President Communique
April 2017

Success is no accident. It is hard work, perseverance, learning, studying, sacrifice and most of all, love of what you are doing or learning to do.

-- Pele

My Dear Professional Colleagues,
National Students Convocation

I am pleased to inform that the Institute organized its National Students Convocation - 2017 at Eastern Zonal Cultural Centre (EZCC), Kolkata on March 30, 2017. Shri Keshari Nath Tripathi , Hon’ble Governor of West Bengal graced the convocation as the Chief Guest. He released the convocation souvenir and Institute profile in the inaugural session. While addressing the vast gathering, the Chief Guest expressed his happiness to award the professional students and also appreciated the Institute’s role in pursuing its vision of cost competitiveness, cost management, efficient use of resources and structured approach to cost accounting as the key drivers of the profession.

The event was also graced by Prof. Dhrubajyoti Chattopadhyay, Vice Chancellor, Amity University, Kolkata Campus, Prof. Basab Chaudhuri, Vice Chancellor, West Bengal State University, Prof. Saikat Maitra, Vice Chancellor, Maulana Abul Kalam Azad University of Technology, West Bengal, Mr. Sanjay Budhia - MD, Patton Group. Swami Kripakarananda of Ramakrishna Mission Seva Pratishthan rendered his thought provoking deliberations in the motivational session. Dr. Gaurav Chandra Dutt, IPS, Mr. Venguswamy Ramaswamy, Global Head, TCS iON, Mr. VibhorTandon, AVP, MCX, CMA A.B. Nawal, Council Member, CMA Aditi Dasgupta, Deputy Director of the Institute were among the panellists during motivational session which inspired the audience for their betterment in life in near future.

In my address to students I reminded them about their duties and responsibilitie towards society for sustainable development. CMA P.V. Bhattad, Past President, CMA Avijit Goswami, CMA H.Padmanabhan, CMA P Raju Iyer, CMA Niranjan Mishra, CMA Biswarup Basu, CMA Dr. I Ashok, CMA Papa Rao Sunkara, CMA A.B. Nawal, Council Members, Shri Sushil Behl and Shri Praveer Kumar, Government Nominees of the Institute, CMA Bibekannada Mukhopadhyay, Chairman of EIRC, CMA V. Murali, Chairman of SIRC, CMA Kaushik Banerjee, Secretary addressed during the Convocation and felicitated them with prizes, rank certificates, medals.

During this auspicious program, the Institute entered into four path-breaking MoUs with: Tata Consultancy Services (TCS), Times Centre for Learning Ltd. (TCLL), Maulana Abul Kalam Azad University of Technology (MAKAUT) and Bhawanipur Education Society (BES) for collaborative research programs, short-term professional courses, career awareness programs, skill development programs etc. and to operate in various areas of professional education for the benefits of students and the society at large.

The convocation ended with Career Orientation programme for the professionally qualified students to assist the future professionals to scale up new heights of success and growth. The Convocation witnessed an august participation of eminent personalities including academicians, corporate and professionals and approximately huge numbers of students cutting across the length and breadth of the country.

National Conference on Sustainable Infrastructure

I am pleased to inform that, the Institute has organised a One Day National Conference on "Sustainable Infrastructure" at Hotel Taj Mansingh, New Delhi on 23rdMarch 2017. The objective of the seminar was to make people aware of Sustainable Infrastructure and to explore the role of CMAs in development of this important growth engine of economy. The deliberations were focused around the significance of Power, Railways, Ports, Civil Aviation, Highways and Petroleum as means of Sustainable Infrastructure. The Conference was inaugurated by the "Chief Guest Shri Suresh Prabhakar Prabhu," Hon’ble Union Minister for Railways while "Shri Arjun Ram Meghwal", Hon’ble Minister of State for Finance and Corporate Affairs was the Guest of Honor. "Shri Piyush Goyal", Honb’le Union Minister of State (IC) of New & Renewable Energy, Power and Coal addressed the participants through video conference.

Shri Suresh Prabhu appreciated the theme of the conference and emphasized the need for Infrastructure development which is sustainable. He informed that the budgeted provision of the current year for development fund of Indian Railways has been kept all time high to the extent of Rs 3.50 lakh crores. He further elaborated that his ministry made a careful planning for expansion of 3000 km rail lines per year to meet the challenges enhancing the passenger services and freight carrying ability so as to empowering the growth engine to take the responsibility of providing major logistic support to economic activities. He appreciated the role of the Institute and said that signing of the MoU with the Institute is expected to go a long way in providing necessary inputs to Indian Railways in terms of Costing of Railway Services and implementation of the Cost Management though Performance Costing.

