The Management Accountant - March 2024
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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.
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PRESIDENT’S COMMUNIQUÉ
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