The Institute of Chartered Accountants of India UAE (Dubai)
th 34 Annual Report 2015 - 2016
1 2 SHRI NARENDRA MODI Honorable Prime Minister of India
3 CHAIRMAN’S MESSAGE
It is with a sense of satisfaction and fulfillment I write to you my dear members, sponsors, and well-wishers of ICAI Dubai Chapter. My tenure which began on 19th September 2015 will conclude officially on 28th September 2016. This 375-days journey has been a wonderful experience for me and to my dedicated team of office bearers & executive committee members. We have left no stone unturned to meet your expectations and aspirations. This is evident from the encouraging and positive feedback we have been ever so continuously been receiving all through the year. I only wish to say one thing – A BIG THANK YOU – for allowing me to contribute to our wonderful and prestigious CA Nimish Makvana ICAI UAE Dubai Chapter.
The last year saw us conduct a record 44 events – 25 CPE, 6 CSR, 3 Sports, 5 Social, & 5 for Students. The details of all of these are detailed in this 34th Annual Report. This year we have attempted to conduct events in a scale and size befitting our professional body, be it the annual conference at Le Meredian where we had more than 1000 attendees over the two-day event, the budget event in association with Times Now, the joint meeting with Abu Dhabi Chapter, the Iftar get together at the Atlantis, our annual Social Get-together to name a few, had put our organization skills to the test. Above all, we are now seeing our ICAI brand being more visible and enhanced in stature.
Words fail me when I recollect the unequivocal support that we have received from the various UAE government authorities, especially the love and affection extended by His Highness Sheikh Nahyan Bin Mubarak Al Nahyan, Hon’ble Cabinet Member & Minister of Culture & Knowledge Development, Govt. of UAE who was Chief Guest in Inauguration Ceremony of Annual Conference. I share the same sentiments with President & Vice President of ICAI, Central council members and to all the officers / members of ICAI, Delhi.
This year saw many a new initiatives which include ICAI Dubai Mobile Application, Arabic Session, Yoga classes, Live Webcast of Annual Conference, Broadcast of two events by TimesNow - Budget and Annual Conference, Electronic Voting, Social Audit of the chapter and more involvement of our own members in the Member’s Forum.
One of the most important agenda of the year was to commence the process of obtaining Non-Profit Incorporated Organisations (NPIO). License in DIFC for which, I am happy to inform you that, the chapter has got the provisional approval from the DIFC and this will go a long way in furthering the activities of the chapter in the future.
The year also saw our membership numbers go beyond 2,000 and we have generated a record 96 hours for our varied CPE events conducted during the year.
My sincere thanks to each one of you and to our patrons for giving me the opportunity to contribute to the overall betterment of our Chapter and this Annual Report is culmination of all the hard work and our best efforts done over the year.
CA Nimish Makvana Chairman - ICAI DUBAI
4 ANNUAL REPORT
September 03, 2016 Dear Members,
On behalf of the Managing Committee of the UAE (Dubai) Chapter (‘the Chapter’) of the Institute of Chartered Accountants of India (‘ICAI’) we have great pleasure in presenting the 34th Annual Report of the Affairs of the Chapter.
The Managing Committee for 2015-16 At the 33rd Annual General Meeting of the Chapter held on September 19, 2015 the following Office Bearers and Executive Members were elected to the Managing Committee:
CA Nimish Makvana - Chairman, CA Pankaj Mundra - Vice Chairman, CA Naveen Sharma - Secretary, CA Anish Mehta - Treasurer, CA Mahmood Bangara - Executive Member, CA Sundar Subramanian Nurani - Executive Member, CA Nimesh Lokhandwala - Executive Member, CA Dharmajan Patteri - Executive Member, CA Prabhdeep Singh Baweja - Executive Member, (Sept. 19, 2015 to June 30, 2016) and CA Arun Srinivasan - Executive Member, (from July 1, 2016 till AGM).
Auditors At the 33rd Annual General Meeting of the Chapter held on September 19, 2015. CA. Manoharan Thulicheri was appointed as the honorary auditor for the year 2015-16.
5 List of Activities: October 2015 to September 2016
Sl CPE Date Topic Speaker No. Credit CA. Mukund Chitale 1 11-10-2015 Sustainability of the Accountancy Profession 2 Past President of The Institute of Chartered Accountants of India
Strict norms and enactments on prevention of Mr. Shardul S. Shroff money laundering andundisclosed foreign income Executive Chairman, Shardul Amarchand Mangaldas ensuring protection of interest of the Stakeholders
2 17-10-2015 The new Commercial Companies Law Mr. Diwakar Agarwal 6 (Federal law No 2 of 2015) Legal Director at DLA Piper Middle East, Dubai, UAE
DIFC Wills and Probate Registry Ms. Mihaela Cornelia Moldoveanu, Senior Manager, DIFC Wills and Probate Registry, Dubai, UAE
Inheritance And Sharia Succession Ms. Cynthia Trench, Briefing Aims and Objective Principal, Trench & Associates, Legal Consultants, Dubai, UAE
3 24-10-2015 Business Planning Process CA. T.P. Anand An Expert in IFRS and Corporate Governance 2
An Analytical study of fluctuating oil prices and its CA. Dr. Indrani Hazarika, Business Faculty at Dubai Women’s College and Chair of Accounting Curriculum at impact on OPEC Economies and Top oil companies Higher Colleges of Technology
4 31-10-2015 International Taxation & Double Taxation Treaty CA. T.P. Ostwal 6 Partner at T.P. Ostwal & Associates, Mumbai, India
NRI Taxation and FEMA Implications CA. Rajesh H. Dhruva B.Com, FCA, Practicing as an NRI Consultant, Rajkot, India
5 03-11-2015 Be Successful on Purpose Ms. Tricia Evans 2 Leadership Coach, Writer, ‘Gulf for Good’ Board Member
6 16-11-2015 The Battle for Capital – a discussion on Mr. Hani Bishara 2 Restructuring and Working Capital Management Head of Debt Advisory Restructuring, Ernst & Young, Middle East
7 21-11-2015 Excel in your Winning Way Mr. Harsha Bhogle 3 Indian cricket commentator and journalist
Mrs. Anita Bhogle Partner and learning content head, Prosearch Consultants
8 27,28,29 Optimize performance & move upto next level Mr. Shiv Khera 9 -11-2015 Author of International Best Seller
9 05-12-2015 IFRS-9 – Financial Instruments (replacement of IAS 39) Mr. Gavin Aspden 4 Director within PWC’ Academic Faculty
Proposed IFRS-16 – Leases Mr. Yusuf Hassan Partner – Accounting Advisory Services, KPMG
IFRS-15 – Revenue from Contracts with Customers Mr. Antony O' Sullivan Partner – Ernst & Young, Dubai
Evolution of IFRS-10 – Consolidated Financial Statements CA. James Ravi Regional Director-Middle East, ICAI, Dubai
10 12-12-2015 A CFO – The Chief Fungible Officer CA. Surya Subramanian 4 Group Financial Officer – Emirates NBD
IPO – Value Unlocking Mr. Adil Taqi Chief Financial Officer – Damac Properties
Restructuring for sustainability Mr. Dave Anderson Chief Executive Officer – Aujan Group Moderator Mr. Shane Phillips Managing Director – Shane Phillips Consultants
CFOs Role Beyond Finance as Business enabler Mr. Colin Abercrombie Managing Director – Abercrombie Training and Consultancy
6 List of Activities: October 2015 to September 2016
Sl CPE Date Topic Speaker No. Credit
11 28-12-2015 Treasury Risk Management & Negotiation Parameters CA. Vikrant Bhansali 2
12 19-01-2016 CA. Manoj Fadnis 2 GCC Outlook - Banking Sector President, ICAI India CA. M. Devaraja Reddy Vice-President, ICAI India Mr. Olivier Panis Senior Credit Officer – Moody's Investors Service ME Limited, Dubai
13 30-01-2016 Private Equity – through a Promoter’s Lens CA. V. P. Nagarajan 2 Director, Yenom Management Consultants, Dubai
The future of your net worth CA. Krishnan Ramachandran CEO, Barjeel Geojit Securities LLC, Dubai
14 10-02-2016 Acceleration of Career Path - Women’s leadership Workshop Ms. Sara I Mohamed 2 Managing Partner of Executive Women magazine
15 27-02-2016 Unlock Your Creativity and Change Your Life Prof. Tony Buzan 5 World Renowned Author, Speaker & Inventor of Mind Mapping Dean Emeritus
Life Changing Techniques and Tips Mr. Dominic O’Brien 8-times World Memory Champion, Author, Corporate Trainer and Speaker
16 05-03-2016 Budget - Is India Resilent? Are Achche Din here? Mr. Swaminathan Aiyer Economist & Consulting Editor, ET NOW 3
Global Economic landscape with focus on Dr. Shubada Rao India-UAE bilateral trade Senior President and Chief Economist, YES BANK
Panel Discussion - Budget 2016 Ms. Paromita Chatterjee Moderator
17 26-03-2016 Arabic Classes Arabic Faculty from DPS Academy, Dubai 2
18 09-04-2016 Money Laundering, Sanctions and Its Impact CA. Nishanth Nottah 2 on Professionals Regional Head of AML at HSBC Middle East
Panel Discussion: CA. Ramesh Mahalingam, MD-Ideal Management Consultants Post-oil economy - Looking for the new equilibrium Moderator CA. Dinesh Kothari, MD and Pro Vice Chairman, DPS Group CA. Harigopal Thodla, Partner, E & Y, Dubai CA. Chirag Shah, Exe.VP – Strategy & Business Excellence, DIFC CA. Ramesh Murthy, Head of Corporate Credit Risk, Commercial Bank International PSC
19 19-05-2016 His Highness Sheikh Nahyan bin 4 Mubarak Al Nahyan - Chief Guest Hon’ble Cabinet Member & Minister of Culture & Knowledge Development, Govt. of UAE.
