CMA

Statutory Audit & eligibility for appointment as Internal Auditors in Public Companies

CA, CS, CMA - WEBINAR on the Opinion of the Council of Institute of Cost Accountants of India on Statutory Audit and eligibility for appointment as Internal Auditors in Public Companies under section 138 of the Companies Act, 2013 CMA B. B. GOYAL Former Addl. Chief Adviser Cost Ministry of Finance, Government of India What is Internal Audit? Internal [...

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How to Prepare for CA CS CMA Examination – Plan, Tips & Strategy

CA, CS, CMA - 1. Find out what’s in the exam First of all, figure out the length of your course content and prepare yourself mentally. 2. Study Material Try and develop a sense to figure out excess study material from the exam point of view and cross that material immediately in your book. Study Material provided by the […]...

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Why Partnership Firm is better suited for Practicing CA, CS & CMA?

CA, CS, CMA - If you want to walk fast, walk alone. But if you want to walk far, walk together. – Ratan Tata Let us first go through this data published Professional Development Committee ICAI  February-2019 edition, where almost 70% CA practicing as a Proprietorship firm and around only 3% partnership firm having more than 6 partners. There [&h...

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STRATEGIC USE OF TECHNOLOGIES – AI & ML for Professionals

CA, CS, CMA - STARTEGIC USE OF TECHNOLOGIES – AI and ML for Professionals- By CS Haresh Jani and CA Vikram Pandya & ANALYSIS OF IMPACT OF TECHNOLOGY ON PROFESSIONALS By CS Amita Desai CS Haresh Jani initiated the session at IMC organized by Manoyog GRC Advisors Private Limited. He explained in brief the advantages and use of Technology. […...

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FAQ on certified copies of answer sheets under RTI

CA, CS, CMA - To establish and follow the law laid down by Supreme Court in the judgement ICSI Vs. Paras Jain, ICAI appointed CPIOs exclusively for providing certified copies under RTI dated 29th Aug 2019....

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ICMAI notification- Merged Intermediate & Final Exams- Dec 2020

CA, CS, CMA - The Institute of Cost Accountants of India has decided to conduct the Intermediate and Final Examination in December, 2020 in Online Mode. This is the merged examinations of both June 2020 term and December 2020 term....

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ICMAI Instruction for Foundation Examination December 2020

CA, CS, CMA - Instruction for Foundation Examination December 2020 The Institute of Cost Accountants of India has decided to conduct a Foundation Examination of December, 2020 in home based online mode due to pandemic Novel Corona Virus (COVID-19) to ensure the interest of all the stakeholders. All candidates/students will have to appear in the Foundat...

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CMA Notification for Merged Intermediate & Final Exam, Dec 2020

CA, CS, CMA - The Institute of Cost Accountants of India has decided to conduct the Intermediate and Final Examination in December, 2020 in Online Mode. This is the merged examinations of both June 2020 term and December 2020 term....

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ICMAI extends time for submission of online Exam Form

CA, CS, CMA - ICMAI extends time for submission of online Examination Application Form for Foundation, Intermediate, and Final Course for December 2020 term of Examinations....

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ICMAI to conduct Intermediate & Final exam in Online Mode

CA, CS, CMA - Institute of Cost Accountants of India has decided to conduct the Intermediate and Final Examinations in December, 2020 in Online Mode. This is the merged examination of both June, 2020 term and December, 2020 term....

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HC rejects Petition by CA seeking to direct Institute of Cost Accountants of India to use acronym ‘ICOAI’ instead of ‘ICAI’

V. Venkata Siva Kumar Vs Institute of Cost Accountants of India (Madras High Court) - The issue under consideration is whether the petition filed by the CA for seeking to direct the Institute of Cost Accountants of India to use the acronym ‘ICOAI’ instead of ‘ICAI’ will be sustain by the High Court?...

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Cost Accountants in practice cannot work as MD in a company

Ashok B. Nawal Vs ICWAI (Appellate Authority) - It was clear that despite knowing the fact that Managing Director (MD) was not allowed under the CWA Act, the Respondent had accepted the position of MD and also protecting the same. ...

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Order of Chennai High Court in the matter of Use of Trademark ‘ICAI’

V. Venkata Siva Kumar Vs Institute of Cost Accountants of India (Madras High Court) - V. Venkata Siva Kumar Vs Institute of Cost Accountants of India (Madras High Court) The petitioner seeks for a mandamus directing the first respondent to strictly comply with Sec 2(2) of Cost and Works Accountants Act 1959 as amended and desist from encroaching into the domains earmarked for the thi...

