Press Information Bureau

Government of India

Ministry of Corporate Affairs

18-November-2011 17:27 IST

G Ramaswamy, President, ICAI Elected as IFAC Board Member

G Ramaswamy, President, The Institute of Chartered Accountants of India (ICAI) has been elected as the Board Member of International Federation of Accountants (IFAC) at the IFAC Council Meeting held at Berlin, Germany yesterday ( 17th November 2011). IFAC is a global organization for the accountancy profession, dedicated in serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 167 members and associates in 127 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies.

The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament viz., The Chartered Accountants Act, 1949 in the year 1949 for regulating the profession of Chartered Accountants in the country. The main functions of the Institute are prescribing qualifications for membership, holding examination and arranging practical training of candidates, enrolment of members, publication and maintenance of register of members qualified to practice the profession, carrying on activities for development of the profession and regulation and maintenance of status and standard of professional qualification of the members. The Institute, which functions under the administrative control of Ministry of Corporate Affairs, Government of India, has 5 Regional Councils and 126 branches covering the length and breadth of the country. In addition, it has also set up 21 chapters outside India.

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Election to IFAC Board expands statutory body representation in global accountancy standard-setting, enhancing professional regulatory engagement. Election of a serving president of the national accountancy institute to the board of the international federation expands representation by a statutory body within international accountancy governance. The institute, established by statute to regulate the chartered accountancy profession-prescribing qualifications, conducting examinations, overseeing enrolment and training, and maintaining registers under ministerial administrative oversight-will be positioned to participate in global standard-setting, contribute to professional regulation in the public interest, and align domestic regulatory objectives with international governance.