The Management Accountant - March 2024
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March 2024 VOL 59 NO. 03 Pages - 124 100
WOMEN
SHAPING
FUTURE
OF
INDIA
EMPOWERMENT OF
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THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
(Statutory Body under an Act of Parliament)
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Journal of
2 The Management Accountant - March 2024
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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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Cost Accountants of India, established in 1944 (founder member of
IFAC, SAFA and CAPA)
Printed and Published by
CMA Kaushik Banerjee on behalf of The Institute of Cost Accountants of
India, 12, Sudder Street, P. S. New Market, Dist: Kolkata, West Bengal -
700 016 and printed at – Spenta Multimedia Pvt. Ltd., Plot 15, 16 & 21/1
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
March 2024 - The Management Accountant
3
MARCH 2024
INSIDE
JUNE VOL 56 NO.06 `100
MARCH VOL 59 NO.03 `100
COVER STORY
SIGNIFICANCE OF NETWORKING
AND COLLABORATION FOR
WOMEN ENTREPRENEURS IN INDIA ---- 18
AATMANIRBHAR NAARI FOR
AN AATMANIRBHAR BHARAT
(Self-Reliant Woman for a Self-Reliant India) ---- 22
WOMEN’S PARTICIPATION IN HIGHER EDUCATION:
MILESTONES ACHIEVED AND YET TO BE ACHIEVED ---- 25
BRIDGING THE DIGITAL GENDER DIVIDE: A CRITICAL MILESTONE
ON THE ROAD TO SUSTAINABLE DEVELOPMENT ---- 29
‘DIGIT-ALL’: TO OVERCOME THE DIGITAL GENDER DIVIDE ---- 34
EMPOWERMENT OF WOMEN IN INDIA TO OVERCOME CHALLENGES
THROUGH DIFFERENT GOVT SCHEMES TO MAKE INDIA
‘ATMANIRBHAR’ ---- 38
ROLE OF WOMEN SOCIAL ENTREPRENEURS
IN THE SUSTAINABLE SOCIAL DEVELOPMENT ---- 42
DO SHGs LEAD TO WOMEN EMPOWERMENT?
SUMMATIVE EVIDENCE FROM SELECTED BLOCKS
OF PURBA MEDINIPUR DISTRICT,
WEST BENGAL ---- 46
WOMEN ENTREPRENEURS IN MSME:
OPPORTUNITIES AND CHALLENGES ---- 52
INTERVIEW
CMA Arti Patil
Managing Director and CEO
Saraswat Co-operative Bank Ltd., Mumbai ................. 56
DWINDLING CLIMATE FINANCE:
A CONCERN TO ACHIEVE CLIMATE ACTION TARGETS .......... 58
SUSTAINABILITY LEAF
From the Editor’s Desk
President's Communique
Chairman’s Communiqué
(Journal & Publications Committee)
ICMAI-CMA Snapshots
Digital Object Identifier (DOI) -
July - 2023
Down the Memory Lane
News from the Institute
Statutory Updates
Guidelines for Members under
Continuous Professional Education
(CPE) 2024
Advisory for Renewal of
Certificate of Practice for 2024-25
06
08
13
16
97
98
100
112
114
120
..............................................................................................................................................................................................................................................................................
THIRD PARTY RISK MANAGEMENT:
A PERSPECTIVE
IS ENVIRONMENTAL REPORTING PRACTICES
AFFECTING INVESTORS PERCEPTION?