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CAs lost battle against CMAs on Co-Operative Society Audit issue

Karnataka State Chartered Accountants Association, Bangalore & Ors. Vs The State of Karnataka, Department of Co-operation & Ors. (Karnataka High Court) - It is the case of the petitioners that succumbing to the pressure of lobbying and political pressure, brought by the members of the Cost Accountants fraternity, the State Legislature sought to bring a further amendment to Section 63 of the KCS Act, by Act no. 35 of 2014....

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HC Order allowing CA, CMA and CS to appear before VAT Authorities

Tax Lawyers Association Lko.Throu General Secy.& Anr. Vs State Of U.P. Thru. Prin. Secy.Tax & Registration U.P.Lko.& Ors (Allahabad High Court) - the writ petition, which has been admitted by an order passed the Division Bench on 6 August 2014, there is a challenge to the validity of Rule 73 of the U.P. Value Added Tax Rules, 2008 on the ground that they are ultra vires the provisions of the U.P. Value Added Tax Act, 2008 and the Advocates A...

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CMA Examinations for June 2020 Term to commence from 01.09.2020

Ref. No. G/128/6/2020 - (21/06/2020) - CMA Foundation, Intermediate and Final examinations that were scheduled from 20th-28th July, 2020 will now commence from 1st September, 2020....

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ICMAI mandates 15 Month Practical Training for students

Ref. No.: G/128/1/2019-2020 - (14/01/2020) - 1. Under this scheme students are required to undergo a Practical Training for at least 15 months instead of 6 months. 2. This training scheme will be applicable for the students registering in Intermediate Course for the December 2020 term examination onwards....

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Change in Constitution of Appellate Authority under CA, CS, CMA Laws

Notification No. G.S.R. 413(E) - (10/12/2016) - Central Govt makes further amendments in notification of Govt of India by which it notified Constitution of Appellate Authority under CA, CS & CMA Laws...

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No further deferment of Standard on Auditing 701 (SA 701): MCA

F. No. 01/33/2013-CL.V (Pt.) - (12/04/2019) - Further deferral of SA 701 cannot be permitted and it remains applicable for audits of financial statements for periods beginning on or after 1st April, 2018:‑(i) SA 701 was issued in May, 2016 with applicability for all audits of the year 2017-18 onwards. On the grounds of lack of adequate time f...

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Elections of councils of Institute of Cost Accountants of India

No. EL-2019/1, No. EL-2019/2, No. EL-2019/3, No. EL-2019/4, No. EL-2019/5, No. EL-2019/6, No. EL-2019/7, No. EL-2019/8, No. EL-2019/9 - (26/03/2019) - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA NOTIFICATION Kolkata, the 26th March, 2019 ELECTIONS TO THE COUNCIL AND THE REGIONAL COUNCILS, 2019 The present (four-year) term of the Nineteenth Council will come to an end on July 21, 2019. For the purpose of constituting Twentieth Council on July 22, 20...

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Recent Posts in "CMA"

ICMAI notification- Merged Intermediate & Final Exams- Dec 2020

The Institute of Cost Accountants of India has decided to conduct the Intermediate and Final Examination in December, 2020 in Online Mode. This is the merged examinations of both June 2020 term and December 2020 term....

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Posted Under: CA, CS, CMA |

ICMAI Instruction for Foundation Examination December 2020

Instruction for Foundation Examination December 2020 The Institute of Cost Accountants of India has decided to conduct a Foundation Examination of December, 2020 in home based online mode due to pandemic Novel Corona Virus (COVID-19) to ensure the interest of all the stakeholders. All candidates/students will have to appear in the Foundat...

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Posted Under: CA, CS, CMA |

CMA Notification for Merged Intermediate & Final Exam, Dec 2020

The Institute of Cost Accountants of India has decided to conduct the Intermediate and Final Examination in December, 2020 in Online Mode. This is the merged examinations of both June 2020 term and December 2020 term....

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Posted Under: CA, CS, CMA |

ICMAI extends time for submission of online Exam Form

ICMAI extends time for submission of online Examination Application Form for Foundation, Intermediate, and Final Course for December 2020 term of Examinations....

