April 2014 - Institute of Cost Accountants of India

124 Pages·2014·4.45 MB·English

SPECIAL FOCUS
‘Cost Management vital to any sector, including education’ Page 42
INSIDE
MANAGEMENT
the
ACCOUNTANT
THE JOURNAL FOR CMAs APRIL 2014 VOL 49 NO. 4 `100
CCOOSSTT MMAANNAAGGEEMMEENNTT
IINN EEDDUUCCAATTIIOONN SSEECCTTOORR
FINANCIAL & COST MANAGEMENT OF UNIVERSITIES IN THE INFORMATION AGE
HIGHER EDUCATION IN INDIA: ISSUES RELATING TO EXPANSION,
EQUITY AND EXCELLENCE
COST MANAGEMENT IN THE PUBLIC AND PRIVATE EDUCATION SECTORS
The Institute of Cost Accountants of India
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The Institute of
Cost Accountants
of India
PRESIDENT
CMA Suresh Chandra Mohanty
[email protected]
VICE PRESIDENT
CMA Dr A S Durga Prasad
[email protected]
COUNCIL MEMBERS
CMA Amit Anand Apte, CMA Aruna Vilas
Soman, CMA D L S Sreshti, CMA Hari Krishan THE INSTITUTE OF COST ACCOUNTANTS OF INDIA (erstwhile
Goel, CMA M Gopalakrishnan, CMA Manas
Kumar Thakur, CMA Dr P V S Jagan Mohan Rao, The Institute of Cost and Works Accountants of India) was first established in 1944
CMA Pramodkumar Vithaldasji Bhattad,
CMA Rakesh Singh, CMA Sanjay Gupta, as a registered company under the Companies Act with the objects of promoting,
CMA Dr Sanjiban Bandyopadhyaya,
CMA S R Bhargave, regulating and developing the profession of Cost Accountancy.
CMA T C A Srinivasa Prasad
GOVERNMENT NOMINEES On 28 May 1959, the Institute was established by a special Act of Parliament, name-
Suresh Pal, Nandana Munshi, Ashish Kumar,
G. Sreekumar, K. Govindaraj ly, the Cost and Works Accountants Act 1959 as a statutory professional body for
Secretary (Acting) the regulation of the profession of cost and management accountancy.
CMA Kaushik Banerjee
[email protected]
It has since been continuously contributing to the growth of the industrial and
Senior Director (Studies)
CMA R N Pal economic climate of the country.
[email protected]
Director (Administration & Internal Control) The Institute of Cost Accountants of India is the only recognised statutory profes-
CMA Arnab Chakraborty
[email protected] sional organisation and licensing body in India specialising exclusively in Cost and
Director (Professional Development) Management Accountancy.
CMA J K Budhiraja
[email protected]
Director (Examinations)
CMA Amitava Das
[email protected]
Director (CAT), (Training & Placement)
CMA L Gurumurthy MISSION STATEMENT
[email protected]
Director (Finance)
CMA S R Saha The CMA Professionals would ethically drive
[email protected]
Director (Administration–Delhi Office enterprises globally by creating value to stakeholders
& Public Relations)
CMA S C Gupta in the socio-economic context through competencies
[email protected]
Director (Research & Journal) drawn from the integration of strategy, management
CMA Dr Debaprosanna Nandy
[email protected] and accounting.
Director (Advanced Studies)
CMA Dr P S S Murthy
[email protected]
Director (CPD & PR)
CMA A S Bagchi
[email protected] VISION STATEMENT
Director (Technical)
CMA Dr S K Gupta The Institute of Cost Accountants of India would be
[email protected]
Director (Discipline) and the preferred source of resources and professionals
Joint Director (Membership)
CMA Rajendra Bose for the financial leadership of enterprises globally.
