President Communique
May 2017

If we have to succeed in the globalized world, we have to enlarge the scope of Cost Audit to cover all aspects of manufacturing and service sector activities including healthcare and education.

-- Dr. APJ Abdul Kalam

My Dear Professional Colleagues,
 
Namaskar;
 
Friends, as we celebrate Labour Day, we honour the men and women who fought tirelessly for workers' rights, which are so critical to our strong and successful labour force. Labour Day is a celebration of labourers and working classes. It is celebrated to promote the social and economic achievements of the working group people. The persons, who labour, to build this world a better place to live, are no ordinary labourers. Often we turn a blind eye towards labourers and workers who toil to make our lives better. On this Labour Day, let us acknowledge and appreciate their effort and join the initiatives taken by the Government to make the lives of these people liveable.
 
GST Implementation

I congratulate Prime Minister Hon‘ble Shri Narendra Modi Ji for clearing the way for smooth implementation of GST in India from July 1, 2017. GST is one of India's most significant economic reforms, which is expected to erase barriers between states to create a common market that will lower costs and increase efficiencies and potentially boosting growth. The significance of GST is obvious in the Prime Minister‘s statement that "GST reflects the spirit of ’One nation, One aspiration, One determination.‘“ The consensus on GST will go down in history as a great illustration of cooperative federalism. I appreciate the conviction of Prime Minister, a Great visionary of our times, that the vision of "New India“ can only be realised through the combined effort of all States and CMs. This shows the policy of consensus adopted by the Government to achieve all-inclusive development of society and growth of economy.

The inspiring role of Hon‘ble Finance Minister Shri Arun Jaitely was instrumental in gathering consensus on the issue of GST. This is the evidence of his great Leadership quality. I on behalf of the Cost and Management Accounting fraternity and also on my own behalf convey our sincere gratitude to the Finance Minister and his team for getting the stage clear for GST. The Institute pledges its all-out support to the Government in smooth implementation of GST all across the Country.

The Institute is also geared up for dissemination of knowledge on GST to its members and all stakeholders at large. We have planned a number of seminars and interactive workshops on GST. Some webinars on GST are also lined up. We are also planning to introduce a post qualification course on GST for members. I urge all the members to improve competencies in the all-important area of GST as CMAs have to play a very important role in smooth implementation of the GST.
 
National Regional Council and Chapters Meet

I wish to inform that the Regional Council and Chapters Co-ordination Committee organised the "National Regional Council and Chapters Meet“ on 22nd and 23rd April 2017 at Hotel KC Crossroad, Chandigarh which was attended by representatives of 50 Chapters and all 4 Regional Councils. CMA Sanjay Tandon, President, BJP, Chandigarh and Mrs. Kirron Kher, Hon‘ble Member of Parliament, Chandigarh graced the occasion by their august presence. On the eve of National Regional Council and Chapters Meet, Best Chapters Award in different categories was presented to the winning Chapters. On 23rd April 2017 "Program on GST“ was organised for Regional Councils and Chapters.
 
MoU with Prananath College

  • • I wish to inform members that the Institute signed an MOU for Capacity building and also brand Building of the CMA Profession on 11th April 2017 with Prananath College (Autonomous), Khordha, Odisha. I am pleased to inform that the college has shown its interest for opening of CMA Extension Centre under Bhubaneswar Chapter in its premises. This initiative will help the college students in pursuing CMA Course with their degree Course.
  • • One Joint National Seminar on the theme "GST-Recent Developments" was organised on 28th April 2017 at Prananath College. More than 200 participants including Professors / Lecturers / Students / Guests / Invitees attended the seminar. Many dignitaries and eminent speakers from the region deliberated on the recent development relating to GST. It is my sincere request to members of CMA family to take such initiatives which may not only be beneficial to our students but also enhance the capacity building of our members. For continued capacity building I seek your co-operation and support because together we can make a lot of difference.
 
