The Management Accountant - July 2024

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July 2024 - The Management Accountant

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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