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Posted Under: CA, CS, CMA |

ICMAI to conduct Intermediate & Final exam in Online Mode

Institute of Cost Accountants of India has decided to conduct the Intermediate and Final Examinations in December, 2020 in Online Mode. This is the merged examination of both June, 2020 term and December, 2020 term....

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Posted Under: CA, CS, CMA |

New President & Vice-President of ICMAI for 2020-2021

CMA Biswarup Basu has been elected as President of the The Institute of Cost Accountants of India for the period 2020-2021. CMA Biswarup Basu is a Fellow Member of the Institute of Cost Accountants of India and an alumnus of South Point High School, Kolkata. He started his Professional career in 1985 as Management Trainee […]...

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Posted Under: CA, CS, CMA |

Decriminalise certain offences under GST Law: ICAI CMA

Penalty for violation of statutory provisions involves a penalty of money and confiscation of goods and these penalties are imposable by the department authorities. Criminal punishment is of imprisonment and fine, which can be granted only in a criminal court after prosecution but these are also provided under GST Law....

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Posted Under: CA, CS, CMA | ,

Defer due date of implementation of E-Invoicing under GST

Requests to defer due date of implementation of E-Invoicing up to 1st January 2021 for convenience of the tax payers as well as increasing transparency in GST....

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Posted Under: CA, CS, CMA | ,

Request to extend due date of filing of GSTR 9 & GSTR 9C

As we are aware, the due date for filling GSTR 9 and GSTR 9C for F.Y 2018-19, is 30th September 2020 according to Notification No. 41/2020 – Central Tax dated 5th May 2020 and we humbly requests CBIC to extend the due date of filling GSTR 9 and GSTR 9C for Financial Year 2018-19 up […]...

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Posted Under: CA, CS, CMA |

Statutory Audit & eligibility for appointment as Internal Auditors in Public Companies

WEBINAR on the Opinion of the Council of Institute of Cost Accountants of India on Statutory Audit and eligibility for appointment as Internal Auditors in Public Companies under section 138 of the Companies Act, 2013 CMA B. B. GOYAL Former Addl. Chief Adviser Cost Ministry of Finance, Government of India What is Internal Audit? Internal [...

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Posted Under: CA, CS, CMA |

14 suggestion for review of Customs Laws & Procedures

As per Instruction No. 14/2020-Customs dated 21st July 2020 we are submitting the suggestions for review of existing Customs Duty Exemption Notifications/Customs Laws & Procedures (Annexure attached), as per the feedback received from our members and stakeholders....

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Posted Under: CA, CS, CMA |

HC rejects Petition by CA seeking to direct Institute of Cost Accountants of India to use acronym ‘ICOAI’ instead of ‘ICAI’

V. Venkata Siva Kumar Vs Institute of Cost Accountants of India (Madras High Court)

The issue under consideration is whether the petition filed by the CA for seeking to direct the Institute of Cost Accountants of India to use the acronym ‘ICOAI’ instead of ‘ICAI’ will be sustain by the High Court?...

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Merging of CMA Intermediate and Final Examinations, 2020

THE INSTITUTE OF COST ACCOUNTANTS OF INDIA (STATUTORY BODY UNDER AN ACT OF PARLIAMENT) CMA BHAWAN 12, SUDDER STREET, KOLKATA – 700 016. Telephones : +91-33- 2252-1031/1034/1035 + 91-33-2252-1602/1492/1619 + 91-33- 2252-7143/7373/2204 Fax : +91-33-2252-7993 +91-33-2252-1026 +91-33-2252-1723 Website : www.icmai.in Ref. No. G/128/2/8/2020 ...

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Posted Under: CA, CS, CMA |

Additional Examination Centres for CMA Students

While considering the ongoing COVID-19 pandemic and in the interest of the well - being of students & members and to mitigate their hardships, as proactive measure for benefit and welfare of the students & members, it has been decided to open Additional Examination Centres, provided that sufficient number of candidates offer themselves to...

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Posted Under: CA, CS, CMA |

Online home based CMA Foundation June, 2020 Examination

The Institute of Cost Accountants of India has decided to conduct Foundation Examination of June, 2020 in home based online mode due to pandemic Novel Corona Virus (COVID-19) to ensure the interest of all the stakeholders and in particular the candidates/students. All candidates/students are encouraged to appear in the Foundation Examinat...

