"Don't worry when you are not recognized, but strive to be worthy of recognition."
Dear Professional Colleagues,
The economic growth of any country has a significant impact on the lives of its citizens. It determines the standard of living of its people. India's rate of economic growth was not remarkable last year. The reasons are mainly high inflation, huge fiscal deficit and slow industrial productivity.
Indian economy can improve through effective cost and time management. We CMA's have an important role in the economic development of our country. The economic growth hinges on how resources are judiciously managed and multiplied. We should look at the revenue maximisation through innovative strategy in the industry. We should always advice the entrepreneurs to invest in the business that suits their core competencies.
I appreciate the government for taking timely measures like allowing FDI in retail sector and curtailing the subsidy on petroleum products considering the present economic scenario. These steps are necessary for accelerating the rate of economic growth.
The Institute has organised its 54th National Cost Convention 2013 at Ahmedabad on the theme “India's Cost Competitiveness - Imperatives for CMAs” where the role of CMAs in managing the scarce resources judicially was thoroughly discussed. The convention addressed that the time has come for CMAs to upgrade their skills so that the benefits of economic development reach out to the common people at the bottom of the pyramid.
It was further deliberated that for any organization, ‘Performance’, ‘Productivity’ and ‘Efficiency’ are the buzz words today. An organisation can become competitive in the market through “Thought and Cost Leadership”. This is an area of core competence of CMAs and we have to promote good corporate governance practices in the organisations to provide them an edge over their competitors.
It was also emphasized during the convention that CMA’s must get themselves ready and updated with the changes being brought out by the Ministry of Corporate Affairs and gear up themselves to grab the opportunities. New Companies Bill has opened up new avenues for the CMA professionals and they should reap the benefits out of it.
I take this opportunity to thank the members for sparing time to come all the way to Ahmedabad to attend the National Cost Convention and making it a grand success.
To apprise all the members of the activities / initiatives undertaken by the Departments / Directorates of the Institute, I now present a brief summary of the activities.
Professional Development Directorate
I am happy to inform the members that the Institute in its 54th National Cost Convention-2013 held on 18th - 19th January 2013 at Ahmedabad released the following publications of the Institute:
Guidance Note on Performance Appraisal Report (Form III)
The printed version of Guidance Note on Performance Appraisal Report (Form-III), released in the 54th National Cost Convention-2013 is available at the Institute headquarters, Delhi Office and all regional councils for sale. The members may also download the softcopy of this Guidance Note from the Institute’s website.
Revised edition of Members’ Handbook
The Institute has also released revised edition of Members’ Handbook in the 54th National Cost Convention. The handbook covers career opportunities available to CMAs in employment and practicing fields for CMAs under various Ministries, Central & State Government Departments and Statutory & non-statutory fields under various authorities. The revision in the handbook was necessary to incorporate the changes in view of series of notifications / circulars issued by the Ministry of Corporate Affairs on “Cost Accounting Records Rules 2011 and Cost Audit Report Rules 2011” including necessary clarifications thereon. It also covers authorization by DGFT, Ministry of Commerce & Industry to CMAs in practice to certify forms and statements at par with other professional institutes under EXIM Policy of Foreign Trade Policy and Procedures 2009-14; the Reporting System under Accounting Separation Regulations, 2012 of the Telecom Regulatory Authority of India (TRAI), the system of “Retention Price Subsidy Scheme” of the Fertilizer Industry Coordination Committee (FICC) and modification in the light of other changes in the regulatory framework.
I am happy to inform the members that the Council of the Institute in its meeting held on 17th January approved issuance of Cost Audit and Assurance Standard on Overall Objectives of the Independent Cost Auditor and the Conduct of an Audit in Accordance with Standards on Auditing (CAAS 103) and Cost Audit and Assurance Standard on Knowledge of Business, its Processes and the Business Environment (CAAS 104).