AN ECONOMETRIC ANALYSIS
RISK MANAGEMENT
⑦⑧
FUTURE OF THE
"MANAGEMENT ACCOUNTANT CAREER"
MANAGEMENT ACCOUNTANT
⑦⑤
FORENSIC ACCOUNTING EDUCATION:
CHALLENGES, BENEFITS AND PEDAGOGICAL
APPROACHES
FORENSIC ACCOUNTING
⑧②
⑧⑦
SUSTAINABLE ECO-TOURISM AND LOCAL COMMUNITY
DEVELOPMENT: AN EMPIRICAL STUDY BASED ON
CHILAPATA FOREST AND JALDAPARA NATIONAL
PARK, ALIPURDUAR, WEST BENGAL
CASE STUDY
⑨②
ENVIRONMENTAL REPORTING
PRESIDENT
CMA Ashwin G. Dalwadi
president@icmai.in
VICE PRESIDENT
CMA Bibhuti Bhushan Nayak
vicepresident@icmai.in
COUNCIL MEMBERS
CMA (Dr.) Ashish Prakash Thatte, 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 T C A Srinivasa Prasad, 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
Senior Director (Studies, HR & Admin Kolkata)
CMA (Dr.) Debaprosanna Nandy
studies.director@icmai.in
Senior Director (Membership)
CMA Arup Sankar Bagchi
membership.director@icmai.in
Director (Examination)
Dr. Sushil Kumar Pareek
exam.director@icmai.in
Director (Finance)
CMA Arnab Chakraborty
finance.director@icmai.in
Additional Director (PR Corporate, Public Relation & Admin-Delhi)
Dr. Giri Ketharaj
admin.hod@icmai.in, pr.hod@icmai.in
Additional Director (Tax Research)
CMA Rajat Kumar Basu
trd.hod@icmai.in
Additional Director (Career Counselling and Placement)
CMA (Dr.) Sumita Chakraborty
career-counselling@icmai.in
Additional Director (PD & CPD)
CMA Nisha Dewan
pd.hod@icmai.in
Additional Director (Technical)
CMA Tarun Kumar
technical.addldir1@icmai.in
Additional Director (Infrastructure)
CMA Kushal Sengupta
Infrastructure.hod@icmai.in
Director (Discipline) & Additional Director
CMA Rajendra Bose
discipline.director@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
Joint Director (Information Technology)
Mr. Ashish Tewari
it.hod@icmai.in
Joint Director (Internal Control)
CMA Indu Sharma
intcontrol.hod@icmai.in
Joint Director (Legal)
Ms Vibhu Agarwal
legal.hod@icmai.in
Joint Director (CAT)
CMA R. K. Jain
cat.hod@icmai.in
Joint Director (International Affairs)
CMA Yogender Pal Singh
intlaffairs.hod@icmai.in
...................................................................................................
..............................................................................
PRINTED AT -
Spenta Multimedia Pvt Ltd.
Plot No. 15,16 & 21/1, Morivali
MIDC, Chikhloli Village
Ambernath (West) - 421505, India
on behalf of The Institute of Cost
Accountants of India, 12, Sudder Street, Kolkata - 700 016,
P. S. New Market, West Bengal
Contacts for Advertisement inquiries
Vinod Chittal
vinod@spentamultimedia.com
+91 98192 36413
Mumbai
Delhi
Arti Marwah
arti@spentamultimedia.com
+91 98184 48014
Bobby Daniel
bobby@spentamultimedia.com
+91 95949 39474
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.
BEYOND TRADITIONAL COST REPORTING -
A WAKEUP CALL FOR CMAs IN EMPLOYMENT
METAMORPHOSIS OF COST REPORTING
⑦⓪
⑥②
AI AND GENERATIVE AI -
FUTURISM, NEW FRONTIERS OF
DEVELOPMENT AND ADVERSITIES
DIGITAL TRANSFORMATION
4 The Management Accountant - March 2024
www.icmai.in
From the Editor’s Desk
President's Communique
Chairman’s Communiqué
(Journal & Publications Committee)
ICMAI-CMA Snapshots
Digital Object Identifier (DOI) -
July - 2023
Down the Memory Lane
News from the Institute
Statutory Updates
Guidelines for Members under
Continuous Professional Education
(CPE) 2024
Advisory for Renewal of
Certificate of Practice for 2024-25
06
08
13
16
97
98
100
112
114
120
..............................................................................................................................................................................................................................................................................
THIRD PARTY RISK MANAGEMENT:
A PERSPECTIVE
IS ENVIRONMENTAL REPORTING PRACTICES
AFFECTING INVESTORS PERCEPTION?
