The Management Accountant - August 2024
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August 2024 VOL 59 NO. 08 Pages - 124 100
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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
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ts/Le�
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eview/Enlis
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eceipt/Complemen ary Copies/Grievances
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�on
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ORIAL OFFICE
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egis
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t Accoun
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2 The Management Accountant - August 2024
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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
From ignorance, lead me to truth
From darkness, lead me to light
From death, lead me to immortality
Peace, Peace, Peace
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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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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,
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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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Cover image source:
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..............................................................................................................................................................................................................................................................................
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
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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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