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Posted Under: CA, CS, CMA |

Illegal use of acronym “ICAI” by Institute of Cost Accountants of India

Any unauthorised/illegal use of the acronym `ICAI' by any person/entity amounts to infringement of Trade Mark vested in the Institute of Chartered Accountants of India (ICAI) as well as in contravention of other provisions of the Chartered Accountants Act, 1949....

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Posted Under: CA, CS, CMA |

How to Prepare for CA CS CMA Examination – Plan, Tips & Strategy

1. Find out what’s in the exam First of all, figure out the length of your course content and prepare yourself mentally. 2. Study Material Try and develop a sense to figure out excess study material from the exam point of view and cross that material immediately in your book. Study Material provided by the […]...

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Posted Under: CA, CS, CMA |

Use of acronym ICAI by Institute of Cost Accountants of India

This section in no way refers to the Acronym ICAI. The Institute of Cost Accountants of India in no way has used a Name or Common Seal which is identical with the name or the common seal of the Institute of Chartered Accountants of India. Thus, the alleged violation is completely wrong....

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Posted Under: CA, CS, CMA |

Advisory on Disclosures in Audit Report amid COVID19

Impact of COVID19 Lockdown on the Operations of the Company and Resumption of Operations post COVID19 Lockdown- The Operations of the Company during the year ended 31st March 2020 were marginally / seriously affected due to Lockdown announced by the Central / State Governments in the month of March 2020 due to the outbreak of Novel Corona...

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Posted Under: CA, CS, CMA | ,

CMA Examinations for June 2020 Term to commence from 01.09.2020

Ref. No. G/128/6/2020 (21/06/2020)

CMA Foundation, Intermediate and Final examinations that were scheduled from 20th-28th July, 2020 will now commence from 1st September, 2020....

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Include CMA services in Desk Review system of GST Audit

In Desk Review, CMAs can also be a good assistant to CBIC and can guide to Govt. Officials which documents are necessary to scrutiny and review properly before field visit according to nature of business which in result will prevent revenue leakage of Govt....

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Posted Under: CA, CS, CMA |

Why Partnership Firm is better suited for Practicing CA, CS & CMA?

If you want to walk fast, walk alone. But if you want to walk far, walk together. – Ratan Tata Let us first go through this data published Professional Development Committee ICAI  February-2019 edition, where almost 70% CA practicing as a Proprietorship firm and around only 3% partnership firm having more than 6 partners. There [&h...

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Posted Under: CA, CS, CMA |

Postponement of CMA Examinations for June, 2020 Term

Institute of Cost Accountants of India has decided to postpone the examinations for June, 2020 term due to outbreak of Novel Coronavirus (COVID-19) and subsequent lockdown situation in the country. The Foundation, Intermediate and Final examinations that were scheduled from 11th- 18th June, 2020 will now commence from 20th July, 2020....

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Posted Under: CA, CS, CMA |

Conceptual Approach to Board Reporting Framework A Post COVID-19 Corporate Governance Perspective

The objective of this paper is to provide a conceptual Corporate Governance perspective to the Board Reporting Framework – Post COVID 19 which will serve as an internal document from the managements mirroring the renaissance of the related entity....

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Posted Under: CA, CS, CMA |

CMA June 2020 examination -Studies & Exam related FAQs

What is the last date of filing application form for CMA June 2020 examination? Students willing to apply for CMA Foundation, Intermediate, and Final exams will now be able to fill their examination forms till April 20, 2020. Candidates will not have to pay any late fee....

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Posted Under: CA, CS, CMA |

Date for payment of Membership & COP Fees for Cost Accountants

It is being observed that number of members of the Institute, whether in practice or not, have raised concerns over the payment of Annual Membership Fee and Renewal of Certificate of Practice on or after 1st April 2020 in wake of COVID 19 lock down....

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Posted Under: CA, CS, CMA |

STRATEGIC USE OF TECHNOLOGIES – AI & ML for Professionals

STARTEGIC USE OF TECHNOLOGIES – AI and ML for Professionals- By CS Haresh Jani and CA Vikram Pandya & ANALYSIS OF IMPACT OF TECHNOLOGY ON PROFESSIONALS By CS Amita Desai CS Haresh Jani initiated the session at IMC organized by Manoyog GRC Advisors Private Limited. He explained in brief the advantages and use of Technology. […...