Shri CA. M. Devaraja Reddy - Guest of Honor President ICAI
Shri CA. Nilesh Shivji Vikamsey - Guest of Honor Vice-President ICAI Shri Dr. Duvvuri Subbarao - Guest of Honor Former Governor Reserve Bank of India, Government of India Building Financial Resilience: Berkshire Hathaway Story Dr. Prasanna Chandra Director of Centre for Financial Management
Global Economy: Challenges & Opportunities CA. T N Manoharan Chairman Canara Bank and Past President ICAI Spirituality and Matrialism Mahatria Ra Spiritual Guru & Motivational Speaker
7 List of Activities: October 2015 to September 2016
Sl CPE Date Topic Speaker No. Credit
20 20-05-2016 Corporate Governance: Adding Value CA. Manoj Fadnis 5 Past President ICAI
Leading the Reserve Bank of India: Challenges & Dilemmas Shri Dr. Duvvuri Subbarao Former Governor of the Reserve Bank of India Justice (retired) R.V. Easwar International taxation: India Perspectives Former Judge Delhi High Court & Chairman of Income Tax Simplification Committee
Outlook on MENA Equities Mr. Bassel Khatoun Chief Investment Officer, Franklin Templeton Investments (ME) Limited
The Level 10 Game: Excellence Mr. Rahul Kapoor Jain Entrepreneur, Speaker, Presenter and Author
Dr. Gita Bajaj 6 21 04-06-2016 Negotiation Skills for influential Leadership Professor, HR & Communication, Chairperson, Executive Education, IMT Dubai
Developing & Transformational Strategy Dr. Rakesh Singh Director of Institute of Management Technology (IMT), Dubai
22 06-08-2016 Advanced Microsoft Excel 2013 Mr. Pradeep Pardeshi 3 Trainer & Consultant, Tech & Training Corporate Solutions Pvt Ltd.
23 13-08-2016 Master Class on Social Accounting and Audit Mrs. Latha Suresh Director, Social Audit Network, India 6 Mrs. Marie Banu Director, Centre for Social Initiative and Management
24 20-08-2016 Banking Simulation - Managing Competitive Strategies Prof. Rama Seth 6 Professor of Finance & Control, IIM Calcutta Prof. Anoop Rai Professor of Finance, Hofstra University, New York
25 27-08-2016 VAT - Where to Go, and how to get there Mr. Bruce Hamilton 6 Director Indirect Tax, Deloitte Middle East Mr. George Campbell Senior Manager Indirect Tax, Deloitte Middle East
Communicate like a Pro, Inspire like a LEADER Mr. Murali Murthy Best-Selling Author, Motivational Speaker, Acclaimed Transformational Coach
Total 96
8 - CSR Event
Non CPE Events: October 2015 to September 2016
Sl.no Date Event Details
CSR Events
1 13-10-2015 Tree Adoption Day
2 08-11-2015 Sharjah Book Fair - Unlock your Potential and Shape your Destiny CA T.N. Manoharan - Key Note Speaker, Chairman, Canara Bank and Past President of ICAI Mr. Saud Salim Al Mazrouei - Guest of Honor, Director of Hamriyah Free Zone Authority & Sharjah Airport International Free Zone
3 08-01-2016 Blood Donation Camp
4 19-01-2016 Tree Plantation
5 01-07-2016 Tree Plantation
6 01-07-2016 Blood Donation Camp
Sports Events
1 18-12-2015 Indoor Sports Carnival
2 19-03-2016 ICC T20 World Cup Match Live
3 26-08-2016 Bowling Event
Social Events
1 18-03-2016 Annual Family Get Together
2 01-04-2016 Yoga Classes Inauguration
3 20-05-2016 Musical Evening - Pritham Live in Concert
4 11-06-2016 Iftar and Talk Session
5 18-06-2016 International Yoga Day
Students Events
1 19-01-2016 Technical Seminar with ICAI President
2 22-01-2016 DCASA 1st Anniversary celebration at Creek Park
3 26-03-2016 Technical Seminar ISA’S
4 23-07-2016 Strategies to Clear CA Final Exams
5 03-08-2016 Technical Seminar on UAE Commercial Company Law
Event Summary & CPE Credits: October 2015 to September 2016
Sl No. Type of Events Number of Events
1 Technical Events 25 (96 CPE Hours)
2 CSR Events 6
3 Sports Events 3
4 Social Events 5
5 Students Events 5
Total 44
9 Indian Consulate and ICAI Dubai lay Technical Seminar: 11.10.2015 foundation for strong mutual ties: 06.10.2015
Mr. M M Chitale Mr. Shardul D Shroff
Past President Chitale calls for vigilance in changes in business environment The Indian Consulate in Dubai and ICAI Dubai laid the further foundation for strong cooperation and common activities at a meeting Mr. M M Chitale, Past President of ICAI, provided interesting insights attended with H.E. Anurag Bhushan, Consul General of India to into Sustainability of the Accountancy Profession. Dubai, and Mr. Rahul Srivastava, Consul- Visa & Commerce, and ICAI Dubai officials - CA Nimish Makvana (Chairman), He said sustainability emerged from Environmental science and added CA Naveen Sharma (Secretary) and CA Anish Mehta (Treasurer), that the task of the Accountancy profession through accounting along with Executive Members CA Prabhdeep Singh Baweja, and auditing was to provide an unpolluted business environment CA Mahmood Bangara, CA Sundar Subramanian Nurani, communicating the results of business activities in an appropriate CA Nimesh Lokhandwala and CA Dharmajan Patteri. manner.
H.E. the Consul General suggested that Consulate and Chapter The Accountancy profession can be sustainable if all the constituent could work on programs like Ukarsh Bharat, on the lines of elements - such as the Institutes, the Public Practice Firms and ‘Make in India’ and Chapter Chairman welcomed the suggestions and individuals and the people working in these areas - consciously follow assured of his full support. the fundamental principles of accounting and auditing in letter and spirit. Therefore, one has to be constantly vigilant about the changes in the business environment happening around us. Indian High School and ICAI Dubai Vow to boost cooperation: 06.10.2015 Expert Shardul D Shroff provide insights into Anti-Money Laundering Act
Mr. Shardul D Shroff laid the contextual framework for the discussion by briefly introducing the strict norms and enactments on prevention of money laundering and undisclosed foreign income ensuring protection of interest of stakeholders.
Mr. Shroff then dwelt on the scope of the Black Money (Undisclosed Foreign Inctome and Assets) and Imposition of Tax Act, 2015 (“UFIAAct”) and the Prevention of Money Laundering Act, 2002 (“PML Act”).
He also discussed the impact of amendment to the Part C of the Schedule to the Prevention of Money Laundering Act, 2002 (“PML Act”) to include “any wilful attempt to evade any tax, penalty or interest under Section 51 of the UFIA Act”, with special emphasis on what this would Indian High School and ICAI Dubai have set the agenda for strong mutual mean to the ‘financial intermediaries’ and ‘professionals’. cooperation in different fields, following a meeting attended by Ashok Kumar, CEO, Indian High School and ICAI Dubai Chapter officials - The interim one-time self-declaration scheme announced by the CA Nimish Makvana (Chairman), CA Naveen Sharma (Secretary) and Government and which closed on September 30, 2015, was also briefly Executive Members CA Prabhdeep Singh Baweja, CA Mahmood Bangara discussed, in light of the immunity from prosecution granted under and CA Sundar Subramanian Nurani. India’s Foreign Exchange Management Act, 1999.
10 Workshop on DIFC Wills and Probate Tree Adoption Day: 13.10.2015 Registry answers tricky questions
Ms. Mihaela Moldoveanu, Senior Manager at the DIFC Wills and Probate Registry, presented at the ICAI Workshop a practical approach to the functioning and mandate of the Registry.
Update on Federal Law No. 2/2015 on Commercial Companies
Diwakar Agarwal, Legal Director at DLA Piper Middle East presented to the ICAI, Dubai Chapter updates on the legal regime governing companies in the UAE. Diwakar dwelt on the launch of Federal Law No. 2/2015 on Commercial Companies, the new law governing companies operating in the UAE that came into force on 1 July 2015.
Environment Matters
This year, ICAI Dubai, in collaboration with the students of Indian High Member’s Forum Breakfast Meeting: School (IHS), organized a “Tree Adoption Day” by planting 12 trees at 24.10.2015 the school.
The event conveyed the message that it is everyone’s duty and responsibility to take care of the environment, especially since a lot of damage has been done by man in the name of progress and industrialisation. One of the most effective ways of reversing the damage is planting trees.
We have taken the “Next step on our continuing journey of a thousand miles” by starting this pro-environment activity of “Tree Plantation”.
Full Day Workshop: 17.10.2015 CA. T.P. Anand
CA T.P. Anand gives valuable tips on Business Planning Process
CA T.P. Anand, an Expert in IFRS and Corporate Governance, provided insights into Business Planning Process at a session with ICAI members. He said the Business Planning and Budgeting process in most companies is restricted to Excel sheets wherein the previous figures are plotted and future projections are made by increasing or reducing each line item based on the gut feeling.
Ms. Cynthia Ms. Mihaela Mr. Diwakar Moldoveanu Agarwal
Cynthia Trench on Shari’ah Compliant Wills and DIFC WPR
Ms. Cynthia Trench on Shari’ah compliant wills and DIFC WPR Cynthia Trench, founder of Trench & Associates, a legal consultancy firm, enlightened ICAI members on the DIFC Wills and Probate Registry (WPR).
11 Equity & Convertible Debentures of Pvt. & unlisted Public Company; Equity & Debt schemes of Mutual Funds ; Government Securities etc.
Women’s Leadership Workshop: 03.11.2015
CA. Dr. Indrani
CA Dr. Indrani Hazarika discusses impact of fluctuating oil prices on OPEC economies
CA Dr. Indrani Hazarika, Business Faculty at Dubai Women’s College and Chair of Accounting Curriculum at Higher Colleges of Technology, addressed ICAI Dubai on critical topic of “An analytical study of fluctuating oil prices and its impact on OPEC Economies and Top Oil Companies”
Full Day Workshop: 31.10.2015
Renowned Leadership Coach Tricia Evans provides ‘Insider Secrets’ to success
Tricia Evans, a pioneer among business coaches in Dubai having CA T. P. Ostwal CA Rajesh H. Druva coached over 5,500 Managers in the Middle East since 1993, provided some practical tips to our lady members, spouses and daughters India-UAE Double taxation can unlock of members on how to ‘Be Successful on Purpose’. The gist of her presentation was that being successful is rarely an accident, and that benefits for NRIs, says CA T.P. Ostwal there are learnable ways and methods of achieving success, and becoming more confident and effective at work and in life. CA. T.P. Ostwal, Partner at T.P. Ostwal & Associates, Mumbai, said the India-UAE Double Taxation Avoidance Agreement has many advantages for UAE residents, but not vice-versa, while addressing ICAI Dubai on International Taxation and Double Taxation Treaty, in Dubai.
He said: “Keep proof of all your property purchases. Keep a minimum trail if you plan to come back to India and disclose assets”.
CA Rajesh H. Dhruva throws light on “NRI Taxation and FEMA Implications”
NRIs have total freedom of investments in India in Forex & Rupee (NRE & NRO) bank deposits; Equity & Debentures of Listed Company & IPO;
12 Padmashree Manoharan, Chairman of Canara Bank and past president Event Participation: 08.11.2015 of the Institute Of Chartered Accountants Of India (ICAI), who won CNN-IBN “Indian of the Year” award in 2009, was one of the main brains behind the restructure of the scandal-hit information technology company Satyam Computer Services.
