CHARTERED ACCOUNTANTS’ PROGRAM IN MANAGEMENT, BUSINESS & ACCOUNTING ORGANIZED BY MPR & HDTI COMMITTEES OF BCAS AT ISME CAMPUS
To hone the Management, Leadership and Technical skills of Chartered Accountants to achieve growth, whether in practice or in industry, Membership & Public Relations Committee (MPR Committee) and Human Development and Technology Initiatives Committee (HDTI Committee) jointly organized Chartered Accountants’ Program in Management, Business and Accounting (CAMBA) at the ISME Campus, Lower Parel, which is equipped with the latest facilities for a conducive learning environment. The CAMBA Course was designed by BCAS along with the Management Institute of ISME. The 1st batch of the course started in May, 2017 and concluded in December, 2017.
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With an eligibility criteria of minimum 2 years of post-qualification experience, the first batch saw participation from 16 CAs in practice as well as those working with Big 4s or in the industry. The participants shared their experiences and ideas, problems faced in their respective work environments and best practices employed.
The course, designed to conduct 120 hours of classroom training of which 102 hours were dedicated to various emerging aspects of Entrepreneurship, Management, Human Resources, Strategy, Soft Skills and Marketing was conducted by highly experienced faculty from ISME. The subjects were taken up with a variety of interactive pedagogical techniques including discussing case studies, role playing, movies, model building and team work by learned and experienced faculties like Prof. David Wittenberg, Dr. Amarpreet Singh Ghura, Dr. A. Doris Greenwood, Prof. Anjana Vinod, Dr. Ramkishen Y, Prof. Omkar Pandharkame, Ms. Anubhuti Gupta, Mr. Moksh Juneja and CA. Nikhil Srinivas.
The remaining 18 hours of the course included sessions designed by the BCAS team on subjects relevant to the professionals. The speakers and the topics discussed during these well-conceived sessions in the 1st batch are enumerated hereunder:
The participants thoroughly enjoyed their journey of this long course, experiencing a transformation in their perspective towards their profession.
It was indeed a very enlightening experience for the participants who benefitted a lot from the sessions.
“Motivational Talk for Young Chartered Accountants & Felicitation of CA’s cleared in Nov. 2017” held on 19th February, 2018 at BCAS Conference Hall.
The Membership & Public Relations Committee organized a motivational talk for Young Chartered Accountants on the topic of “How to become an Extraordinary Professional?”. The talk was addressed by CA. Mudit Yadav, a TEDx Speaker and Success Coach.
The session began with the opening remarks by CA. Chetan Shah, Chairman, MPR Committee who briefed the audience about BCAS and its initiatives. He also encouraged new CAs to become members of BCAS. Few rank holders of Nov’ 2017 were felicitated and they shared their views on success in CA exams.
The Speaker CA. Mudit took up the following major issues faced by young professionals:
How to choose the ideal career path for oneself?
Difference between an average and a star professional.
Habits of the most extraordinary professionals.
How to develop the mind-set of a true professional?
How to develop a sharper executive presence?
How can you be a pioneer of the future of CA profession?
CA. Mudit Yadav also shared his experiences and the challenges he faced while carving out his career as a motivational speaker, in unconventional and non-traditional field.
The talk was attended by more than 150 young Chartered Accountants and the participants benefited from the experience shared by the Speaker.
“8th Residential Study Course on IndAS” held from 22nd February to 24th February, 2018
Accounting & Auditing Committee organized its 8th IndAS Residential Study Course (RSC) from 22nd to 24th February, 2018 at Hotel Gateway, Pune. The Course was conducted to address the Ind AS implementation challenges being faced as well as to impart knowledge of its execution to the professionals. This would enable a smooth transition for the corporate sector and also appraise them of impending changes which are applicable in future. The Course was attended by 110 participants from all across India.
This year’s RSC was structured with three sessions based on Case Studies which involved group discussions. The RSC also had four more papers for presentation by eminent faculties.
RSC started with group discussion on First case study paper by CA. Jayesh Gandhi on “Case Studies on Business Combinations and Consolidated Financial Statements”. The case studies highlighted the complexities involved in carrying out accounting for business combinations and consolidation as well as the evaluation of the relevant consolidation standard in specific circumstances.
