made up to financial year 2018-19. Pending final
review and decision on this matter, ₹ 1,071 lakhs have been paid to the employees as advance till
FY 2018-19.
24.14 An amount of ₹ 987 Lakhs (₹ 1213 Lakhs) including ineligible input tax credit, input credit attributable
to exempted supplies and ₹ 52 lakhs of interest on delayed payments has been charged off to the
Income and Expenditure Account as ‘GST Expenses’. GST payable at the end of the year of ₹ 724
Lakhs (₹ 784 Lakhs) has been included under other liabilities (Note No.8) and amount of ₹ 2032
Lakhs (₹ 1230 Lakhs) as GST input credit recoverable has been shown under ‘Loans and Advances
(Note No.14)
24.15 As per the estimates made in FY 2018-19, the Institute is likely to incur an estimated expenditure of
₹ 4,500 Lakhs for holding World Congress of Accountants in the year 2022 in India. It was decided
that out of surplus of the year 2018-19 and next two years, ₹ 1,500 Lakhs will be appropriated to a
separate close ended fund to meet the financial requirements to organize the conference. The
expenditure incurred each year will be debited to designated account ‘Expenditure on WCOA -2022’
and an equivalent amount will be transferred to the appropriation account from the said fund every
year.
24.16 During the year, Institute has earmarked ₹ 10,000 lakhs towards creation of separate fund for the
need based & economically weaker section Scholarships under Student Skills Enrichment Board
(Board of Studies- Operations) and allocated investments of ₹ 10,000 lakhs for meeting scholarship
expenses from its Interest Income of the above fund.
24.17 During the year, the detailed listings of advance fee received from members amounting to ₹ 2,366
Lakhs out of ₹ 3,112 Lakhs and fee for distance education ₹ 9,471 Lakhs received from the students
was reconciled and the necessary accounting effect taken in the books of accounts.The balance of ₹
746 lakhs is advance from members pertaining to earlier years which is under reconciliation.
24.18 As per Regulation 197 of The Chartered Accountants Regulations 1988, the auditors of the Council
are required to compare the actual income and expenditure with the budget estimates approved by
the Council and submit a report to the Council on the material departures. Steps are being taken to
comply with this requirement in the near future.
24.19 The Institute is in the process of receiving information from vendors regarding their status under the
Micro Small and Medium Enterprises Development Act, 2006 and hence disclosure relating to
amounts unpaid as at the period end together with interest paid or payable under this Act has not
been given.
24.20 During the year, ₹ 1076 lakhs (10% of Annual and Certificate of Practice Fee) [P.Y. ₹ 2138 lakhs
being 20% of Annual and Certificate of Practice Fee] out of Membership Fee received was
transferred to the Members Benevolent Fund.
24.21 Other expenditure includes ₹ 156 lakhs (₹ 114 lakhs) being the reimbursement of costs incurred by
Quality Review Board constituted under section 28-A of The Chartered Accountants Act, 1949.
Other expenses also include contribution of ₹ 60 lakhs (₹ 60 lakhs) made to the Appellate Authority
constituted under Section 22 of the Chartered Accountants Act, 1949. Expenses of the Quality
Review Board and the Appellate Tribunal are required to be borne by the Institute. Other expenses
also include grant of ₹ 15 lakhs (₹ 15 lakhs) made to Extensible Business Reporting Languages
(XBRL) .
24.22 COVID-19 pandemic has been rapidly spreading throughout the world, including India. Government
of India have been taking significant measures to curb the spread of the virus including imposing
mandatory lockdowns and restrictions in the activities. Consequently, as per the directions of
Government of India, Institute had also partially closed down its physical operations, and facilitated
the students to pursue the Chartered Accountancy Course though online mode and also used this
opportunity to educate / upgrade the knowledge about various regulations/ regulatory requirements
through regular conduct of webinar for various topics/ streams relating to its profession for its
members.
As the lockdown was declared in the last week of March 2020, the revenue for the quarter ended
March 2020 has not been materially impacted because major activities for FY 2019-20 were
completed by then. Continued lockdowns and considering the safety of the students in these critical
conditions, ICAI decided to defer the May 2020 examination to the next cycle November 2020, which
will marginally impact the financials. ICAI is exploring all options for students to catch up on this
lapsed examination attempt.
The ICAI is monitoring the situation closely taking into account directives from the Government.
Management believes that it has taken into account all the possible impacts of known events arising
from COVID-19 pandemic and the resultant lockdown will not affect the going concern, and no
implication to its property, plant and equipment, intangible assets, and the net realisable values of
other assets.
However, given the effect of these lockdowns on the overall economic activity in India, the impact
assessment of COVID-19 on the above-mentioned financial statement captions is subject to
significant estimation uncertainties given its nature and duration and accordingly, the actual impact
in future may be different from those estimated as at the date of approval of these financial
statements. ICAI will continue to monitor any material changes to future economic conditions and
consequential impact on its financial results
Disclosure under Accounting Standards
25 Employee Benefits
Defined Benefit plans
The Institute has recognised an amount of ₹ 676.50 lakhs for the year ended March 31, 2020
(Previous year ₹ 858.14 lakhs) towards contribution to Provident Fund.
The Institute has provided the following defined benefit plans to its
employees Gratuity : Funded
Post retirement Pension : Non-Funded
Compensated Absence: Non-Funded
25.1 Details of the Gratuity Plan are as follows ( ₹ in Lakhs)
Description 2019-20 2018-19 2017-18 2016-17
1. Reconciliation of opening and closing
balances of obligation
a. Obligation as at beginning of the year 3,905 3,298 2,510 2,358
b. Current service cost 279 266 1,102 202
c. Interest cost 272 239 176 166
d. Actuarial (gain)/loss 208 442 (204) 44
e. Benefits paid (661) (340) (286) (260)
f. Obligation as at end of the year 4,003 3,905 3,298 2,510
2. Change in fair value of plan assets