Study Circle: 16.11.2015
Mr. Hani Bishara
First Study Circle Meeting Highlights Working Capital Management
The First Study Circle Meeting on “Battle for Capital – a discussion on Restructuring and Working Capital Management” by Mr. Hani Bishara, CA T.N. Manoharan Head of Debt Advisory Restructuring, Ernst & Young, Middle East. The session covered two elements are Working Capital Management & Restructing. Learnings from Sport, Talk Show: 21.11.2015
Mr. Saud Salim Al Mazrouei
ICAI PAST PRESIDENT Padmashree CA T.N. MANOHARAN MOTIVATES at Sharjah International Book Fair “The Winning Way” Learning from Sports for Managers by Mr. Harsha Bhogle, and Mrs. Anita Bhogle “Success may not come the way we wanted and when it is wanted. But if we continue with the same zeal and vigour, success will come Harsha Bhogle & Anita Bhogle hold one day in a way that was much better than we expected,” said Padmashree CA TN Manoharan, India’s renowned inspirational speaker. the audience spell-bound with their He was talking on the topic “Unlock your Potential and Shape your ‘THE WINNING WAY’ Destiny” at the 34th Sharjah International Book Fair (SIBF) in Sharjah. Saud Salim Al Mazrouei, Director of Hamriyah Free Zone Authority Renowned sports personality and cricket commentator Harsha Bhogle (HFZA) and Sharjah Airport International Free Zone (SAIF Zone) was along with speaker and author Anita Bhogle enthralled ICAI Dubai the Guest of the Honour at event, which was organized by Institute Of audience as they spoke on The Winning Way. The talk attracted a Chartered Accountants Of India (ICAI) Dubai chapter. record turnout of over 750 people who hung on to his every word & line.
13 More and more organizations and managers are agreed that most businesses are eventually people’s businesses and that people are the true assets of an organization. In a sense all of us who work in teams play a team game. In sport anyone who refuses to be a team player gets quickly found out and in business too selfish people don’t go too far.
Good teams become great ones when they trust each other enough to surrender the “me” for the “we”. Outcome goals like in matches and races are few and far apart. Sportsmen therefore set themselves performance goals (rather than outcome goals) to motivate themselves every day. It’s easy when you have many records left to be broken. Dominators like Tiger Woods and Sachin Tendulkar (or teams like the Mr. Harsha Bhogle Australian cricket team through the late 90s till the mid 2000s) who now set records rather than break them, seem to compete only against themselves.
In the final analysis, when the first two sieves of ability and attitude have been passed, what counts is the passion, the desire to succeed. In an Olympic final, any one of the eight or ten finalists is capable of winning. The one who wins is really the one who most wants to win.
Mrs. Anita Bhogle
“The ingredients that go into winning – what one would call the formula for success -- are universal, whether you are a sportsman, musician, housewife or manager. Though you find successful people in every field, winning and losing are most clear-cut in sports. There are learnings from sports that people in corporate life can use to enhance their professional and private lives. “
Strange as it may sound, winning is a tough situation to be in. Not only are winners expected to win every time, winning often serves as Felicitating CA. Nandakumar A. a blanket for the flaws that even winners can possess. In the euphoria of success, one assumes that one is perfect , even invincible. Wasn’t that said of the West Indies cricket team in the 80s or even the Indian hockey team in the 60s?
Past Chairman CA Nandakumar A has relocated to India, he was felicitated for his outstanding contribution to the chapter during his tenure as Chairman, Vice Chariman, Secretary and as a committee member to the chapter.
14 Leadership Program: 27, 28, 29.11.2015
Every leader is required to make three types of decisions: the Decision of Command, the Decision of Consultation and the Decision of Mr. Shiv Khera Consensus. If a good leader is effective, it has something to do with morality. Effective means ability to inspire, influence, and get results Good leaders create more leaders, says and action. Hitler had leadership quality but no morality or integrity. Shiv Khera at ICAI leadership program That is crucial.
Noted author and business consultant Shiva Khera delivered a three- Good communication Matters day High Impact Leadership program in Dubai recently, attended by a People cannot communicate effectively not because of lack of large number of entrepreneurs and professionals. knowledge but because they lack confidence. Studies have shown that 55% communication is non-verbal, 38 % is tone and voice and just 7% Most common mistakes made by leaders verbal. And we attach so much importance to verbal communication! We engage in verbal communication consciously, while in the non- The biggest mistakes leaders make when they acquire power are of verbal communication our subconscious part comes in. When there is two types. First,they lose touch with the grassroots. There develops a a conflict between the two, the non verbal prevails. True reality comes disconnect between the people and those at the top. The leaders are out in non-verbal communication. In phone conversations, 55% of unable to address the root cause issues that brought them to power. communication is missing, and in mail and email 93 % is missing. We should be extremely careful in our communication, and write clearly The second biggest mistake is staying grounded. Success brings because a positive thing said in a negative way might give different arrogance. They take it for granted. They lose connection with the message to the reader, leading to a major disconnect between the people. This leads to disappointment among the people, when the leader and the people reporting to him. leaders are not performing and their voices are not heard. Leaders ought to stay grounded,whether at the Corporate or political levels. Good relations and Leadership Importance of good communication between A successful person builds relations, and good leaders bond with managers and employees people. They can achieve something with one phone call what others would take a lifetime. It is all about relationships. In history,we have Every company has a culture or lack of culture. Culture always goes the classic case of Alexander the Great who led his armies to great top down, never bottom up. As well know, every leader selects his victories. It is said that once when they all ran out of water, and own team. A good leader choses a good team. Usually, while selecting Alexander was presented with a glass of water by the scouting team teams we don‘t choose the kind of people we want but the kind of he looked at the troops and spilled the water on the ground as he felt people we are. This is true with friends in real life too. This is because what use there was a mug of water for me when all my troops are of comfort levels. For example, an honest entrepreneur will have a thirsty. That‘s our leader. This boosted his respect among the troops honest attorney or accountant; a crooked entrepreneur will keep a and they were ready for the next conquest. crooked attorney or accountant. Bad leaders create followers, good leaders create more leaders. The Leadership has different levels - levels of authority. It is better to be a principles of leadership have not changed through history. Tactics are good follower than a bad leader. Where do leaders get power from? manipulated, but principles drive the real leader. There are three P’s of power. The first is Position Power which is derived from position or authority, which comes and goes. The second is Personality which open doors but you need character to keep the Emotional Quotient Vs Intelligence quotient doors open. Then there is Principle Power, which is the hallmark of all In modern research, there is more weight-age being given to EQ great leaders like Mahatma Gandhi, Martin Luther King and Abraham (emotional Quotient)than IQ (intelligence quotient). Those days are Lincoln. They got power from principles, it had nothing to do with good gone when IQ alone could get you up there. Today, it is crucial to looks or anything.. understand our own emotions and those of others, and have control
15 over our emotions. Without EQ our relationships suffer. People want to deal with people they like. When we do programs for consumer companies, we hear of talk of B2B and B2C, but the truth is that there are people issues involved everywhere. Every sale is P to P, People to People. Ultimately, people buy what they want to buy, not what they need to buy.
There are four critical words in this field: Attitude, Leadership, Motivation and Values. They are interconnected and cannot be compartmentalised. If you ask me, there is no one quality that leads to success; it is the combination of all four qualities that deliver results. You got to have that combination to open the safe. Mr. Gavin Aspden
Mr. Gavin took the participants through the highlights of Transition: When does IFRS 9 become mandatory? Annual periods beginning on or after 1 January 2018. Early adoption and full retrospective application on adoption.
Highlights of discussions aslo include: • Financial assets – new model summary • Financial Liabilities – Retain IAS 39 measurement requirements • Impairment – Incurred loss model, the challenge and expected loss model • IASB’s approach vs FASB’s approach • Scope exclusions • Expected loss model • Low credit risk IFRS Summit: 05.12.2015 • Significant increase in credit risk • Measurement of expected credit losses • Disclosure relating to ECL • Hedge Accounting – How will corporates benefit from IFRS 9
Proposed IFRS 16 – Leases by Mr. Yusuf Hassan Partner, Accounting Advisory Services, KPMG
IFRS Summit
The IFRS Summit was held on December 5, 2015, at Dubai Men’s College, Dubai Academic City. The Summit was attended by a large number of participants who wanted to share the knowledge of the Mr. Yusuf Hassan prominent speakers on IFRS in the Summit. The Faculties and Standards selected were very important for both the members in Practice and in Mr. Yusuf gave an Overview of the proposed IFRS 16 and the Industry. covered broadly: • Identify a lease IFRS 9: Financial Instruments • Lessee: how big the liability will be? (replacement of IAS 39) by • Lessor accounting: what has changed? • Other lease accounting issues Mr. Gavin Aspden, Director within • Transition provisions PWC Academy • What do you need to do to get ready for 2019?
16 The speaker highlighted the overview of the Project Time-line: IFRS 15 specifies the accounting treatment for all revenue arising from contracts with customers. It applies to all entities that enter into • Require lessees to recognise all significant leases contracts to provide goods or services to their customers, unless the on-balance sheet contracts are in the scope of other IFRSs, such as IAS 17 Leases. The • Eliminate arbitrary accounting distinctions for standard also provides a model for the measurement and recognition transactions that are economically similar of gains and losses on the sale of certain non-financial assets, such as • Reduce complexity in lease accounting property, plant or equipment. • Develop converged lease accounting requirements The principles in IFRS 15 will be applied using the following Mr. Yusuf took the audience through the overview of the IASB Model five steps: discussed the impact on the profit and loss account for the Lessee. 1 Identify the contract(s) with a customer He also discussed the scope of the proposed standard with further 2 Identify the performance obligations in the contract highlight about contracts which are within the scope, scope exceptions 3 Determine the transaction price and outside the scope. Practical expedients and definition of a lease 4 Allocate the transaction price to the performance also were discussed. obligations in the contract 5 Recognise revenue when (or as) the entity satisfies IFRS 15 – Revenue from Contracts with a performance obligation Customers by Mr. Antony O’Sullivan, Evolution of IFRS – 10 – Consolidated Partner – Ernst & Young Financial Statements by CA James Ravi, Regional Director – Middle East, ICAI, Dubai.
