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The Management Accountant - August 2024

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August 2024 VOL 59 NO. 08 Pages - 124 100

www.icmai.in

THE INSTITUTE OF COST ACCOUNTANTS OF INDIA

(Statutory Body under an Act of Parliament)

Journal of

Management

Accounting Practices

Management

Accounting Practices

Holistic Integrated Thinking

असतोमा स�गमय

तमसोमा ज्यो�तर् गमय

मत्योमार्मतं गमय

ॐ शािन्त शािन्त शािन्तः

Delhi Office

�tu�onal Ar

Ø Ar�cles/Public �ons/News/Con

ts/Le�

s/Book

eview/Enlis

Ø

eceipt/Complemen ary Copies/Grievances

Ø Subscrip�on/Renewal/R

�on

subscrip�on@icmai.in

ORIAL OFFICE

eriodicity :

Language :

e:

Subscrip�on

Inland:

Concessional subscrip�on r

egis

�tute:

The Manag

t Accoun

ed and Lis

t:

Ÿ

Ÿ

2 The Management Accountant - August 2024

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Printed and Published by

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India, 12, Sudder Street, P. S. New Market, Dist: Kolkata, West Bengal - 700 016.

Editor – CMA Sucharita Chakraborty on behalf of The Institute of Cost Accountants of India, 12, Sudder Street, P. S.

New Market, Dist: Kolkata, West Bengal - 700 016.

Institute Motto

असतोमा स�गमय

तमसोमा ज्यो�तर ् गमय

मत्योमार्मतं गमय

ॐ शािन्त शािन्त शािन्तः

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Behind every successful business decision, there is always a CMA

The Management Accountant, official organ of The Institute of

Cost Accountants of India, established in 1944 (founder member of

IFAC, SAFA and CAPA)

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India, 12, Sudder Street, P. S. New Market, Dist: Kolkata, West Bengal -

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Village – Chikhloli, Morivali, MIDC, Ambernath (West), Dist: Thane –

421505 and published at – The Institute of Cost Accountants of India,

12, Sudder Street, P. S. New Market, Dist: Kolkata, West Bengal - 700 016.

Editor – CMA Sucharita Chakraborty on behalf of The Institute of Cost

Accountants of India, 12, Sudder Street, P. S. New Market, Dist: Kolkata,

West Bengal - 700 016.

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www.icmai.in

August 2024 - The Management Accountant

3

AUGUST 2024

INSIDE

JUNE VOL 56 NO.06 `100

AUGUST VOL 59 NO.08 `100

COVER STORY

REAL TIME FINANCIAL SYSTEMS

(RTFS) TRANSFORM ‘INFORMATION’

THROUGH ‘INSIGHT’ TO

‘INFLUENCE’ ---- 22

GLOBAL ECONOMIC SLOWDOWN – CHALLENGES FOR THE

MANAGEMENT ACCOUNTANTS ---- 27

M-SCORE – A TOOL TO UNCOVER FINANCIAL MISREPORTING ---- 30

AUTOMATION AND AI ADOPTION – CATALYST TO COMPLEMENT

MANAGEMENT ACCOUNTING PRINCIPLES ---- 34

MANAGEMENT ACCOUNTING AND BUSINESS MODEL -

AN INTERTWINED RELATIONSHIP ---- 38

ROLE OF MANAGEMENT ACCOUNTING IN

RAISING ESG INTEGRATION ---- 42

RELATIONSHIP BETWEEN MANAGEMENT ACCOUNTING AND

BUSINESS MODEL ---- 48

BUSINESS MODELS AND COST MANAGEMENT IN

GROWING CROPS ---- 50

FROM COST CUTTERS TO STRATEGIC PARTNERS:

HOW AUTOMATION AND AI ARE EMPOWERING MANAGEMENT

ACCOUNTANTS ---- 56

MANAGEMENT ACCOUNTING TOOLS – AN IMPERATIVE TO

PROMOTE ORGANIZATIONAL VISION AND STRATEGY ---- 61

MANAGEMENT ACCOUNTANTS – AN APPROACH TO DIVERSITY –

TRANSFORM INFORMATION THROUGH

‘INSIGHT’ TO ‘INFLUENCE’ ---- 65

IMPACT OF NATIONAL EDUCATION POLICY (NEP) 2020 ON

MANAGEMENT EDUCATION ---- 69

4 The Management Accountant - August 2024

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From the Editor’s Desk

President’s Communiqué

ICMAI CMA Snapshots

Down the Memory Lane

Digital Object Identifier (DOI) - Jan - 2024

Digital Object Identifier (DOI) - Feb - 2024

News from the Institute

Statutory Updates

08

10

19

102

104

105

106

119

..............................................................................

