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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