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BCAS Vice President CA Chirag Doshi’s Message for the Month of May 2023

Importance of Professional Association

A professional association, also known as a professional organization or professional body, is a group or society that represents the interests and promotes the professional development of individuals who work in a particular field or industry. Professional associations are typically composed of members who share a common profession, occupation, or area of expertise, and they often have a formal structure, governance, and established standards or codes of conduct.

Professional associations can exist in various fields, including but not limited to chartered accountants, business, doctors, lawyers, education, engineering, technology, etc.

They may serve a wide range of purposes, such as:

  • Networking and Collaboration: Professional associations provide opportunities for professionals to network, connect, and collaborate with peers who share similar interests and expertise. They often organize events, conferences, workshops, and forums where members can exchange ideas, share knowledge and best practices, and build professional relationships.
  • Professional Development and Education: Professional associations offer continuing education programs, certifications, or training courses to help members enhance their knowledge, skills, and competencies. They also provide resources, publications, and research to keep members updated with the latest developments and trends in their field.
  • Advocacy and Representation: Professional associations often act as advocates for their members, representing their interests and concerns to external stakeholders, such as government agencies, policymakers, or industry regulators.
  • Standards and Ethics: Many professional associations establish and promote standards of professional practice and ethical guidelines for their members. These standards help ensure that members adhere to best practices, maintain professional integrity, and uphold a code of conduct in their work.
  • Career Support: Professional associations may provide career support services, such as job boards, mentorship programs, or career development resources, to assist members in advancing their careers and achieving professional success.
  • Community and Recognition: Professional associations can foster a sense of community among members, providing opportunities for professional recognition, awards, and honors. They may also offer platforms for members to contribute to the advancement of their profession through volunteering, leadership roles, or involvement in association activities.

We have noticed a fall in membership of various associations over the years as more and more knowledge is available online and on social media sites looking to enter the space of online networking, however, the personal touch, alumina benefits, community support, and other things are missed out.

Joining a professional association can provide numerous benefits to individuals, including opportunities for networking, learning, advocacy, career support, and professional recognition. It can also contribute to the advancement and growth of a profession or industry as a whole by promoting best practices, setting standards, and representing the interests of its members.

Few relevant International Associations:

  • American Institute of Certified Public Accountants
  • Association of Chartered Certified Accountants
  • World Congress of Accountants
  • ASEAN Federation of Accountants

Few relevant National Associations:

  • Bombay Chartered Accountants Society – BCAS
  • The Association of Mutual Funds in India
  • Federation Of Indian Chambers Of Commerce & Industry (FICCI)
  • ASSOCHAM – Associated Chambers of Commerce and Industry

Over the years professionals have benefited by being members of local associations. Considering the benefits mentioned above, all the professionals who are yet not part of any member associations should reconsider their thought and be a part of professional associations.

A man only learns in two ways, one by reading, and the other by association with smarter people. – Will Rogers

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Events

1. MEETING ON COMPANY LAW: SCHEDULE III AND CARO

On 7th April, 2023, the Students Forum under the auspices of the HRD Committee organised a virtual’ Students’ Study Circle meeting on the topic “Company Law: Schedule III and CARO”.
The Students’ Study Circle program is designed in a way to train students under the guidance of the Mentor.

Visit the below link or scan the Q.R. Code with your phone scanner app:

YouTube Link: https://www.youtube.com/watch?v=zlFlrOxniWk

QR Code:

2. SUBURBAN STUDY CIRCLE MEETING ON “ANALYSIS OF SECTION 45(4) AND 9B OF INCOME TAX ACT, 1961”

Suburban Study Circle Meetings on “Analysis of Section 45(4) and 9B of Income Tax Act, 1961”, held in two parts, the session was knowledgeable, practical and all the points were very well covered with numerous case studies to make it simpler for the group. Both sessions had wonderful interactive participation from the group.

3. XIITH RESIDENTIAL STUDY COURSE ON IND AS

The Accounting and Auditing Committee of the BCAS organized the XIIth Residential Study Course (RSC) on Ind AS (in physical mode) at The Dukes Retreat, Khandala which was attended by 66 participants from across India.
The RSC comprised three engaging papers for Group discussion along with two interesting presentation papers and an excellent Panel discussion.