Mr. Antony O’Sullivan
In May 2014, the International Accounting Standards Board (IASB) and CA James Ravi the US Financial Accounting Standards Board (FASB) (collectively, the Boards) respectively issued. CA James Ravi took a Critical look at IFRS 10 - Consolidation standards in IFRS. He indicated that these standards have gone through four Converged new revenue standards: IFRS 15 Revenue from Contracts different phases from 1976 to 2013. In all these phases, the principles with Customers and Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers, the new revenue standards. on how to consolidate has remained more or less the same. However, These new revenue standards will supersede virtually all revenue CA James Ravi highlighted that what was changing in these phases is recognition requirements in IFRS and US GAAP, respectively. the definition of subsidiary and the principles of determining the parent- subsidiary relationship. Noting several concerns with existing requirements for revenue recognition under both US GAAP and IFRS, the Boards decided to He continues, in IAS 3, the criteria was shareholding of 51% or more. jointly develop new revenue standards that would: This got changed to “control” in IAS 27. Later in 2003, when SIC 12 was • Remove inconsistencies and weaknesses in the introduced the criteria was “exposure to risk and reward” and finally in current revenue 2013 vide IFRS 10, the criteria for parent and subsidiary relationship is recognition literature determined based on the three factors viz., Power, Exposure and Ability. • Provide a more robust framework for addressing revenue recognition issues In all these four phases, it seems the Standard-setters were just tweaking • Improve comparability of revenue recognition practices the standards superficially without bringing about any significant and across industries, entities within those industries, jurisdictions substantive change. and capital markets • Reduce the complexity of applying revenue recognition requirements by reducing the volume of the relevant Standard-setting looks like a knee-jerk reaction based on the subjectivity standards and interpretations rather than an objective and neutral exercise. It is quite obvious that the • Provide more useful information to users through expanded standard-setting requires a new thinking hat to address the shenanigans disclosure requirements in financial reporting.
17 to present the books of accounts and there by the performance of the CFO Conclave: 12.12.2015 group to the world at large. Banks may not always be the right partner in bringing investors or in promoting the IPO although bank’s opinion or assessment is important.”
Some skills that CFOs need to develop are: Presentation skill, Leadership, Communication, mind mapping (to structure idea), breaking out of the comfort zone, facing the challenge of being questioned by team members, etc.
Mr. Dave Anderson, Chief Executive Officer, Aujan Group, while speaking on ‘Restructuring for sustainability’ explained the role of CFO as follows:
Start with the end in mind; Know your market, Match your capabilities to market success factors. It is very important to bring the right partners for distribution of business.
Evolving the Role of Strategic CFO
Several leading CFOs from the UAE provided interesting insights into the role of a modern CFO, and the common thread among them was that a CFOs role is that of a business enabler, rather than just a finance wizard.
CA. Surya Subramanian, Group Financial Officer, Emirates NBD, speaking on the topic ‘A CFO - The Chief Fungible Officer’ and drawing from his 30 years of experience in banking industry advised the participants not to look at transaction level but go beyond operations and start thinking strategically.
In his career in banking industry he handled important areas such as Performance management, procurement, ERP implementation, It is important that CFO assess various risks that business faces mergers & acquisitions, overseas assignment, Company Liquidation proactively and take steps to mitigate them. The CFO should always and VAT. He said CFO should drive the strategy of the company and ask questions as to how he can add value to business. A CFO - The work hand in hand with the CEO in taking strategic decisions. Mr. Surya Chief Foresight Officer’ - should not resist change. In fact he should be was also part of various committees while playing role of CFO such the person through whom change should happen. Adaptability is very as Audit committees, ROC, etc. Undertaking this responsibility gave important. him opportunity to learn new things. His advice to the future CFOs was: be prepared to face the challenges of understanding dynamics Mr. Anderson explained the business model of Aujan as follows: A of business, GCC taxation, Digital challenge, etc. It is important to conglomerate model with a wide range of sectors and a continuing understand various drivers of business, he emphasized. search for new grown opportunity, conservation of resources and community support. Mr. Adil Taqi, Chief Financial Officer – Damac Properties spoke on ‘IPO – Value Unlocking’. Mr. Adil gave crucial insights into when a company Mr. Colin Abercrombie, Managing Director, Abercrombie Training should go for IPO and what happens when the private company goes and Consultancy, spoke on the topic ‘CFOs Role Beyond Finance as public. He said the timing was critical. Business enabler’. He explained the importance of patterns to CFOs by conducting a practical exercise in which all the participants participated. “After you go public, lot of things change in an organization in terms He then explained how to measure the performance of sales person. of financial reporting, compliance, disclosure to investors, fulfilling expectations of investors, etc. Investors have visions of getting returns The focus of a salesperson should be on efforts as it drives results. It is in one year but the owner would rather have a long-term vision. Hence important that salesperson meets the right people in the organization. reconciling this difference is important when you go public. CFO has to Analyzing the activities of competitor is an important benchmarking take active participation in the road shows. He has to select the legal activity that should be done by CFO. It is duty of CFO to provide data firm that can give the right advice on the legal front. He has to select relating to customer behavior, and customer-based analysis to the sales the right agency that can bring BIG investors who can influence others, department. select the advisors on the basis of their distribution capability. Fee is the last thing you should look at. CFO has to be transparent at least with Mr. Shane Phillips, Managing Director – Shane Phillips Consultants BIG investors and disclose critical information about performance of moderated a panel discussion on ‘CFO going beyond finance, as the group with them. A momentum needs to build on how we are going business enabler.’
18 Indoor Sports Carnival: 18.12.2015 Study Circle: 28.12.2015
CA Vikrant Bhansali
ICAI Sports Festival: A fun day attended by 2nd Study Circle demystified Treasury Risk over 500 members and families Management
The second Study Circle Meeting on the topic ‘Treasury Over 500 members along with their families turned the ICAI Festival Risk Management & Negotiation Parameters’ addressed by into a fun event, with plenty of sports, music and merry making, in CA Vikrant Bhansali helped members to understand key attributes of a addition to games to spouses and kids. There was a stiff competition good risk management framework and demystified derivatives. among the players. The Case Study on Using Options and Forwards helped members apply the learning of the previous two sessions using a practical example of an importer. Cricket: The EY (Captain CA. Sheshadri) won the finals against Nimai. Badminton Men’s Singles: CA. Sriram Ram came out victorious defeating CA. Girish Chand Sanjivain. Badminton Men’s Double: CA.Venkada Giriram Sendhan & CA. Sriram Ram defeated CA. Sabir Ali & CA. Manoj Sasidharan. Badminton Women’s Singles: CA. Neeta Mehta defeated CA. Charu Khurana. Table Tennis Singles: CA. Mohit Bhargava defeated CA. Hitesh Dhoot. Table Tennis Doubles: CA. Hitesh Dhoot & CA. Anish Mehta won against CA. Akshaya Kansiya & CA. Sourabh Porwal.
All the winner were awarded by Executive Committee and Past Chairman CA. Hanumanth. Blood Donation Camp: 08.01.2016
19 For ICAI Dubai Chapter, 2016 began with blood donation camp organized at Dubai Blood Donation Center, Latifa Hospital. Meeting with members in practice: The Camp attracted 175 individuals, including members, families and their friends, who enthusiastically joined the noble initiative. 19.01.2016
The Chapter honoured the representatives of Dubai Blood Donation Center with a beautiful memento as a token of appreciation.
Visit to Indian High School: 19.01.2016
The ICAI Dubai on the occasion of the visit of the President and the Vice President of ICAI organized a special meeting with the Members in Practice on January 19th between 1 to 3 pm at Crowne Plaza Hotel, Dubai.
The President and Vice President of ICAI, highlighted the initiatives taken by the Institute around the world & also discussed at length, the opportunities The ICAI Dubai on the occasion of the visit of the President and the Vice President of ICAI organized a special meeting with available for the Chartered Accountants especially in emerging markets Mr. Ashok Kumar, CEO of the Indian High School. across the world followed by ‘Question and Answers Session’.
As part of their mutual association over the past few years, the ICAI The meeting which was attended by over 50 Chartered Accountants. officials reaffirmed their commitment to supporting quality-focused educational programs and identifying ways to mutually foster quality and innovative ways to cooperate in different fields of education. Students interact with President and Vice President of ICAI: 19.01.2016 Tree Plantation: 19.01.2016
ICAI Dubai, on the occasion of the visit of the President and the Vice ICAI Dubai organized a tree plantation drive at DPS Academy with Delhi President of ICAI, organized a special meeting with students from Dubai Private Schools, institutional partner of ICAI Dubai. Chartered Accountants Students Association (DCASA) on January 19 at Crowne Plaza Hotel, Dubai. The plantation drive was organized to mark the visit of CA Manoj Fadnis, President of ICAI and CA M. Deveraja Reddy, Vice President. CA Dinesh In their address, the President and the Vice President of ICAI highlighted Kothari, Managing Director & Pro Vice Chairman of Delhi Private School, the initiatives taken by the Institute for the benefits of students and also was also present. The plantation drive was inaugurated by the President of discussed at length the importance of study materials prepared by the Institute, which is sometimes ignored by students. ICAI along with Vice President of ICAI, followed by the plantation of 100 trees on the occasion.
20 Members meet with President and Soft Launch of Mobile App of ICAI Vice President: 19.01.2016 Dubai: 19.01.2016
ICAI DUBAI had a soft opening of Mobile App for events, first of its Speaking at an event, CA Manoj Fadnis, president of the Institute kind in ICAI history at the technical session on 19th Jan 2016. of Chartered Accountants of India, said: “We are very proud of the contribution that our Dubai members are making to the local economy; President CA Manoj Fadnis and Vice President CA M Devraj Reddy it is undoubtedly a very important task, which our members are Presided over the soft opening. Members appreciated as “The app performing, and I’m sure that all our members will continue to render will bring to the members the events at finger tips”. their services to their respective corporates and organizations in the best fitting manner. Our profession is growing very fast with members Key Features settling all across the globe in a total of 27 chapters. • Receiving notification about upcoming events • Confirm events with ease CA Nimish Makvana, chairman of the Institute of Chartered Accountants • Cancel if unable to attend of India UAE Chapter, said that the Dubai Chapter had benefited from a host of professional speakers and top notch experts visiting over the past few months. GCC Outlook Banking Sector: 19.01.2016
The event also saw Olivier Panis, vice president and senior credit officer for banking from Moodys Investors Service, give a presentation on the GCC banking sector. Moodys had previously announced that public spending will continue to support operating conditions for banks in the GCC, allowing performance to remain resilient into 2016, but that liquidity would continue to tighten. It also noted that the outlook for the GCC banking sector in 2016 was stable.
21 ICAI Dubai chapter hosted a evening. Ms Sara I Mohamed, Managing Member’s Forum Breakfast Meeting: Partner of Executive Women magazine, spoke on opportunities for 30.01.2016 women profession in today’s era workshop on “Ascension of Career Path”, Ms Mohamed gave a totally new spin to the topic. The audience listened with rapt attention as she delved into emotional, spiritual and psychological aspects that impact career growth of women and provided practical guidelines on how to address these issues.
CA. V.P. Nagarajan Mr. Krishnan Ramachandran
Joint Technical Seminar: 27.02.2016
CA V.P. Nagarajan, Director, Yenom Management Consultants, Private Equity funding from the perspective of promoters during a talk organized by ICAI Dubai.
