ICWAI

The Institute of Cost Accountants of India (ICAI) Newly Elected President & Vice President CMA Rakesh Singh has been elected as President of the Institute for the year 2012-13 CMA S.C. Mohanty has been elected as Vice President of the Institute for the year 2012-13 Source- http://www.icwai.org/icwainew/index.asp Full Article

To meet the requirement of professional skills in the current changing dynamic economic scenario, Cost Accountants in practice and service (members of ICAI) should equip themselves with the new skills and concepts to meet the challenges and render yeomen’s services to trade, commerce and industry. Therefore, the existing scheme for mandatory training to the members in practice and service under Continuing Education Programme (CEP) has been revised. The basic features o.. Full Article

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The Parliament passed the Amendment to The Cost and Works Accountants Act changing the name of the Institute to The Institute of Cost Accountants of India at the same time allowing the use of the designation ACMA and FCMA to denote the membership. Council passed resolution to rename all buildings of the Institute as “CMA Bhawan” Council passed resolution to allow use of CMA prefix by members Constituting Task Force for Election Reforms Commencemen.. Full Article

In the Tamil Nadu Value Added Tax Act, 2006, after section 63, the following section shall be inserted, namely:—63-A. Accounts to be audited in certain cases.—(1) Every registered dealer whose total turnover including zero-rate sale and sale in the course of inter-State trade or commerce as specified in section 3 of the Central Sales Tax Act, 1956 (Central Act 74 of 1956) in a year, exceeds one crore rupees, shall get his accounts in respect of that year, audited by .. Full Article

M/s. Coal India Limited invites expression of interest for appointment/empanelment of Cost Audit Firms for compliance of Companies (Cost Accounting Record) Rules 2011 for the year 2011-12 and cost audit for the year 2012-13 for its standalone segment. Full Article

I am also pleased to inform the members that the Institute has brought out Guidance Note on Maintenance of Cost Accounting Records. Since the Ministry of Corporate Affairs – Cost Audit Branch has extended to all companies engaged in production, processing manufacturing and mining activities and regulated industries, through a series of notifications, it was necessary for the Institute to explain the extent, scope and methodology of preparation and maintenance of requis.. Full Article

Cost Accounting Records Rules, 2011 do not visualize companies to change their cost accounting system if already in-place; but they are required to comply with the Generally Accepted Cost Accounting Principles and Cost Accounting Standards issued by the Institute of Cost Accountants of India, to the extent these are found to be relevant and applicable and also file compliance report with the Central Government. It was also observed that existence of structured & verified.. Full Article

The members of the Institute are kindly aware that the Election to the 18th Council of the Institute of Cost Accountants of India were held in 2011 in accordance with the Cost and Works Accountants (Election to the Council) Rules, 2006 read with the Cost and Works Accountants Act, 1959 and the Cost and Works Accountants Regulations, 1959. Full Article

In pursuance of proviso to sub-regulation (1) of Regulation 10 of the Cost and Works Accountants Regulations, 1959 as amended, the Council of the Institute at its 274th Meeting held on 18th May, 2012 has decided that the Certificate of Practice of the members who have paid the prescribed fees and submitted the prescribed form for renewal of Certificate of Practice for 2012- 2013 within due date but not having requisite CEP credit hours, shall be renewed upto 31st March, .. Full Article