a. Fair value of plan assets as at 3,513 2,277 2,325 2,292
beginning of the year
b. Expected return on plan assets
303 188 165 183
c. Actuarial gain/(loss)
(57) 4 6 2
d. Contributions made by the Institute
961 1,045 84 132
e. Benefits paid
(549) (1) (303) (284)
f. Fair value of plan assets as at end
4,171 3,513 2,277 2,325
of the year
Reconciliation of fair value of plan

3.
assets and obligations
a. Present value of obligation
b. Fair value of plan assets 4,003 3,905 3,298 2,510
c. Amount recognised in the balance 4,171 3,513 2,277 2,325
sheet Asset/(Liability) 168 (392) (1,021) (185)
Details of the Gratuity Plan (Contd…) ( ₹ in Lakhs)

Description 2019-20 2018-19 2017-18 2016-17
4. Expenses recognised during the year
a. Current service cost 279 266 1,102 202
b. Interest cost 272 239 176 166
c. Expected return on plan assets (303) (188) (165) (183)
d. Actuarial (gain)/loss 265 438 (210) 42
e. Expenses recognised during the year 513 755 903 227
Investment details
5. % invested % invested % invested % invested
a. Others - Funds with Life Insurance
100 100 100 100
Corporation of India
Assumptions
6.
a. Discount rate (per annum)
6.75% 7.62% 7.65% 7.45%
b. Estimated rate of return on plan
7.62% 7.65% 7.45% 7.45%
assets (per annum)
c. Rate of escalation in salary
Basic 3% : Basic 3% : Basic 3% : Basic 3% :
d. Attrition rate DA 6% DA 6% DA 6% DA 6%
e. Mortality table 2% 2% 2% 5%
IAL 2012-14 IAL 2012-14 IAL 2006-08 IAL 2006-08
Ultimate Ultimate Ultimate Ultimate
25.2 Details of the Post Retirement Pension Plans

Description 2019-20 2018-19 2017-18 2016-17
b. Interest cost 920 874 813 357
c. Actuarial (gain)/loss 2,085 79 378 6,063
d. Benefits paid (528) (480) (416) (391)
e. Obligation as at end of the year 14,840 12,363 11,890 11,115
2. Reconciliation of fair value of plan assets

and obligations
a. Present value of obligation
14,840 12,363 11,890 11,115
b. Amount recognised in the Balance
(14,840) (12,363) (11,890) (11,115)
Sheet Asset/(Liability)
Details of the Post Retirement Pension Plans (Contd…) ( ₹ in Lakhs)

Description 2019-20 2018-19 2017-18 2016-17
3. Expenses recognised during the year
a. Interest cost 920 874 813 357
b. Actuarial (gain)/loss 2,085 79 378 6,063
c. Expenses recognised during the year 3,005 953 1,191 6,420
4. Assumptions
a. Discount rate (per annum) 6.75% 7.60% 7.50% 7.30%
b. Mortality table LIC 1996-98 LIC 1996-98 LIC 1996-98 LIC 1996-98
25.3Employee Benefits (Contd..) Details of Leave Encashment

Description 2019-20 2018-19 2017-18 2016-17
b. Current service cost 410 221 182 399
c. Interest cost 374 301 274 227
d. Actuarial (gain)/loss 39 851 188 127
e. Benefits paid (392) (406) (380) (348)
f. Obligation as at end of the year 5,535 5,104 4,137 3,873
2. Reconciliation of fair value of plan assets

and obligations
a. Present value of obligation 5,535 5,104 4,137 3,873
b. Amount recognised in the Balance
(5,535) (5,104) (4,137) (3,873)
Sheet Asset/(Liability)
Expenses recognised during the year

