core sector communique

Waves of Change: Oceans of Opportunities

Kolkata, 17^th December, 2011: Views Exchange Chartered Accountants Study Circle- EIRC has organized a seminar on Waves of Change: Oceans of Opportunities today at The Park, Kolkata.

The event was organized by CA Santosh Choraria, Convener & CA Ranjeet Agarwal, Chairman of Views Exchange CA Study Circle. Eminent Professionals comprising of Advocates and Chartered Accountants from across the Country gathered at Hotel Park on 17^th and 18^th December, 2011. The eminent personalities included CA N P Sarda, Past President of The Institute of Chartered Accountants of India, Dr Girish Ahuja from Delhi, Renowned Advocate J.K. Mittal from Delhi, CA R K Agarwal, Director Ernst & Young and President of CII, Eastern Region, CA Subodh Agarwal, Central Council Member of ICAI, CA Amitav Kothari, Past President of Merchant Chamber of Commerce and other renowned Chartered Accountants.

There were technical sessions that were addressed by speakers drawn from the different sections of the Industry and discussed on several issues.

CA Subodh Agarwal, Central Council Member of ICAI, said on this occasion, “In the current era of changing legislation, there are lots of regulations/act which are going to change the entire dimensions of the professions like Goods and Service Tax, International Financial Reporting Standards, Direct Tax Code, New Companies Bill, 2011, Various NBFC Rules and Regulation as proposed by Usha Throat Committee which has been formed by RBI.”

CA Nihar Jambusaria, Sr. Vice-President (Taxation) of Reliance Industries Limited spoke on “Income Tax Issues on Transactions in Real estate”, CA N.P.Sarda, President of ICAI (1993-94) & Chairman of Deloitte Haskin Sells & Affiliates, India and presently member of IFRS Advisory Council, London shared his views on “Evolutions of Indian AS and impact on Revised Schedule VI”, CA Manoj Banthia, Kolkata & a practicing Company Secretary discussed on the issue “NBFC and Corporate law-Recent Development and Issues” and CA (Dr.) Sanjeev Singhal, co-opted member of Accounting Standards Board of ICAI and presently Vice President, Finance and Head, Accounting center of Excellence at Jubilant Life Sciences spoke on the topic“ Revised Schedule VI”.

They discussed the various legislation in detail and were of the opinion that all these changes are perceived to bring lots of opportunities. It is said that challenges do bring opportunities. It‘s high time for the professionals to equip ourselves with these new acts and regulation and deliver to the best of our abilities so that laws of land is adhered to by the Industry at large, thereby helping the nation to go from strength to strength.