[email protected]
Editorial Office
CMA Bhawan, 4th Floor, 84, Harish Mukherjee
Road, Kolkata-700 025
Tel: [phone]
Fax: [phone]
Headquarters
CMA Bhawan, 12, Sudder Street IDEALS THE INSTITUTE STANDS FOR
Kolkata 700 016
Tel: [phone]/35 • to develop the Cost and Management Accountancy profession
Fax: [phone]/1026
• to develop the body of members and properly equip them for functions
Delhi Office
CMA Bhawan, 3, Institutional Area • to ensure sound professional ethics
Lodi Road, New Delhi-110003
Tel: [phone] • to keep abreast of new developments
Fax: [phone]
WEBSITE Behind every successful business decision, there is always a CMA
www.icmai.in
April 2014
Inside
COVER STORY
APRIL 2014 VOL 49 NO. 4 `100
The Management Accountant,
official organ of The Institute
of Cost Accountants of India,
established in 1944 (founder
member of IFAC, SAFA and CAPA)
EDITOR
CMA Dr. Debaprosanna Nandy
[email protected]
PRINTER & PUBLISHER
CMA S C Mohanty
President, The Institute of Cost
Accountants of India
12 Sudder Street
Kolkata 700 016
and printed at
Hooghly Printing Co Ltd
(a Government of India Enterprise)
EDITORIAL OFFICE
CMA Bhawan, 4th Floor, 84, Harish
Mukherjee Road, Kolkata-700 025
Tel: [phone]
Fax: [phone]
The Institute of Cost Accountants of 16 FINANCIAL & COST
India is the owner of all the written
and visual contents in this journal. MANAGEMENT OF
Permission is neccessary to re-use
any content and graphics for any UNIVERSITIES IN THE
purpose.
INFORMATION AGE
DISCLAIMER
28 INTERVIEW 31 INTERVIEW
The views expressed by the
'Regulatory and 'Infrastructure
authors are personal and do
learning environments not up to
not necessarily represent
behind those of expectations'
the views of the Institute
and therefore should not be advanced countries'
attributed to it.
4 THE MANAGEMENT ACCOUNTANT APRIL 2014 www.icmai.in
6 COVER STORY
From the Editor’s desk 34 Higher education in 42 INTERVIEW
India: Issues relating to 'Cost Management
7
expansion, equity and vital to any sector,
excellence including education'
President’s
communique 44 INTERVIEW 46
11 'Collegial system gives
the best governance'
ICAI-CMA snapshots
50 INTERVIEW
13
Cost Management in
'Effective education
the Public and Private
needs teacher-student
Letters to the Editor
Education Sectors
interaction'
14
62 Opportunities for CMAs 52 An Insight into the cost
Economy Updates in Fee Fixation of quality in Higher
Education
97
73 Balanced Scorecard: A
68 Classification and
MDP 2014-15 Tool for Performance
Analysis of Costs in
Measurement in Higher
101
Higher Education
Education institutions
Institute News 79 Round Table Discussion 76 Cost and inability of
110 on ‘Strategic Cost Middle-Income Groups to
Management in pay: A Case of Business
Membership List education sector’ Management education
CONTEMPORARY ISSUE TAXATION 86 Corporate Fraud and
the new Company Law
91 Indian Textiles and 81 The Reluctant Gift: The
Clothing Industry in newly notified refund of
the Post-MFA World: Cenvat Credit in Reverse 88
Tax Titbits
A Stronger Tiger with Service Tax
fewer Nails
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www.icmai.in APRIL 2014 THE MANAGEMENT ACCOUNTANT 5
FROM THE EDITOR’S DESK
Greetings! • Governing body (govt/semi govt/private/autono-
Education is an important means of modernization mous body)
and acting as a vehicle for sustained economic devel- • No. of branches (specialization in UG and PG)
opment. In India the education market is generally re- • Provision for studying interdisciplinary courses
garded as the only market towards which Indians are • Physical infrastructure including classrooms, labs,
not price-sensitive because it has helped them to reach seminar hall, auditorium, play ground
their present standard of living and promises better • Library facilities
earnings and prospects for their children. Education • E-learning facilities
has long been receiving the major wallet share of the • Faculty quality
Indian middle class. • Quality of students
The Indian education sector has been recognized as • Administration
a booming sector for investment in the recent past as • Professional growth opportunities
there is a huge demand for upgradation of education • Scope for Entertainment
since India is expected to have a surplus of 47 million • Living expenses (food and lodging in hostels)
people in the working age group by 2020. Higher • Extent of medical facility
education sector offers one of the most attractive and • Student evaluation system
highly complex markets for the private/foreign players. • Faculty evaluation system
Though there are some regulatory hurdles but still it is • Fee structure
an attractive sector for an overseas education provider. • Training and Placement
The Planning Commission in its approach paper to • Research and Development work done by the
12th Five Year Plan had suggested that the current faculties
“not-for-profit” approach in the education sector • Entry standards
should be re-examined in a pragmatic manner so as to • Teaching assessments
ensure quality without losing focus on equity. • Faculty-Student ratio
The dominance of state subsidies is an outstanding • Faculty spending
feature of most education systems. Education, • Student results
including higher education, is heavily subsidized by • Grant and donation received
the state. Even in those cases, where education is not • Alumni association
publicly provided, it is subsidized by the state. Now • Industry-Institute linkage
the question may arise whether the education subsidy CMAs can play an important role in performance
should be provided to all. Generally subsidy is provided evaluation, allocation and distribution of resources and
to secure the right to education for those people who funds, regulatory aspects and governance, obtaining
are financially weak. cost efficiency and optimum utilization of resources,
Effective Performance Management systems in etc. of educational institutes as well as the whole sys-
higher education depends on the attitude of the tem.
