The Management Accountant - July 2024
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July 2024 - The Management Accountant
9
PRESIDENT’S COMMUNIQUÉ
the views and recommendations of the Institute
on the existing framework of Cost Accounting
Records and Cost Audit to improve the usefulness
of the Cost Audit Reports in various sectors of the
economy.
Members are requested to kindly go through the
above said report available at: https://icmai.in/
upload/Report-Cost-Accounting-Records-Cost%20
Audit%20Framework.pdf. A brief synopsis of the
report is also available at: https://icmai.in/upload/
Synopsis-Committee-Report.pdf.
Members may kindly write to the Ministry on
the areas they feel have remained untouched or
should be included or aspects which will make the
Cost records/ audit concept more relevant from
the point of view of Industry or the Government
itself. You are requested to kindly mark a copy of
your views/suggestions to PD & CPE Committee
at pd@icmai.in so that consolidated views can be
forwarded to the Government for its consideration.
Some of the other highlights of the
accomplishments during the year are as follows:
Release of new logo for the CMA
professionals;
Associate membership of ASEAN Federation
of Accountants (AFA);
Recognition to ICMAI SAO as Self-
Regulatory Organization (SRO) for Social
Impact Assessors in the context of Social
Stock Exchange;
Revision of Cost Accounting Standard
(CAS-2);
Revision in CPE requirements for the
Members in Practice & Industry;
Reduction in UDIN generation time from
60 days to 45 days w.e.f. 1st January, 2024
which was further reduced to 30 days w.e.f.
1st March, 2024;
Successful conduct of 1st CMA Overseas
Campus Placement Drive through online
mode;
Release of publications for the capacity
building of the members namely:
©
Guidance Note on Techniques of
Artificial Intelligence (AI) and the Role
of Cost and Management Accountants,
©
Guidance Note on Role of Cost
Accountants in Corporate Social
of membership fee. The Council of the Institute
recognizes the value each member brings to CMA
fraternity, and this decision was made with careful
consideration and a heavy heart.
However, the Council of the Institute has
announced that to bring back the members whose
names were removed due to non-payment of
prescribed fees, into the fold of membership, a
onetime opportunity is provided to the members,
whose names were removed from the Register of
Members for non-payment of fees, to restore their
names through a remission/amnesty scheme from
1st June 2024 to 30th June 2024, further extended
upto 15th August 2024, by paying the differential
rate of fees, viz - Membership fee for the FY year
of default, Re-Entrance Fee and Restoration fee
of ` 50/- each respectively and Membership fee
for the FY year of Restoration. Also during such
restoration, membership number will remain the
same.
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.
Committee to review the existing
framework of Cost Accounting Records
& Cost Audit:
The report of the Committee constituted by the
Government of India on 04.10.2023 to “review the
existing framework of Cost Accounting Records
and Cost Audit to improve the usefulness of
the Cost Audit Reports in various sectors of the
economy” has been published by the Ministry
of Corporate Affairs (MCA) for eliciting of public
comments. The same is available on the link
e-Consultation of the Ministry of Corporate
Affairs. The views may kindly be sent on the link:
https://www.mca.gov.in/content/mca/global/en/
econsultation.html
I am thankful to the Committee for considering
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