The Institute of Chartered Accountants of India (ICAI), functioning under the aegis of the Ministry of Corporate Affairs, organized ‘Accountancy & Commerce Education Summit’ here yesterday. The Summit provided a forum for exchange of thoughts and interaction on various areas of academic and practical interest such as the need for relevant course curriculum, method of imparting education, examination reforms amongst leading academicians in the field of Commerce & Accountancy Education in India and the professional Chartered Accountants.

Shri Suman Jyoti Khaitan, President, PHD Chamber of Commerce & Industry, was the Guest of Honour. The summit was attended by Vice Chancellors, Principals, Head of Departments, Professors and delegates of IITs, IIMs and Deans of various Universities of India.

Shri Khaitan while addressing the gathering said, “The changes that occur in the global business world have a great impact on the functioning of the business. To survive in such dynamic environment business arena requires highly skilled professionals like Chartered Accountants who are able to incorporate these changes in the best possible manner. The responsibility of imparting such skills and knowledge is on the shoulders of the education system of the society. Thus we need to bring reforms in the education sector to include the new rules and regulations.”

The main objective of the Summit was to evaluate the current state of the commerce and accountancy education in India, to the changing environment particularly in view of the introduction of the IFRS, Companies Bill 2013, XBRL, Goods and Services Tax, Schedule VI. etc. It also addressed the need to integrate the same in the course curriculum so as to produce competent accounting manpower relevant for the Indian business and society.

Shri Subodh Kumar Agrawal, President, ICAI, enlightened the gathering on issues relating to financial reforms, IFRS, recent economic laws, about the international capital market and its integration, integrating Accounting and Auditing Standards into University curriculum. He also spoke about the aim to organize this Summit is to build synergy between the University education and the professional accountancy education system so as to utilise the strength of each institution to impart relevant commerce and accountancy education in the country.”

Curriculum reform to integrate IFRS, Companies Bill provisions, XBRL and GST aligns accountancy education with regulatory change. Integration of new financial reporting and regulatory frameworks into accountancy education was recommended to align university and professional curricula with evolving requirements, focusing on incorporation of IFRS, Companies Bill provisions, XBRL, Goods and Services Tax and revised reporting standards, together with teaching-method and examination reforms to produce competent accounting manpower.