Career Gap Analysis of CMAs qualified in 2015 & 2016

I am pleased to inform you that the Institute has taken a new initiative to promote / facilitate young CMAs for their further professional growth. First of its kind interactive motivational session was held on 4th April 2017 at Kolkata which was attended by the qualified CMAs of eastern region for December 2015 & June 2016 terms. 38 young CMAs actively participated & closely interacted with the Directors / HODs of the Institute who guided them how to overcome the fears & teething problems. The initiative was appreciated a lot by the participating CMAs. Inspired by the success of this event, I hope to replicate the same in other regions also. I am also planning to conduct an orientation programme to guide and support the Young CMAs who are into Practice and facing various problems.
 
Felicitation of Padma Shri Bipin Ganatra

I had the privilege to felicitate Shri Bipin Ganatra, Padma Shri Awardee towards social service and for being a valiant fire fighter and saving numerous lives in various fire incidents. Shri Sushil Behl, Government Nominee, Vice President of the Institute and executives of Delhi Office of the Institute were present at the felicitation at New Delhi office on 11th April 2017. Padma Shri Bipin Ganatra, 60, is not a professional fireman but has chased fires all over Kolkata for over 40 years. He has attended to more than 100 fires - helping douse the flames, rescuing people and cleaning up debris. We should take some inspiration from the life and achievements of Bipin Da.
 
Partnering with African Countries

I am pleased to inform that I met Ms. Ebyan Mahamed Salah, Hon‘ble Ambassador of Federal Republic of Somalia to India on 11th April 2017 and offered her the Institute‘s Proposal to be partner of Socio-Economic Developmental Activities of African Countries.
 
Meeting with Chairman, UGC

I got an opportunity to meet Dr. VS Chauhan, Chairman, University Grants Commission (UGC) on 21st April 2017 and discussed about the role we can play to enhance the employable skills of graduate and under graduate students.
 
Initiatives by various departments of the Institute

International Affairs Department

I am happy that the WTO, International Affairs & Sustainability Committee of the Institute has taken up the task of dissemination of information on relevant topics through organising the webinars to be taken up by the domain experts. I am told that the feedback of participating members is very encouraging. The participation of large number of members in these webinar sessions is also appreciated. In continuation to the efforts of the committee to connect with the CMA professionals across the globe the committee organised following webinars for the members:
  • • On ’Implementing Integrated Reporting‘ by CMA (Dr.) SK Gupta in two parts on 10th and 11th April 2017
  • • On ’Breaking the National barrier and becoming Global CMA‘ by CMA Chandrashekhar S Adawadkar on 24th April 2017
I urge the members to take advantage of this opportunity and enhance the skillset to excel in the challenging environment.
 
Placement Department

As informed through my previous communique, the Institute organized campus placement program for the CMAs qualified in December 2016 term examination. I truly thank the corporate leaders on their faith in our qualified students. I would again like to thank the industry partners for collaborating with the Institute over the years. I congratulate all the qualified CMAs who got placed during this season. I am sure that the CMAs placed through this campus placement, would contribute towards the growth of their respective organization and raise the stature of our profession in their career.
 
Professional Development Department

    • Recognition by Indian Bank‘s Association for Forensic Audit:

  • I am pleased to inform you that based on the representation and follow-up by the PD Directorate Indian Bank‘s Association (IBA) has considered the Cost Accountants for empanelment to take up assignments relating to forensic audit of Frauds upto INR 50 crores & Frauds above INR 50 crores in the Banking Industry.
  • • Recognition of CMAs by Government, PSUs, Banks and Other Organizations:

  • On representations made by the PD Directorate, PEC Ltd. and Noida SEZ Authority have included Cost Accountants in EOIs. Further, the eminent organizations like Air Force Station - Pune, MSTC Limited, Odisha Mining Corporation Limited, Alcock Ashdown (Gujarat) Limited, THDC India Limited, SJVN Thermal Pvt. Ltd., Dakshin Gujarat Vij Company Limited, Karnataka Handloom Development Corporation Limited, India Trade Promotion Organization (ITPO), Power Transmission Corporation of Uttarakhand Limited and Rural Electrification Corporation (REC) recognized CMA profession in their Tenders/EOIs.
  • • Full Day Seminar on Co-operative audit in Maharashtra

  • I am pleased to inform that the PD Directorate conducted a Full Day Seminar on Co-operative audit in Maharashtra on 14th March, 2017 which was very well received by the members.
 