AN ECONOMETRIC ANALYSIS
RISK MANAGEMENT
⑦⑧
FUTURE OF THE
"MANAGEMENT ACCOUNTANT CAREER"
MANAGEMENT ACCOUNTANT
⑦⑤
FORENSIC ACCOUNTING EDUCATION:
CHALLENGES, BENEFITS AND PEDAGOGICAL
APPROACHES
FORENSIC ACCOUNTING
⑧②
⑧⑦
SUSTAINABLE ECO-TOURISM AND LOCAL COMMUNITY
DEVELOPMENT: AN EMPIRICAL STUDY BASED ON
CHILAPATA FOREST AND JALDAPARA NATIONAL
PARK, ALIPURDUAR, WEST BENGAL
CASE STUDY
⑨②
ENVIRONMENTAL REPORTING
PRESIDENT
CMA Ashwin G. Dalwadi
president@icmai.in
VICE PRESIDENT
CMA Bibhuti Bhushan Nayak
vicepresident@icmai.in
COUNCIL MEMBERS
CMA (Dr.) Ashish Prakash Thatte, 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 T C A Srinivasa Prasad, 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
Senior Director (Studies, HR & Admin Kolkata)
CMA (Dr.) Debaprosanna Nandy
studies.director@icmai.in
Senior Director (Membership)
CMA Arup Sankar Bagchi
membership.director@icmai.in
Director (Examination)
Dr. Sushil Kumar Pareek
exam.director@icmai.in
Director (Finance)
CMA Arnab Chakraborty
finance.director@icmai.in
Additional Director (PR Corporate, Public Relation & Admin-Delhi)
Dr. Giri Ketharaj
admin.hod@icmai.in, pr.hod@icmai.in
Additional Director (Tax Research)
CMA Rajat Kumar Basu
trd.hod@icmai.in
Additional Director (Career Counselling and Placement)
CMA (Dr.) Sumita Chakraborty
career-counselling@icmai.in
Additional Director (PD & CPD)
CMA Nisha Dewan
pd.hod@icmai.in
Additional Director (Technical)
CMA Tarun Kumar
technical.addldir1@icmai.in
Additional Director (Infrastructure)
CMA Kushal Sengupta
Infrastructure.hod@icmai.in
Director (Discipline) & Additional Director
CMA Rajendra Bose
discipline.director@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
Joint Director (Information Technology)
Mr. Ashish Tewari
it.hod@icmai.in
Joint Director (Internal Control)
CMA Indu Sharma
intcontrol.hod@icmai.in
Joint Director (Legal)
Ms Vibhu Agarwal
legal.hod@icmai.in
Joint Director (CAT)
CMA R. K. Jain
cat.hod@icmai.in
Joint Director (International Affairs)
CMA Yogender Pal Singh
intlaffairs.hod@icmai.in
...................................................................................................
..............................................................................
PRINTED AT -
Spenta Multimedia Pvt Ltd.
Plot No. 15,16 & 21/1, Morivali
MIDC, Chikhloli Village
Ambernath (West) - 421505, India
on behalf of The Institute of Cost
Accountants of India, 12, Sudder Street, Kolkata - 700 016,
P. S. New Market, West Bengal
Contacts for Advertisement inquiries
Vinod Chittal
vinod@spentamultimedia.com
+91 98192 36413
Mumbai
Delhi
Arti Marwah
arti@spentamultimedia.com
+91 98184 48014
Bobby Daniel
bobby@spentamultimedia.com
+91 95949 39474
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.
BEYOND TRADITIONAL COST REPORTING -
A WAKEUP CALL FOR CMAs IN EMPLOYMENT
METAMORPHOSIS OF COST REPORTING
⑦⓪
⑥②
AI AND GENERATIVE AI -
FUTURISM, NEW FRONTIERS OF
DEVELOPMENT AND ADVERSITIES
DIGITAL TRANSFORMATION
www.icmai.in
March 2024 - The Management Accountant
5
6 The Management Accountant - March 2024
www.icmai.in
Empowerment of Women: Shaping future of India
mpowerment of
Women stands for
making women strong
enough to face any
kind of challenges. This brought
a breath of fresh air for the women
granting them equal rights and an
understanding that they too can
make decisions.