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Accountants of India, 12, Sudder Street, Kolkata - 700 016,

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Cover image source:

https://prisisi.com/why-management-accounting-is-so-important-for-your-business/

..............................................................................................................................................................................................................................................................................

PRESIDENT

CMA Bibhuti Bhushan Nayak

president@icmai.in

VICE PRESIDENT

CMA T C A Srinivasa Prasad

vicepresident@icmai.in

COUNCIL MEMBERS

CMA (Dr.) Ashish Prakash Thatte, CMA Ashwin G. Dalwadi, CMA Avijit Goswami,

CMA Chittaranjan Chattopadhyay, CMA Harshad Shamkant Deshpande,

CMA (Dr.) K Ch A V S N Murthy, CMA Manoj Kumar Anand, CMA Navneet Kumar Jain,

CMA Neeraj Dhananjay Joshi, CMA Rajendra Singh Bhati, CMA Suresh Rachappa Gunjalli,

CMA (Dr.) V. Murali, CMA Vinayaranjan P, Ms. Anita Shah Akella, Shri Jyoti Prakash Gadia,

Shri Inder Deep Singh Dhariwal, CS (Dr.) Shyam Agarwal, Shri Sushil Kumar, IAS (Retired).

Secretary

CMA Kaushik Banerjee

secy@icmai.in

Additional Secretary (Delhi Office) & Head Studies

CMA (Dr.) Debaprosanna Nandy

addlsecy.delhi@icmai.in, studies.director@icmai.in

Additional Secretary (Headquarters, Kolkata) & Head Membership

CMA Arup Sankar Bagchi

addlsecy.kolkata@icmai.in, membership.director@icmai.in

Director (Examination)

Dr. Sushil Kumar Pareek

exam.director@icmai.in

Director (Tax Research)

CMA Rajat Kumar Basu

trd.director@icmai.in

Director (PD & CPD)

CMA Nisha Dewan

pd.hod@icmai.in

Director (Technical)

CMA Tarun Kumar

technical.director@icmai.in

Director (Infrastructure)

CMA Kushal Sengupta

Infrastructure.director@icmai.in

Director (Admin-Delhi)

CMA Simarjeet Chadha

admin.director@icmai.in

Additional Director (Career Counselling and Placement)

CMA (Dr.) Sumita Chakraborty

career-counselling@icmai.in, placement.hod@icmai.in

Additional Director (Journal & Publications and Board of Advanced Studies &

Research)

CMA Sucharita Chakraborty

journal.hod@icmai.in

Additional Director (BFSI)

CMA Dibbendu Roy

bfsi.hod@icmai.in

Additional Director (Information Technology)

Mr. Ashish Tewari

it.hod@icmai.in

Additional Director (Internal Control)

CMA Indu Sharma

intcontrol.hod@icmai.in

Additional Director (Finance)

CMA Soma Banerjee

finance.hod@icmai.in

Joint Director (Legal)

Ms Vibhu Agarwal

legal.hod@icmai.in

Director (Discipline) & Joint Director (CAT)

CMA R. K. Jain

discipline.director@icmai.in, cat.hod@icmai.in

Joint Director (International Affairs)

CMA Yogender Pal Singh

intlaffairs.hod@icmai.in

Joint Director (PR Corporate & Public Relations)

Mr. Rahul Arya

pr.hod@icmai.in

...................................................................................................

DISCLAIMER -

= The Institute of Cost Accountants of India does not take responsibility for returning unsolicited

publication material. Unsolicited articles and transparencies are sent in at the owner’s risk and the

publisher accepts no liability for loss or damage.

= The views expressed by the authors are personal and do not necessarily represent the views of the

Institute and therefore should not be attributed to it.

= The Institute of Cost Accountants of India is not in any way responsible for the result of any action

taken on the basis of the articles and/or advertisements published in the Journal. The material in this

publication may not be reproduced, whether in part or in whole, without the consent of Editor, The

Institute of Cost Accountants of India. All disputes are subject to the exclusive jurisdiction of

competent courts and forums in Kolkata only.