The Council of the Institute has also approved the issuance of Cost Accounting Standard on Selling and Distribution Overheads (CAS 15) and Guidance Note on Cost Accounting Standard on Administrative Overheads (CAS-11).
The CEP-1 Directorate has organized an in-house training programme for Punjab State Power Corporation Limited on `Finance for Non-Finance Executives’ during 6-12 January, 2013 at Delhi NCR. We have concluded the 4th batch of Punjab State Power Corporation Limited Induction Training program for AOs, Revenue Accountants and Divisional Accountants on 5th January, 2013 at Delhi NCR.
The Institute has organised a programme on `Updates on Corporate Governance and IFRS’ on 24th December, 2012 at Madurai under the aegis of National Foundation for Corporate Governance (NFCG).
The Institute organised two programmes on `Recent Trends in Corporate Reporting including IFRS and Revised Schedule VI’ and `Advance Tax, TDS and Tax Planning’ during 8-11 January, 2013 at Hyderabad.
A webinar was conducted on “Live demo on filing process in XBRL Cost Taxonomy” wherein queries related to difficulties faced by the members in filing of Cost Audit Report and Compliance Report was discussed. A programme on "Filing Process in XBRL Cost Taxonomy" was conducted at Hyderabad Centre of Excellence.
During the month, other programmes of professional relevance were also organized by the Regional Councils and Chapters to update the members at large.
I feel proud and happy to see the overwhelming response by our members through their active participation in the CEP programmes, which is a positive sign of growth of our profession.
The redesigned website of the Institute was launched on January 01, 2013 on the new domain name http://www.icmai.in in-line with the name change of the Institute in 2012. The revamped website offers quick and easy access to essential information and is a part of the Institute’s ongoing efforts to enhance the quality and availability of information to members, students and other stakeholders.
A CD-based compendium of all notifications, rules, CAS, CAAS, guidance notes related to Cost Accounting Records Rules 2011 & Cost Audit Report Rules 2011 was developed by the Institute and distributed as part of knowledge Pack among the participants of the National Cost Convention 2013.
The Online Registration for Student Admissions in IEPS for the December 2013 Term by Regional Councils and chapters has also commenced after closing admission to June 2013 Term in the month of December 2012.
Hyderabad Centre for Excellence
As a part of awareness programme for the members, a workshop on Costing - XBRL Process was conducted at HCE on 12th January 2013. CMA Kunal Banerjee was the speaker and a good number of participants attended the programme.
Partnership with ASSOCHAM
The Institute was associated with ASSOCHAM as "Knowledge Partner" and published a research based knowledge study for the seminar “6th SME Sammelan – Driving SMEs to Growth” on 23rd January, 2013 in Mumbai. CMA Manas Kumar Thakur, Chairman, Research & Publications Committee, ICAI shared the stage as theme presenter with other eminent dignitaries from Industries, Banks, Stock Exchange and Chambers of Commerce. The knowledge study prepared by ICAI was highly acclaimed by the industry and the Government circle.
I attended the 25th SAFA Board meeting and 76th SAFA Assembly held at Dhaka, Bangladesh on 12th January 2013. SAFA Assembly ratified the appointment of Mr. Abdul Mannan, FCMA, and Mr. Subodh Kumar Agrawal, FCA as the President and Vice-President respectively of South Asian Federation of Accountants (SAFA) for the year 2013.
Mr Gulzari Lal Babber, President, CIMA-UK visited the Delhi office of the Institute along with other officials of CIMA on 28th January 2013. One of the agenda items for the meeting was re-signing the MoU between the two Institutes in view of the changes in the nomenclature of the Institute. The earlier MoU was signed in December 2008. The MoU was signed by me and President, CIMA in the presence of CMA AS Durga Prasad, CMA Sanjay Gupta and other officials of the Institute.
I wish all the members and their family on the occasion of ‘Basant Panchmi’ and ‘Ravidas Jayanti’.
With warm regards,
(CMA Rakesh Singh)
The Institute of Cost Accountants of India