Research and Journal Department

I was invited to participate in the 4th PHD Global Rail Convention-2017 on the theme ’Indian Railways-"Gati se Pragati in the Climate of Change“ on April 26, 2017 at PHD House, New Delhi. We are proud to be associated as the Knowledge Partner of the Convention and released a knowledge report on the said topic prepared by our research team which was highly acclaimed. This Convention was the maiden attempt to create an ideal platform for deliberating on crucial issues and to determine the performance objectives in Indian Railways with showcasing of the best international practices that can be adopted in the Indian Scenario. Eminent dignitaries from relevant fields attended the Convention and yielded a plethora of thought provoking sustainable solutions for the progress of this Railway sector.
 
Technical Directorate

    • Cost Accounting Standards Board

  • I am happy to inform that the "Limited Revision of Cost Accounting Standards (CASs)“ showing clause by clause changes in the Cost Accounting Standards having the impact of IndAs is now available on the Institute website that can be downloaded. The Limited Revision of Cost Accounting Standards (CAS-6, CAS-7, CAS-12, CAS -16 and CAS 17) and consequential changes in other Cost Accounting Standards (CAS-8, CAS-9, CAS-10, CAS-11, CAS-12, CAS-13, CAS-14, CAS-20, CAS-21, CAS-23 and CAS-24) that shall be effective for the cost statements prepared on or after 1st April 2017.
  • • Cost Auditing and Assurance Standards Board

  • The last date for receipt of suggestions on the draft "Practical Guide to the Standard on Cost Auditing (SCA) 101 - Planning an Audit of Cost Statements“ has been extended till 7th May 2017. I urge members to send their suggestions to the Institute so that this Guidance Note can be further improved. The suggestions of stakeholders will also enable the Secretariat of CAASB to consider them in the comprehensive Practical Guide to the Standards on Cost Auditing (SCAs 101-119), which is under preparation. I further urge Regional Councils and Chapters to arrange study circles meetings or form smaller groups and discussed this draft Practical Guide to the Standard on Cost Auditing (SCA) 101 - Planning an Audit of Cost Statements and send the suggestions made by the members in such forums.
 
IPA of ICAI

    • Seminar for Bankers

  • I am thankful to Dr. M.S. Sahoo, Chairperson of Insolvency and Bankruptcy Board of India for being Chief Guest in a "Seminar on Insolvency and Bankruptcy Code 2016- Practical Aspects for Bankers“ held on 21st April 2017 at Kolkata jointly by Head Quarters and EIRC of the Institute. I am also thankful to Shri V.P. Singh, Judicial Member of NCLT Kolkata Bench, Smt. Rekha Warriar, Regional Director of Eastern Region Reserve Bank of India were Guests of Honor. The CEO, IPA of the Institute and Dy. General Manager, IBBI were eminent speakers in this program. Dr. M.S. Sahoo, Chairperson, IBBI also released the Institute‘s publication on "Insolvency and Bankruptcy Code 2016- Practical Aspects for Bankers“. The program was very well received and appreciated by the Bankers. Many such programs may be arranged by Regional Councils and Chapters for Bankers to make them familiarize with the provisions of Insolvency and Bankruptcy Code affecting the Banks and also with the skills and capabilities of Cost Accountants who are working as Insolvency Professionals.
  • • Fortnightly Newsletter of IPA

  • I am happy to inform that the IPA of the Institute has released its first edition of the Fortnightly Newsletter in the month of April 2017 which is available on the IPA website. The next issue is being released shortly. The newsletter from IPA gives gist of developments and updates of Insolvency Profession such Rules and Regulations issued by Insolvency and Bankruptcy Board of India (IBBI), cases of insolvency admitted by various benches of NCLT, important news having bearing on the Insolvency Profession etc. I am sure that this initiative will help our members and the Insolvency professionals enrolled with the Agency.
  • • Webinars

