Finance Minister Nirmala Sitharaman has urged chartered accountants (CAs) in the country to familiarize themselves with new-age concepts and areas of accounting and compliance including carbon accounting, CSR (corporate social responsibility) accounting and auditing as well as due diligence related to ESG (environmental, social and governance) to be at par with their counterparts in other nations amid changing global practices and compliance needs. There are newer areas with which chartered accountants will have to familiarize themselves, especially given global developments, to better advice clients on new greenfield areas. Whether it’s carbon accounting, CSR accounting and auditing, or ESG reporting. She also emphasis that India’s new economy was being driven by start-ups, new-age industries and industries transitioning from traditional methods to modern approaches, which require CAs to not only use technology themselves, but also urge their clients to do the same.

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