Shri Piyush Goyal mentioned that the energy sector including power, Coal & Solar energy have achieved a remarkable growth process forwarding the eco-friendly concept. Hon'ble Prime Minister of India has set a target of achieving 1 lakh MW under Solar mission by 2022.Under this mission Ministry is expected to achievethe target of 20000 MW by next year.

Shri Arjun Ram Meghwal explained how India has taken lead to be most happening country in the world and need for development of infrastructure cannot be overemphasized. The way the pace of all round development for New India is set as envisaged by the visionary Prime Minister of India is exemplary. He indicated that GOI has kept a budget provision of Rs 3.97 lakh crores for the year 2017-18 for infrastructure development in the country. He opined that it would display a remarkable height of growth before the world by the year 2022, the Platinum Jubilee Year of Indian Independence.

In my presidential address, I expressed happiness that the Institute could take a constructive role in organizing a conference on a topic which has a significant role in economic development process of the country and also framing a platform for exchange of thought and ideas to forge a new path which will be more balanced in terms of time, outcome and sustainability. CMA Sanjay Gupta, Vice-President of the Institute of Cost Accountants of India highly appreciated the dynamic steps taken by the Present Government in transforming the Indian economy and building a New India. He reconfirmed the dedication of the CMA profession towards to provide all possible support in terms of expertise and act as catalyst in the growth process.

The high quality deliberations were hugely enjoyed by the participants who were gathered in large numbers to attend the conference. The eminent speakers from renowned organisations of public and private sector reiterated that Good Infrastructure drives economic growth by facilitating manufacturing, services and trade by means of good roads, ports, power plants, transportation etc. In order to achieve good development in the times of diminishing natural resources, infrastructure needs to be sustainable. Sustainable infrastructure enables sound economic development and enhances quality of life, increases positive impacts, helps protect our vital natural resources and environment, and promotes a more effective and efficient use of financial resources.

MoU with Ravenshaw University, Odisha

I wish to inform that, in order to encourage skill development the Institute and Ravenshaw University signed one MOU on 25th March 2017. The idea is to build capacity of both Institutes in the areas of conducting jointly Skill Development Program, Entrepreneurship Development Program, UGC Sponsor/CSR Fund Sponsored Program, Preparing Project Templates/Research Bulletin on various Service sectors, Joint Reassert Activities, Facilitating Students to Pursue CMA Course during pursuing their college Course and many more initiatives for the development of Students and economy of the State of Odisha.To commemorate the occasion one Joint International seminar was organized on the theme "Changing Paradigms of IFRS and Indian Adjustments" at the Auditorium of Commerce Departments, Ravenshaw University, Odisha. Around 300 Participants including HOD Commerce/Professors/Faculties from different Colleges and Universities, students of Ravenshaw University and CMAs participated in the Program.
MoU with Fakir Mohan University, Odisha and Odisha Commerce Association

I wish to inform that a Memorandum of Understanding (MOU) was signed between Fakir Mohan University and the Institute on 26th March 2017.On the same day another MOU was signed between Odisha Commerce Association & the Institute to encourage conducting joint Skill Development Programs, Entrepreneurship Development Programme, UGC Sponsor/CSR Fund Sponsored Program, Project Templates/Research Bulletin, Facilitate Students to Pursue CMA Course with their college course through opening of CMA Support Centres/Extension Centres in the premises of university and any other suggested colleges campus. To mark this occasion one national seminar was jointly organized by the Institute and FM University on the theme "GST-An Overview and its Practical Aspects". Around 300 Participants which includes HOD Commerce/Professors/Faculties from different Colleges and Universities, students of FM University and CMAs attended the seminar.
MoU with Techno India Group (TIG)

I am pleased to inform that, to give a boost to the engineering students and those studying cost accounting, the Institute and the Techno India Group (TIG) have signed a Memorandum of Understanding (MOU). I hope that the collaboration of academics and extra-curricular programs based on principles of equality and honesty in this age of digitisation will prepare the youngsters for revolutionary ’Digital India’ initiative.
Placement Month

As informed through my previous communique the Institute is organising campus placement program for the CMAs qualified in December 2016 term examination.Placement Directorate of the Institutehas scheduled its campus placement program during the month of April 2017 across India. I would like to thank the industry partners for collaborating with the Institute over the years. I extend a warm welcome to all corporate for the campus placement in the current academic year. Our target is 100% placement and for this I once again remind all the members, especially those who are in service, to help the Institute for placing the students appropriately. I wish all the best to the students who are appearing for the campus placement.
Special drive for Young CMAs to build their bright Professional Career