Nagarajan explained the value Private Equity funds bring to a business, apart from money, in the form of risk sharing, portfolio advantage, credibility and valuation benchmarking. He dwelt on the concerns of promoters in diluting control and ownership in favour of PEs and also the obligation to provide an exit to the PE fund in due course of time. Concepts and ideas on investment by Mr. Krishnan Ramachandran.
“The art of manging the money earned today to pay for your future goals & needs” ICAI Dubai gives members a life-changing opportunity:
Workshop: 10.02.2016 It was a packed house at the Dubai Men’s College Auditorium as members of ICAI Dubai Chapter turned out in large numbers for a twin workshop on ‘Mind Mapping’ and ‘Memory Retention’ techniques addressed by two renowned experts, in the presence of several invited dignitaries.
Indian Ambassador to the UAE, His Excellency T. P. Sitaraman, in his opening address, hailed the booming India-UAE relations and termed them as perfect examples of ‘doing things differently’. He further commended the work done by ICAI in general and ICAI Dubai in particular in raising the prestige of Indian chartered accountants, and wished them success in the workshop.
CA Nimish Makvana, Chairman- ICAI Dubai, hailed the success of joint events done by the Dubai and Abu Dhabi chapters. Referring to the two renowned world-class speakers, he expressed the hope that the sessions would prove to be life-changing for all participants.
22 ICAI UAE DUBAI Wins the Best Overseas Chapter Award for the third consecutive time.
Prof. Tony Buzan Dominic O’ Brien
In the first workshop, Prof. Tony Buzan, inventor of mind mapping and author of over 140 books on the brain, conducted an interactive session in which all the participants took a keen interest. Prof. Tony Buzan highlighted a range of techniques for harnessing the natural creativity of the human mind, illustrating his presentation with real life examples. He presented tools that could be put to use by anyone in expanding their own creativity, and that of others. For the excellent work undertaken by them in the areas of The basic thrust of Tony Buzan’s presentation was that the language of Professional Development, Community Services, Membership the mind is ruled by images and colour. Mind mapping basically builds and Student services and their contribution to the growth of the creative powers. He stressed the need to keep brain occupied: “When accounting profession in the UAE. brain is bored, it shuts down.” This prestigious award was given at the 66th Annual Function The second workshop was conducted by Dominic O’Brien, eight times of ICAI held at New Delhi on Thursday, 11th February 2016 at world memory champion, who has mastered memory techniques that which CA. Manoj Fadnis – President ICAI and CA. M. Devaraja have helped thousands of people around the world. He demonstrated Reddy – Vice President ICAI presented the awards to CA. Nimish effectively how he could memorize a whole list or the headlines of a newspaper just by glancing for a few moments. Makvana – Chairman, CA. Pankaj Mundra, Vice Chairman along with CA. Raju Menon Immediate Past Chairman, CA. Hanumantha Dominic O’Brien’s technique revolves around three basic pillars: Kumar, Past Chairman, CA. Raj Chawla, Chairman NIRC and Imagination (transforming new information into images); Association CA. Naveen Sharma, Secretary of the ICAI – UAE Dubai. (connecting these images to what we already know) and Location (anchoring these associations in our mind). Managing Committee wishes to thank each member of the chapter and all the sponsors and patrons who have participated and O’Brien made the participants do practical exercises during the session, supported wholeheartedly in all our activities. and to the delight of many they were able to remember things without any difficulty when they followed the techniques advocated by him. He gave a number of practical tasks involving the practice of recalling Leading experts provide insights into facts, places and people, through mind training, to the amazement of Indian Budget 2016: 05.03.2016 the participants.
23 The International Monetary Fund has described the Indian economy as standing tall, shoulder to shoulder with the American economy. Indian economy has emerged resilient despite a chilly global economic scenario. I am confident that the initiatives mentioned in the budget have the right initiatives to control fiscal deficit. The focus on growth areas, such as rural economy and infrastructure, is commendable Swaminathan Aiyer Consulting Editor of the Times of India Group
Leading financial experts and industry The budget accorded greater priority to macro stability over growth, Leaders hail India Budget 2016: 05.03.2016 by sticking to the fiscal deficit target of 3.5%. The Finance Minister has chosen to empower the masses and strengthen the ‘bottom of the pyramid’ through 9 pillars and specific focus on the 3Rs – Rural, Rail and Road. From the perspective of overseas investors and the NRI community, specific measures such as 100% FDI in food processing, rationalisation of TDS for NRIs without PAN, easing of customs declaration and increase in baggage allowance are key positives. India’s economy can be seen as oasis of investment opportunities Dr Shubhada Rao Group President & Chief Economist, Yes Bank Leading financial experts and industry leaders from the UAE and India hailed the Indian Budget as a forward looking initiative focused The 2016 budget has opened on long-term progress of India, while agreeing that “India is resilient a new door for a strong partnership and ready”. This year’s focus on rural economy and stimuli for between ICAI UAE (Dubai) and Times agriculture would lay the right foundation for a stable economy, they Now. This event has further raised the profile of ICAI UAE (Dubai) as concurred. a proactive body that encourages thought & analysis The “Emerging India Forum” was co-hosted by ICAI UAE with Times Now English news channel. Swaminathan Aiyer, Consulting Editor CA Nimish Makvana of the Times of India Group, said, “The International Monetary Fund Chairman of ICAI Dubai has described the Indian economy as standing tall, shoulder to shoulder with the American economy.”
Aiyer recalled that in the late 1960s, India depended heavily on foreign aid. Today, even after two consecutive droughts, the Indian economy has emerged resilient despite a chilly global economic scenario. “I am confident that the initiatives mentioned in the budget have the right initiatives to control fiscal deficit,” he added.
Aiyer said the budget was expectedly harsh, but voiced his disappointment at the lack of uniform rates on excise duties on all items. However, he welcomed the right focus on growth areas, such as rural economy and infrastructure.
Dr Shubhada Rao, Group President & Chief Economist, Yes Bank, said that the budget accorded greater priority to macro stability over growth, by sticking to the fiscal deficit target of 3.5%.
24 “The Finance Minister has chosen to empower the masses and strengthen the ‘bottom of the pyramid’ through 9 pillars and specific focus on the 3Rs – Rural, Rail and Road. From the perspective of overseas investors and the NRI community, specific measures such as 100% FDI in food processing, rationalisation of TDS for NRIs without PAN, easing of customs declaration and increase in baggage allowance are key positives. India’s economy can be seen as oasis of investment opportunities.”
Experts and panelists said the budget had the potential to usher in major changes in the Indian economy even as many other countries were witnessing little or no growth. At the same time, the budget is likely to have a huge impact on GCC companies doing business with India, they pointed out.
Speakers pointed out that India had been focusing on attracting competition, Artex where stellar art pieces were displayed, a painting foreign companies and investment and debated on the budget competition, with every corner of the arena presenting something allocations for the Narendra Modi government›s initiatives aimed at exciting. foreign investors, including Make In India, Digital India, Skill India, Clean India and Clean Ganga and Startup India. The stage entertainment rolled off with RJ Ved and RJ Shruti making a dazzling entry. The audience was entertained with gut-wrenching Speakers agreed that the measures outlined in the budget would magic show, thought-provoking and entertaining talk, flawless likely have an impact on businesses and its economy of the Gulf dance performances, bedazzling fashion show and mesmerizing region. The GCC exports to India have grown at an annual rate of 43 music in the form of Antakshri and Musical bingo. per cent over the past decade, the highest rate with any major trade partner, making up 11 per cent of the total GCC exports. There were lots of prizes given away to the participants, winners, in the form of sport prizes and fabulous raffle prizes including gold, CA Nimish Makvana, Chairman of ICAI Dubai, said the budget had iPhone, air tickets etc. The success of the event was possible opened a new door for a strong partnership between ICAI UAE and because of the support of members and sponsors. Times Now. Naveen Chandra, head of International Business for Times Television Network, described the annual budget presentation Nothing is complete without refreshments from beginning until the as a milestone event in India›s progress to become an economic end, Bikanerwala, the food provider, served Chaat, special holi items superpower. including gujia and thandai, starters, main course and rich desserts.
Social Get Together: 18.03.2016 The whole place was pulsating with excitement as members, invitees, guests and their families had a rollicking time and an unforgettable evening!
The 34th Annual Get-Together of ICAI Dubai Chapter brought alive Retro styles. This is the first time a theme based event was organised to make sure people engage themselves in every activity. Under the RETRO EVE Indian cinemas icons and legendary stars were made into cutouts, and members participated by dressing up in RETRO styles.
The unforgettable family get-together lasted for more than 9 hours. Everything from start to the end was classy and members and their families got a red carpet entry with an opportunity to take dazzling pictures. The first activity was sports in which members and their families took part wholeheartedly, topped by a fun-packed tug of war. There was lot packed into the first two hours with cookery
25 ICC T20 World Cup Match Live: 19.03.2016
DCASA Technical Seminar: 26.03.2016
ICAI Dubai organized live screening of match between India and Pakistan played in ICC T20 World Cup on March 19th in Grand Excelsior Hotel.
At the end, lucky draw of 15 bats was conducted, sponsored by Sagar Ratna Restaurant and so many members walking away with bats after pitch-perfect match, was like an icing on the cake.
Arabic Classes at DPS Academy: 26.03.2016
ICAI Dubai organized technical seminar for students on March 26th between 6 to 8:30 pm in Grand Excelsior Hotel. DCASA Chairman CA Prabhdeep Singh Baweja gave an introduction to DCASA. ICAI Dubai Chairman, CA Nimish Makvana shared his words of wisdom with the students. The faculties at the event were from Deloitte including CA Anish Mehta, Treasurer- ICAI Dubai and CA Sundar Subramanian Nurani, Executive Member – ICAI Dubai. They covered International Auditing Standards including standard on materiality (ISA 320) and the standards on reporting (ISA 700, 705 & 706). The faculties were also supported by CA Harish Gangaramani, Director, PWC who was present as special invitee. ICAI Dubai in its endeavor to provide Arabic Education to the members and their families started Arabic Classes in collaboration with DPS Private Schools. The first such session was scheduled on March 26th Yoga Classes Inauguration: 01.04.2016 from 9 am to 1 pm. There was lot of enthusiasm seen in the members and families who joined for classes on Saturday morning.
The classes were inaugurated on Saturday morning by Principal of DPS Academy, Ms. Ambika Gulati along with Chairman of ICAI Dubai, CA Nimish Makvana and the entire managing committee of ICAI was also present. The members who participated were divided into six classes, where first four classes were conducted from 9 am to 11 am and the remaining two were conducted from 11 am to 1 pm.
The total participants in these classes were around 130. The response of the members in this initiative was very positive and the chapter has received lot of requests to make it more often and a regular feature of Dr Vishwas Chhabra ICAI Dubai.
