Technology, whether in manufacturing industries or in service sectors aims at improving productivity, she said.
Finance Minister Nirmala Sitharaman on Thursday asked Chartered Accountants (CAs) to familiarise themselves with global developments such as carbon accounting and environment, social and governance (ESG) related audits to serve their clients better.
“Negotiating for your clients for transfer of technology, funds and partnerships (will be required). So, unless you are familiar with newer growing areas and understand what are the expectations, you may want to set up newer standards,” Sitharaman said.
“In each of these areas, you will have to set up best practices. Put your best efforts,” she said addressing an event of the Institute of Chartered Accountants of India (ICAI) in Bhubaneswar. A new course for CAs, which was unveiled on July 1, will be implemented from July next year, which will be of critical relevance, she added.
The traditional image of accounting as a tedious and manual process is rapidly evolving. Technology, whether in manufacturing industries or in service sectors aims at improving productivity, she said.
The free trade agreement with the UK, which is being negotiated, will have much for the Indian chartered accountants to benefit from if they can leverage it, the minister said.
Source:financialexpress.com