On this issue, Dr. A.P.J Abdul
Kalam once said, “Empowerment
of women leads to development of
a good family, good society and,
ultimately, a good nation. When
the woman is happy, the home is
happy. When the home is happy,
the society is happy and when the
society is happy the state is happy
and when the state is happy there
will be peace in the country and
it will develop at greater pace”.
Every year on the 8th day of
March, the world celebrates
International Women’s Day (IWD),
a day dedicated to recognize the
social, economic, cultural, and
political achievements of women.
“Inspire Inclusion” carries a
powerful message that extends far
beyond a single day of celebration.
It is a call to action, urging us to
create a world where all women,
regardless of their background,
identity, or circumstance, feel
valued, empowered, and actively
included in every aspect of
society. By actively fostering
inclusivity, we can empower
women, unlock their potential,
and build a brighter future for
everyone.
This issue carries a bunch of
insightful and incisive articles on
the cover story Empowerment
of Women: Shaping Future of
India.
Here’s a glimpse of the articles
featured in this issue
Significance of Networking
and Collaboration for
Women Entrepreneurs in
India provides an outline
for women entrepreneurs
to use the power of
connections through
proactive engagement,
actively seeking out
varied networks, sharing
knowledge and accepting
c o l l a b o r a t i o n s .
I t
emphasizes the strength of
women entrepreneurs as a
group and encourages them
to grow via cooperation.
Aatmanirbhar Naari
for an Aatmanirbhar
Bharat studies the
participation of women
in the manufacturing
sector, with emphasis
on the challenges and
progress and identifying
noteworthy achievements
in the industry.
Women’s Participation
in Higher Education:
Milestones Achieved
and Yet to be Achieved
c o n c l u d e s
t h a t
although the milestone
pertaining to women’s
representativeness in
leadership roles is yet to
be achieved, rise in female
enrolment and attainments
in academic areas justify
the optimism about its
accomplishment.
Bridging the Digital
Gender Divide: A Critical
Milestone on the Road to
Sustainable Development
reveals that realisation of
sustainable development
will not be possible unless
the digital gender gap is
closed.
‘Digit-All’: To Overcome
the Digital Gender Divide
addresses the global digital
gender divide, introducing
the “DigitALL” framework
as a comprehensive
solution.
The Indian Government
has initiated measures
to empower women and
provide them the means
to contribute to the growth
and self-sufficiency of their
country by introducing a
number of programmes and
initiatives. The research
study titled Empowerment
of Women in India to Overcome
Challenges through Different Govt
Schemes to Make India ‘Atmanirbhar’
examines the goals, characteristics
and results of these programmes and
evaluates how they have affected
women’s empowerment in India.
Role of Women Social entrepreneurs
in the Sustainable Social Development
concludes that women tend to be more
interested in holistic growth, and that
women-run businesses typically take a
greater responsibility for societal issues
in addition to the business’s profitability.
Do SHGs Lead to Women Empowerment?
- Summative Evidence from Selected
Blocks of Purba Medinipur District,
West Bengal attempts to examine the
women empowerment in the selected
blocks of Purba Medinipur district, West
Bengal for specific period. The study
recommends that SHGs should create
more political awareness and improve
educational level among the rural women
to make them more empowered in their
decision making activities.
The article Women Entrepreneurs in
MSME: Opportunities and Challenges
examines the various schemes related
to the MSME and the challenges and
opportunities faced by the women
entrepreneurs.
Apart from these, this issue contains articles
on various other contemporary matters.
This issue also features an interview with
CMA Arti Patil, Managing Director and CEO
Saraswat Co-operative Bank Ltd., Mumbai.
We look forward to constructive feedback
from our readers. Please send your views and
suggestions at editor@icmai.in.
Enjoy and enrich.
From the Editor’s Desk
www.icmai.in
March 2024 - The Management Accountant
7
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
Insolvency and
Bankruptcy Code - its
Journey so far!!!
