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.