THE GREEN BOTTOM LINE:

HOW COSTING STRATEGIES CAN

ENHANCE ESG VALUE

GREEN COSTING

⑧⑧

BUDGET HIGHLIGHTS 2024 - 2025

BUDGET 2024

⑧⑤

ENHANCING ECONOMIC EFFICIENCY

THROUGH COST AUDITS:

A COMPREHENSIVE ANALYSIS

COST AUDIT

⑨⓪

CYBER SECURITY

CYBER SECURITY

⑨③

IS ARTHASHASTRA A PRECURSOR OF

COMPETITION ECONOMICS?

ECONOMICS

⑨⑧

AI AND GENERATIVE AI -

A MULTIDIMENSIONAL STUDY FROM

CFOs’ PERSPECTIVES

DIGITAL TRANSFORMATION

⑦⑥

BANKING IN GIFT CITY

SUSTAINABILITY LEAF

⑦②

www.icmai.in

August 2024 - The Management Accountant

5

6 The Management Accountant - August 2024

www.icmai.in

e is a Fellow Member of the Institute of Cost Accountants of India. He retired as

DGM (Finance) from Odisha Power Transmission Corporation Limited (OPTCL)/

GRIDCO. Presently, he is a practicing Cost Accountant.

He is elected member of Council of the Institute for the term 2023-27.

He has been the Chairman of Bhubaneswar Chapter of ICMAI and associated with the

profession for more than 25 years.

He has served the Eastern India Regional Council of ICMAI as Regional Council Member

for the term 2019-2023 and as Chairman, EIRC-ICMAI for the year 2022-23.

Our New President

CMA Bibhuti Bhusan Nayak

has been elected as President of the Institute for the period 2024-2025

Our New Vice President

CMA TCA Srinivasa Prasad

has been elected as Vice President of the Institute for the period 2024-2025

e is a Fellow Member of The Institute of Cost Accountants of India. He has

experience of more than 40 years in the areas of Finance, Cost, Management,

ERP, IT, HR, IED, O&M, MM, CSR. He was the Executive Director (Finance &

ERP Implementation) at SAIL (Steel Authority of India Limited). He has implemented

ERP in 4 major Steel Plants of SAIL and the Central Marketing Organization of SAIL.

He implemented ERP at NMDC in the capacity of Advisor(ERP), NMDC. He was the

Central Council Member of ICMAI for the term 2011-15 and re-elected for the 2023-27

term. He has been the Chairman of Information Technology and Members-in-Industry

committees of the Institute.

www.icmai.in

August 2024 - The Management Accountant

7

8 The Management Accountant - August 2024

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Management Accounting Practices – Holistic Integrated Thinking

hile Holistic

Thinking

is

considered as a

way of looking

at any system that emphasizes the

interconnectedness of all elements

within the same, Integrated

Thinking has been hailed as a

way of improving organisational

decision-making and internal

communication, leading to

sustainable value creations.

The Management Accountant’s

role has shifted over the decades

from the areas of pure finance and

cost control to a more versatile

area that takes the elements of the

entire business into consideration

while making strategic decisions

for the company’s growth and

sustainability, eventually creating

a competitive edge. Thus for a

Management Accountant, Holistic

Integrated Thinking has become

a very important aspect of his/

her job.

F u t u r e

M a n a g e m e n t

Accountants should not only have

strong cognitive and behavioural

abilities but should also possess

high technical skills to support

strategic business decision-making

and drive the business forward,

leveraging the power of large data

sets.

Technology has undoubtedly

transformed the way Management

Accountants work, and it will

have an immense impact on the

Cost Management and Decision-

Making aspects of businesses.

Many tasks can be substituted

using AI and automation, but

they cannot replace the need for

management accountants.

This issue of Management

Accountant comprises of

12 articles on Management

Accounting Practices- Holistic

Integrated Thinking.

Glimpses of the Articles:

Real Time Financial System is

an advanced, forward looking and

proactive System connecting the

key critical business parameters

into the financial figures on instant

basis. Real Time Financial Systems

(RTFS)Transform ‘Information’

through ‘Insight’ to ‘Influence’

analyses RTFS as a real-time tool

that makes processes more agile,

smarter and improves competitive

edge.

Global Economic Slowdown–

Challenges for The Management

Accountants concludes Global

economic slowdown automatically

creates a global situation of

economic inter-dependence.

Management Accountants will

have to interpret the present global

economic slowdown with better

maturity.

The article M-SCORE – A Tool to

Uncover Financial Misreporting-

focuses on one qualitative

tool known as the M-Score .It

concludes that this model must

be used in conjunction with other

models and tools to determine

if a company has engaged in

manipulating its earnings or has

financial misreporting of any kind.