Global trends in Insolvency and Bankruptcy landscape
Blockades and Success stories of IBC since its inception
The Mediation Act, 2023: A great leap forward in Indian Dispute Resolution
mechanism
Crucial insights into Corporate Insolvency Resolution Process (CIRP)
Stressed Asset Investment
Pre-packaged Resolution Framework for MSMEs
Cross Border Insolvency
Important Case Laws/ Successful Resolutions under IBC
April 2024
Theme
Subtopics
Goods and Service
Tax - A Gateway to
rationalise indirect tax
ecosystem
GST on Digital Services
GST exemption on RERA - its impact on real estate
Retro effect of GST as proposed in Finance Bill 2023
ITC restriction on CSR spend - A potential challenge to business
Inverted Duty Structure and refund of ITC
Impact of new GST regime
Formation of GST Appellate Tribunal - the need of the hour
GST Valuation: understanding role and provisions
July 2024
Theme
Subtopics
Role of Insurance to strengthen healthcare ecosystem
Government initiative for policy support ( PMFBY, AB PMJAY)
Digital Transformation and Artificial Intelligence in Insurance Sector
IPO journey of LIC of India
Diversification of insurance business to include multiple sectors
Insuretech, Regtech, a new paradigm of Insurance Sector
“Bancasurance” - its acceptability & future in India market
Insurance Underwriting the new way of Insurance World
Insurance for all
by 2047
June 2024
Theme
Subtopics
Social Impact
assessment: An
empowering approach
towards achieving
India’s Social Welfare
Objectives
Reimagining Social Impact assessment to promote Social welfare, Transparency and
Accountability
Social Impact assessment: An approach towards betterment of rural development
programs across Nation
Relevance and Benefits of Social Impact assessment in CSR context
Social Impact assessment: Ensuring greenpath for Sustainable and Inclusive Growth
Social Impact Funds and Social Impact assessment
Social Impact assessment: An effective tool for Corporate Governance
Assessing success of Social Impact assessment concerning MGNREGA and PM
POSHAN schemes
Social Impact assessment: Innovative Practices and Way Forward
Leveraging Social Impact assessment for improving outcomes of Social Projects
Logic Model - A framework for Social Impact assessment
Social Stock Exchange : A game changer for inclusive growth
May 2024
8 The Management Accountant - March 2024
www.icmai.in
“Democracy is not just a ballot box; it is building a
society where everyone has a stake, a say, and chance at
better life”
-- Unknown
My Dear Professional Colleague,
t the outset, I would like to express my
deepest gratitude for your enthusiastic
and active participation in the referendum
through e-voting conducted by the Institute
during 12-14 February, 2024 through CDSL for shifting of
Headquarters/Registered Office of the Institute.
The Council of the Institute is happy to inform that 93.8%
of members who participated in the referendum have given
their assent to the resolution that the Headquarters/Registered
Office of the Institute shall be located at Delhi.
The outcome of this historic referendum reflects the
collective voice of the CMA fraternity. As we move forward,
your continued support and engagement will be instrumental
in guiding the Institute to newer heights.
I am grateful to all my council colleagues for their
wholehearted consent for the e-voting for the first time in
history of the Indian Professional Institutes. Further, the
processes were not only hassle free but its cost was less
than Rs. 2 Lakhs as against our postal / booth voting costs
which runs up to Rs. 2 Crores approx. Further, the result was
declared within few minutes of closure of the voting time.
KEY PROACTIVE MEASURES
In view of the valuable feedback/suggestions received
from the members, the Institute has taken the following
proactive measures during the month of February, 2024.
To develop a Compendium of the MSME Schemes
prevalent in the States/Union Territories of India.
Constitution of a team of officials for perusing the
Website of various Government departments on
CMA Ashwin G. Dalwadi
President
The Institute of Cost Accountants of India
regular basis, to check the Notifications / Circulars /
Other documents uploaded on various Government
departments for taking necessary action with the
concerned Government departments.
We appreciate your feedback which is instrumental in
guiding our ongoing efforts to promote & develop the CMA
profession and contribute to the growth of the industrial and
economic climate of the country.
RESULTS OF CMA AND CAT COURSE
I extend my warmest congratulations to all students
who have triumphantly passed the December 2023 term
examinations of the Intermediate and Final Course, as well
as the CAT Course Part-I Examination held in January 2024.
