The Institute of Authorized Accountants of India (ICAI) is preparing to finalize the directives intended to improve the framework of approved accounting practices (CA) who wish to engage in international networks, the Hindu Businessline reported.
According to the president of ICAI, Charanjot Singh Nanda, the upcoming directives will take up the challenges associated with the training of partnerships or for membership of international companies.
Nanda was cited by the news agency saying: “We publish guidelines to solve problems related to the affair with or to be part of international companies or international networks. We will provide a complete back control list and not to do. ”
He explained that this decision aims to create a legally recognized network under the jurisdiction of ICAI.
The plans for guidelines were available for public comments until July 16 and are currently being examined by the Institute.
They cover various elements such as the name of the network, registration, constitutional amendments and the submission of annual yields.
An important aspect of guidelines is the requirement for each network abroad to appoint a nodal officer, who will ensure that the operations respect ICAI regulations for all turnover practices recorded in India.
In addition, national companies that are part of a network abroad must comply with ethical standards applicable to these networks while complying with local laws.
In collaboration with this, ICAI plans to introduce a networking portal to provide a digital platform to its members.
This portal is intended to facilitate professional networking, mergers, partnerships and collaborations, allowing members to connect and share resources.
Nanda noted that this initiative could particularly help small and medium -sized businesses to expand their service capacities.
In addition, ICAI has completed the revision of its merger and unmoved directives, which, according to Nanda, will promote a more proactive approach among companies.
Nanda added: “We will see the companies merge, while the two parties keep their seniority.”
The updated guidelines are designed to encourage mergers that can improve the presence of the market and operational efficiency, allowing companies to get out of one to ten years while keeping their original name.
The guidelines also allow merger entities to freeze their names with ICAI for ten years, ensuring that during disgusting, their date of establishment and their seniority are preserved.
However, it is specified that no professional activity should be carried out under the name of a frozen company.
