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BCAS President CA Chirag Doshi’s Message for the Month of February 2024

Dear Members,

“Innovation distinguishes between a leader and a follower.” – Steve Jobs

I am pleased to share with you the outstanding success of our recent Conference ReImagine which took place from 4th to 6th January, 2024 at the Jio World Convention Centre, Mumbai. The event brought together professionals, thought leaders, and experts from Practice and various industries, creating an impactful platform for collaboration, learning, networking, and innovation.

The conference witnessed more than 1000 delegates from 75+ cities and towns. More than 35% were young professionals below the age of 40 years, with an equal number of senior professionals above the age of 60 years participating with full enthusiasm. The Energy, Expertise, and Enthusiasm over the 3 days were mesmerising. On the momentous occasion of the 75th year and the mega conference, our Society also received a commendation letter from the Hon’ble Prime Minister of Bharat, Shri Narendra Modi.

I would like to share key highlights of the ReImagine Conference for the benefit of those who could not be part of this landmark event:

Themes:  The themes planned by the technical committee under the able Chairmanship of CA Shariq Contractor and Co chairmanship of CA Anil Sathe and CA Abhay Mehta were well applauded by all. They were very forward-looking and apt to the current scenario where India is marching towards becoming the third-largest economy in the world. Themes covered various areas of business and services where a finance professional plays a very critical role.

Exceptional Attendance: We witnessed an impressive turnout, with delegates from diverse backgrounds, industries, and geographies. The high attendance reflects the relevance and interest in the themes/topics discussed.

Quality Speakers and Presentations: Our line-up of speakers and pane lists delivered insightful and thought-provoking sessions. Their expertise contributed significantly to the overall success of the conference. We had three Padma Awardees, more than five CFOs of large corporations, CEOs, MDs, Founders, and senior professionals sharing their thoughts and experiences over the 3 days.

Innovative Content: The conference showcased cutting-edge trends, best practices, and innovative solutions. Delegates left with a deeper understanding of emerging opportunities and challenges in the profession and business.

Engagement and Networking Opportunities: Delegates actively engaged in networking sessions, fostering valuable connections and collaborations. The feedback on these interactions has been overwhelmingly positive. The use of technology throughout the 3 days kept the delegates engaged. The conference made use of digital apps to post specific questions to panelists and speakers which were posed before them based on upvoting by participants. There were polls that were conducted digitally.

Positive Feedback: Preliminary feedback from attendees has been exceptionally positive, praising the arrangement, content, and overall experience. The meticulous planning by the celebrations committee under the able chairmanship of CA PranayMarfatia and co-chairmanship of CA UdaySathaye and CA Narayan Pasari was par excellence. We have received numerous expressions of gratitude and satisfaction from all over the globe through various letters, emails, chats, and social media messages.

Media Coverage: The conference garnered significant attention from media houses/agencies, further establishing our Society as a thought leader. The conference was covered in 30+ leading media channels, print and digital. The major coverage was for the keynote session, the digital infrastructure as a game changer, the Use of AI in gathering tax evidence, the Impact of technology on the changing corporate landscape and Ride the Capital market sessions. This demonstrated that the conference met the requirements of current and future times.

Publications: The conference also witnessed the launch of the following books and research papersduring the three days:

  1. Tax Deduction & Collection at Source – Law & Procedure
  2. 75 Laws relevant to Direct Taxes
  3. Ease of Doing KYC – A Study
  4. Disclosure Overload” issues in Financial Statements

75th-year Celebrations: I am thrilled to share an electrifying aspect of the conference that added a vibrant dimension to our celebration. The program also marked the 75th year of BCAS with an evening of the musical fountain show at Nita MukeshAmbani Cultural Center of Jio World, followed by live entertainment by leading Bollywood singer Shaan and his troop. During the evening festivities, the delegates immersed themselves in the joyous atmosphere, dancing exuberantly to the live music that echoed through the venue. The live music performance, carefully curated to cater to diverse tastes, created an energetic ambience that resonated with the spirit of camaraderie and celebration. Delegates and their family members from various backgrounds and professions came together on the dance floor, breaking down barriers and fostering a sense of unity. The lively dance floor was a symbolic representation of the success and dynamism of our organization. It showcased the collective spirit and shared accomplishments that make our community truly special.

Memorable Closing Ceremony: The evening concluded with a memorable closing remark by Vice President CA Anand Bathiya followed by a video displaying the glimpses of 3 days, symbolizing the end of an exceptional conference and the beginning of new opportunities. Delegates left with a sense of accomplishment and pride in being part of our Society.

I would like to express my gratitude to the entire team of BCAS and the volunteers involved in planning and executing this event. Their dedication and hard work were instrumental in achieving such a resounding success.

As we reflect on the outcomes of ReImagine, I am confident that the knowledge shared and connections made will have a lasting impact on our profession and our Society. I look forward to discussing further insights and potential follow-up actions with the Managing committee in the coming month.

Way forward – BCAS @ 75

This Quarter Theme: Future Ready Firms – Innovation, Growth & Succession.

We are living in times when our profession is constantly experiencing change. Change in many ways – change in technology, change in people’s perceptions, change in stakeholder expectations, change in regulations, and so on.

Under these circumstances, CA firms must embrace change positively. This can happen with being future-ready.

Future-ready firms will need to constantly think about innovation in their firms. Innovation in practice management, client services, people processes, and delivery of products. Overall, firms will need to ensure an elevated client experience.

Firms having senior partners need to have a robust succession plan in place to ensure continuity and stability.

Growth will come to firms who embrace these changes – in time and with efficiency.

Here are some themes that BCAS committees and groups shall be focusing on to give effect to some of the above thoughts by way of lecture meetings/seminars/workshops/articles in BCAJ/social media sharing:

– Creating an Innovation culture in the firm
– Practicing systematic innovation
– Succession plan in practice – the how of it?
– Passing on the baton – the do’s and don’ts
– Experience sharing by senior partner(s) of firms having created succession plans and retirement policies and having implemented them
– Merger of practices – consolidation for growth
– Creating a future-ready firm – case studies, successes, learnings
– The key tenets of ensuring sustainable growth for your CA firm
– Building a professional service firm for Growth

“The future belongs to those who prepare for it today.” –  Malcolm X

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Thank You!

With Best Regards,

CA Chirag Doshi
President

Please feel free to write to me at president@bcasonline.org |