policy makers and the institute itself. Performance This issue presents a good number of articles and
Management leads to improvement in performance interviews by distinguished experts and authors on
of education system. A higher education institution is the ‘Cost Management in Education Sector’, the cov-
required to pay attention to the multiple stakeholders. er story theme of this issue. The new section, ‘Letters
These stakeholders are students, faculties, staff members, to the Editor’ that started a few issues ago, continues.
alumni, parents, government, community etc. We look forward to constructive feedback from our
readers on the articles and overall development of the
Basic parameters for performance journal under this section. Please send your mails at
evaluation of Higher Education [email protected]. We thank all the contributors to this
• Location of the Institute important issue and hope our readers enjoy the articles.
6 THE MANAGEMENT ACCOUNTANT APRIL 2014 www.icmai.in
PRESIDENT’S
COMMUNIQUE
CMA PROFESSIONALS CAN SUPPORT
GOVERNMENT INITIATIVES AIMED AT
SUSTAINED AND INCLUSIVE GROWTH
leading to the desired outcomes. There is a need to carry out stud-
ies for standardizing operational and cost structures across different
schemes for ensuring delivery of quality products and services at
affordable prices to the people of the country.
CMA professionals can support government initiatives aimed at
sustained and inclusive growth through developing an appropriate
monitoring mechanism based on the tenets of performance man-
agement wherein expenditure is mapped against the desired and
actual outcomes for evaluating the effectiveness and efficiency of
a particular scheme or service. Cost Management would help the
government in areas relating to Transfer Pricing, Predatory Pric-
ing, Fixation of margin of dumping for the purpose of levy of
Anti-Dumping duty, Free Trade Agreement, Consumer Protection,
Revival of Sick Companies, Corporate Governance, Tariff Com-
CMA Suresh Chandra Mohanty
mission in making technical evaluation based on Studies of Cost
President, The Institute of Cost Accountants of India
Structure and proper Credit Appraisal by the Banks to help reduc-
ing NPAs etc.
Take up one idea. Make that one idea your life – think of it,
I am happy to share with you that the Institute is currently con-
dream of it, live on that idea. Let the brain, muscles, nerves, every ducting Cost Research Studies for Indian Railways, Ports, Health
part of your body, be full of that idea, and just leave every other Sector, Education Sector, Power Sector, Coal Sector, Banking and
Financial Sector and other important sectors of the economy to
idea alone. This is the way to success. – Swami Vivekananda
support the policy initiatives of the Government. The Institute is
My dear professional colleagues, taking steps to closely work with the concerned departments of the
The Indian economy is aspiring to migrate from the current status Government to achieve the desired objectives and is approaching
to the top end position of the global competitive index. The land- the Government departments and concerned Ministries to share its
scape of business is changing rapidly. People are now demanding vision and extend Professional Support for partnering with them
better education, health services, infrastructure, quality goods and for a better and economically stronger India. The Institute is also
services at affordable prices and inclusive growth. The companies approaching IBA for issuance of advisory to Banks and Financial
Institutions to engage CMA professionals for Risk Based Internal
must endeavor optimum balancing of the interests of different
Audit and Concurrent Audit of Banks and support to SMEs fi-
stakeholder groups while creating value for the society.
nanced by Banks and in other areas.
Professional support by CMAs
Compendium on Cost Competitive Practices in India
The Government is playing a key role in stepping up the pace
I am happy to announce that the Cost and Management Ac-
of economic development of the country envisaging spending of
counting Committee has come out with two Compendiums on
huge amount of money on various social and economically desir-
Cost Competitive Practices in India and Performance Enablers for
able scheme and programs to ensure inclusive growth with equity.
