Global accounting bodies set to unite to reskill 3 million accountants in sustainability reporting, says ICAI Chief Agarwal
New Delhi, January 30, 2025
ICAI, CPA Australia, ICAEW, and CPA Canada in advanced talks to launch a uniform certification course on non-financial reporting
Four major global accounting bodies — ICAI, CPA Australia, ICAEW of England and CPA Canada — are in advanced talks to launch a uniform certification course globally to reskill 3 million accountants in non-financial (sustainability) reporting, Ranjeet Kumar Agarwal, President, ICAI, said on Thursday.
“We are in advanced talks to see how the 3 million member accountants of these four major bodies can be reskilled and also upskill them to know the nitty gritty of non financial reporting subject to local jurisdiction adjustments,” Agarwal said at a Global Summit on Accelerated Value Creation for Sustainable Growth in the capital.
The global summit, jointly organised by CPA Australia and industry body ASSOCHAM, also saw the release of the Business Technology Report 2024.
Agarwal later said that the proposed certificate course will be voluntary for members. ICAI, which is the world’s largest accounting body, has about 4.5 lakh chartered accountants members and over 9 lakh students.
The ICAI chief highlighted that in the eyes of global investor community the “non-financial reporting” aspects have become equally important in today’s world as financial reporting. “Accountants have a larger role to play on how non-financial aspects can be integrated with financial aspects so that stakeholder can better rely on integrated financial statements,” he said.
AI boost for CAs
In his address, Agarwal also said that chartered accountants or accountants in the era of artificial intelligence (AI) cannot be replaced by machines. “Chartered accountants’ knowledge levels are huge and they are planners, advisors and consultants. Value creation in corporates has to be done by human CAs and not by AIs. AI cannot replace chartered accountants, but CAs with knowledge of AI will definitely replace a CA without knowledge of AI,” Agarwal added.
The CA Institute is looking to actively collaborate with global accounting bodies like CPA Australia, he added. ICAI Central Council has approved a proposal to allow Australian members of CPA Australia to practice in India on a reciprocity basis. This proposal is with the Ministry of Commerce and Industry for negotiations for the proposed India-Australia Comprehensive Economic Cooperation Agreement, he added.
On the occasion of the Global Summit, a memorandum of understanding (MoU) was also signed between CPA Australia and ASSOCHAM here on Thursday.
[The Hindu Business Line]