The session commenced with the inaugural address by CA. Narayan Pasari, President, BCAS. He urged non-members enrolled for this course to become members of BCAS and enumerated various activities/initiations being undertaken by BCAS for the benefits of profession and industry. The Chairman of the Committee CA. Himanshu Kishnadwala gave introductory remarks on the design and structure of the course and the purpose of selection of the topics for group discussion and presentation.
Inaugural session was followed by presentation paper on Revised Audit Report Requirements by CA. Vijay Maniar which covered SA 701 on Key Audit Matters to be applicable from FY 2018-19. CA. Jayesh Gandhi analysed and replied to the issues raised on the Case Studies during the group discussion.
The 2nd day started with group discussion on the paper by CA. Arvind Daga on “Case Studies on PPE and Financial Instruments” that highlighted the intricate issues on measurement, recognition and impairment under relevant standards. He also made a presentation on his paper explaining finer points of the standards as well as dealing with the issues which came up for deliberation. CA. Raghu Iyer presented the paper on “Derivative and Hedge Accounting” and explained what is ‘derivative’, types of hedges, its purpose and importance in the commercial world.
There was another group discussion on the paper by CA. Archana Bhutani on “Case Studies on Revenue Recognition IndAS 115”. The case studies dealt with typical situations in various sectors including real estate, bundled services, FMCG and retail distribution and also some other related issues. She further made the presentation on her paper explaining finer points and concepts and principles of revised IndAS 115 which is likely to be applicable from 1st April 2018.
The last day began with the presentation on “IndAS 116 – Leases” by CA. Srinath Rajanna who came all the way from Dubai to address the participants. It is for the first time that an international faculty has addressed an IndAS RSC. He explained the major differences in the revised standard as compared to IAS 17 as also the thought process for the same at IASB. Thereafter, CA. Himanshu Kishnadwala gave presentation on “Global Developments in IFRS” and made the participants aware about the projects in pipeline at IFRS for the next five years and the way it will impact industry as well as the profession. He also explained the process of development of standards at IFRS as also how as a stakeholder everybody can participate in the said process.
The concluding session was presided over by the Chairman CA. Himanshu Kishnadwala who acknowledged the contribution of the faculty, group leaders and other participants for the success of the RSC.
Participants were satisfied with the level of discussion and the value imparted through the RSC.
Workshop on “Transfer Pricing – CBCR and Master File” held on 27th February 2018 at BCAS Conference Hall
“The Workshop on Transfer Pricing – CBCR and Master File was conducted on 27th February 2018 at BCAS Conference Hall which was attended by over 110 participants from profession and industry.
The speakers CA. Hasnain Shroff and CA. Anjul Mota provided a comprehensive insight on the conceptual understanding and interpretation of legal provisions and other key issues surrounding the CBCR and Master File. This was followed by case studies touching upon intricacies in filing the CBCR and Master File. The speakers also outlined some practical suggestions in dealing with inherent issues.
The Workshop was well received by the participants who benefitted a lot from the sessions.
Interactive Fire Side Chat on “Strengthening the Profession” held on 28th February, 2018 at IMC, Churchgate
The CA profession is passing through tectonic shifts which have posed various challenges for the professionals. To address the issues of profession and challenges faced by the CA firms, review the regulatory impediments, learn the possible changes in this regard for strengthening and developing the capacity of Indian CA firms, enhance the competence and improve the visibility amongst the business community, BCAS organised a Fire Side Chat with the experts from the profession and industry.
The Panelists for the discussion were:
1. Mr. M. Damodaran, Former Chairman, SEBI
2. CA. Mukund Chitale, Former President, ICAI
3. CA. T. N. Manoharan, Former President, ICAI
The Fire Side Chat was moderated by CA. Himanshu Kishnadwala, Past President, BCAS.
President CA. Narayan Pasari in his opening remarks stated that presently the Chartered Accountancy profession is in a constant state of flux on account of profound changes in the sphere of economy, regulation, technology & society that throw many challenges resulting in higher complexity.
CA. Himanshu Kishnadwala while opening the chat referred to the Prime Minister’s address to the CA community on the CA foundation day on 1st July, 2017 and threw light on the various statistics about the members and the firms. He also mentioned as to what can be done to improve the profession and counter the challenges of the bigger multinationals. CA. Himanshu also talked about the SEBI Order in Satyam Case, RECO Scam, PNB Scam and Supreme Court Order on multinational firms etc.
