The
Institute
The Institute of Chartered Accountants
of India, established on July 1, 1949
by an Act of Parliament viz., The Chartered
Accountants Act, 1949 for the purpose
of regulating the profession of Chartered
Accountants in India, completed 50 years
of service to the nation on the July 1,
1999. The affairs of Institute are managed
and the functions assigned to the Institute
are discharged by a Council comprising
of 40 members out of which 32 are elected
by the members of the Institute from all
over the country and 8 are nominated by
the Central Government. Besides the Central
Council, there are 5 Regional Councils;
one each located at Mumbai, Chennai, Kolkata,
Kanpur and New Delhi. The headquarter
of the Institute is at New Delhi. The
Institute has several departments for
ensuring its efficient functioning. The
Departments involved in the research studies
are Technical Directorate, Board of Studies
and Continuing Professional Education
Directorate.
The above mentioned Departments of the
Institute assist various Technical Committees
of the Council of the Institute such as
the Accounting Standards Board, Research
Committee, Expert Advisory Committee,
Professional Development Committee, Board
of Studies Committee, Information Technology
Committee, Continuing Professional Education
Committee. These Committees of the Institute
undertake research activities relevant
to their fields.
ICAI Accounting Research Foundation
Accounting, financial reporting and auditing
are considered to be the corner stones
for ensuring probity and propriety in
financial transactions, and achieving
higher level of transparency in the management
of Indian economy, trade and industry.
Globalisation and ever increasing need
for better governance, in government and
non-government sector, created an exigency
for the Institute of Chartered Accountants
of India to establish an academy of excellence
in the fields of accounting, auditing,
financial management and economics.
The
Institute of Chartered Accountants of India
is a regulatory body. Since the future of
the profession depends much upon its ability
to respond quickly to emerging needs of
the users and the potential users of the
services of the profession, a need was felt
for a specialised vehicle for developing
a knowledge base which could be used by
the Institute and the National as such.
Therefore, the Institute of Chartered Accountants
of India decided to create an academy which
could meet the exigency created by the changing
scenario of the Country.
On 14th January, 1999 the Institute of Chartered
Accountants of India incorporated ICAI Accounting
Research Foundation, as a Section 25 company
under the Companies Act, 1956, to establish
it as a core research body with facilities
to undertake research in the areas of Accounting,
Auditing, Capital Markets, Fiscal Policies,
Monetary Policies and other related disciplines.
The vision of the ICAI Accounting Research
Foundation is to develop quality pronouncements,
documents, research paper on the subjects
of accounting, auditing, etc.
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