26 ICAI Dubai in its endeavors towards all-round development of its members and families inaugurated yoga classes on April 1st which Member’s Forum & Breakfast Meeting: will be held twice every week. The classes will be taken by renowned 09.04.2016 lifestyle consultant - Dr Vishwas Chhabra who is based out of Dubai and has conducted many sessions for the corporates and different communities in the region.
ICAI Dubai pays visit to H.H. Sheikh Nahyan Bin Mubarak Al Nahyan Hon’ble Cabinet Member & Minister of Culture & Knowledge Development, Govt. of UAE: 08.04.2016
ICAI Dubai as part of its membership forum initiative conducted breakfast meeting on April 9th morning from 9 am to 11 am in Crowne Plaza Hotel, Deira. The meeting of two hours was divided into two parts where the first few minutes were allocated to the talk on ‘Money laundering, Sanctions and its impact on Professionals’ by CA. Nishanth Nottath followed by high power panel discussion on ‘Post-oil economy: Looking for the new equilibrium’.
ICAI Dubai Chairman CA Nimish Makvana along with CA Pankaj Mundra, Vice Chairman, ICAI Dubai accompanied Shri Debiprasad Mishra, Hon’ble Minister of Industries and School and Mass Education, Government of Odisha and Shri Priyadarshi Mishra, Member of Legislative Assembly, Odisha who paid visit to H.H. Sheikh Nahyan Bin Mubarak Al Nahyan, Honorable Cabinet Member and Minister of Culture & Knowledge Development, Government of UAE at His Highness’s Palace during their UAE tour to promote investment in Odisha.
They also met Dr. Tayeb A Kamalai, Chairman of Emirates Driving Company and Former Vice Chancellor of the Higher Colleges of Technology (HCT), other Emirate dignitaries and guests who were present during the visit.
27 34th Annual International Conference: 19th-20th.05.2016
BUILDING FINANCIAL RESILIENCE… RIGHTRIGHT TIMETIMERIGHT RIGHT NOWNOW
The Institute of Chartered Accountants Of India (ICAI) Dubai chapter hosted its 34th Annual Conference under the theme, “Building Finance Resilience.. Right Time, Right Now” at the Le Meridien Hotel, Dubai, from May 19-20, 2016. Chairman ICAI Dubai Chapter Nimish Makvana, Vice Chairman Pankaj Mundra, former Governor of Reserve Bank of India Dr. Duvvuri Subbarao, President ICAI New Delhi M. Devaraja Reddy, and Vice President of ICAI Nilesh Shivji Vikamsey graced the two-day conference where a number of prominent speakers shared their views on the theme.
The speakers emphasized that strategic vision and innovative solutions are the key to financial stability. If one wishes to move from financial volatility to financial stability, the right time is now. People must join hands and build financial resilience – strategic vision, dynamic leadership and innovative plans for the long term.
Highlight of Day one was a lecture by the new age motivational guru Mahatria Ra, who inspired the audience to make their life count. Known for his inspirational thoughts, Mahatria Ra is an Impassioned propagator of value-based living and holistic development.
The conference culminated with a pulsating musical extravaganza featuring Indian film industry’s illustrious names including music composer Pritam Chakraborty and playback singers Nakash Aziz, Abhijeet Sawant, Aditi Singh Sharma, Antara Mitra & Shalmali Kholgade.
28 H. H. SHEIKH NAHYAN BIN MUBARAK AL NAHYAN DR. DUVVURI SUBBARAO Hon’ble Cabinet Member & Minister of Culture & Former Governor Reserve Bank of India Knowledge Development, Govt. of UAE. Dr. Subbarao has been instrumental is steering India’s premier financial In his address, Sheikh Nahyan also acknowledged the huge contribution institution during its most tumultuous made by finance professionals towards time – the global downturn of 2008. supporting the regional economy He was therefore best-placed to and for showing the courage to offer speak about financial resilience and solutions to overcome the downturn. spoke brilliantly about the challenges Message of HH to Chartered he faced during this rather short time Accountants at the helm. The audience benefited from listening to his experience as he “The legitimacy of your position as delved into different crisis scenarios trusted accountants rests, of course, while strengthening the monetary on your accuracy, clarity, and candor. policy. Inaccurate data resolve no crisis. Garbled or opaque assessments provide no relief. Unwarranted, misleading, and incomplete conclusions help no one succeed. Your moral standards drive the ethos of the marketplace. Resilience itself is self-defeating if it compromises universal moral standards. Clients struggling to cope with adversity need moral paragons. It is your moral heroism and DR. PRASANNA CHANDRA courage that can inspire resilience. Such action will as well ennoble Director of Centre for Financial Management your profession, just as your resolve to broaden your vision and Director of the Centre for Financial enhance your knowledge at this thirty-fourth annual international conference attests to your commitment to the highest professional Management, Bangalore Perhaps standards. ” no other organization is lauded in our times for its sound and cautious business principles as Warren Buffett’s Berkshire Hathaway. CA. M. DEVARAJA REDDY Dr. Chandra used Berkshire President - ICAI Hathaway as a case study to drive home his point on how companies Current ICAI President can create value for their investors. CA M. Devaraja Reddy opened He reiterated Buffett’s ageless this year’s annual conference by philosophy of investing in simple welcoming the delegates and the businesses that offer durable and guest speakers. Paying a rich tribute competitive advantage as well as to ICAI’s efforts to ensure best cost leadership. practices in financial professionalism, CA. Reddy pointed out that the conference had evolved into a highly CA. T. N. MANOHARAN valued platform for debate regulatory Chairman Canara Bank and Past President ICAI issues in the financial system. In his presentation, CA. T. N. Manoharan highlighted some of the most complex global CA. NILESHSHIVJI VIKAMSEY challenges facing the world President - ICAI today, including the exit of CA. Nilesh Vikamsey, the Britain from the European Union, Vice-President of ICAI, thanked the environmental challenges, the Chief Guest HH Sheikh Nahyan as Middle East oil slump, the different well as delegates and their guests. monetary policies pursued by Speaking about the theme of this year’s nations across the globe, as well annual conference, he pointed out as the emergence of the BRICS that it was important for all attendees nations are the next superpower. to understand the implications of Emerging economies can become the global economic instability from engines of global economic the viewpoints of different sectors development, he pointed out. of the financial world – government, policy-makers and industry.
29 MAHATRIA RĀ MR. BASSEL KHATOUN Spiritual Guru & Motivational Speaker CIO, Franklin Templeton Investments (ME) Limited Our members and guests gained In his address, Mr. Bassel Khatoun from the insights of spiritual pointed to a positive investment guru and motivational speaker climate in the Middle East, adding Mahatria Ra, who spoke at length that there was never a better time on Spiritualism and Materialism. to invest in the Middle East, as Mahatria is bringing about a dawn the region presented long-term in human consciousness; a way of growth potential. “Middle East and experiencing a holistically abundant North Africa are well positioned life of health, wealth, love, bliss and to withstand low oil prices and spiritual connect. His address at the fluctuations in energy prices,” conference certainly left an indelible he said. “The GCC Region can mark on ICAI members and their continue to stimulate growth while guests. running fiscal deficit.”
CA. MANOJ FADNIS MR. RAHUL KAPOOR JAIN Past President of ICAI Entrepreneur, Speaker, Presenter and Author CA. Manoj Fadnis delivered one of the The conference would not have most compelling presentations at the been complete without the inspiring two-day event, focusing on the best words of young entrepreneur practices in corporate governance. Rahul Kapoor, who spoke about how Highlighting the UK Corporate ICAI members and entrepreneurs Governance Code, CA. Fadnis could raise their game through emphasized on the importance of innovation. During his live-wire implementing an effective set of presentation, Rahul delivered a policies to govern companies. Such power-packed presentation that a code will ensure that the company, has inspired many Fortune 500 its investors and employees are companies to experience increased insulated from unprecedented crisis, sales revenue, superior customer he added. service and operational excellence.
JUSTICE (RETIRED) R.V. EASWAR PRITAM CHAKRABORTHY Former Judge Delhi High Court and Chairman of Bollywood Music Director & his Team Income Tax Simplification Committee The annual conference ended on Presenting a wholesome dimension a high note as Bollywood Music to the conference’s deliberations Director Pritam Chakraborthy was Justice Easwar’s address on entertained the audience with his the Income Tax guidelines being chart-busting songs. Supporting followed in India. A chartered him on stage were young and accountant, he joined law and upcoming singers such as Nakkash was appointed by the government Aziz, Abhijeet Sawant, Aditi Singh to make recommendations for Sharma, Antara Mitra and Shalmali simplifying the direct tax law Kholgade. The audience of all ages provisions and introducing friendlier tax laws. Justice Easwar raised a were thoroughly entertained and range of some thought-provoking danced to some of the most recent issues during the summit, such as uptempo and romantic numbers laws aimed at creating uniformity such as “Jabra Fan”, “Afghan of tax structures for non-resident Jalebi”, “Gerua”, “Badtameez Dil”, Indians. “Gandi Baat”, among others.
30 Workshop: 04.06.2016 Iftar Party: 11.06.2016
Dr. Mickey Mehta Dr. Tayeb A Kamali H.E. Anurag Bhushan
On June 11th, at one of the most prestigious address of the city - The Atlantis Hotel, ICAI Dubai held its Annual Iftar Party with Dr. Mickey Mehta on the topic ‘Transform, Transcend, Get Metamorphised, Get Mickeymised’. The Guest of honor for the event was Dr. Tayeb A Kamali who also shared his words of wisdom. His Excellency Shri Anurag Bhushan, Consul General of India to Dubai also graced the occasion. The event was well received by the business community and sponsors who were present in large numbers. This was the first time that Iftar party attracted more than 1100 individuals who enjoyed the exclusive talk of Dr. Mickey Mehta with gala dinner and return gift on the occasion of Iftar. This has been one of the most successful events of ICAI and the chapter looks forward to many more such Dr. Gita Bajaj Dr. Rakesh Singh evening events in the future which well covered in the print media including Gulf News, Khaleej Times and Saffron Magazine. ‘Negotiation Skills for Influential Leadership’ and ‘Developing and Transformational Strategy’ The workshop on June 4th at Hotel Crowne Plaza, Deira was very well received by the members where more than 70 participants learnt the negotiation skills for influential leadership and different types of strategies including developing strategy and transformational strategy.
The topic of ‘Negotiation skills’ was taken in the morning session Dr. Gita Bajaj who is Professor in IMT Dubai. She very effectively took the topic 3 hours session where the case studies taken were well received by the audience. The second and afternoon session on ‘Strategies’ was taken by Dr. Rakesh Singh who is Chairman of ‘Institute of Supply Chain and Management’. He with his powerful voice involved the audience to understand the subject of strategy in very effective manner. The members of ICAI were awarded 6 hours CPE credit for attending the workshop.