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Posted Under: CA, CS, CMA |

FAQ on certified copies of answer sheets under RTI

To establish and follow the law laid down by Supreme Court in the judgement ICSI Vs. Paras Jain, ICAI appointed CPIOs exclusively for providing certified copies under RTI dated 29th Aug 2019....

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Posted Under: CA, CS, CMA |

ICMAI mandates 15 Month Practical Training for students

Ref. No.: G/128/1/2019-2020 (14/01/2020)

1. Under this scheme students are required to undergo a Practical Training for at least 15 months instead of 6 months. 2. This training scheme will be applicable for the students registering in Intermediate Course for the December 2020 term examination onwards....

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Root Cause Analysis | Structured problem solving

Root Cause Analysis (RCA) is one of a group of classic methodologies known as structured problem solving. Today, we find that RCA is one of the hottest topics in the world of audit and accounting. It is also very much vibrant from the data shared by Future of Jobs Survey 2018, World Economic Forum that […]...

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Posted Under: CA, CS, CMA |

Empanelment of CA/ICWA for Audit of GST/Service Tax/Excise Assessees

he CGST, Audit - I Commissionerate, New Delhi, proposes to prepare a panel of Chartered Accountants and Cost Accountants so as to nominate them to conduct special audit of accounts of Central Excise, Service Tax and GST as envisaged under the said Section....

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Posted Under: CA, CS, CMA |

FAQs on UDIN for Practicing Cost Accountants/CMAs

Frequently Asked Questions (FAQs) on Unique Document Identification Number (UDIN) for Practicing Cost Accountants/CMAs. Q.1 What is Unique Document Identification Number (UDIN)? What is the objective of UDIN? Ans. Unique Document Identification Number (UDIN) is an 18-Digits system generated unique number for to be entered on every documen...

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Posted Under: CA, CS, CMA |

Second Installment of Advance Income Tax -Due Date – 15th September 2019

When payment of Advance Income Tax is necessary? If the Income tax liability of any assessee, for the Assessment year 2020-21 (Financial Year 2019-20) i.e. for the year from 1st April, 2019 to 31st March, 2020 is, likely to exceed Rs.10,000/-, then payment of Advance Income Tax is mandatory. If a company does not have […]...

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Posted Under: CA, CS, CMA |

Solve technical issues and extend due date of GSRT 9 & GSTR 9C

Rajasthan Tax Consultants’ Association has Requested for solving the technical issues of GSRT 9 & 9C and extension of due date for filing of GSTR 9 & conducting GST Audit & reporting in Reconciliation Statement in GSTR 9C. THE RAJASTHAN TAX CONSULTANTS’ ASSOCIATION KAR SALAHKAR BHAWAN B-145/B, KALYAN PATH, MANGAL M...

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Extend due date of GSTR 9 and GSTR 9C

Request to extend due date of filing GSTR- 9 up to 30th September 2019 and GSTR- 9C up to 31st October 2019 so to ease the hardship faced by the taxpayers. This will ensure providing all information to the Govt. in detailed and transparent manner thereby easing the process of return filing and audit....

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Posted Under: CA, CS, CMA |

ICMAI selects new President and Vice President for 2019-2020

CMA Balwinder Singh has been elected as President of The Institute of Cost Accountants of India for the period 2019-2020. CMA Biswarup Basu has been elected as Vice President of the Institute for the period 2019-2020...

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Posted Under: CA, CS, CMA |

Include Cost Accountants under Definition of Accountant U/S 288(2)

Request for modification of the term Accountant as appearing in the Explanation below sub-section (2) of section 288 of the Income Tax Act, 1961 to include the Cost Accountant therein...

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Posted Under: CA, CS, CMA |

GST annual figures for 2018-19 to be reported in Cost Records/ Cost Audit Annexures/ Reports

As per section 148 of the Companies Act 2013, the specific companies are required to maintain the cost records (having turnover exceeding Rupees Thirty-Five Crores*) and/or are supposed file Cost Audit Reports (for companies having turnover exceeding Fifty/Hundred Crores*) with Ministry of Corporate Affairs....

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Posted Under: CA, CS, CMA |

Advisory to Practicing Members conducting Cost Audit

The Cost Audit Branch, Ministry of Corporate Affairs had issued an Exposure Draft for amendments to the Companies (Cost Records & Audit) Rules, 2014. However, due to certain technical issues, the new Taxonomy and the Validation Tool are yet to be made ready and as a result the MCA is yet to notify the changes that are required especially ...

