The Department of Commerce of St. Joseph’s Evening College (Autonomous), Bengaluru, in association with the Institution of Chartered Accountants of India (ICAI) organised a one-day state-level seminar on ‘Recent Trends in Accounting and their Impact on Business’ on August 18, 2018. The chief guests for the day were CA K. Raghu, Director of Indian Overseas Bank; and CA Shravan Guduthur, Chairman, ICAI, Bangalore Branch.

The event which took place in the Faber Hall at St. Joseph’s Boys High School saw diverse members from the chartered accountant’s fraternity participating as resource persons. CA Babu Jayendran, Consultant in Information System Audit, and CA Vinay G Rao, VP and Global Head (F&A), Infosys BPM, presented their immense knowledge to the students who participated from many colleges across the state.

The session was inaugurated by CA Shravan who is the current and youngest chairman of ICAI, Bangalore. During his keynote address, Shravan said, “We witnessed globalization, liberalization and radical changes in business. But, today we see cut-throat competition and confusion in the industry due to the evolution of technology explosion.” Elaborating on these lines, he also said, “There is no proxy for knowledge in the field of commerce for one who pursues it.” Coming from a strong accountancy background, CA Guduthur emphasized on smart work as the necessity of the hour.

“Our nation witnessed several revolutions in the last few decades; we are now witnessing the digital revolutions where businesses are making a paradigm shift in performing business and transactions globally,” said CA K. Raghu. Taking through the subject, his session provided insights to students on several emerging trends in accountancy such as cloud accounting, big data analytics, ERP, artificial intelligence and block chain. Along with that, he threw open numerous job opportunities one can pursue in the field of accounting for the students.

Enlightening the students on the seminar’s topic, the Principal, Dr. Albert Smith, said, “Presence of a strong accounting system is essential for every business to simplify work. Technologies like cloud accounting, big data analytics, social media strategy, automation are shaping business robustly.” The main objective of this seminar was to leverage the expertise of accountancy for all the students who desire to take up accounting as a profession.

The seminar’s core masterpiece was the idea of artificial intelligence (AI) that is foreseeing a new era in the field of accounting. CA Babu Jeyandran explained how AI is understanding human patterns and engages itself to assist humans in their daily life. Countless AI platforms and devices have come up to make life easy for people such as the Amazon’s Alexa, Google Earth, Google Assistant etc. All these devices are creating a connection between humans and gadgets and making our work easier. The session ended with myriad of insights and information that has paved a new path for the students of commerce specialization.
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