  • A webinar on "Practical Aspects of Insolvency and Bankruptcy 2016" was conducted by the CEO of IPA of the Institute on 26th April 2017. Another national webinar on "How to prepare for limited Insolvency Examination" is scheduled to be held on 8th May 2017. The webinar is specially designed to assist the members of the Institute to prepare for the limited insolvency examination. I noted that many of the Cost Accountants who had registered under limited period scheme for a period of 6 months are yet to qualify the examination. Their registration as Insolvency Professionals with Insolvency and Bankruptcy Board of India (IBB) shall expire on completion of 6 months from the date of their registration with IBBI. I urge them and other members to attend the said webinar in large numbers as it would immensely help them in qualifying the exam thus enter into this profession of IPs and explore the benefits offered by it.
  • • International Conference on "New Corporate Insolvency Regime“

  • I happy to inform that the IPA of Institute was associated with ASSOCHAM for the International Conference on "New Corporate Insolvency Regime“ Ushering an Era of Change, supported by Insolvency and Bankruptcy Board of India and the UNCITRAL, and partners of the conference were INSOL India, the leading insolvency industry advocacy body and SIPI - the newly set up think tank on insolvency. The International Conference was held on 28th and 29th April, 2017 at Hotel The Ashok, New Delhi. The conference was an effort to sensitize the Corporate India about the principles of the IBC; share global best practices with them and obtain market feedback on regular basis. The Chief Guest of the Conference was Shri Arjun Ram Meghwal, Minister of State for Finance & Corporate Affairs, GOI. The international conference were addressed by eminent national and international speakers having expertise in Insolvency and bankruptcy regime, Judges of Supreme Court of India and Supreme Court of Singapore, Chairperson- National Company Law Appellate Tribunal (NCLAT), President- National Company Law Tribunal (NCLT), Chairperson and Whole Time Member of Insolvency and Bankruptcy Board of India, bankers, three professional institutes etc. Vice President of the Institute was one of the speakers in the conference. More than 300 delegates attended the conference and it was received very well by all.
  • • Programs on IBC

  • I deeply appreciate the efforts made by the Regional Council/Chapters for creating awareness about the Code by conducting programs/seminars on PAN India basis. There were 6 programs conducted in the month of April 2017 at places like Hyderabad, New Delhi, Kolkata, Nasik and Pune.
 
Initiatives by Regions & Chapters

  • • Navi Mumbai Chapter organised a Workshop on "Goods & Services Tax (GST)“ on 8th & 9th April 2017 at Navi Mumbai. I congratulated the chapter for taking up this very important initiative for capacity building of the members of the Institute in the all-important area of GST.
  • • I was invited by the WIRC for felicitation of the recently qualified students in the felicitation Function organised by the WIRC at Mumbai on 8th April 2017.
  • • The Chandigarh-Panchkula Chapter organised a "Members Meet“ with President, Vice President and Central Council Members on 22nd April, 2017 at Panchkula. Chandigarh-Panchkula Chapter also organised a Seminar on "Corporate Accounting, Auditing and Board Matters“ on 22nd April 2017. I was invited to inaugurate the seminar.
  • • The inaugural function of Bharuch Ankleshwar CMA Chapter was held on 25th April, 2017. A GST Seminar was organised to mark the occasion. I was the chief guest of the function which was also attended by many dignitaries and my council colleagues along with senior members of the profession. I announced a CMA Lab for Bharuch Ankleshwar chapter as it is the industrial hub of Gujarat.
  • • I congratulate the Managing Committee of Rajpur Chapter for organising seminar on GST on 30th April 2017 at Kolkata where technical aspects of GST were discussed. To mark the occasion a Bengali Book on GST published by Rajpur Chapter was also released.
 
I wish prosperity and happiness to members, students and their families on the occasion of May Day, Rabindra Nath Tagore Jayanti, Budh Purnima & Rana Pratap Jayanti and pray for the success in all of their endeavours.
 
 
With warm regards,
 
(CMA Manas Kumar Thakur)
1st May 2017