Automation and AI Adoption

– Catalyst to Complement

Management Accounting

Principles illustrates with

examples how automation and

AI are being leveraged across

different industries to complement

and enhance Management

Accounting principles, leading to

improved efÏciency, accuracy, and

strategic decision-making

Management Accounting and

Business Model - An Intertwined

Relationship focuses on the fact

that Management Accountants

have an important role to play

in each and every aspect of a

business model.

Role of Management Accounting

in Raising ESG Integration- This

study intends to underline the

crucial role played by Management

Accounting in ESG performance

as well as integration by

conducting a detailed examination

of existing research and studies,

as well as the different ways in

which Management Accounting

facilitates initiatives related to

sustainability.

The article Relationship

between Management Accounting

and Business Model tries to bring

out the process and purpose of

preparing the Business Model

and the support the organisation

derives from Management

Accounting Principles to assess the progress

in line with the Business Model.

Business Models and Cost Management in

Growing Crops- In agriculture, business models

help farmers and agricultural businesses to

optimize resources, enhance efÏciency and

contribute to the overall profitability of the

farming operation. In this article, one business

model specific to the growing crops has been

explained.

The article From Cost Cutters to Strategic

Partners: How Automation and AI are

Empowering Management Accountants explores

the ways in which Artificial Intelligence (AI)

and automation improve and strengthen core

concepts in management accounting.

The purpose of the Article Management

Accounting Tools – An Imperative to Promote

Organizational Vision and Strategy- is to

provide a succinct overview on two Management

Accounting tools namely ‘Balanced Score

Card’ and ‘Activity based Costing’ and their

interplay in promoting an organization’s vision

and strategy.

Management Accountants – An Approach

to Diversity – Transform Information through

‘Insight’ To ‘Influence’ discusses how a

Management Accountant transforms information

through ‘insight’ to ‘influence’ and even a small

business enterprise must resort to these diversity/

diversification techniques for a sustainable

growth and expansion.

The article Impact of National Education

Policy (NEP) 2020 on Management Education

investigates the importance of skill-based

courses in NEP, 2020 syllabus in Management

Education at undergraduate level in the form of

skill enhancement courses, ability enhancement

courses and Value-added courses.

Apart from these, this issue contains articles

on various other contemporary matters.

Our sincere gratitude to all the contributors

of this issue.

Please send your feedback at editor@icmai.in

Wish you all a happy reading.

From the Editor’s Desk

www.icmai.in

August 2024 - The Management Accountant

9

PAPERS INVITED

Cover Stories on the topics given below are invited for ‘The Management Accountant’

for the four forthcoming months

The above subtopics are only suggestive and hence the articles may not be limited to them only.

Articles on the above topics are invited from readers and authors along with scanned copies of their recent passport size photograph

and scanned copy of declaration stating that the articles are their own original and have not been considered for anywhere else.

Please send your articles by e-mail to editor@icmai.in latest by the 1st week of the previous month.

DIRECTORATE OF JOURNAL & PUBLICATIONS

CMA Bhawan, 4th Floor, 84 Harish Mukherjee Road, Kolkata - 700025, India

Board: +91 33 2454 0086 / 87 / 0184 Tel-Fax: +91 33 2454 0063

www.icmai.in

Theme

Subtopics

Vikshit Bharat 2047:

Transform India to

Developed Nation

Strategic plan to achieve Vikshit Bharat 2047

Envision India after 100 years of Independence

Vikshit Bharat - Ensuring Farmer Welfare

Vikshit Bharat - New Momentum for Nari Shakti

Vikshit Bharat - Empowering India's young professionals

Vikshit Bharat - Honouring the marginalized

Vikshit Bharat - Northeast - A Growth Engine

Infra at speed and scale

Environment and Sustainability

Nuclear Energy - A transformative energy source of Vikshit Bharat

Budget 2024-25 - Highlights to achieve Vikshit Bharat 2047

December 2024

Theme

Subtopics

Energy Consumption

Management:

A holistic approach to

greener future

Energy Management & ESG

Challenges of Energy Management

Understanding Energy Management for achieving Energy Security

Renewable Energy Source - A gateway to energy independence

Energy Management Software - dynamic & strategic tool for corporates

Role of CMAs in Energy Audit

Strategic Management of Energy Consumption - a damage control mechanism

Urban Energy Planning - Synchronization of demand & supply chain

Solar Power Generation and Energy Management

Solar Energy Technology and its roles in Sustainable Development

November 2024

Theme

Subtopics

Forensic Audit - A step ahead of Internal Audit

Operational Red Flags- key indicators for Forensic Audit

Legislature, SEBI guidelines governing Forensic Audit

Forensic Auditors - A multi facets professional

Banking Regulation Act and Forensic Audit

Applicability of Forensic Audit in different Industries

Earmarked judgements/case laws under Forensic Audit in India

CMAs - Corporate Partner as Forensic Professional

Forensic Audit Report - Metamorphosis of Traditional Audit Report

Forensic Audit:

A Step Ahead

October 2024

Theme

Subtopics

Accelerating India's

Transport & Logistic

Sector - A Corridor to

evolution

Transformation of transportation and logistic industry - a decade journey

Impact of Logistics Cost in Pricing of goods

Connectivity development - for securing country's defence mechanism

Flagship Highway Project - "Bharatmala" the journey so far

Green Logistic Technology, Smart cities, logistics parks - new generation innovation

Transportation landscape in India

GST impact on logistic industry

Satellite based toll collection: a smart way of revenue generation

September 2024

10 The Management Accountant - August 2024

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"If you want to walk fast, walk alone. But if you want

to walk far, walk together."

-- Ratan Tata

My Dear Professional Colleague,

I

am truly honoured to serve as 67th President of the

Institute of Cost Accountants of India (ICMAI)

for the council year 2024-25. This is a pivotal

moment in my professional journey, and I am

filled with excitement and a deep sense of responsibility

as I assumed charge of the President of this prestigious

Institute on 22nd July, 2024.

First and foremost, I would like to express my sincere

appreciation to my fellow council colleagues for their

unwavering support and for entrusting me with this

significant responsibility. Together, we will strive to

uphold the values and mission of our esteemed Institute,

which is the largest Cost & Management Accounting

body in the world.

I extend my heartfelt congratulations to my council

colleague CMA TCA Srinivasa Prasad on his election as

Vice President of the Institute. I am confident that his rich

professional experience will be an invaluable asset to

the Institute and will greatly assist me in accomplishing

our shared agenda for the growth of CMA profession.

I would also like to extend my heartfelt appreciations

to CMA Ashwin G. Dalwadi, Immediate Past President

for his laudable contributions during his tenure. I assure

you that we will carry forward all his initiatives and

achieve many significant milestones, taking the Institute

to new and greater heights.

As we move forward, I am keen to work together

CMA Bibhuti Bhusan Nayak

President

The Institute of Cost Accountants of India

to further our goals of promoting excellence,

innovation, and ethical practices within the field of

cost and management accounting. Our shared vision

is to empower our members, elevate our profession,

and contribute meaningfully to the global economic

landscape.

Together, we will focus on key initiatives that enhance

the professional development of our members, advocate

for the strategic importance of cost and management

accounting, and ensure that our Institute remains at the

forefront of industry trends and best practices.

I believe that open communication and collaboration

are key to our success. I encourage you to share your

thoughts, ideas, and feedback as we work together to

shape the future of our Institute. Your active participation

is invaluable, and I am committed to fostering an

environment where every member’s voice is heard

and respected.

I am excited about the journey ahead and confident

that, with your continued support & cooperation, we

will achieve significant milestones and drive positive

change within our profession.

Meeting with MCA OfÏcials

I along with CMA TCA Srinivasa Prasad, Vice

President, ICMAI, CMA Manoj Kumar Anand, Council

Member, ICMAI and CMA (Dr.) Kaushik Banerjee,

Secretary, ICMAI, called on Dr. Manoj Govil, IAS,

Secretary to the Government of India, Ministry of

Corporate Affairs (MCA) and Shri Inder Deep Singh

Dhariwal, Joint Secretary, MCA on 22nd July, 2024

and discussed the matters related to professional

development and ongoing activities of the Institute.

Membership

I warmly welcome and congratulate all the new 157

members who were granted new associate membership

and all the 47 existing associate members who were

upgraded to Fellowship during the month of July 2024.

I take this opportunity to remind members who are

yet to pay membership fees for 2024-25 as membership

fees for the current financial year have fallen due on 1st

April 2024 and members are required to pay the dues

latest by 30th September 2024. I call upon members to

check their due / payment status and pay fees accordingly

by online mode at their convenience and continue to

enjoy all the benefits of membership. Members can get

all their details and also pay membership fees by the

login facility available via the link https://eicmai.in/

PRESIDENT’S COMMUNIQUÉ

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The Management Accountant - August 2024