ICAI presents 71st Annual Report for FY 2019-2020. Read Highlights of achievements
ICAI has presented its 71st Annual Report for the year ended 31st March 2020.
For the year ended 31.03.2020 the ICAI has earned a net surplus of Rs. 29,919 lakhs which is 5.57% more than the corresponding previous year. The ICAI has total accumulated surplus of Rs. 226974 lakhs while the corresponding figure for the previous year was 196347 lakhs.
The Institute of Chartered Accountants of India (ICAI) came to be founded on 1st July 1949 by an Act of Parliament. Since then the Chartered Accountancy (CA) profession has grown tremendously. Founded with about 1,700 members, the ICAI boasts of 307238 members as on 31st March, 2020.
The Report highlights the important activities of the ICAI during the year 2019-2020, besides the accounts of the Institute for the year ended on 31st March 2020.
The Annual Report also discusses major initiatives, important events, statistical data relating to members, students, details of seminars, conference, workshop, training programmes etc. organised during the period upto early July 2020.
The total numbers of candidates, who appeared in the Foundation, Intermediate, Intermediate (IPC) and the Final (Existing and Revised) and passed, were as follows:
Examination | % of student passed/appeared (in all groups) |
Intermediate (IPC) | 15.47 |
Intermediate | 19.30 |
Final (Old+New) | 22.10 |
Foundation | 35.09 |
During the year 2019-20, the number of meetings held were as under:
Board of Discipline | Disciplinary Committee | |
No. of meetings held | 36 | 54 |
Number of Complaint/Information cases considered | 244 | 288 |
Number of cases where enquiry was completed | 119 | 300 |
Number of cases in which punishment awarded | 56 | 78 |
ICAI has set CPE requirements contemporary with Global scenario. The CPE Credit Hours requirements for various categories of members as applicable for the current block of 3 years (1-1-2020 to 31-12-2022) are as under:
Category of Members | CPE Hours requirement |
Members (aged less than 60 years) who are holding Certificate of Practice (except all those members who are residing abroad) | 120 (out of which minimum 60 CPE hours should be of Structured learning)-minimum 20 CPE credit hours of structured learning in each calendar year |
Members (aged 60 years & above) who are holding Certificate of Practice | 90 (either structured or unstructured learning)-minimum of 20 CPE credit hours either Structured or Unstructured Learning in each calendar year |
Members (aged less than 60 years) who are not holding Certificate of Practice; and all the members who are residing abroad (whether holding Certificate of Practice or not) |
60 (either structured or unstructured learning)-minimum 15 CPE credit hours either structured or unstructured learning in each calendar year
|
The above ICAI CPE requirements are subject to few exemptions.
No of Fellows (Practicing/Non-practicing) | 99483 |
No of Associates (Practicing/Non-practicing) | 207755 |
Presently UDIN is mandatory for all Certification done by Practising Chartered Accountants, all GST & Tax Audit Reports and other Audit, Assurance and Attestation functions.
1.05 Crore (98.53 Active UDINs) have been generated till 31stMarch, 2020
Certificates | 49.85 lakhs |
GST & Tax Audit | 37.12 lakhs |
Other Audit & Assurance | 11.56 lakhs |
Order not in conformity of Faceless Assessment Scheme 2019 if not est? - ITAT remands the case in view of…
Extension of the validity of FCRA registration certificates till 30.09.2024 Home Ministry has decided to extend the validity of FCRA…
Provisions of section 68 to 69B applicable only if assessee is required to maintain books of accounts under provisions of…
When show cause notice proposed addition u/s 68 as unexplained cash credits, in assessment order addition can not be made…
AO directed to pass order u/s 148A(d) after considering belated reply filed by assessee after supply of legible copies of…
AO converted limited scrutiny into complete scrutiny without obtaining permission and in violation of CBDT Instruction - ITAT quashed Assessment…