3.
a. Current service cost
410 221 182 399
b. Interest cost
374 301 274 227
c. Actuarial (gain)/loss
39 851 188 127
d. Expenses recognised during the year
823 1,373 644 753
Details of Leave Encashment (Contd..) ( ₹ in Lakhs)

Description 2019-20 2018-19 2017-18 2016-17
4. Assumptions
a. Discount rate (per annum) 6.75% 7.62% 7.65% 7.45%
Basic 3% : Basic 3% : Basic 3% : Basic 3% :
DA 6% DA 6% DA 6% DA 6%
b. Rate of escalation in salary
c. Attrition rate 2% 2% 2% 5%
d. Mortality table IAL 2012-14 IAL 2012-14 IAL 2006-08 IAL 2006-08
26 Segment Reporting
The Institute's operations are confined to "regulation of the profession of Chartered
Accountancy" and predominantly spread in India. Hence all its operations fall under single
segment within the meaning of Accounting Standard (AS) - 17 Segment Reporting.
27 Previous year's figures have been regrouped / reclassified wherever necessary to correspond
with the current year's classification / disclosure.
Sd/- Sd/- Sd/- Sd/-


Sd/- Sd/-
New Delhi, 24th September, 2020.
RAKESH SEHGAL, Acting Secy.

[ADVT.-III/4/Exty./266/2020-21]
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128 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA

November 2019 Examinations-The Chartered Accountants Foundation, Intermediate, Intermediate

 Hosting of the details of disciplinary cases decided by the Board of Discipline/Disciplinary

Sl. No. Particulars No. of cases

b) Number of Complaint/Information cases considered by the Board of Discipline 244

c) Number of cases (Complaint/Information cases) in which enquiry was 119

d) Number of cases (Complaint/Information) in which punishment has been 56

c) Number of cases (Complaint/Information cases) in which enquiry was 300

(IV) Disciplinary Committee under Section (21D)

5. Number of cases disposed of by the High Court under Section 21(6) 1

(III) Ind AS Implementation Support

 Important International Meetings/Conclaves

(VI) Outreach Events, Conferences, Workshops, Training courses etc. conducted

(IV) Seminars, Conferences, Workshops, Training courses etc. conducted

(IV) Initiatives for the Members

 The Committee organized Workshops/Summit/Conference/Seminar/Webcast/Programme on

 Promoting Networking & other consolidation measures of CA firms- Networking of Firms is a

(VII) Supporting Society – Commitment to Nation:-

(III) Interaction with Ministry of Corporate Affairs

 Announcement to create awareness regarding Clarification issued by MCA on passing of ordinary

 Submission of representation to the CBDT regarding suggestions pertaining to TDS in

((III) ACTIVITIES RELATING TO UNION BUDGET

 Certificate Course on ADR (Arbitration, Mediation & Conciliation) :

5.11 Ethical Standards Board (ESB)

(IV) Compendium of Opinions

5.13 Financial Reporting Review Board (FRRB)

(IV) Other Initatives:

(I) Standards on Internal Audit (SIAs)

(VII) Programmes, Seminars, Conferences and Webinars on Awareness on Internal Audit

5.17 Committee for Members in Industry and Business (CMI&B)

Special Placement Programme for CA Final Rank Holders:

(II) Software for Allotment of Bank Branch Audit

 Draft on ‗Recipients of External Assistance‘

(I) SIGNIFICANT INITIATIVES/ACHIEVEMENTS

 AV on Major Achievements of ICAI

5.22 Research Committee

5.26 Quality Review Board (QRB)

 Committee to advise on Valuation Matters constituted by MCA under Rule 19 of Companies

(I) Towards Partner in Nation Building

INITIATIVES FOR FACILITATING EXPORT OF SERVICES

 Inter-ministerial meeting in connection with 2nd meeting of Joint Administration Committee

Promoting Foreign Language amongst members

(III) Services to Members

 To develop Framework for Audit Quality.

S. No. Nature of Case No. of Cases

3. Court Cases related to Non-Disciplinary Matters pending before various 132

4. Cases arising out of Violation of Section 24 of the Chartered 24

5. Cases arising out of Violation of Section 24A of the Chartered 2

6. Appeals (filed by members of the Institute under Section 22G of the 29

Total Number of Cases as on 30.06.2020 513

Creation of Infrastructure Department

 Foreign Policy of the Institute of Chartered Accountants of India

The Committee has performed the following activities:

 Technical Guide on Accounting for Expenditure on Corporate Social Responsibility Activities –

Certificates 49.85 lakhs

GST & Tax Audit 37.12 lakhs

Other Audit & Assurance 11.56 lakhs

Number of Practising Members – Registered & Generated UDINs