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Posted Under: CA, CS, CMA |

UDIN for CMAs in Full Time Practice-FAQs – ICMAI

UDIN FOR Cost & Management Accountants (CMAs) in Full Time Practice-FAQs-ICMAI OF LATE BUZZ WORD IS UDIN NOW POPULAR IN PROFESSIONAL FRATERNITY REGARDING CERTIFICATION WORK DONE BY CMAs. Several times it has been noticed that non-CMAs has been misrepresenting themselves as ICMAI member and offering certification services to numerous A...

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Posted Under: CA, CS, CMA |

Change in Constitution of Appellate Authority under CA, CS, CMA Laws

Notification No. G.S.R. 413(E) (10/12/2016)

Central Govt makes further amendments in notification of Govt of India by which it notified Constitution of Appellate Authority under CA, CS & CMA Laws...

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Appointment of CMA/CA firms for conducting GST audit of ICMAI

The Institute of Cost Accountants of India invites quotations from CMA/ CA firms for conducting GST audit for the F.Y. 2017-18, (22 GSTINs) as per the details below:-...

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Posted Under: CA, CS, CMA |

RTI – A weapon to CA CS CMA Students

Today, I have a great news to share with you all, especially for the students of Professional courses viz., CA – Chartered Accountancy, CS – Company Secretary, CMA – Cost and Management Accountancy and also useful for other students. On 11th of April, 2019 The Supreme Court of India under the Coram, HON’BLE MR. JUSTI...

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Posted Under: CA, CS, CMA |

No further deferment of Standard on Auditing 701 (SA 701): MCA

F. No. 01/33/2013-CL.V (Pt.) (12/04/2019)

Further deferral of SA 701 cannot be permitted and it remains applicable for audits of financial statements for periods beginning on or after 1st April, 2018:‑(i) SA 701 was issued in May, 2016 with applicability for all audits of the year 2017-18 onwards. On the grounds of lack of adequate time for preparedness the said applicability d...

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Responsibility of Directors: As Regards Maintenance of Cost Records

The Institute of Cost Accountants of India has issued a guidance note on the RESPONSIBILITY OF DIRECTORS: AS REGARDS MAINTENANCE OF COST RECORDS in January 2019. The guidance note aims to provide the guidance to the company to obtain a Assurance Certificate for Maintenance of Cost Records before incorporating the disclosure with regard t...

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Posted Under: CA, CS, CMA |

Elections of councils of Institute of Cost Accountants of India

No. EL-2019/1, No. EL-2019/2, No. EL-2019/3, No. EL-2019/4, No. EL-2019/5, No. EL-2019/6, No. EL-2019/7, No. EL-2019/8, No. EL-2019/9 (26/03/2019)

THE INSTITUTE OF COST ACCOUNTANTS OF INDIA NOTIFICATION Kolkata, the 26th March, 2019 ELECTIONS TO THE COUNCIL AND THE REGIONAL COUNCILS, 2019 The present (four-year) term of the Nineteenth Council will come to an end on July 21, 2019. For the purpose of constituting Twentieth Council on July 22, 2019 and four Regional Councils for [&hell...

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No Mandatory Training for Renewal of CoP to Cost Accountants

Notification No. CWA/21/2019 (08/03/2019)

The Institute of Cost Accountants of India has amended its recent notification and rectified its mistake due to which it was mandated Training for Renewal of CoP to Cost Accountants while its was intended for Issue of certificate of practice (CoP) THE INSTITUTE OF COST ACCOUNTANTS OF INDIA CORRIGENDUM New Delhi, the 8th March, 2019 [&hell...

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Cost Accounting Standard on Cost of Production / Acquisition / Supply of Goods / Provision of Services

CAS-4 (REVISED 2018) COST ACCOUNTING STANDARD ON COST OF PRODUCTION / ACQUISITION / SUPPLY OF GOODS / PROVISION OF SERVICES The following is the Cost Accounting Standard (CAS-4) (Revised 2018) on “COST OF PRODUCTION / ACQUISITION / SUPPLY OF GOODS / PROVISION OF SERVICES” issued by the Council of the Institute of Cost Accountants of [...

