The Institute of Chartered Accountants of India (ICAI) has partnered with the Confederation of Indian Industry (CII) to become a prime partner for the Business 20 (B20), a prestigious forum of the G20. This partnership aligns with India’s goal to become a world leader (Vishwaguru), and ICAI’s expertise in accounting, sustainability reporting, and digital accountancy for international trade and services development will be valuable in this partnership. Through this partnership, ICAI will also become a part of the ESG Action Council and be involved in various policy-making initiatives of B20.
ICAI’s exemplary role in regulating the growth of the accounting profession, overseeing members’ functioning, as a standard setter, and as an educator for over seven decades, has been acknowledged. ICAI’s participation in B20 as a ‘prime partner’ will provide technical and knowledge support to participating nations, and its members and students will have online access to events of B20.
In recent years, there has been a growing demand for transparent and robust accounting standards and practices in the global economy. The COVID-19 pandemic has highlighted the need for better governance and accountability in businesses and governments. ICAI’s expertise in this field will be essential in shaping global policy recommendations for sustainable development.
The B20 partnership will also provide an opportunity for ICAI to network with global leaders and exchange ideas and best practices in the field of accounting and auditing. This partnership will help ICAI to stay updated with the latest developments in the industry and provide its members and students with exposure to global best practices.
B20 is the official dialogue forum of the G20 with the global business community, established in 2010. It aims to develop consensus-based policy recommendations to the G20 and international organizations and institutions. The partnership between ICAI and CII for B20 demonstrates India’s commitment to advancing its economic growth story on a global stage, and ICAI’s participation in B20 will be invaluable in shaping global policy recommendations for sustainable development.