Your unwavering dedication and tireless efforts have borne
fruit, propelling you towards new horizons of professional
advancement. May this remarkable achievement pave
the way for even greater success in your academic and
professional endeavors. Wishing you continued excellence
and prosperity ahead.
SAFA EVENTS IN NEPAL
The Institute of Chartered Accountants of Nepal hosted the
SAFA meetings on 1st & 2nd March, 2024 at Pokhara, Nepal.
The representatives of the Institute participated in the SAFA
meetings through virtual mode. I am happy to inform that
CMA Divya Abhishek, Chairperson of SIRC-ICMAI has
won the ‘Woman Star of the Year Award’ and our Student,
Ms. Suman Agarwal has won the ‘Rising Women Student
Award’ during the SAFA Women Leadership Awards 2024
announced by SAFA Women Leadership Committee on 1st
March, 2024 at Pokhara, Nepal.
COST ACCOUNTING STANDARDS BOARD (CASB)
Members are informed about the pivotal responsibility
bestowed upon Practising Cost Accountants regarding
Inventory Valuation, as per the amendments introduced into
Section 142 (2A) of the Income Tax Act, effective from 1st
April 2023. In this regard, the Cost Accounting Standards
Board (CASB) of the Institute, under the esteemed leadership
of CMA Neeraj D Joshi, Council Member, convened its
102nd meeting on 1st March 2024. During this meeting, the
Board sanctioned the release of the Exposure Draft of the
Guidance Note on Inventory Valuation under the Income Tax
Act. This draft is now open for public review and feedback
until 18th March 2024.
I encourage all members and stakeholders to thoroughly
review the draft and provide constructive suggestions to the
CASB. Your input will significantly contribute to enhancing
the quality of the final document. The forthcoming Guidance
Note is poised to offer invaluable assistance and direction
to members seeking to undertake Inventory Valuation
assignments. The draft can be accessed via the following link:
Link. https://icmai.in/CASB/ED_GN_Inventory_Valuation.
php
PRESIDENT’S COMMUNIQUÉ
www.icmai.in
March 2024 - The Management Accountant
9
PRESIDENT’S COMMUNIQUÉ
a comprehensive compilation of thoroughly revised FAQs
on the Companies (Cost Records and Audit) Rules, 2014.
This compilation supersedes the previous three tranches of
FAQs issued by the Technical Cell.
I extend my heartfelt congratulations to the Technical Cell
of the Institute, under the able leadership of CMA Manoj
Kumar Anand, Council Member, ICMAI, for their diligent
efforts in compiling 50 important questions covering various
aspects of the Cost Rules.
For any clarification or further information, please direct
your queries regarding the FAQs to the Technical Cell of the
Institute at technicalcell@icmai.in. The FAQs are readily
accessible at: https://icmai.in/upload/Technical_Cell/TC_
CRA_1602_24.pdf
Annual Karnataka CMA Summit (KCMA) 2024
The Bengaluru Chapter in association with Mysore and
Mangalore Chapters of ICMAI organized Annual Karnataka
CMA Summit (KCMA) 2024 on the theme: “Viksit Bharat -
Going Global” on 23rd & 24th February, 2024 at Bengaluru. I
congratulate them for their initiative of conducting programs
at state level in collaboration with other chapters.
I along with my Council Colleagues CMA Manoj Kumar
Anand, CMA (Dr.) Ashish P. Thatte, CMA (Dr.) K Ch A V S
N Murthy, CMA Suresh R. Gunjalli and CMA Chittaranjan
Chattopadhyay, Regional Council Members of SIRC and
representatives of Bengaluru Chapter, Mysore Chapter and
Mangalore Chapter participated in the event. Around 300
members attended the event.
Regional Students Cost Convention 2024 of WIRC
I am happy to inform you that the Western India Regional
Council (WIRC) of ICMAI organized the “Regional
Students Cost Convention 2024” on the theme “Innovate,
Impact, Inspire: CMA to Redefining Boundaries and Nation
Building” on 17th & 18th February, 2024 at Nashik.