To groom/help the Young qualified CMAs for their bright professional career, the Institute is organising a unique special drive. The first such program will be held on 4th April 2017 at Kolkata where around 60 such CMAs will participate and a panel of the Institute officials headed by me will be listening to their problems one by one. The aim is to provide solution to the problems / clearing the impediments these CMAs facing in achieving their goal. We will try to resolve the issues relating to personality development, communication skills, technical skills etc. during the program. After analysing the results of the program, the same will be repeated at other centres also. We have also planned to organise the programs on same lines for the practicing CMAs, who have not been successful in setting up good practice due to various reasons.
Vasant Utsav at HQ

I am pleased to inform that the "Vasant Utsav" was organized by the Institute on 13thMarch 2017 at J.N. Bose Auditorium, Headquarters where CMA Biswarup Basu, Council Member, CMA Harijiban Banerjee, Past President and officials of the Institute graced the occasion along with all other office staff and a brief cultural programme was also arranged to commemorate the occasion.

I am pleased to inform you that I felicitated Shri Upender Gupta, Commissioner, GST, CBEC for winning Presidential award at New Delhi. I also felicitated Shri Khaled Anwar, Additional Commissioner, West Bengal on winning Presidential award for GST on 14th March 2017.
Initiatives by various departments of the Institute

Continuing Professional Development
  • I am pleased to inform that the CPD Department conducted a webinar on ’Maharashtra Co-operative Societies Act 1960 and Rules’ on 11thMarch 2017 which was very well received by the members. For those who could not attend the event, a recorded webinar is now available on Institute’s website under Featured Links.
  • A half day program on "Capital Market and SEBI Regulations" was organised on 16thMarch 2017 at CMA Bhawan, New Delhi. CMA PVS Jagan Mohan Rao, CCM was the Key speaker of the program.
  • PHD Chamber of Commerce & Industry in association with the Institute conducted a seminar on "Business Responsibility Reporting - A journey towards Effective Governance" on 22nd March 2017 at New Delhi.
  • The Department played major role in organising the National Conference on "Sustainable Infrastructure" 2017 on 23rdMarch 2017, at The Taj Mahal Hotel, New Delhi.
I sincerely appreciate our Regional Councils and Chapters for organizing more than 70 programs, seminars and discussions on the topics of professional relevance and importance for the members such as, Union Budget, GST, Demonetization-Effect on Economy, IND AS and INSOLVENCY & BANKRUPTCY CODE, Foreign Trade Policy, Internal Audit, Emerging e-commerce so on.
International Affairs

I wish to inform that the Institute was represented in a meeting called by Ministry of Corporate Affairs on 8thMarch 2017 with a view to develop a short-term and long term action plan for tapping the potential to provide services in the Accounts and Finance Sector to access overseas markets.

CMA Dr.PVS Jagan Mohan Rao, Council Member and Member of the IFAC-PAIB committee along with CMA Sanjay Gupta, Vice President and Technical Adviser to Member, IFAC-PAIB attended the meeting of Professional Accountants in Business Committee of International Federation of Accountants (PAIBC-IFAC) during 28th-30th March 2017 at New York, USA.

I am pleased to inform you that the Committee has planned various activities to connect with the CMA professionals across the globe to propagate the importance of Cost and Management Accounting structure. In continuation to the efforts to connect with the members, the Committee conducted a Webinar on "International Transfer Pricing-Role of CMAs" presented by CMA (Dr.) Ashish P Thatte on 31st March 2017. It was well received by the members in India and abroad.

Membership Department

I convey my heartiest congratulations and welcome all the new 418 Associate members who were granted membership and all the 76 members who were advanced to Fellow membership. I again call upon and request all members to clear their membership fees for the new financial year. I also request all members in practice who have not yet made application for renewal of their Certificate of Practice to immediately apply for the same. The Institute has decided that those who have not yet earned minimum mandatory CEP credit hours can cover the shortfall by attending programmes latest by May 15, 2017.
Professional Development Department

Representation with Government, PSUs, Banks and Other Organizations:

On representations made by the PD Directorate, National Housing Bank (NHB) and Jodhpur Vidyut Vitran Nigam Ltd. have included Cost Accountants in EOIs. Further, the eminent organizations like Indian Rare Earths Limited, Punjab State Power Corporation Limited, National Health Mission, Uttar Pradesh, Kerala Medical Services Corporation Limited, Puducherry Tourism Development Corporation Limited (PTDC), Madhya Pradesh Poorv Kshetra Vidyut Vitaran Co. Ltd., Madhya Pradesh Paschim Kshetra Vidyut Vitran Co. Ltd., Orissa State Health & Family Welfare Society and Municipal Council of Buldana, Maharashtra and Jammu And Kashmir State Power Development Corporation Limited recognized CMA profession in their Tenders/EOIs in the month of March.