31 To celebrate the Chartered Accountant’s Day and to give back to the Annual Tree Plantation: 1.07.2016 society as part of our CSR initiative, ICAI Dubai Chapter organized blood donation camp in Blood Donation Center of Latifa Hospital on July 1, 2016 from 10 am to 1 pm. The blood donation camp attracted more than 150 donors where 85 individuals were successful in donating blood. This was the second camp of the year and the chapter received special appreciation and recognition from the hospital as the camp was organized in the month of Ramadan when the supply significantly reduces and can affect the blood collection for children suffering from thalassemia. The Chapter assured the center of full support and many of the members have now been regularly donating at the hospital and are aware of the importance of the same.
ICAI Dubai organized tree plantation at Indian High School, Garhoud which has now become Annual Event of Dubai Chapter.
The Plantation was organized on the occasion Chartered Accountant’s Day where large numbers of trees were planted by the Executive Committee and members of the Chapter.
The plantation time was scheduled at 8 am which started on time, where many members joined with their families and children participated in the tree plantation with great enthusiasm and interest. The chapter during the year 2015-16, conducted 3 plantations and this was the last plantation of the year.
Workshop: 06.08.2016
Blood Donation Camp: 1.07.2016 Mr. Pradeep Pardeshi
The workshop on August 6th at Hotel Crowne Plaza, Deira was very well received by the members where more than 70 participants were trained by experienced trainer from Mumbai – Mr. Pradeep Pardeshi.
The techniques used by the trainer were very good as he involved the audience with good hands on practice and also ensuring that the needs of the members are met. The Chapter was happy seeing the participation of the members and will be working with ICAI Dubai Branch to see that the members’ needs on Excel training are met at regular intervals and many training sessions will be planned in the future.
32 Workshop: 20.08.2016
Workshop: 13.08.2016 Prof. Rama Seth Prof. Anoop Rai
For the first time, ICAI Dubai Chapter worked on very interesting topic ‘Banking Simulation-Managing Competitive Strategies’. The workshop on August 20th at Hotel Crowne Plaza, Deira had two very experienced faculties including Prof. Rama Seth who is Faculty in IIM Calcutta for ‘ Finance and Control’ and Prof. Anoop Rai who is faculty in Hofstra University, New York for Finance.
The faculties covered the topics including problems, challenges and decision choices facing senior management of financial institutions, distinguishing the competing impacts of competition and regulation on economic decisions and recognizing the interplay between macroeconomics, interest rates and the demand and supply for credit at the bank level. The participants appreciated the workshop where they were trained to recognize alternative banking ‘Master Class on Social Accounting and Audit’ workshop was well strategies in a regulated financial environment and a combination received by the members where enthusiastic participants were trained by experienced trainers including Mrs. Latha Suresh, Social of lectures and simulation highlighted challenges in developing and Accounting Network, India and Mrs. Marie Banu, Director, Centre for implementing competitive strategies where significant emphasis Social Initiative and Management. was placed on team work and leadership skills.
The techniques used by the trainer were very good as they involved the audience well from initiation by having introductory round and also gave chance to few audience members to share their experiences and also ensuring that the needs of the members are met. An extension of the workshop was conducted in the first half of August 14th at ICAI Dubai Branch in Dubai Knowledge Park which was also well received by the members.
33 Annual Bowling Event: 26.08.2016 Full Day Seminar : 27.08.2016
ICAI Dubai Chapter organized full day seminar on August 27th in Crowne Plaza Hotel, Sheik Zayed Road on two very interesting and important topics VAT and Leadership.
The annual bowling event for the members and their families was held at the Dubai Bowling Centre, Al Mamzar Dubai over 444 members and their family members played in the event. The event which started at 9 am was closed by 1 pm and was enjoyed by all the participants with prizes being distributed to the winners under various categories. Winners: Men First Place: CA Dharmesh Gandhi Men Second Place: CA Akash Mehta Men Third Place: CA Gaurav Mehta Women First Place: CA Bindu Parameswaran Women Second Place: CA Hinal Doshi Women Third Place: CA Karishma Nahata Player of the tournament: CA Akash Mehta
‘VAT- Where to go and how to get there’ VAT was taken by two very senior members of Deloitte including Mr. Bruce Hamilton and Mr. George Campbell. They shared deep insight on VAT and how the regulations are expected to move in the country.
‘Communicate like a Pro, Inspire like a leader’ Mr. Murali Murthy, Best-selling Author, Motivational Speaker and Transformational Coach enthralled the audience with lot of tips in his interactive session leadership, communication and branding.
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43 ICAI Dubai Branch Activities
Students Activities Certificate Courses Students managed registration desk at the two day annual conference 11th Batch of IFRS Exam Review classes was conducted on 15th April which was attended by more than 1,200 members. 2016. IFRS Q1 examination was conducted on 22nd April 2016. 22 members appeared for the exam. Results are as under:- The first newsletter of DCASA was issued. Students played key role in preparing the newsletter. Total members appeared : 22 Total members passed : 8 Coaching Classes for Examinations Percentage of pass : 36%
Coaching classes for CA Students ICAI Dubai Branch is spearheading the coaching for CA Students with Employment Opportunities a) CVs received and forwarded to companies. 2 qualified CAs and 4 regular support to the students at regular intervals. The branch conducted coaching for CPT, IPCC and Final students semi-qualified CAs got employment. where many have benefited. The result of the students who have been b) Career Fair was conducted on 17th May 2016. Students from Grade facilitated with the support of coaching has always been very good. 11th & 12th attended the career fair.
CA Results in Dubai Centre Members Courses
Nov 2015 CPT (Dec 2015) IPCC Final MS Excel training for Finance & Management Professionals Three Batches of Advance of Level of MS Excel Training for Finance & Passed 11 21 15 Management Professionals (viz. 6th, 7th & 8th Batch) were conducted at our Dubai Office of ICAI. All three Programmes were facilitated by CA Appeared 25 101 172 Mehul Thakkar (CISA, DISA, CEH & Microsoft certified Excel Expert). In this hugely successful program, 98 trainees participated in this 2 Days course. This course was designed keeping in view the day to day May 2016 CPT (June 2016) IPCC Final requirements on current business scenario and the growing demand for such trainings. Passed 24 20 19
Appeared 37 90 149 Certificate Course on IFRS The 11th Batch of IFRS course was conducted from October to Class room Training for CA students November 2015. 28 members have attended the course. The 12th Batch of IFRS course was conducted from April 2016 to June GMCS – I Training Programme: The 5th batch & 6th Batch of GMCS I 2016. Total 11 Members & 3 Non Members have attended this course. was conducted at ICAI Dubai Office in the months of Aug – Oct 2015 & May – July 2016 resp. A total of 32 students got their GMCS I completed in these two batches Forensic Accounting & Fraud Prevention -
GMCS – II Training Programme 1st Batch at Bahrain The 17th Batch of GMCS II from Aug to Oct 2015 & the 18th Batch Dubai office of ICAI in coordination with the Bahrain Chapter of ICAI of GMCS II from Feb to April 2016 was conducted at our ICAI Dubai has successfully completed the 1st Batch of FAFP training at Bahrain Office. A total of 17 students have completed their GMCS II programme Chapter. The programme was conducted for 7 Friday’s starting from 9th in these two batches October 2015 and 14 Members successfully completed the programme.
100hrs of IT Training Valuation course Two Batches for the 100 Hrs of IT Training were conducted at ICAI The 2nd Batch of Valuation course was conducted at our ICAI Dubai Dubai Office during the period from September 2015 to August 2016, Office from the month of Jan 16 to March 16. All the faculties were 11th Batch in the month of Jan to Feb 2016 & 12th batch in the months appointed by the Corporate Laws of May – June 2016. A total of 24 students attended these trainings and successfully completed their online examinations. DCASA Activities 35hrs Orientation Programme Technical Seminar with ICAI President Three Batches of 35hrs of Orientation Programme were conducted at The President CA Manoj Fadnis (2015-16) & Vice President CA M our ICAI Dubai Office at Knowledge village viz. 7th Batch, 8th Batch Devaraja Reddy (2015-16) on their visit to Technical Seminar in & 9th Batch. A total of 48 Students have completed their orientation the Crowne Plaza Hotel on 19th Jan 2016 had also met the DCASA course, during this period. students. In their address, the President and Vice President of ICAI,
44 highlighted the initiatives taken by the Institute, all around the world and During the fiscal year 496 members joined the Chapter and 373 also discussed at length, the opportunities available for the Chartered members discontinued their membership. Accountants especially in the emerging markets in the world. All the events organized by the Chapter was well attended and 96 CPE DCASA 1st Anniversary celebration at credit hours the period October 2015 to September 2016 as against a total of 58 CPE credit hours for the Technical Events held between the Creek Park periods October 2014 to September 2015. DCASA Celebrated its 1st Anniversary in Grand style with Fun Outing at Creek Park on 22nd Jan 2016 with the Chairman of DCASA CA Prabhdeep Singh Baweja. CA Nimish Makvana, Chairman of ICAI Attendance - Management Committee Meetings Dubai Chapter also visited at the time of closing and felicitated the From the conclusion of last Annual General Meeting on 19 September students with medals for winning in different games. 2015 to the date of this report the Managing Committee held 22 meetings and the details of each committee member’s attendance Technical Seminar with CA Sundar & CA Anish is given below. DCASA organized a technical seminar on International Auditing Standards, exclusively for its members at the Grand Excelsior Hotel, on 26th March 2016. The Event was led by CA Anish Mehta and CA Managing Committee Member Attendance Sundar Nurani along with Special invitee, CA Harish Gangaramani. CA Nimish Makvana 22 Strategies to Clear CA Final Exams CA Pankaj Mundra 20 A session on How to clear CA Final Exams, focused to reduce the CA Naveen Sharma 22 stress students’ face before exams, and to teach a qualitative approach CA Anish Mehta 20 in preparing for CA Exams led by CA Nikhil Jand, was conducted by CA Mahmood Bangara 17 DCASA on 23rd July, 2016. CA Sundar Subramanian Nurani 19 Technical Seminar – UAE Commercial CA Nimesh Lokhandwala 22 Company Law CA Dharmajan Patteri 21 A Technical Seminar on the new UAE commercial Law was organized CA Arun Srinivasan 03 by DCASA on 3rd August 2016. The Speaker was Ms. Therese Abou- Zeid an expert on the topic from DLA Piper and Corporate Governance CA Prabhdeep Singh Baweja 19 Committee. The total number of participants in the course was 24
Others Achievements of Dubai Chapter ICAI Dubai Chapter conducts its AGM every year in the month of September. A software is prepared for E-voting and certificate is presented to ICAI President and Vice President CA M Devaraja Reddy ICAI Dubai Chapter Wins The Best and CA Nilesh Shivji Vikamsey during the Annual Conference held on 19th & 20th May 2016 Overseas Chapter Award for the Third
Seminar on introduction to IFRS for Faculty of DPS Sharjah was Consecutive Time conducted on 1st June 2016. ICAI Dubai Chapter jointly with Abu Dhabi Chapter won the best overseas chapter award for the third executive time and the Award was Financial Performance and Other Matters received by the leadership of the chapter in the event organized by ICAI The financial year 2015-16 has once again been a year of exceptional achievements for the Chapter. On the financial front, the Chapter in February 2016 in New Delhi. achieved a total income of AED 3,911,968.