The event witnessed the active participation from more
than 750 students and members who formed the Largest
Human Mosaic of ICMAI Logo during the event, which was
registered in the World Book of Records. MCQ Question
bank & answers book for Intermediate & Final Examination
was also released. I congratulate WIRC of ICMAI on the
successful conduct of the event.
I wish prosperity and happiness to members, students
and their families on the occasion of International Women’s
Day, Maha Shivratri, Holi & Good Friday and pray for their
success in all of their endeavours.
With warm regards,
CMA Ashwin G. Dalwadi
March 04, 2024
MEMBERSHIP
As in previous years, esteemed members are reminded
that the annual membership fees for the year 2024-25 will
become due on 1st April 2024, reflecting in the members’
online system from the same date. However, for practicing
members, it’s crucial to note that their current Certificate of
Practice (CoP) for 2023-24 remains valid until 31st March
2024. To ensure the seamless continuation of their business
processes and operations into 2024-25, practicing members
must renew their CoP by paying the renewal fees, in addition
to the annual membership fee.
To streamline the process and avoid last-minute rush, the
online CoP renewal facility has been operational since 15th
February 2024. I urge all members holding CoP to utilize
this facility at their earliest convenience and not wait until
the eleventh hour for renewal. This proactive approach will
guarantee uninterrupted operations in the upcoming year.
Furthermore, as previously communicated, an advisory
regarding CoP renewal for 2024-25 has been uploaded on
the Institute’s website. For easy reference, the same advisory
is also published elsewhere in this issue of the Management
Accountant.
PEER REVIEW BOARD
I am delighted to announce that the Peer Review Board
has successfully assembled the inaugural panel comprising
52 Reviewers across India. These Reviewers have been duly
notified by the PRB Secretariat via email communication.
Additionally, the PRB Secretariat has reached out to
Practicing Members and Firms, soliciting their voluntary
participation in Peer Review processes.
I hereby urge all PCMAs and Firms to promptly provide
their consent to the Board, enabling further progress in this
initiative. The Board is poised to organize virtual Training
Programs for the Reviewers imminently, facilitating their
preparedness to undertake Peer Review assignments in
accordance with the Institute’s Peer Review System.
In line with our commitment to enhancing the capabilities
of practicing members, the Peer Review Board conducted
a webinar on 14th February 2024, titled “Introduction to the
Peer Review System of the Institute.” This session witnessed
enthusiastic participation from over 450 attendees. The
Chairman and Members of the Peer Review Board shared
invaluable insights and addressed participant queries during
the interactive Q&A session. Notably, CMA Neeraj D Joshi,
a Board Member, delivered a comprehensive presentation
on the Institute’s Peer Review System, which was highly
acclaimed by participants.
For those who missed the webinar, the recording is available at:
https://www.youtube.com/watch?v=TPDt3hdVf2s
TECHNICAL CELL
I am pleased to inform you that in response to the persistent
demand from our members and the essential requirements of
stakeholders, the Technical Cell of the Institute has published
10 The Management Accountant - March 2024
www.icmai.in
D. Insurance Month
The BFSI Board, ICMAI has organized the 1st physical
event on 21st February, 2024 at J.N.Bose Auditorium,
ICMAI, Kolkata for the Insurance Month event titled
“Driving Efficiency and Growth: Harnessing the Expertise of
Cost & Management Accountants in the Insurance Industry”.
The event was graced by Smt. Rajeshwari Singh Muni,
CMD, National Insurance Co. Ltd. as the Chief Guest for
the event. CMA Dr. Tarun Agarwal, Director, National
Insurance Academy also graced as the Guest of Honour
and Speaker. The event had the online presence of CMA
G. Srinivasan, Former Director, NIA and Former CMD,
New India Assurance Co. Ltd. The other erudite speakers
were namely CMA S.P. Padhi, Former Chairperson, EIRC,
ICMAI and Insurance Consultant and CMA Dr. Ashok
Kumar Jain, Former Deputy General Manager I/C, The
Oriental Insurance Company Ltd., and Member of the BFSI
Board, ICMAI. The event had the gracious presence of
the Past Presidents namely CMA Amal Kumar Das, CMA
Mahesh Shah and CMA Biswarup Basu.
