FIVE EMERGING AREAS FOR BUDDING CHARTERED ACCOUNTANTS IN 2016

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Chartered Accountant profession is undergoing a series of changes in 2016. These changes are required to be updated and refreshed by a young budding CA on a continuous basis . In an era of constant change there is a need to keep oneself regularly update.

Firstly, the laws and the procedures of Company law are changing at a great   pace which are reflected through constant updates coming from the Ministry of Corporate Affairs.

Secondly, Taxation both direct tax and indirect tax are going through regular amendments which is required to be read along with lots of court judgements, circulars and notifications. A CA has to be abreast with the latest developments so that he can be helpful for the clients.

Thirdly, IND-AS will be put in to practice in the Phase 1 in the financial year 2017-18. Lots of changes are going to come in the accounting representation. Annual reports will get changed. Hence a young professional is required to be constantly upgrading his skills on a regular basis.

Fourthly, a young professional must be able to see all the aspects of the business in totality. Each business is a set of processes. He must be able to apply activity based costing, cost reduction and Kaizen costing with in the organization based on the requirements.

Fifthly and finally, CA should not look business in isolation but he must apply an interdisciplinary approach. He must also know Economics, Psychology of people, negotiation skills, International economic development and as well as polity. Everyday he must study a minimum of one hour to keep himself professionally update.This is useful because no business can survive only focusing on the internal factors. A CA must also be capable to analyse all external factors quickly.

All the above mentioned factors when taken together will make him a holistic CA. Let’s develop all the above mentioned habits in us.

 

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