This has mainly been possible on account of the support of our Platinum More than 2000 memberships in the and Event sponsors. During the fiscal year, sponsorship contributions year 2015-16 were amounting to AED 2,672,083. The chapter as on June 30th, 2016 had more than 2000 paid members. The number of members in the Dubai Chapter has substantially increased over the years as detailed in the table below: 96 hours of CPE credit for 2015-16 As at 30 June The Chapter organized many events for large number of members Year 2015-16 2014-15 2013-14 2012-13 2011-12 2010-11 including monthly seminars, workshops, summit, conclave and
Number of 2004 1881 1930 1788 1550 1482 conference which helped the chapter to attain 96 CPE credit events members during the year
45 New Initiatives of ICAI Dubai Chapter
Tree Adoption Day ICAI Dubai Chapter’s Mobile App ICAI Dubai Chapter in collaboration with the Indian High ICAI Dubai Chapter for ease of the members launched School organized a ‘Tree Adoption Day’ on October 13th, Mobile App and the soft launch of App was done by the 2015 by planting 12 trees with students at the School. President and Vice President of ICAI in the event organized on January 19th, 2016 in Dubai. Sharjah Book Fair Event Sharjah Book Fair is one of the largest book fair in UAE and Budget Event Broadcast by Times Now ICAI Dubai Chapter in collaboration with the organizers of For the first time, ICAI Dubai collaborated with Times Now the book fair organized talk by ICAI Past President Padma & organized Joint event on Budget which was broad casted Shri CA T. N. Manoharan on 8th November 2015 who on Times Now News Channel & this helped ICAI Dubai to spoke on the topic ‘Unlock your Potential and shape your take the event to the large number of people in the region. destiny’. Basic Arabic Session for Members and Spouses Shiv Khera’s 3 Days Full Day Workshop of the Members ICAI Dubai Chapter brought 3 Days Hi-Impact Leadership ICAI Dubai Chapter in collaboration with Institutional Partner to the members of ICAI Dubai Chapter at nominal cost DPS, organized Basic Arabic Session for the members and which was organized between 27th November to 29th their spouses on March 26th, 2016 which was very well November. This was the second program by Shiv Khera received by the members and their was encouraging after half day workshop in Feb 2015 and the members were participation in the session. keenly looking forward to this workshop since that time.
46 New Initiatives of ICAI Dubai Chapter
Yoga classes for Members and spouses Electronic voting The yoga classes with monthly 8 sessions were launched on The chapter successfully developed the software for electronic April 1st, 2016 for the members and spouses which has helped voting in the AGM which will help in significantly making the the chapter to instill discipline when we talk in terms of health voting process easier and all the necessary steps were taken and has been one of the most successful initiatives of the year including the mock voting session where all the members of the chapter were invited to participate in the voting. Live web-cast of Annual Conference of Dubai Chapter The live web-cast of the 34th Annual Conference spread Provisional Approval of DIFC NPIO License over one and a half days was done by ICAI Dubai Chapter The chapter initiated the process of having license through DIFC with which the conference was open for the members in the and has been successful in getting the provisional approval of entire world and was hugely successful for which the chapter DIFC for a new license which will significantly help the chapter received very positive feedback. in furthering the activities of the chapter.
Scholarships for CA students by Sahul ICAI Dubai Social Audit Foundation ICAI Dubai chapter has very important objective of being ICAI Dubai and Sahul Foundation announced 5 Scholarships accountable, both financially and for the activities of the chapter. for CA students from Sahul Foundation to promote Chartered The chapter for the first time has decided to undertake the Accountancy course in the region. exercise of social accounting and audit. The whole objective Annual Conference of Dubai Chapter of the planned exercise is to develop an ongoing process to Broadcast by Times Now account fully for our impact, report on our performance and The 34th Annual Conference of ICAI Dubai Chapter was draw up an action plan to improve on that performance. The organized on May 19th and 20th in Le Meridien Hotel having accounts will be audited by a professional organization which is more than 1000 delegates which was covered by Time Now & subsequently broadcasted multiple times in the channel which SAN India. SAN India is part of the global Social Audit Network was well received by the large number of people in the region. which is based in Liverpool, UK.
47 SALUTATIONS TO THE PAST CHAIRMEN The Institute of Chartered Accountants of India UAE (Dubai) Chapter (Estd. 1982)
CA. RUSSI JEHANGIR PATEL (Late) CA. G. BHANDARI CA. ANIL BHARADWAJ CA. S. M. SYED KHALIL (Late) CA. M . A. RAFFIK
CA. V. RAMAN CA. MAHENDRA K ASHER CA. N. R. DOSHI CA. ABBAS ALI MIRZA
CA. G. R. MEHTA CA. V.P. NAGARAJAN CA. HANUMANTHA KUMAR CA. SURENDRA JAIN CA. S. VENKATESH
CA. JAMES MATHEW CA. NANDAKUMAR A CA. RAJU MENON
48 Media Coverage
2nd Workshop 23-10-2015 Khaleej Times Date:08-11-2015
New Managing Committee Date:26-09-2015
New Comittee Members - Khaleej Times
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Khaleej Times Date:27-11-2015
Arab India Economic forum Date:17-11-2015
Date:12-12-2015
Date:21-11-2015
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Khaleej Times Date:27-11-2015
Khaleej times Date:30-11-2015
City Times Date:05-12-2015
Gulf Today Date:30-11-2015
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Khaleej Times Date: 07-01-2016 Khaleej Times Date:19-01-2016
GCC Outlook on Banking Sector Date:22-01-2016 Khaleej Times Date:22-02-2016
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Gulf News Date:25-02-2016 Times Now - Advert Date:24-03-2016
Khaleej Times Date:07-03-2016
Press Release Date:06-04-2016
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Gulf News Date:19-05-2016
Khaleej Times Date:19-05-2016
Pritam Live in Concert Date:19-05-2016
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Khaleej Times Date:21-05-2016 City Times Date:24-05-2016
Gulf Today Date:27-05-2016 Gulf News Date:22-05-2016
Khaleej Times Date:22-05-2016
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Gulf Today Date:23-05-2016
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Khaleej Times Date:28-08-2016 Khaleej Times Date:28-08-2016
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Khaleej Times Date:28-07-2016
59 Media Coverage
The recorded version of the 'Emerging India Forum' was broadcasted in a one hour episode - with a record repeat telecast for at least 6 times. The Brand value and equity it created for ICAI and ICAI UAE Dubai chapter was tremendous. And we are looking forward to build on our inherent strengths going forward. CA. Nimish Makvana, Chairman ICAI Dubai
60 Azad News Date:21-05-2016
Zawya Date:11-10-2015
http://azadnewsme.com/en/58/6/8457/?LoginUserId=2&AdminAccess=all&previewLang=1&preview=on
Zawya Date:22-05-2016
http://www.zawya.com/mena/en/story/ZAWYA20160522115137/
61 Media Coverage
Zawya Date:22-05-2016 Khaleej Times Date:21-05-2016
http://www.khaleejtimes.com/business/local/bold-initiatives-critical-for-resilience-during-global-uncertainty-says-shaikh-nahyan
City Times - Social Event
62 Special Gratitude to Sponsors
The ICAI UAE (Dubai) Chapter places on record the support being extended by the Sponsors to all activities of the Chapter for the period 2015-2016. Our gratitude is also due to the generous support of all the Sponsors who have sponsored specific events that were organized during the year.
63 Sponsors
34th Annual Conference
Gold Sponsors
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Event Sponsors for 2015-2016
65 Conclusion
The Managing Committee wishes to place on record its He has undertaken the task of Election Officer on a appreciation and gratitude for the support extended to the completely honorary basis and has maintained the position Chapter by His Highness Sheikh Nahyan bin Mubarak Al with grace and dignity. We place on record his contribution Nahyan, Hon’ble Cabinet Member & Minister of Culture & to this Chapter. Knowledge Development, Govt. of UAE, H.E. T.P. Seetharam, the Ambassador of India to the United Arab Emirates, and CA. Shailesh Mulki, past member of our chapter has H.E. Anurag Bhushan, the Consul General of India to Dubai. been responsible for preparing the Weekly Economic Updates for the benefit of the members. His untiring efforts We also express our sincere thanks and appreciation to the and continuing interest in the affairs of the chapter are management and staff of The Indian High School, Dubai, commendable as he presently resides in Canada. We thank staff of Bank of Baroda and Dubai branch of the ICAI for their him for his contribution that gives our members a bird’s eye valuable contributions and support in efficiently conducting view of the current and future trends in the financial markets. the ICAI Examinations. The efforts of the Managing Committee have been aimed Our heartfelt thanks to Higher Colleges of Technology and at providing the members a platform to enhance their the Management of Dubai Men’s College for providing the professional knowledge through the various technical Dubai Men’s College auditorium with high-tech/state of the seminars, workshops and conferences that have been art facilities for conducting technical seminars of the chapter. conducted throughout the year. The sports, social and entertainment events that have been conducted provided It is with immense gratitude that we acknowledge the great enjoyment for the members and their families. continuous support and parental guidance provided by the President, Vice President, Secretary, members of the Central The unstinting support and contribution from the members Council of ICAI New Delhi, the staff of the International Affairs have been very encouraging and the Managing Committee and other departments of ICAI in successfully organizing the acknowledges that these have been the main factors that Chapter activities. have contributed to the success of all the events conducted during the year. We extend our sincere appreciation to all We also express our sincere gratitude to CA. Manoharan P. of you and look forward to your continued support to the Thulicheri, for auditing the Chapter’s financial statements on Chapter activities in the year to come. honorary basis. Thank you We also place on record our sincere appreciation to all For the Managing Committee of our Sponsors for supporting us in all our activities during The ICAI UAE (Dubai) Chapter the year 2015-16. The efforts of the Managing Committee were greatly assisted by various members who served on the Sub-Committees and we thank them for rendering their services to the Chapter. CA Nimish Makvana The contribution of CA. Janak B. Panjuani in ensuring that Chairman the annual elections are conducted in a fair manner is commendable.
66 67 ICAI UAE (Dubai) G-18, Block 2B, Knowledge Village, P.O. Box : 500725, Dubai, UAE Phone: +971 4 3672250
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