Meeting with Smt. Nirmala Sitharaman

I am pleased to inform that CMA Amit AnandApte, CCM and Chairman (PD Committee), along with CMA Sanjay Gupta, Vice-President met with Smt. Nirmala Sitharaman, Hon’ble Minister of State (Independent Charge) for Commerce & Industry to discuss about enhancement of Scope of Cost Accountants in the Special Economic Zones.

Data Bank of PCAs

Professional Development Committee of the Institute has decided to create a "Data Bank" of PCAs specifying their professional skills, experience, expert domain areas and geographical jurisdiction of practice. It is intended to share this data bank with the concerned Central and State government departments/agencies, regulatory bodies and tax authorities, etc. as may be required by them. The members are requested to provide their details as per the Performa available at:
Research and Journal Department

Workshop on GST for Eastern Railway

I am pleased to inform that the Institute organized a workshop on Goods and Services Tax (GST) from 6th to 9th March 2017 at JN Bose Auditorium, Kolkata to impart training to the officers of the Accounts Department of Eastern Railway. Shri Dipankar Lahiri, FA CAO, Eastern Railway, Md. Javed Mahzar, FA CAO SG Eastern Railway, Smt. Tanuja Thakur, FA, CAO-WT, Eastern Railway, Shri Ramesh Kumar, Dy. CAOG, Eastern Railway & other officials of Eastern Railway and Kolkata Metro Rail Corporation were the eminent dignitaries who graced the occasion. CMA A.B. Nawal, Council Member of the Institute, CMA Mrityunjay Acharjee, Vice President (Internal Audit & Taxation), Balmer Lawrie & Co Ltd, Shri Ajay Agarwal, Deputy Manager, Indirect Tax, Deloitte Haskins & Sells LLP, Kolkata, CA Vivek Jalan, Partner, Member Indirect Tax Committee, Visiting Faculty for Indirect Tax, The Bengal Chamber of Commerce & Industry, Shri Narayan Guriya, Jt Commissioner, Commercial Tax, West Bengal were among the eminent resource persons enlightening the participants with their deliberations. CMA Sanjay Gupta, Vice President along with the officials of the Institute attended the valedictory session of the workshop. The four day workshop provided participants with sound knowledge on GST and impact of GST on Railway Accounting & Taxation.

Focused Group Discussion with Competition Commission of India (CCI)

It is a pleasure to inform that Competition Commission of India (CCI) and the Institute signed a path-breaking MOU to develop a competition advocacy strategy. For the first time in Kolkata, a Focused Group Discussion (FGD) was organized on 16th March 2017 at EIRC Auditorium of the Institute, mainly to emphasize on competition advocacy and spread awareness about Competition Act. Shri Yogesh K. Dubey, Dy. Director (Eco.), Advocacy Division, Competition Commission of India, New Delhi, CMA Pratap Kr. Chakravarty, a Professional and Management Consultant, CMA Manas Kumar Thakur, President, CMA Avijit Goswami, Central Council Member & Chairman, Research, Journal & IT Committee and CMA Bibekananda Mukhopadhyay, Chairman, Eastern India Regional Council of the Institute were among the eminent dignitaries present at the Discussion Meet. There was an august participation of eminent academicians, researchers, industry people and professionals and the event concluded with overwhelming response from the participants.
Technical Directorate


I am happy to inform that the Cost Accounting Standards Board (CASB) in its recently held meeting approved the "Limited Revision of Cost Accounting Standards (CASs) on account of impact of Ind AS". You may be aware that the exposure draft for the said Limited Revision was released by CASB for public comments/ suggestions through the Institute website in February 2017. The Board considered the comments/ suggestions and improved the "Limited Revision". After approval of the Council, the said Limited Revision is being released by the Institute shortly. I believe that this exercise will help the members as well as the students to equip and update themselves with the changes happening in the accounting profession.