MSMEs – Performance, Productivity and Profitability as a proof
Government spending acts as a catalyst for strengthening econom-
of the professional support capabilities of the profession. The first
ic and social support system in the country. Various schemes have
publication consists of practical case studies almost around 90
been launched by the Government with substantial budgetary
companies and the second around 20 small industries. This is a
support for achieving the objective of inclusive growth. There is,
landmark achievement in showcasing the practical aspects of a ro-
however an imperative need for developing an appropriate and
bust cost and management accounting concepts propagated by the
effective Government expenditure monitoring system so as to
Institute. I compliment the CMA Committee headed by CMA
ensure that the expenditure is being incurred as per plan and is
M. Gopalakrishnan, Past President and Central Council Member
www.icmai.in APRIL 2014 THE MANAGEMENT ACCOUNTANT 7
PRESIDENT’S
COMMUNIQUE
backed by the Technical Directorate Extension Centre at Chennai cise Zones across the Country to organize workshop covering the
for doing a remarkable job. I am looking forward to have more technical sessions on Scrutiny of Books of Accounts, Analysis of
such contemporary publications from the Committee in the near Returns with Financial records, Relevance of Cost Records in
future. Central Excise and Techniques to identify Revenue Leakage. I am
happy to inform you that Institute has started receiving proposals
Internal Audit of CPSEs, SPSEs and other Bodies to conduct such workshops for the officers of Central Excise and
I had the opportunity to meet Ms. Usha Sankar, IAAS, Deputy Customs from different Zones.
CAG and Chairperson, Audit Board with the representation and
urged the need that the CAG of India should introduce a sys- The Direct Tax Code, 2013
tem for maintaining a panel of Practicing Cost Accountants / I am happy to inform that after several persuasions for long years
Firms of Cost Accountants for appointment as Internal Auditors by the Institute, the name of Cost Accountant have been in-
by CPSEs, SPSEs, other Bodies & Central/State Government cluded in the definition of Accountant in the Direct Tax Code,
Departments. A similar representation was also submitted to the 2013 which intend to consolidate the law relating to Income
Secretary, Department of Public Enterprises suggesting that in Tax and Wealth Tax hosted for public comments. The Coun-
order to facilitate appointment of Internal Auditor by PSEs, a list cil places on record and expresses its gratitude to the Standing
of Practicing Cost Accountants might be hosted on the website Committee and the Ministry of Finance to extend the oppor-
of DPE. This can help PSEs to consider Cost Accountants for tunity through this recognition and allow the members of the
appointment as Internal Auditors. The communication has been profession to contribute to the growth of the Indian economy.
sent to all departments of Central Government, CPSEs, and State I sincerely request you to give your comments/suggestions with
DPEs etc to empanel and utilize the expertise services of Cost justifications on the proposed DTC 2013 by 15th April, 2014 to
Accountants for Internal Audit as envisaged under the Compa- facilitate compilation by the Direct Taxation Committee of the
nies Act, 2013. Institute and submission to the Government.
The institute is planning to organize CFO meet on the Foun-
Annual Seminar of Dhanbad Sindri Chapter dation day on 19th May, 2014 at New Delhi where several publi-
I attended the Annual Seminar of Dhanbad Sindri Chapter on cations are likely to be released. An International conference for
the theme An Introspection into the Central Excise Act on 23rd the Directors/ CEOs has also been planned. The Southern India
March 2014 at Dhanbad and addressed the participants. Regional Council of the Institute is organizing the Regional Cost
Conference on 18th and 19th April, 2014 at Chennai.
National Seminar of Fakir Mohan University I have the privilege to apprise about the activities / initiatives
undertaken by the Departments/ Directorates of the Institute, Re-
I had the opportunity to attend the valedictory session of the Na-
gional Councils and Chapters.
tional Seminar of Fakir Mohan University at Balasore on 24th
March 2014 and addressed the delegates on the theme of the semi-
Advanced Studies
nar on Management Practices and Sustainable Development.
As mentioned in my previous communiqué, the Diploma Course
in Information Systems Control and Audit will be starting from
National Students Convocation of the Institute
the Month of April 2014 with 24 participants. The Directorate has
The Institute is organizing its 3rd National Students Convocation
also announced one year Diploma Program in Business Valuation
– 2014 at Kolkata on April 8, 2014. Hon’ble Governor of West
fixing last date at 14th April 2014. I request all of you to take
Bengal has very kindly consented to inaugurate the function at
advantage of this initiative and enroll to the course as the area of
Science City Auditorium, Kolkata as Chief Guest. Padma Bhushan
Valuation is emerging for the CMA’s under the Companies Act,
CMA (Dr.) M.B. Athreya has agreed to be the Guest of Honor in
2013. The Directorate is also finalizing the launch of Diploma Pro-
the function. It is expected that around 750 students of the Insti-
gram in Internal Audit shortly.
tute from across the Country will be attending this event.
