New Delhi: The Institute of Cost Accountants of India (ICAI), a premier professional body, the 2nd largest Cost & Management Accounting body in the world and the largest in Asia, in association with South Asian Federation of Accountants (SAFA), a forum of professional accountancy bodies, organized SAFA International Conference 2018 on the theme ‘Professionals of the Future: Thoughts on 2018 & Beyond’ in New Delhi.
PP Chaudhary, Union Minister of State for Law & Justice and Corporate Affairs inaugurated the event. Other renowned dignitaries who graced the Inaugural Session are – CA. (Dr.) Suvod Kumar Karn, President, SAFA; Rachel Grimes, President, IFAC; CMA Sanjay Gupta, President, The Institute of Cost Accountants of India; CMA H Padmanabhan, Vice-President, The Institute of Cost Accountants of India and CMA Dr. I Ashok, Chairman, International Affairs and Sustainability Committee, The Institute of Cost Accountants of India and CMA Manas Kumar Thakur, Immediate Past President of the Institute. The Knowledge Report-“Global Management Accounting Dynamics” was also released on the occasion.
The Inaugural Session was followed by four Technical Sessions. Technical Session-1 is on Artificial Intelligence: Challenge for the Profession. Piyush Goyal, Union Minister for Railways, Coal, Finance and Corporate Affairs, G.O.I was the Chief Guest of this session. The Speakers were – CMA Sanjay Gupta; Rachel Gimes; Tashia Batstone, Senior Vice President, CPA-Canada. CMA Dr. P.V.S.Jagan Mohan Rao, Vice President-SAFA and Council member of the Institute delivered Vote of Thanks.
PP Chaudhary, Union Minister of State for Law & Justice and Corporate Affairs while delivering his address expressed his happiness that the institute of Cost Account of India is the largest Cost and Management Accounting in Asia and therefore has bigger responsibilities on it Shoulders it is expected from the member from the institute that they will play a leading role in shaping up of the Indian economy. He also applauded, a major role played by the institute and its members in smother implementation of GST in the country and taking a pledge to celebrate fist July as the “GST Day” being the day on which GST was implemented last year, as one nation one tax.
Piyush Goyal, Union Minister for Railways, Coal, Finance and Corporate Affairs while delivering his address to the participants emphasized on the important role the Cost and Management Accountants (CMA’s)and other professionals have to play in the days to come to shape up the Indian economy which is a fastest growing economy having huge market of 1.2 Billion people. The present government under the able command of Prime Minister Narendra Modi, is leaving no stone unturned to ensure best of the basic amenities to the masses of India including food quality housing good connectivity through better road and other infrastructure by the year 2022. He said all this is possible with sincerity, honesty and dedication of all. The professionals have a pivotal role to realize this dream of a vibrant, progressive and dynamic new India.
The Panelists for Technical Session-2 on Connected World- The Emerging landscape visualizing the Future were – Tashia Batstone; Lucia Real-Martin, Director – Emerging Market, ACCA and Arti Jha, Manager Central Automation Team-Ernst & Young.
Sachin Joshi, COO, CII-ITC Centre of Excellence for Sustainable Development and Anirban Ghosh, CSO, Sr. Vice President-Mahindra Group presented their deliberations for Technical Session-3 on Essence of Reporting- Governance and Sustainability: Moving towards Integrated Reporting.
Technical Session 4 is on Essence of Reporting- Governance and Sustainability: Role of Governance for Sustainability and the Panelists were – Gary Pflugrath, Sr. Director of public Policy and Regulation, IFAC and Shikhar Jain, Principal Counsellor, Corporate Sustainability Management & Reporting, CII.
Justice S. J. Mukhopadhaya, Chairperson, National Company Law Appellate Tribunal was marked his presence in the Technical Session-V the expressed practical problems faced by IRPs in Insolvency, Restructuring and Business Valuation, Dr. Mukulita Vijayawargiya, Director-IBBI; Senior Advocate A.S. Chandhiok, President-Insol India and CMA Sanjay Gupta, President of The Institute of Cost Accountants of India.
Speaking at the conference Sanjay Gupta President of The Institute of the Cost Accountants of India Said “The theme of the Conference ‘Professionals of the Future: Thoughts on 2018 & Beyond’ emphasized the areas of professional challenges and the opportunities that come along as avenues for future growth. Digitalization has challenged professional service sector to rethink internal structures and thereby better deliver services and maximize profits in an increasingly digitalized age.”
But at the same time, it also will require considering how automation will impact jobs. To complicate this even further, overall the workforce composition is changing. Transforming into a truly digital business is much more than just implementing new technology to meet the demands of a digital age. It’s more than keeping up with the deluge of transformation happening all around us. Digital transformation is about understanding how to harness these changes and incorporate them into your apt business strategy.
The Conference provided a wonderful forum for refreshing knowledge base and offered plenty of networking opportunities, providing the delegates with the opportunity to meet and interact with the domain experts, corporates, professionals and academicians across the world. In his speech he also mentioned we the fraternity of Cost and Management Accountants on continuous basis, pursue as to how to create value in terms of any transaction by proper application of cost & management accounting tools in today’s highly cost competitive world for the benefit of our future generations.