I am happy to inform that the Cost Auditing and Assurance Standards Board (CASB) in its recently held meeting considered the draft "Practical Guide" to the Standard on Cost Auditing (SCA) 101 - Planning an Audit of Cost Statements”. After detailed deliberations, Board directed the CAASB Secretariat to prepare a comprehensive Guidance Note covering all aspects of cost audit as reflected in the Standards on Cost Auditing, i.e. SCA-101 to SCA-119. The said draft Guidance has been hosted on the Institute website for valuable suggestions of all stakeholders. I urge members and other stakeholders to send their comments within stipulated time.

Insolvency Professional Agency of the Institute (IPA of ICAI)

I am happy to share that two more Insolvency Professionals who registered under limited period based on 15 years’ practicing experience have passed the "Limited Insolvency Examination" conducted by Insolvency and Bankruptcy Board of India (IBBI). I urge the cost accountants who registered as Insolvency Professionals under limited period to pass the examination before their registration expires in May/June 2017. The professionals can perform an excellent job as Insolvency Professionals by utilizing their expertise in revival and resolution process of the sick companies.

The Regional Council and Chapters have conducted 6 seminars/ program in March 2017 on Insolvency and Bankruptcy Code at places like Mumbai, Bhubaneswar, Ankleshwar, KalyanAmbernath and Indore. I expect the Regional Councils and Chapters to conduct more such programs to build the technical capacity of members to enable them function as Insolvency Professionals for revival of sick companies, liquidation and bankruptcy.

I am pleased to inform that Institute in association with EIRC is conducting two such programs: one specifically for bankers on 21stApril 2017 where Dr. M.S. Sahoo, Chairperson, Insolvency and Bankruptcy Board of India will be Chief Guest and other on second day especially for the professionals who desire to appear in limited insolvency examination to help them to prepare for the examination.

A webinar on practical aspects of Insolvency and Bankruptcy is being planned in April 2017.

The Insolvency Professional Agency of the Institute will be releasing its weekly bulletin from April 2017. The weekly bulletin will not only help the Insolvency Professionals (IPs), enrolled with the IPA of the Institute, but also to aspiring members of the Institute in enhancing their skills and building capacity to achieve excellence in their role as Insolvency Professionals.
Initiatives by Regions & Chapters

EIRC of the Institute organized a Programme on "Implementation of GST" on 5th March 2017. CMA Ashok B. Nawal, CCM & Chairman-Taxation Committee of the Institute was the Resource Person. Members both in service & in practice attended the programme.

EIRC organised an Eastern India Woman CMA Meet to mark the International Women’s Day on 8thMarch 2017. Woman CMA in practise, service & academics were present.

The Hyderabad Chapter of the Institute organised Woman’s day program on 8th March 2017, which was also attended by me.

A student orientation program was also organised at Hyderabad Center of Excellence by the Hyderabad Chapter of the Institute on 8th March 2017. The students were addressed by me, CMA (Dr.) PVS Jagan Mohan Rao, CCM and the Chairman, Hyderabad Chapter.

To groom the Young CMAs of eastern region one day orientation program was organized by the Institute in association with EIRC on 9thMarch 2017. Young CMAs participated in the program actively and appreciated the initiative.

Bangalore Chapter in association with Mysore, Mangalore & Bhadravathi - Shimoga Chapters of Cost Accountants organised Karnataka CMA Convention on a the theme ’Global Economy - Steering India Forward’ on 11thMarch 2017 at Bangalore. I congratulated the organisers for choosing such an important theme as in view of the prevailing challenging economic scenario the theme holds a special significance.

Lucknow Chapter of the Institute organised program "Abhyuday 2017 - Reinforcing India with CMA’s" at Lucknow on 19th March 2017. I appreciated the Chapter for selecting such a well-timed and important theme for the event which included sessions on Digitisation and GST.

EIRC conducted Programme on "Conducting Audit under SAP Environment" on 25th March 2017. CMA Tapas Bhattacharya, FICO consultant addressed the members on the subject.

Surat-South Gujarat Chapter of the Institute organised events on completing glorious 25 years of its constitution 25th& 26thMarch 2017. Through my video message I appreciated the contribution of members, students and staff of Chapter for making it possible. I wished all the members, students and staff of the Chapter all the best for their journey towards Golden Jubilee. The Chapter organised a seminar on GST and also presenting prizes to students to mark the occasion.

I wish prosperity and happiness to members, students and their families on the occasion of Ram Navami, Mahavir Jayanti, Baisakhi, Ambedkar Jayanti, Hanuman Jayanti & Easter and pray for the success in all of their endeavours.
With warm regards,
(CMA Manas Kumar Thakur)
2nd April 2017