Cost Accounting Standards Board
Seminar on Tax Reform and CMA
I am happy to share that the Exposure Draft of Cost Accounting
I take this opportunity to inform that one day seminar on tax re-
Standard (CAS 22) on Manufacturing Cost has been hosted on the
forms and CMA’s is planned on 7th April,2014 at Kolkata un-
website of the Institute for public comments keeping in mind the
der the Chairmanship of Dr Partha Sarathi shome, Advisor to the
land mark judgment of the Hon’ble Apex Court in the Fiat Case.
Hon’ble Finance Minister.
I request all of you to send your comments for value addition to
the draft.
Workshops for the Officers of the various
Central Excise Zone
CPD Activities
In the path of continuous journey for dissemination of knowledge
During the month, three webinars were organized on ‘Compa-
by the experienced members in pursuit of professional excellence, nies Act 2013 - CSR Provisions’, ‘Companies Act 2013 – Re-
the Institute has been organizing training programs / workshops sponsibilities of Board of Directors’ and ‘Corporate Govern-
for various Government departments including Central Board of ance’ and were well received by the large number of CMAs. The
Excise &Customs. The Institute has approached the Central Ex- Continuing Professional Development Committee and Profes-
8 THE MANAGEMENT ACCOUNTANT APRIL 2014 www.icmai.in
sional Development Committee jointly organized seminars on 55th National Cost Convention – 2014 at Bhubaneswar on 23rd-
‘Companies Act-2013-Provisions relating to Roles, Duties and February 2014. The members of the members Benevolent Fund
Responsibilities of Directors & CSR’ and on ‘Internal Audit & has been covered under the ‘Group Personal Accident’ (GPA) In-
Stock Audit of Banks’ at New Delhi with active participation surance Policy with The New India Assurance Co. Ltd. I sincere-
of members. I am proud to inform that during the month our ly urge the members of the Institute to become members
Regional Councils and Chapters actively organized many pro- of the Benevolent Fund and avail the benefits.
grams, seminars and discussions for the members on the topics The membership fee for FY 2013-14 became due on 1st April
of professional relevance such as on Directors and Auditors - 2013 and the members who have not made payment of their
Role and Challenges under Companies Act 2013, Private Eq- membership fees within the stipulated time as per the Act, their
uity-Funding & Documentation, Indirect Taxes, Insurance Sec- names have been removed from the Register of Members.
tor: Scope for Cost Accountants, Employment Laws in The IT
Sector; Myth and Reality, Audit in Insurance Sector, Housing Professional Development
Finance, Excise Valuation Rules, Business Valuation, An Inter- I am pleased to inform that in order to guide the members of the
active Discussion on VAT, Analysis of Interim Budget – 2014, Institute to conduct internal audit of various sectors, sector specific
Maximizing Returns from Capital Markets, Corporate Social Internal Audit Guidance Notes are being brought by the Insti-
Responsibility, Accounting Standards - 2 & 17 and so on. The tute. The Guidance Notes on Internal Audit on Pharmaceutical
chain seminars on Internal Audit and Companies Act 2013 are Industry and on Stock Brokers & Depository Participants has been
being planned at different locations for the benefit of the mem- approved by the Council and issued shortly.
bers and students of the Institute. I request the members to offer their view/ comments/ sugges-
tions in large numbers within stipulated time on exposure drafts of
Examination Guidance Notes on Internal Audit of Power Industry, Mining &
The Examination Directorate will be conducting second Foun- Metallurgical Industry and Telecommunication Industry hosted in
dation Examination on online mode on 6th April 2014. I wish all Institute’s website.
the examinees success and good luck. The Directorate is making
preparations for the June 2014 term for Intermediate and Final Tax Research
examinations. The Tax Research Department organized One Day Seminar on
‘Excise Duty – Valuation Based on Cost Information’ on 15th
ICWAI MARF Programmes March 2014 at Hyderabad. Shri D.N. Panda, Judicial Member,
The program on ‘Cost Accounting, Cost Control and Effective- CESTAT, Shri Rupesh Kumar, Advocate, Supreme Court and
ness’ was organized for Indian Air Force during 17-22 February, CMA Chiranjib Das, Joint Director & Head – Tax Research De-
2014. The program on ‘Finance for Non-Finance Executives’ was partment of the Institute were the resource persons in the technical
organized for the officers of ‘Punjab State Power Corporation sessions. The Department is planning to have workshops for the
Limited (PSPCL)’ during 24 February – 01 March, 2014 at Del- Officers of the department at each Zone and one day seminar on
hi/NCR. The Financial Accounting Program was organized for Indirect taxes for the members and students of the institute at dif-
‘Indian Air Force Accounts Warrant Officers’ during 24 February ferent Regional Council and Chapters from April, 2014.