CMA (Dr.) Ashish P. Thatte, Council Member and CMA
Chittaranjan Chattopadhay, Chairman, BFSIB were also
present along with CMA (Dr.) Kaushik Banerjee, Secretary,
ICMAI. The programme was attended by members, students
both in physical and on an online forum.
Further, the Board also organized a Webinar on the topic
“IFRS an Introduction” on 18th February, 2024. CMA
Anjani Kumar Khetan, Regional Head of Finance, A
renowned US Based MNC deliberated on the topic.
E. Representations to IRDAI
The Institute submitted representation to Member
(Finance & Investment), IRDAI for inclusion of practicing
CMAs in the IRDAI Regulations pertaining to Actuarial,
Finance and Investment Function of Insurers and Investment
Master Circulars for undertaking concurrent audit of the
Investment Operations and Certification of the Investment
Risk Processes of Insurers and Regulation 62 of Chapter
4 of the IRDAI (Protection of Policyholders’ Interest and
Allied Matters of Insurers) Regulations, 2024.
The Institute submitted representation to Member (Finance
& Investment), IRDAI for inclusion of practising CMAs
in the IRDAI (Registration, Capital Structure, Transfer of
Shares and Amalgamation of Indian Insurance Companies)
Regulations, 2024 to provide certification services for
Insurers seeking R2 Approval.
MANAGEMENT ACCOUNTING COMMITTEE
The Management Accounting Committee of the Institute
had organized a full day seminar (in physical mode only)
jointly with the ICMAI - Pune Chapter on 22nd February,
2024. It was a ‘One-day Foundation Program on AI for Cost
BRIEF SUMMARY OF THE ACTIVITIES OF VARIOUS
DEPARTMENTS/ COMMITTEES/ BOARDS OF THE INSTITUTE
DURING THE MONTH OF FEBRUARY 2024
BANKING, FINANCIAL SERVICES AND
INSURANCE BOARD
The Banking, Financial Services & Insurance Board of
the Institute and the BFSI department continued its various
activities and initiatives in February 2024, a synopsis of
which is presented herein under -
A. Representation letters for inclusion of CMAs
The BFSIB continues its efforts for further development
of the profession in the BFSI sector with representations
to authorities and employers for inclusion of CMAs in the
sector. CMAs are now eligible to apply for the following
post:
Chief Executive Officer in NPS Trust.
Sr. Manager (Risk), Sr. Manager (MMGS-III),
Manager (Risk), Manager (Credit) Union Bank of
India.
Officer (Credit) in Punjab National Bank.
Sr. Manager (Risk Management), The Municipal
Co-operative Bank Ltd., Mumbai.
The BFSI Board, ICMAI submitted representation
to Dakshin Bihar Gramin Bank for inclusion of CMAs
for empanelment as Concurrent Auditor, Stock Auditor,
Forensic Auditor, Certification of Turnover/Net Worth and
other such certifications.
B. Certificate Courses on Banking
The admission for the 10th batch of the Certificate Course
on Concurrent Audit of Banks, 8th Batch of the Certificate
Course on Treasury and International Banking and 10th
Batch of the Certificate Course on Credit Management of
Banks has started. The members are requested to enroll
for the courses for professional development and capacity
building.
The link for admission is stated as follows:
h t t p s : / / e i c m a i . i n / O C M A C / B F S I /
DelegatesApplicationForm-BFSI.aspx
C. Certificate Courses on Investment Management
in collaboration with NSE Academy
The BFSI Board in association with the NSE Academy
had started the Fundamental Analysis and Valuation
(Level-I) from 3rd February, 2024. The admission window
for the other two levels comprising of the, Mutual Funds and
Market Analysis with Fundamentals (Level-II) and Financial
Derivatives & it’s application (Level-III) respectively are
presently going on. The admission window is stated as
follows:
h t t p s : / / e i c m a i . i n / O C M A C / B F S I /
DelegatesApplicationForm-BFSI.aspx
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