Background

1. The future of the accounting 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 of Chartered Accountants of India and the nation as such. Therefore, the Institute of Chartered Accountants of India decided to create an academy that could meet the exigency created by the changing scenario of the country.

2. On 14th January 1999, the Institute of Chartered Accountants of India incorporated ICAI ARF (ICAI ARF or the 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 ARF is to develop quality pronouncements, documents and research papers on the subjects mentioned above.

Objectives of ICAI ARF

3. The main objective of ICAI ARF is to establish itself as an “academy” of international standards for creating, disseminating and promoting knowledge, learning, education and understanding in the fields of accounting, auditing, fiscal laws and policy, corporate and economic laws and policies, economics, financial management, financial services, capital and money markets, management information and control systems, management consultancy services and allied disciplines. The Foundation focuses on fundamental and applied research in the fields mentioned above. All the activities of the Foundation are reinforcing in nature and research lies at the nucleus of all the activities. For this purpose, the ICAI ARF shall:

(a) Undertake, promote and provide facilities for prosecuting core, fundamental, empirical, applied and other kinds of research work and projects and studies. It may also consider networking and collaboration with the organisations of national and international repute, persons of eminence in the relevant field.

(b) Organize and sponsor training programmes, study courses, lectures, meetings, workshops, seminars, conferences and symposia either on its own or jointly or at the instance of other persons and entities.

(c) Prepare and publish, either on its own or through or in collaboration with other persons and entities, papers, periodicals, magazines, books, journals, etc.

(d) Create and maintain a world-class storehouse of knowledge and information with a state of art electronic database and exchange facilities.

(e) Support the technical activities of the Institute of Chartered Accountants of India by carrying out field studies and researches similar to those being carried out by Financial Accounting Standards Board (FASB) in the United States of America and the Accounting Standards Board (ASB) in the United Kingdom.

(f) Provide education and organise training programmes, courses, and classes, for academic, vocational, and competitive examinations.

(g) Award, institute, and grant scholarships and other forms of financial assistance for facilitating research work.

(h) Undertake research projects in specialised areas sponsored by national and international bodies. It may also carry on researches in areas that have multi-disciplinary dimensions in collaboration with other research bodies and educational institutions.

(i) Support the international and regional level accountancy and auditing bodies like Confederation of Asian and Pacific Accountants (CAPA), International Federation of Accountants (IFAC), International Accounting Standards Committee (IASC), South Asian Federation of Accountants (SAFA), etc., in their technical activities.

Guidelines for Research Proposals

4. As one of the key methods to achieve the above-mentioned objectives, the Foundation invites research proposals from interested individuals and capable organisations. The Foundation funds the cost of the approved research proposals after evaluating the scope of the research study. This document sets out the guidelines and rules for the submission of the research proposals and implementation of the approved research proposals funded by ICAI ARF.

(1) The Eligibility Criteria

Individuals

(a) The applicant must be a member of the Institute of Chartered Accountants of India with a research aptitude having at least 10 years post-qualification experience either in the practice of the profession or as an employee with a reputed manufacturing/service organisation; or

(b) The applicant must be holding a post-graduate degree from a recognized University and must have at least 10 years research and/or teaching experience; or

(c) A reader/associate professor of a recognised university or an institute of national repute.

(d) A research scholar who is pursuing a PhD or other curriculum of a recognized University/ Institute of a high repute.

Applications from persons having an experience less than as stated above might also be considered on the basis of merit.

Institutions

National/state level reputed research institutes/organizations, which are either actively engaged in research or promote education/research in the areas of accounting, auditing, finance, economics, information technology, taxation, trade law services and allied areas etc. may apply for the research project.

(2) Eligible Research Projects

The above list does not indicate that an impending applicant must propose for the projects included in the list given above. Applicants may apply for other projects also provided that the subject selected is contemporary and relevant in the current environment.

(3) Duration

The duration of research project should not exceed 18 months from the date the project proposal is approved by ICAI ARF unless a longer period is otherwise justified.

(4) Costs to be taken into Consideration for Grant

ICAI ARF would provide the grant for eligible costs only. The eligible costs are those costs:

(i) which are necessary for carrying out the research as proposed by the applicant and approved by ICAI ARF, and should comply with the principles of sound financial management, in particular value for money and cost-effectiveness; and

(ii) which have actually been incurred by the researchers during the implementing period for the research.

Subject to the above-mentioned conditions, eligible costs include:

(i) the cost of staff assigned to the research, corresponding to actual salaries and other remuneration-related costs; salaries and costs must not exceed those normally borne by the researcher, as the case may be;

(ii) travel and subsistence costs for staff taking part in the research, provided they do not exceed those normally borne by researcher, as the case may be;

(iii) costs arising directly from the requirements of the assignment (dissemination of information, evaluation specific to the action, audit, translation, printing, etc.).

It is necessary that the applicant submits a budget for the costs to be incurred for the research project. The budget need not give the actual or the most accurate figures but must be near to the actual expenditure likely to be incurred. It may be noted that ICAI ARF would examine the budget in detail before the proposal is approved. If the checking of budget reveals certain issues/questions, an applicant may be asked to provide the response before the proposal is approved. The sanction of the budgeted amount would be at the sole discretion of ICAI ARF and it reserves the right to reduce the proposed budget.

(5) Copyright, Patent, etc.

Any copyright or intellectual property right or patent, etc. arising out of the research work done would vest with ICAI ARF. The ICAI ARF would, however, duly acknowledge the researcher.

(6) Monitoring

The ICAI ARF would monitor the implementation and progress of the research projects approved under this project facility. The applicant (researcher) may, at any point of time during the project, be requested to provide the details the work done/remaining, the draft of the project/publication, etc, so that ICAI ARF may evaluate the implementation and progress. If ICAI ARF feels that the project is not being carried out as mentioned in the research proposal or the progress made by the researcher is not satisfactory, the ICAI ARF may consider withdrawal of the project from the researcher. In such a case, the work already completed would be the property of ICAI ARF.

(7) The expected outputs of the projects include

(i) Research Paper/Publication

(ii) Dissemination of best practices and launching/implementation of the results, policy-oriented seminars, workshops and exchanges.

(iii) Capacity building of the members of the profession and of the targeted beneficiaries as may be agreed in the project.

(8) How to Apply

The applicants should complete the application form available at www.icaiarf.org. Only complete applications submitted in the prescribed format shall be considered by ICAI ARF. Submitting an incomplete or illegible application will delay its processing and may lead to its not being considered. Giving false information shall affect the candidacy negatively. If the applicant is admitted to the research programme on the basis of false information furnished, it will lead to expulsion from the research programme. Application should be submitted to ICAI ARF, C/o The Institute of Chartered Accountants of India, ICAI Bhawan Post Box No. 7100, ICAI Bhawan, Indraprastha Marg, New Delhi – 110 002. Alternatively, the application may be sent by e-mail at arf@icai.org.

Applicants are free to use extra sheets wherever required to give the complete information.