Accounting, financial reporting and auditing are considered to be the
corner stones for ensuring probity and propriety in financial transactions,
and achieving higher level of transparency in the management of Indian economy,
trade and industry. Globalisation and ever increasing need for better governance,
in government and non-government sector, created an exigency for the Institute of
Chartered Accountants of India to establish an academy of excellence in the
fields of accounting, auditing, financial management and economics.
The Institute of Chartered Accountants of India is a regulatory body established under an Act of Parliament and regulating the profession of Chartered |Accountants of India. Since the future of the profession depends much upon its ability to respond quickly to emerging needs of the users and the potential users of the services of the profession, a need was felt for a specialised vehicle for developing a knowledge base which could be used by the Institute and the National as such. Therefore, the Institute of Chartered Accountants of India decided to create an academy which could meet the exigency created by the changing scenario of the Country.
On 14th January, 1999 the Institute of Chartered Accountants of India incorporated ICAI Accounting Research Foundation, as a Section 25 company under the Companies Act, 1956, (now section 8 company under the Companies Act, 2013) to establish it as a core research body with facilities to undertake research in the areas of Accounting, Auditing, Capital Markets, Fiscal Policies, Monetary Policies and other related disciplines. The vision of the ICAI Accounting Research Foundation is to develop quality pronouncements, documents, research paper on the subjects of accounting, auditing, etc. The mission of the ICAI Accounting Research Foundation is to become a globally respected Foundation that shapes research practices in India and abroad by creating new frontiers of knowledge.
Composition of Board of Directors of ICAI ARF
As per Article 27 of the Articles of Association (AoA) of ICAI ARF, the number of
Directors on the Board shall not be less than three and not more than fifteen.
As per Article 28 of the Articles of Association the composition of the Board
of Directors (to be nominated by the Council of ICAI) is as follows:
- President and Vice President, ICAI - [Article 28(a)]
- Six other members of the Central Council of the ICAI - [Article 28(b)]
- Dean of the Foundation (being the CEO of the Company) - [Article 28(c)]
- Secretary, ICAI [Article 28(d)(i)]
- Five eminent personalities - [Article 28(d)(ii)]