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Posted Under: CA, CS, CMA |

Guidance Note on Compilation Engagements by a Cost Accountant

Introduction The purpose of this Guidance Note on Compilation Engagements by a Cost Accountant is to provide guidance on the cost accountant’s professional responsibilities to compile cost statements and the form and content of the report, the cost accountant issues in connection with such compilation engagement. Objective of Compilatio...

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Posted Under: CA, CS, CMA |

Result analysis of Dec 2018 exam of Institute of Cost Accountants of India

PRESS RELEASE Result declared for DECEMBER – 2018 term of examination Kolkata: The Institute conducts Foundation / Intermediate / Final Examination twice in a year i.e. in June and December. The results of December 2018 term of Examination of The Institute of Cost Accountants of India have been declared on 21/02/2019. Result Analysi...

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Mandatory training for issuing & renewal of COP for CMAs

Notification No. F. No. CWA/21/2019 (01/02/2019)

A Cost Accountant is required to undergo a mandatory training before applying for Certificate of Practice or within six months of getting the Certificate of Practice. The duration of the training will be for six days or 36 hours with course fees as may be fixed by the Council from time to time....

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Guidance Note on Annual Return of GST

Guidance Note On Annual Return Of GST by Institute of Cost Accountants of India Containing Overview of Annual GST Returns, Prerequisites / Check List for filing of Annual GST Returns, Detailed Analysis of Annual GST Return Format GSTR-9, Suggested Reconciliation Formats, Due Dates of GST Return Filing, Notified Formats of Annual Return- (...

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GST Notifications & Circulars from 01.07.2017 to 30.06.2018

Compilation Of GST Notifications And Circulars For 1st Year Of GST (1st July, 2017 To 30th June, 2018) by The Institute of Cost Accountants of India containing CGST Notifications, CGST Rate Notifications, IGST Notifications, IGST Rate Notifications and GST Circulars. The introduction of GST in India has been a journey in which the Governm...

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Posted Under: CA, CS, CMA |

Cost Accountants in practice cannot work as MD in a company

Ashok B. Nawal Vs ICWAI (Appellate Authority)

It was clear that despite knowing the fact that Managing Director (MD) was not allowed under the CWA Act, the Respondent had accepted the position of MD and also protecting the same. ...

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ICMAI increases minimum stipend for Practical Training

Institute Of Cost Accountants Of India Revises Minimum Stipend for the Practical Training from Corporate/Organization effective from 1st October, 2018 onwards vide Circular Ref. No.: DOS/8/09/2018-19   September 10, 2018 Revision in Minimum Stipend for the Practical Training from Corporate/Organization As approved by the Council in its ...

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Posted Under: CA, CS, CMA |

Advisory on Filing of Cost Audit Report for year 2017-18

The companies which produce products covered under excise even after July 1st, 2017 will continue to furnish the information in the same format provided by the Companies (Cost Records and Audit) Amendment Rules, 2017. The companies having their products or services covered under GST may follow the guidance provided in this advisory....

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Posted Under: CA, CS, CMA |

CMAs should ensure delivery of Quality Product & Services at a competitive price: President

President of India inaugurates platinum jubilee celebrations of Institute of Cost Accountants of India; says Cost Accountants should ensure that products and services are delivered at a competitive price but without compromising on quality The President of India, Shri Ram Nath Kovind, inaugurated the platinum jubilee celebrations of the I...

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Posted Under: CA, CS, CMA |

80 Vacancy with MCA for CA, CS and CMA

No3A-45011/15/2018-Admn.1 (11/07/2018)

Ministry proposes to engage a total number of 80 Young Professionals (41 Chartered Accountants/Cost Accountants and 39 Company Secretaries) at different places as indicated at enclosed Annexure....

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Allow CMAs to do Valuation under Section 56 r.w. Rule 11UA

Income Tax Rule 11UA deals with Valuation of jewellery, archaeological collections and shares and securities for the purpose of Section 56. Erstwhile as per Clause (b) of Sub-Rule 2 of Rule 11UA earlier merchant banker and Chartered Accountant were allowed to do valuation of unquoted equity shares under Discounted Free Cash Flow method bu...

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Posted Under: CA, CS, CMA |

Presentations on Standards on Cost Auditing: SCA 104

Presentation on Standard on Cost Auditing Knowledge of Business, its processes and the Business Envirnment (SCA 104)- An auditor needs to understand the clients business before audit of cost statements. [Current Business scenario, Nature of Business, Product Portfolio, Raw Material Prices Global impact etc., whether it is part of any regu...

