The Management Accountant - June 2024

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10 The Management Accountant - June 2024

www.icmai.in

PRESIDENT’S COMMUNIQUÉ

to the standard: https://icmai.in/upload/CASB/2017/

CAS-2-Revised-2024.pdf

Peer Review Board

I am pleased to share with you that the Peer Review

Board of the Institute has started conducting the Virtual

Reviewers’ Training Program and the first session of the

same was conducted on 28th May 2024 by CMA Neeraj

D Joshi, Member, PRB of ICMAI. Second Session of

the Program is scheduled for 5th June 2024 on Module 3

& 4 which will be taken by CMA (Dr.) Ashish P. Thatte,

Council Member, ICMAI, while the third & final session

dealing with the Module 5 & 6 of the Training Manual

will be conducted on 10th June 2024 by CMA (Dr.) S.K.

Gupta, MD of RVO and CMA Manoj Kumar Anand,

Council Member, ICMAI respectively.

I urge all the reviewers to attend these sessions in

good numbers and place their relevant queries / doubt

before the resource persons for resolution in the sessions

itself. I am told that the response of the Empaneled

Reviewers to these sessions has been very encouraging.

I am sure that these sessions will be able to equip the

Reviewers’ with all the necessary information and skills

to handle the peer review assignments smoothly. I wish

all the reviewers all the very best. I congratulate the

Peer Review Board for taking up this very timely step.

I wish prosperity and happiness to members, students

and their families and pray for the success in all of their

endeavours.

With warm regards,

CMA Ashwin G. Dalwadi

June 04, 2024

Please note that this facility will be on onetime basis

and will remain open during the entire month of June

2024 only.

I request you all to inform your known members

concerned to avail this one time opportunity to restore

their membership and reconnect their bond with the

Institute. Your support in spreading this message is

greatly appreciated.

The details and link of the onetime facility is available

on the member’s section of the ICMAI website: https://

eicmai.in/External/. For any further clarification, please

do not hesitate to contact the membership department

in the matter at membership@icmai.in mentioning the

membership number.

Release of Guidance Note on Inventory Valuation

under the Income Tax Act, 1961

I am pleased to inform you that the Guidance Note

on Inventory Valuation under the Income Tax Act,

1961 developed by the Cost Accounting Standards Board

of the Institute (CASB of ICMA) was released at the

hands of Shri Nitin Gupta, IRS, Chairman, Central

Board of Direct Taxes (CBDT), Ministry of Finance,

Government of India on 8th May 2024 at his office in

North Block, New Delhi.

I congratulate the CASB of ICMAI for this remarkable

step. This Guidance Note will assist the practicing

members and other professionals to keep abreast with

the requirements of preparing the Inventory Valuation

Report under the Section 142(2A) of the Income Tax

Act, 1961. I urge the members to share their constructive

suggestions for further improvement in the text of

the Guidance Note so that the same can suitably be

incorporated in the future editions of the publication. I

am sure that the Guidance Note will help the members

of the Institute in supplementing their efforts in the area

of Inventory Valuation and they will be benefited in

imparting their professional responsibilities successfully.

The Guidance Note is available at https://icmai.in/

CASB/GN_Inventory_Valuation.php

Revision of Cost Accounting Standard (CAS-2)

I wish to inform you that the Council of the Institute

in its 351st meeting approved the release of the Cost

Accounting Standard on Capacity Determination (CAS-2

Revised 2024), as recommended by the Cost Accounting

Standards Board. CAS-2 Revised 2024 will supersede

the CAS-2 Revised 2015 w.e.f. 1st April 2024. Link

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