– 01 March, 2014. The program on ‘Contract and Cost Manage-
ment’ was organized for Indian Navy during 03-14 March, 2014 Training & Placements
at CMA Bhawan, New Delhi. The programme on Service Tax was I am happy to inform that a series of HR Meets in different parts
organized at Srinagar. of the country has been planned to ascertain the requirements and
to meet the expectations of the stakeholders. The first HR Meet of
International Affairs this series was successfully held on 21st March 2014 at Hyderabad
I represented the Institute in the SAFA events held during 9th and the next meet is planned on 4th April 2014 at Mumbai. The
– 11th March 2014 at Karachi, Pakistan including SAFA Board take away from such meets will bring the Institute and the Indus-
Meeting, CFO Conference and various Committee meetings. I tries closer to serve the students and the society in a better way.
had the opportunity to visit the Institute of Cost and Management I wish all-round prosperity and happiness to all the members
Accountants (ICMAP) and discuss various matters of regional im- and their family on the occasion of the New Year, Ram Navami,
portance and mutual cooperation. ICMAP will be hosting the next Mahavir Jayanti, Baishakhi, Bihu being celebrated in various parts
SAFA events at Islamabad, Pakistan during 2nd – 4th May 2014. of the country.
CMA Dr A.S. Durgaprasad , Vice President of the Institute at- With warm regards,
tended the meeting of IFAC PAIB committee at New York held
on 24th – 25th March 2014.
Membership
You are kindly aware that a Memorandum of Understanding
(MOU) has been signed with the New India Assurance Company
Ltd for the benefit of members and students of the Institute at the (CMA Suresh Chandra Mohanty)
1st April 2014
www.icmai.in APRIL 2014 THE MANAGEMENT ACCOUNTANT 9
MANAGEMENT
the
ACCOUNTANT
THE JOURNAL FOR CMAs ISSN 0972-3528
PAPERS INVITED
Cover stories on the topics given
below are invited for The Management
Accountant for the four forthcoming
months.
Issue months Themes Subtopics
• Global perspective
• Strategic price setting
• Relative price indicators and benchmarking
• Competitive pricing
May 2014 Price and Cost Competitiveness • Turning cost cutting into cost competitiveness
• Cost efficiency
• Competitive cost reduction and sustainable growth
• Cost competitive index
• Case studies
• Standards in Professional Conduct
• Financial fraud prevention tools and procedures
• Financial Literacy and Ethics
• Accounting Scandals and Ethics
June 2014 Ethics of Accountants
• Corporate Governance and Professional Ethics
• Competition and Ethics
• Legitimate Conduct vs. Ethical Conduct
• Code of Ethics for Professional Accountants
• Government Accounting Processes and System
• Traditional methods Vs. Modern methods of government accounting.
• Government accounting and financial reporting
• Gap analysis of government accounting based on accounting standards
Government Accounting and Role of
July 2014 • Ethical considerations in government accounting
CMAs
• The constitutional and financial responsibilities of principal government
officers
• Professional opportunities for Cost and Management Accountants in
government accounting
• Mandatory Cost Accounting Standards and CASB
• CAS – a must for cost competitiveness
Cost Accounting Standards and its • CAS in manufacturing, mining and service sector
August 2014
Economic implications • Companies Act 2013 and CAS
• Challenges in implementing CAS – case studies
• Areas where new CASs can be formed / implemented
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 publication anywhere else. Please send your articles
by e-mail to [email protected] by the 1st of the previous month.
Directorate of Research, Innovation & Journal
The Institute of Cost Accountants of India (Statutory body under an Act of Parliament)
CMA Bhawan, 4th Floor, 84 Harish Mukherjee Road, Kolkata - 700 025, India
Board: [phone] / 87 / 0184, Tel-Fax: [phone]
www.icmai.in
10 THE MANAGEMENT ACCOUNTANT www.icmai.in