ICMAI | Guidelines for Mandatory Training for all Members

GUIDELINES FOR MANDATORY TRAINING FOR ALL MEMBERS OF THE INSTITUTE UNDER CONTINUING EDUCATION PROGRAMME

1. INTRODUCTION

1.1 The Institute of Cost Accountants of India was set up under the Cost and Works Accountants Act, 1959, as amended to educate, impart training and develop the profession of Cost Accountancy. In the current changing dynamic economic scenario it is essential for Cost Accountants in practice and in employment to continuously update and equip themselves with the new skills and concepts to meet the challenges and render efficient service to
trade, commerce, industry and the society at large. A profession cannot maintain the cutting edge unless its members regularly update their knowledge.

1.2 As advised by the Quality Review Board, recommended by the Members’ Facilities & Services Committee and approved by the Council at its 291st Meeting held on 30th January, 2015, the Institute is pleased to announce revised CEP requirements for members in practice & industry vide Notification dated 12th February 2015. At least 50% of the CEP hours of the members should be in respect of the subjects pertaining to the topics of professional relevance for members as per Schedule-I of the said Guidelines.

1.3 In line with the recommendations of the International Federation of Accountants (IFAC) and feeling the need to have compulsory and continued training of the members of the Institute, the Council has made training mandatory for all members to ensure constant updating of knowledge and skills of members. The Council has framed the following guidelines covering the requirement of eligible training, awarding and recording of credit hours as well as features for considering programmes eligible to award credit hours.

1.4 The objective of Continuing Education Programme is to assist the members in widening their knowledge base and in improving their skills to be at the cutting edge of technology by providing training and expertise in critical areas.

2. KEY DEFINITIONS

2.1 “Institute” means the Institute of Cost Accountants of India.

2.2 “Continuing Education Programme (CEP)”–Programmes of the Institute specifically designed to cater to specific learning activity imposing continuing education requirements on members intended to expand their knowledge base and stay up-to-date on new developments. 

2.3 “Approved CEP Programmes” means programmes organized by the Institute including programmes of the Regional Councils and Chapters, approved Study Circles, or any entity recognized by the Council from time to time for this purpose, National Cost Conventions,Regional Cost Conventions, participative certificate programme of ICAI, Seminars or Conferences organized jointly with other professional bodies and Chambers of Commerce that are approved by the CEP Directorate for granting CEP Credit Hours.

2.4 “Year” for the purpose of these guidelines shall mean the period commencing from 1st day of April and ending on 31st of March.

2.5 “Continuing Education Programme Directorate (CEP Directorate)” means the directorate of the Institute set up for overseeing the academic, technical and administrative functions of CEP programmes.

2.6 “Continuing Education Programme Committee (CEP Committee)” means a committee of the Council of the Institute entrusted with the task of setting strategic directions and overseeing CEP activities.

2.7 “CEP Credit Hours”means credit hours awarded to the member for participating in any approved CEP Programme.

2.8 “Permanent Disability” means a person suffering from not less than 40% of any disability as certified by a medical authority.

To read more in detail, find the enclosed file!