Work hard to get what you like; otherwise you will be forced to like what you get. – Anonymous
My Dear Professional Colleagues,
In these exciting times, when prowess of Indian economy has been acknowledged by no less a person than the President of USA in his momentous address to Honble members of Parliament amidst Diwali celebrations, new vistas may be opened for Indian professionals across the world. Indian economy has posted 8.9% growth in GDP during second quarter of 2010-11, proving the statement of the US President, buoyed by impressive performance in agriculture, industrial growth and infrastructure. With this, India is among few countries of the world having three continuous quarters with a growth rate of more than eight percent. In addition, the giant corporations in USA like Microsoft, Google, Apple, Cisco, etc have a large cash holding which on the back of low interest rates and debt crisis in US & European Union may see the enhanced activity for either payment of dividends or huge spends on mergers and acquisitions particularly in economy friendly regimes like India. My assessment is major portion of these funds will find its way to increased flow of FDI in India in the coming years. This would definitely lead to umpteen number of opportunities for professionals led by Cost Accountants, who have to evaluate the investment avenues in industry and service sector and provide advice to corporate sector.
Word Congress of Accountants
ICWAI was represented at the World Congress of Accountants held at Kuala Lumpur, Malaysia during 8th to 11th November, 2010 by a delegation comprising Central Council Members being Mr. A N Raman, Mr. A S Durgaprasad, Mr. Hari Krishan Goel and me. During this congregation of best minds of the world of accounting, we had fruitful discussions with representatives of different Accounting Institutes, Academia, Industry and Bureaucracy from various countries. I hope this would result in tangible benefits for the Institute. The main theme of the WCOA veered around sustaining value creation which have been our main theme in our presentations in various forums, this year. It is heartening to note that World Congress of Accountants have also recognized the need for going beyond conformance and to lay a road map for professional accountants on the performance management also.
Meeting of National Foundation of Corporate Governance
Members may be aware that ICWAI was admitted as a member of National Foundation of Corporate Governance (NFCG) last year. Since then ICWAI has made contribution to the various programmes organised by the NFCG. I attended the meeting of its Council presided over by Shri Salman Khurshid, Honble Minister of Corporate Affairs and Minority Affairs (I/C), Government of India having participation from various stakeholders, Senior Officials of Ministry of Corporate Affairs headed by Shri R Bandyopadhyay, IAS, Secretary. The outline of this years India Corporate Week being organised from 14th to 21st December, 2010 was finalised. I am glad to inform you that Shri Manmohan Singh, Honble Prime Minister, Government of India would be the Chief Guest in the inaugural function to be held at Vigyan Bhawan, New Delhi on 14th December, 2010. I urge my fellow members, Regional Councils and Chapters of ICWAI to organise maximum programmes in this week and surpass the number of programmes organised by the ICWAI last year.
ASSOCHAM Seminar on Companies Bill, 2009
I am happy to share with the members that Mr.Chandra Wadhwa, Past President of ICWAI made a presentation on the Role of Cost Auditors and maintenance of Cost Accounting Records in the regime of proposed Companies Bill, 2009. This seminar was attended by the Industry Representatives, Business Associations, etc. Ms. Renuka Kumar, Joint Secretary to the Government, Ministry of Corporate Affairs was the Chief Guest in this seminar.
International Conference on Competition Law
It is a matter of pride that ICWAI was represented in the 2nd International Conference on Competition Law during 12-13th of November 2010 at the India Habitat Centre, New Delhi by Shri M Gopalakrishnan, Vice President, ICWAI. This was organized by the International Academy of Law, New Delhi and the World Council for Corporate Governance, London in association with the Competition Appellate Tribunal. During the two day event, leading luminaries from the world of Competition Law including Central Government Ministers and high level Bureaucracy participated. Mr. M. Gopalakrishnan made his presentation on Enforcement of Competition Law – Enhancing institutional framework with powers of investigation and punishment with a special focus on contribution of Cost Accounting Standards of ICWAI to the The Competition Commission of India (Determination of Cost of Production) Regulations, 2009.
Continuing Education Programme
ICWAI has always taken lead in organising industry relevant initiatives. Towards meeting its social responsibility of better governance in accounting ICWAI has been organising various programmes on IFRS to acclimatize the members about its requirements. Now I am privileged to announce ICWAI has started implementation of IFRSs for corporate clients. Towards this end, ICWAI has been approached by some of the leading Public Sector Undertakings to assist them in adoption of IFRSs. This would help Cost Accountants in service to be in the forefront for use of IFRSs. I strongly recommend to our members once again to participate in large numbers in the Certificate Course on IFRSs started by ICWAI for equipping themselves with the latest techniques for their respective organisations.
Guidance Note on Cost Accounting Standard-6 (Material Cost)
In a series of providing guidance to members, ICWAI has hosted the draft Guidance Note on Cost Accounting Standard 6 on Material Cost on the website of the institute. I request all of you to kindly give your valuable feedback on the Guidance Note within the stipulated time to enable us to finalise the note at the earliest for the use by the industry, members and other stakeholders.
National Cost Convention 2011 6th to 8th Januray 2011, Chennai
As informed to you in my earlier communication, full efforts are being taken up by the Convention Committee to organize the Convention in a grand manner. The Students Convention and the Practitioners Convention is being organized on 5th January, 2011. The Chapters meet has been slated on 7th January, 2011 at 6.00 PM at the Convention Venue. The details have been published elsewhere in the journal.My best wishes to members and their families for Christmas and New Year.