The Fire Side Chat commenced with the expert opinions of the panelists:
CA. Mukund Chitale started with a comment of Nani Palkhivala “The time has come to see as to who will shave the barber”, which was citing Institute’s motto given by Yogi Anand “Ya esa suptesu jagarti”. He expressed that strengthening the profession doesn’t come automatically and for that there has to be an introspection as to what to do with failures individually & in a communicative manner because any profession which is rendering service exists as long as society expects it to exist. Quality of our work should match the Society’s expectations at the highest level.
Mr. M. Damodaran was of the view that professionalism is not derived just from academic qualification. Professionalism is to contribute to the informed discussion and debate where professionals should set the agenda and plan in the direction of strengthening the profession. He emphasized that Chartered Accountancy Course is enhancing the quantity but must also ensure that quality shall not be compromised.
CA. T. N. Manoharan’s remarks were amply supported with hardcore statistics of the CA profession. He stated that CA firms lack playing the role of knowledge partner. Each CA firm should ensure that any new article who comes to the office be given an open idea that they are welcome to the firm and can grow to the level of employee, manager, director or even can become partner of the firm. Every firm should have partners in different age groups that is how succession happens and the seniors will have smooth exit after handholding and guiding. The focus should not be only on tangibles like top line, bottom line, physical infrastructure etc. but also on the quality & integrity aspects. One of the issues of Indian firms is reluctance to invest in Infrastructure and growth projects. He said that we can follow principles having eternal utility for humanity and we can adopt values which will hold good forever.
Later on CA. Himanshu Kishnadwala posed some pertinent issues faced by the profession, for the response of the panelists, which were deliberated in great depth. Participants were provided fair insights as to the current state of affairs in the profession, how the society perceives the profession and what should be the measures initiated to shore up the image of the profession.
The participants got extremely enlightened with the invaluable insights from discussion by the expert panelists.
ITF STUDY CIRCLE
Meeting on “Proposed Amendments to International Taxation Provisions in Budget, 2018” held on 15th March 2018 at BCAS Conference Hall
The International Taxation Committee organized a panel discussion on 15th March, 2018 at BCAS Conference Hall, to analyze the impact of the amendments to International Taxation provisions, proposed in the Union Budget, 2018.
The meeting was kicked-off with a discussion on the proposed amendment in the Explanation 2 (a) to section 9 (1) (i) where if a non-resident appoints a person who will negotiate but not conclude contracts on his behalf, it may still constitute a Business Connection in India. It was discussed how the OECD had reviewed the definition of a Permanent Establishment in Action Plan 7 to prevent avoidance of tax by fragmentation of business and to align with the modified definition of MLI. The discussion was then turned to the newly introduced Explanation 2A in section 9 (1) (i) which clarifies meaning of a significant economic presence. It was also discussed that there was a need for proposing this amendment as a result of digital economy, whether physical presence of a person in a country is no longer the only measure of an economic connection, challenges in implementing such an amendment, impacts of such amendments on taxation, etc.
The session was very interactive and the participants benefitted a lot from the panel discussion.
INDIRECT TAX STUDY CIRCLE
Meeting on “GST E-Way Bill Provisions – Analysis and Demo of Online Preparation” held on 17th March, 2018
The Suburban Study Circle organized a meeting on GST E-way Bill Provisions on 17th March, 2018 which was addressed by CA. Manish Gadia & CA. Jignesh Kansara.
Speaker CA. Manish Gadia discussed the revised provisions and rules regarding the E-Way Bills Under GST and its applicability wef 1st April, 2018. He made detailed presentation on the following issues:
a) Procedure for generation of e-way bill, b) Multiple Consignments, c) Exemptions, d) Cancellation, e) Validity, f) Acceptance or Rejection, g) Verification of documents, h) Case Studies etc.
Speaker CA. Jignesh Kansara made a step-by-step online demonstration of the process regarding various aspects of E-Way bill through the GSTN portal. He covered the following activities in relation to the e-way bills:
a) Registration as dealer and transporter, b) Creation of masters for clients, products and godowns, c) Generation of Part A and Part B of E Way Bills, d) Generation of Consolidated E-way bill, e) Cancellation / Modifications in E-way Bills generated earlier, f) MIS reports.
He also threw light on the various technical and statutory glitches faced by the dealers and gave suggestions for corrective actions.
The participants benefited from the sessions and experience shared by the learned speakers.
