With the changing global requirements and a shift towards sustainability, India’s Finance minister Nirmala Sitharaman has urged Chartered Accountants (CAs) in the country to acquaint themselves with new-age concepts and areas of Accounting and Compliance including Corporate Social Responsibility (CSR), Carbon Accounting. Further, she requested CAs to have due diligence to Environmental, Social, and Governance (ESG).
Sitharaman while addressing the National CA Conference in Bhubaneshwar, organized by the Institute of Chartered Accountants of India (ICAI), said,
“There are newer areas with which chartered accountants will have to familiarize themselves, especially given global developments, to better advise clients on new greenfield areas. Whether it’s carbon accounting, CSR accounting and auditing, or ESG reporting.”
Taking reference to the growing and advancing Indian economy with start-ups, new-age industries, and industries transitioning from traditional methods to modern approaches, she highlighted the need for CAs to keep up with this development and also urged their clients to follow the same.
“All of this requires the support of CAs, guiding clients and encouraging them to embrace new technology. This will be possible only when CAs are at the top in adopting technology.”
Additionally, she discussed the engagement of the Indian government with other countries to allow Indian CAs to work with their counterparts overseas and said that existing memoranda of understanding signed between the charters should be leveraged.
Going further, she talked about the importance of digitization in promoting Financial Literacy and how ICAI is working effectively towards providing digital access to students nationwide.
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