The paper for group discussions comprised following topics:

  • Case studies on the Intricate issues of Ind As Standards across Industries
  • Case Studies on Consolidated Financial Statements (Ind AS 110) and Business Combinations (Ind AS 103)
  • Case Studies on Intricacies in Financial Instruments (Ind AS 32 and Ind AS 109)

Presentation Papers comprised following topics:

  • Recent Development in Global Reporting Framework
  • ESG- Concepts and Reporting

A Panel discussion was organized on:

Preparing for Regulatory Challenges and Managing Stakeholders’ expectations in Auditing. The Panel discussion gave the perspective from the viewpoint of Auditors, Audit Committee Representative and the Industry. It was very well moderated to generate interesting discussion.

4. WORKSHOP ON APPROACH TO LITIGATION UNDER GST

The Indirect Tax Committee organised a full day workshop on “Approach to Litigation under GST” covering the entire gamut of litigation under GST.

5. INDIRECT TAX LAWS STUDY CIRCLE MEETING ON ISSUES IN REPORTING

The group leader of the Indirect Tax Study Circle, CA Deepali Mehta conducted a meeting to discuss seven case studies addressing the practical issues in reporting vis-à-vis turnover for applicability of turnover for e-Invoice, and other practical issues in e-Way Bills and e-Invoices.

6. HRD STUDY CIRCLE MEETING ON LIFE AND BREATH

The HRD Committee of the Study Circle organised a hybrid meeting on the topic ‘Life and Breath’ on 14th March, 2023.
The discussion at the meeting revolved around the thought: ‘Life itself is the most wonderful fairy tale. Do we really live? Are we aware of our Breath? Are we conscious of our breathing and breathing habits?’

Visit the below link or scan the Q.R. Code with your phone scanner app:

YouTube Link: https://www.youtube.com/watch?v=ofgTAk0UXxo

QR Code:

7. WORKSHOP ON PRACTICAL ASPECTS OF AUDIT FOR SME PRACTITIONERS

A two-day hybrid workshop was held from 10th and 11th March, 2023 at the BCAS auditorium to comprehensively deal with various important and practical aspects of auditing for SME entities. The aim of workshop was to help SME practitioners improve the overall quality of audit, avoid pitfalls and make them aware of certain important aspects in audit.

8. WORKSHOP ON PENALTIES UNDER INCOME TAX ACT 1961

The Taxation Committee organised a Workshop on Penalties under Income Tax Act 1961. The Workshop was divided into two parts. The first part of the workshop was held on 19th January 2023 and the second on 27th January, 2023.

Forthcoming Events

Topics Date Speaker Name Fees Committee name Venue / Mode Regn. Link
DIRECT TAX HOME REFRESHER COURSE – 4 May 15 to May 27, 2023 Various Speakers Members Rs.1950/-  (Inclusive of GST)
Non- Member Rs.1950/- (Inclusive of GST)
Taxation  Committee Virtual Click here
Specific issues in Customs laws, SEZ Thursday, May 25, 2023 Prerana Shah Rs. 944/- (18% GST inclusive)
Study Circle subscription is restricted only to BCAS members
Indirect Taxation Committee Virtual Click here
Various Topic Friday, May 26, 2023 Various Speakers For BCAS & IIA Members Rs. 2124/-  For Non Member Rs.2596/- Internal Audit Committee MCCIA Trade Tower Pune Click here
Panel Discussion on recent PMLA notifications and impact on Professional Service Firms Tuesday, 30 May , 2023 Panellist:
Mr. R N Dash,Adv Ashwani TanejaModerated by :
CA Anand Bathiya
Free to All Managing Committee Virtual Click here
Lecture Meeting – Succession Planning and Drafting of Wills Friday, June 2, 2023 CA Anup Shah Free to All Managing Committee Bhatia Balrakshak Vidyalaya Society, Bhatia Bal Rakshak Chowk, TPS Rd, opp.
Veer Savarkar Garden, Gautam Nagar, Borivali West, Mumbai, Maharashtra
400092
Physical Event
Decoding ESG Through an Internal Auditor’s Lens Friday, June 9, 2023 Various Speakers Save the date Internal Audit Committee BCAS Registration link will be shared soon
Practical Issues in GST Refunds Monday, June 12, 2023 Shuchi Sethi Rs. 944/- (18% GST inclusive)

Study Circle subscription is restricted only to BCAS members

Indirect Taxation Committee Virtual Click here
17th Residential Study Course on GST Thursday, 22 June 2023 to Sunday, 25 June 2023 Various Speakers Members  Rs. 27,500 + GST 4,950 = Rs. 32,450
Non- Members  Rs. 30,000 + GST 5,400 = Rs. 35,400
Indirect Taxation Committee The Leela, Gandhinagar, Gujarat Click here

Thank You!

With Best Regards,

CA Chirag Doshi
Vice President

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