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7, CAS-12, CAS -16 and CAS 17) and consequential I am happy to inform that the IPA of the Institute has
changes in other Cost Accounting Standards (CAS-8, released its first edition of the Fortnightly Newsletter
CAS-9, CAS-10, CAS-11, CAS-12, CAS-13, CAS-14, in the month of April 2017 which is available on the
CAS-20, CAS-21, CAS-23 and CAS-24) that shall be IPA website. The next issue is being released shortly.
effective for the cost statements prepared on or after 1st The newsletter from IPA gives gist of developments
April 2017. and updates of Insolvency Profession such Rules and
Regulations issued by Insolvency and Bankruptcy Board
Cost Auditing and Assurance Standards Board of India (IBBI), cases of insolvency admitted by various
The last date for receipt of suggestions on the draft benches of NCLT, important news having bearing on the
“Practical Guide to the Standard on Cost Auditing (SCA) Insolvency Profession etc. I am sure that this initiative
101 Planning an Audit of Cost Statements” has been will help our members and the Insolvency professionals
extended till 7th May 2017. I urge members to send enrolled with the Agency.
their suggestions to the Institute so that this Guidance
Note can be further improved. The suggestions of Webinars
stakeholders will also enable the Secretariat of CAASB to A webinar on “Practical Aspects of Insolvency and
consider them in the comprehensive Practical Guide to Bankruptcy 2016” was conducted by the CEO of IPA
the Standards on Cost Auditing (SCAs 101-119), which of the Institute on 26th April 2017. Another national
is under preparation. I further urge Regional Councils webinar on “How to prepare for limited Insolvency
and Chapters to arrange study circles meetings or form Examination” is scheduled to be held on 8th May 2017.
smaller groups and discussed this draft Practical Guide The webinar is specially designed to assist the members
to the Standard on Cost Auditing (SCA) 101 Planning of the Institute to prepare for the limited insolvency
an Audit of Cost Statements and send the suggestions examination. I noted that many of the Cost Accountants
made by the members in such forums. who had registered under limited period scheme for a
period of 6 months are yet to qualify the examination.
IPA of ICAI Their registration as Insolvency Professionals with
Seminar for Bankers Insolvency and Bankruptcy Board of India (IBB) shall
I am thankful to Dr. M.S. Sahoo, Chairperson expire on completion of 6 months from the date of their
of Insolvency and Bankruptcy Board of India for registration with IBBI. I urge them and other members
being Chief Guest in a “Seminar on Insolvency and to attend the said webinar in large numbers as it would
Bankruptcy Code 2016- Practical Aspects for Bankers” immensely help them in qualifying the exam thus enter
held on 21stApril 2017 at Kolkata jointly by Head into this profession of IPs and explore the benefits
Quarters and EIRC of the Institute. I am also thankful to offered by it.
Shri V.P. Singh, Judicial Member of NCLT Kolkata Bench,
Smt. Rekha Warriar, Regional Director of Eastern International Conference on “New Corporate
Region Reserve Bank of India were Guests of Honor. Insolvency Regime”
The CEO, IPA of the Institute and Dy. General Manager, I happy to inform that the IPA of Institute was associated
IBBI were eminent speakers in this program. Dr. M.S. with ASSOCHAM for the International Conference on
Sahoo, Chairperson, IBBI also released the Institute’s “New Corporate Insolvency Regime”Ushering an Era
publication on “Insolvency and Bankruptcy Code 2016- of Change, supported by Insolvency and Bankruptcy
Practical Aspects for Bankers”. The program was very Board of India and the UNCITRAL, and partners of the
well received and appreciated by the Bankers. Many conference were INSOL India, the leading insolvency
such programs may be arranged by Regional Councils industry advocacy body and SIPI – the newly set up
and Chapters for Bankers to make them familiarize think tank on insolvency. The International Conference
with the provisions of Insolvency and Bankruptcy was held on 28th and 29th April, 2017 at Hotel The
Code affecting the Banks and also with the skills and Ashok, New Delhi. The conference was an effort to
capabilities of Cost Accountants who are working as sensitize the Corporate India about the principles of the
Insolvency Professionals. IBC; share global best practices with them and obtain
market feedback on regular basis. The Chief Guest of the
Fortnightly Newsletter of IPA Conference was Shri Arjun Ram Meghwal, Minister of
www. May 2017 l The Management Accountant 11
www.icmai.inicmai.in
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May 2017 l The Management Accountant