The Kuwait Chapter of the Indian Institute of Chartered Accountants held their 8th Annual Day celebrations at the Safir Hotel on the 4 May 2014. Attending this auspicious occasion in the life of the Kuwait Chapter was the President and Vice President of the Institute of Chartered Accountants of India (ICAI), several Partners and Directors of leading professional (Business, Accounting and Tax) advisory service Companies in Kuwait, members of the Kuwait Auditing and Accounting Association (KAAA) and sponsors and guests from prominent Indian Associations.
The Indian Ambassador to Kuwait, Shri Sunil Jain was the Chief Guest.
The Ambassador addressed the gathering which included 236 of the 445 registered members in Kuwait and their spouses. Shri Sunil Jain congratulated the members on the professional contribution they made in the Country they had adopted and for being brand ambassadors to India.
He complimented Kuwait for hosting the biggest contingent from any country and the reliance they placed on the services rendered by the Indian diaspora. Shri Sunil launched the ICAI Global Career E-Kit for Kuwait that held important information on Kuwait and the opportunities available for Chartered Accountants.
The President of the Institute of Chartered Accountants of India (ICAI), CA K. Raghu complimented the Kuwait Chapter of the Institute of Chartered Accountants of India for rendering excellent services by carrying out activities in the interest of the Profession. He stated that the Indian Chartered Accountancy profession is the second largest word-wide with nearly 230,000 qualified Chartered Accountants and more than 800,000 aspiring students.
The Institute of Chartered Accountants of India is a statutory body, formed under the Chartered Accountants Act, 1949 enacted by the Indian Parliament. The Institute is a partner in nation building, assisting the Union Government of India in policy matters related to finances, corporate laws and taxation. The Institute works towards improving corporate disclosures, raising transparency in financial statements and fostering corporate governance norms.
CA Raghu said that the educational standards were continuously being upgraded. He went on to explain the recent initiatives made by the Institute that benefit young members and empower women members play a greater role in the profession. He also went on to assure members returning to India of the initiatives taken by the Institute to re-integrate them in the context of changing laws (be it corporate or taxation) over the interval that they were away. CA Raghu released a Kuwait member directory on the occasion.
The Vice President of ICAI, CA Manoj Fadnis informed the members of the strides made by ICAI in integrating with the International Financial Reporting Standards (IFRS). IFRS represents the common global language adopted to ensure that company accounts are understandable across the Globe. He informed the gathering that India had adopted a road map for IFRS convergence. He explained, with a few examples, how India was partnering with other developing and under-developed countries in the Region to highlight and adopt the uniqueness in certain IFRS standards.
CA Gaurav Dokhania the outgoing Chairman and CA Prashantha Shetty the incoming Chairman of the Kuwait Chapter, ICAI, separately addressed the gathering. While Gaurav thanked the outgoing executive committee and the members for their support, Prashantha pledged to continue in the footsteps of his predecessors and carry the Institute Chapter in Kuwait to even greater heights.
CA Hormuzda Davar raised a vote of thanks. 38 members who had completed 25 years in the service of the profession were felicitated and mementos were also presented to several benefactors. The evening drew to a close with a scintillating musical performance by a musical troupe led by Arif and Zeba who set the floor alight with a rendition of musical maestros, RD Burman and SD Burman songs.