BCAS President CA Chirag Doshi’s Message for the Month of October 2023
Dear BCAS Family,
India is witnessing a telecom and IT revolution, and it is gaining prominence in its contribution to the world economy by providing state-of-the-art products and services to the world.
As per the NASSCOM report, the IT industry has a noticeable impact on improving the efficiency of almost every other segment of the economy.
The rollout of fifth-generation (5G) communication technology and the increasing adoption of artificial intelligence, cloud computing, Big Data analytics, and the Internet of Things (IoT) will further enlarge the size of the IT industry of India at the global level. India, with approximately 55 per cent of the world’s service-sourcing market, is poised to take a big leap in technology transformation in years to come.
However, certain myths about technology often arise from misconceptions, fears, or misunderstandings about how technology works and its impact on society. As technology is impacting our daily lives, it is time to clear certain myths about the use of technology. This myth-busting exercise is to provide insights to the readers on the ease of using technology and coming out of the fear syndrome while using technology in their daily lives.
Technology and some of its myth
1. Myth: “incognito” and “private” keep everything secret
Fact: Incognito simply means the browser won’t keep track of your history, import your bookmarks or automatically log into any of your accounts. Basically, it’s good for keeping other people who use your computer from accessing links to what you’ve been doing. However, it won’t keep your identity hidden from the sites you visit or your ISP.
2. Myth: Leaving your phone unplugged the whole night destroys your battery
Fact: There’s no proof that this damages your phone’s battery in any way. Modern smartphones run on lithium-ion batteries, which are smart enough to stop charging when they’ve reached capacity.
3. Myth: More Megapixel means a better Camera
Fact: The quality of an image is determined in large part by how much light the sensor is able to take in. Bigger sensors may come with larger pixels, and the larger the pixel, the more light it can absorb. So, it’s really the size of the pixels that matter as much or more than the sheer number of pixels.
4. Myth: You Shouldn’t shut down your computer every day
Fact: The truth is it’s actually good to turn off your computer regularly.
5. Myth: More Signal bar means more network
Fact: The bars just indicate how close you are to the nearest cell tower. But other factors impact how fast the internet on your phone performs.
6. Myth: Technology Always Makes Life Easier
Fact: While technology can simplify many tasks and improve convenience, it can also make life more complex and demanding. Constant connectivity, for example, can lead to information overload and stress.
7. Myth: Technology will solve all Education Problems
Fact: The belief that technology can completely revolutionise education and replace traditional teaching methods is a common myth. While technology can enhance learning, effective education also relies on skilled teachers and pedagogical strategies.
8. Myth: Technology may replace Chartered Accountants
Fact: Technology may not replace Chartered Accountants, but a technology-driven firm may, in the near future, replace a non-technology-driven firm.
The role of IT in India’s economic development is crucial. The Indian experts are most sought after across the world, and the future belongs to India with a great share of work from different parts of the world. Future education would also include courses being developed based on the latest technological advancements, knowledge, and skills. Our next generation will not just be job seekers but will be job creators.
BCAS and its Myth
As I kept meeting several chartered accountants in the last few months, a common query I hear from potential members is that the Bombay Chartered Accountants’ Society is for Chartered Accountants from Mumbai (formerly Bombay). To break this myth, I would like to share some data about the geographical coverage of our membership. We have approx. 5400+ members from Mumbai and 3200+ members from outside of Mumbai i.e. 60% from Mumbai and 40% from outside Mumbai.
BCAS has a presence in more than 350+ cities and towns of Bharat. This helps in breaking the myth that BCAS is only a Mumbai-based association. It is the largest voluntary body of professional Chartered Accountants in Bharat, and therefore, in essence, it is a “Bharatiya Chartered Accountants’ Society.”
Reimagine and Its Myth
On the 4th, 5th, and 6th of January 2024, BCAS is organising a mega-conference, ReImagining the Profession in the Changing Technological Environment. The event shall cover many thought-provoking ideas for the future of the finance, consulting, assurance, and taxation profession.
A myth regarding this event is that it is only for BCAS members. I would like to break the myth that this event is conceptualised keeping in mind, all kinds of finance professionals, whether Chartered Accountants or others, whether in Industry or in Practice, whether in Mumbai or outside, whether experienced or young, as this event talks about ReImagining the profession as a whole.
G20 Summit 2023
Successful completion of the G20 Summit with a recommendation by India and acceptance of all members of G20 for inclusion of the African Union into the Group of nations, making the count G21 has established India’s prominence in driving the agenda of inclusive growth at the world level.
Events at BCAS
The theme for the July to September quarter was the impact of technology, and BCAS was at the forefront in organising a few workshops and Twitter Space Sessions related to the impact of technology on the profession.
A. Bombay Chartered Accountants’ Society organised a workshop on the use of technology in GST compliance through a demonstration of various automation tools. Automation and use of software in compliance processes can help Chartered Accountants increase the efficiency of their team and improve compliance.
B. The Tech I Committee took the initiative to organise the Twitter Space Session on filing ITR for A
.Y. 2023-24 from the BCAS Twitter handle.
This Twitter Space Session was conducted with the objective of sharing the crucial precautions and best practices for filing ITRs that professionals need to observe.
C. BCAS has always been at the forefront of arranging programs and seminars when any new provisions or standards are issued. A full-day seminar on Forensic Accounting and Investigation Standards (FAIS) was held in physical mode at the Hotel Parle International to introduce the participants to the framework governing these standards, the basic concepts covered in the standards, the legal framework, and report writing.
D. In a dynamic financial landscape, the event “Investing in Amrit Kaal” organised by BCAS shed light on the shifting paradigms of investment. The speakers meticulously navigated through the evolving asset classes, emphasising how Alternative Investment Funds (AIFs), Commodities, Portfolio Management Services (PMS), and even Sovereign Gold Bonds are carving distinctive realms within the investment spectrum.
September month was the month of festivals, and I, on behalf of the entire BCAS, seek forgiveness and also forgive everyone from the heart, Michami Dukkadam. I also wish everyone a very happy Ganesh Chaturthi.
As we move into the October to December 2023 quarter, the theme will be “Charter for Change.”
