Highlighting some of the major initiatives taken by the apex accounting body of the country, Institute of Chartered Accountants of India (ICAI) president G Ramaswamy on Friday emphasised the need for implementation of global accountant standards in the country to match the global trends.

“Matching the global accounting practices would surely make the Indian chartered accountants global CAs,” Ramaswamy said.

Ramaswamy was speaking during the 63rd CA Foundation Day.

He said that the members should be trained with latest IT skills so as to enable them to play a bigger part in building India.

“As the profession is increasingly growing global it is important to equip practicing members and chartered Accountancy firms with more IT tools that will, in turn, increase their efficiency in the global work environment. Developing the IT infrastructure is high on the agenda of the Institute for 2011-12,” Ramaswamy said.

Talking about some of the recent initiatives by the institute for non corporate causes Ramaswamy said that the institute has already submitted a report to the election commission of India on principals of accounting standards for political parties.

He said that the institute was also working on some of the critical issues like curbing the flow of black money in the country.

He also said that the institute was continuously working on new principals to push the growth of Indian economy.

Speaking on the occasion corporate affairs secretary, DK Mittal said that the ethical reporting was the major challenge before the upcoming CA professionals as the world moves ahead.

“Battle of ethical governance is going on and I see ICAI contributing in a big way to win this battle,” Mittal said.

Union minister for corporate affairs RPN Singh also applauded the important role played by the institute in past six decades to bring in transparent accounting practices in India.