The Management Accountant - July 2024

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8 The Management Accountant - July 2024

www.icmai.in

“For those who dare to dream, there is a whole

world to win.”

-- Dhirubhai Ambani

My Dear Professional Colleague,

s I pen down this final communique

to you as the 66th President of our

esteemed Institute, I am filled with a

profound sense of gratitude, pride, and

reflection. This past year has been an incredible

journey, marked by numerous milestones,

challenges, and remarkable achievements that

have collectively strengthened the fabric of CMA

professionals.

I would like to take this opportunity to extend

my heartfelt thanks to my council colleagues

and government nominees for their unwavering

support, wisdom, and dedication in guiding the

Institute through a year filled with both challenges

and triumphs.

When I assumed the office, I envisioned a year

of progress and collaboration, and together, we

have surpassed many of our goals. Our efforts

to advance the field of cost and management

accounting have been relentless and fruitful. I am

happy to share some of the key accomplishments

and highlights of my tenure as follows:

Shifting Headquarters of ICMAI from

Kolkata to Delhi:

I am grateful to you all for supporting the

decision of the Council and active participation

CMA Ashwin G. Dalwadi

President

The Institute of Cost Accountants of India

in the referendum through e-voting conducted by

the Institute during 12-14 February, 2024 through

CDSL for shifting of Headquarters of the Institute.

The outcome of this historic referendum reflects

the collective voice of the CMA fraternity. I am

sure that the Ministry of Corporate Affairs shall be

issuing the necessary notification on the proposed

amendment in Regulation 89 of the Cost and

Works Accountants, Regulation, 1959 i.e. shifting

of headquarters of the Council from Kolkata to

Delhi.

MoU with Confederation of Indian Industry

(CII):

ICMAI has signed a MoU with Confederation of

Indian Industry (CII) with the objective to propel

the adoption of CII’s cutting-edge ‘Total Cost

Management (TCM) initiative, a transformative

approach designed to optimize cost structures

and enhance the overall competitiveness of Indian

industries on the global stage. The TCM initiative,

developed by CII, offers a comprehensive

framework that goes beyond traditional cost-

cutting measures. It focuses on holistic cost

management strategies, encompassing areas

such as supply chain optimization, technology

integration, and skill development. By leveraging

ICMAI’s proficiency in cost accounting and

management, this collaboration aims to equip

industries with the tools and knowledge necessary

to streamline operations and drive economic

prosperity.

MoU with Indian Institute of Management,

Ahmedabad (IIMA):

ICMAI has signed a MoU with Indian Institute

of Management, Ahmedabad (IIMA) with the

objective to formally document and provide

guidance to ICMAI for strategizing ICMAI’s

future trajectory.

Opportunity for Restoration of

Membership:

In accordance to Section 20 (1) (c) of the Cost

and Works Accountants Act, 1959, as amended,

read with Regulation 7(6) and 7(7) of the Cost

and Works Accountants Regulations, 1959, as

amended, the Council of the Institute took the

decision to remove the names of members from the

PRESIDENT’S COMMUNIQUÉ

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