There is an ardent requirement nowadays for understanding the concepts of valuation. To understand this concept, Nagpur Branch of WIRC of ICAI recently hosted a 4 day Refresher course on Valuation and ICAI Valuation Standards 2018 organized by Valuation Standards Board, ICAI attended by participants from all over the country.
“Valuation is the need for all businesses” remarked CA Anil Bhandari, Central Council Member, Chairman of Valuation Standards Board, ICAI. The concepts of valuation are not restricted to only the statutory requirements like under Income Tax Act or Companies Act, but they have far more benefits including requirement in Insolvency and Bankruptcy and nowadays more importantly for valuation of business for extracting the best benefits, said CA Bhandari. Valuation is done based on information from management; but nowadays one needs to review and analyze as well as dissect the management data given to provide more accurate and meaningful results. CA Anil informed that The Institute of Chartered Accountants of India was the first one in world to introduce “Thought Leadership Step” for implementation of Valuation Standards. ICAI is the only body who has Valuation Standards Board. Professional Insights on Valuation published regularly by ICAI is a great literature. Nowadays Valuation Standards for Start Ups, Brands, ESOP’s etc is the new requirement. Valuation is a big opportunity for Chartered Accountants and is a fantastic and engaging subject, concluded CA Anil Bhandari.
“Valuation has high economic impact for stakeholders”, said CA M. P. Vijaykumar, Central Council Member, Vice Chairman of Valuation Standards Board, ICAI. There is a fear of going worng with assumptions and thus competence requirement is very high. Use of technology for data extracting and analysis thereof is the need of the hour. “Valuation is an Integral part of financial statements” said CA M. P. Vijaykumar. The Chartered Accountants have now walked more than the principles of conservative and prudence and thus use of Valuation standards provides a better insight to plan future.
“Value comes when you value yourself” quoted CA Saket Bagdia, Chairman of Nagpur Branch while acknowledging Valuation Standards Board, ICAI for allotting this prestigious Refresher course to Nagpur Branch. You get what you portray and what you command. Bagdia said that the two letters “CA” stand as Alphabets of Trust. Chartered Accountants can be the Best Registered Valuer’s. He said that nowadays two words form a very important part of our professional commitments and these are “Value Addition”. Chairman welcomed all the participants of this refresher group from all over the country.
Effective and learned Speakers for the refresher course were CA M. P. Vijay Kumar, CCM, CA Rajan Wadhawan from New Delhi, CA Vikram Jain from Mumbai, CA Drushti Desai, Vice Chairperson, WIRC from Mumbai, CA Tarun Mahajan from Indore, CA Sushrut Chitale, RCM, Mumbai, CA Sumit Dhadda from Jaipur and CA Rashmi Shah from Mumbai. All queries of members were effectively resolved by the Speakers.
The Sessions were coordinated by CA Jitendra Sagani, Vice Chairman, CA Abhijit Kelkar, Regional Council Member, CA Suren Duragkar, Past Chairman, CA Kirit Kalyani, Immediate Past Chairman, CA Akshay Gulhane, Treasurer. Formal vote of thanks was proposed by CA Sanjay M Agrawal, Secretary of Nagpur Branch. From Nagpur effectively deliberated on topics of relevance and answered all queries of participants.