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Posted Under: CA, CS, CMA |

Presentations on Standards on Cost Auditing: SCA 103

Presentation on Standard on Cost Auditing- Overall Objectives of the Independent Cost Auditor and the Conduct of an Audit in Accordance with Cost Auditing Standards (SCA 103)...

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Posted Under: CA, CS, CMA |

Presentations on Standards on Cost Auditing: SCA 102

Presentation on Standard on Cost Auditing Cost Audit Documentation (SCA 102)- Documentation is necessary to have proper evidence that the audit was planned and performed in accordance with SCAs and applicable legal & regulatory requirements. Cost auditor should document all matters, important in providing evidence to support the opinio...

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Posted Under: CA, CS, CMA |

Presentations on Standards on Cost Auditing: SCA 101

Presentation on Standard on Cost Auditing Planning an Audit of Cost Statements (SCA 101)- Planning an audit of cost statements and records is considered necessary to ensure achievement of audit objectives with available resources and securing coordination with the auditee....

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Posted Under: CA, CS, CMA |

Order of Chennai High Court in the matter of Use of Trademark ‘ICAI’

V. Venkata Siva Kumar Vs Institute of Cost Accountants of India (Madras High Court)

V. Venkata Siva Kumar Vs Institute of Cost Accountants of India (Madras High Court) The petitioner seeks for a mandamus directing the first respondent to strictly comply with Sec 2(2) of Cost and Works Accountants Act 1959 as amended and desist from encroaching into the domains earmarked for the third respondent (Chartered Accountants) an...

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Allow cost accountants to issue certificates related to GST Refund: ICAI CMA

G:142:05:2018-19 (30/05/2018)

Inclusion of Cost Accountants for undertakings/submission of Certificates to the exporters to overcome the problem of refund blockage and post audit scrutiny...

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Posted Under: CA, CS, CMA |

CMA institute suggests inclusion of Cost Accountant in definition of Accountant U/s. 288(2) of Income Tax Act, 1961

Institute of Cost Accountants of India has submitted suggestions on New Direct Tax Law on 23rd May 2018 to Finance Minister Shri Piyush Goyal and suggested Inclusion Of Cost Accountants Under The Definition Of Accountant U/S 288(2) Of Income Tax Act, 1961. ...

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Posted Under: CA, CS, CMA |

Railway includes Cost Accountants to certify work sheet of tax liability

Ministry of Railways has included Cost Accountants to certify work sheet of tax liability before GST and after GST to be submitted by contractors. Earlier only chartered accountants were allowed....

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Posted Under: CA, CS, CMA |

6 Feedback on Models suggested for simplification of GST Returns

The Institute of Cost Accountants of India has submitted its Feedback on the Models suggested by GST Council for simplification of GST Returns which includes suggestion on Continuous facility to add invoice by Seller and Continuous viewing of invoices by Recipient, GST Return design, Input tax credit, A semi-automatic process of ITC rever...

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Posted Under: CA, CS, CMA |

Company law case studies for CA/CS/CMA examinations

Q 1 Masons (Pvt.) Ltd. is a private limited company as per the articles of association of the company. However, a  public company acquired shares in Masons (Pvt.) Ltd. Thereby making the  company, Masons (Pvt.) Ltd., a subsidiary of that public company. State the impact of such acquisition of shares by a public company on […]...

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Posted Under: CA, CS, CMA |

From Satyam to PNB -Audit Mechanism Collapse Is Evident

We have seen many financial scams during the last few years from Satyam, Saradha, Kingfisher (Mr. Vijay Mallya), NSEL to PNB where public money running into thousands of crores of rupees has been involved. There may be many such scams which still hidden in dark room. These scams have shattered the faith of investors, citizens & other stak...

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Budget 2018- 36 Suggestions on Direct Taxes and 21 on Indirect Tax by Apex CMA body

Pre Budget Memorandum 2018-2019 By: The Institute of Cost Accountants of India- The CMA Professionals would ethically drive enterprises globally by creating value to stakeholders in the socio economic context through competencies drawn from the integration of strategy, management and accounting...

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Posted Under: CA, CS, CMA |

NFRA to be set-up soon; Will take disciplinary action against errant CAs, CSs & Cost Accountants

Around 2.24 lakh companies have been struck-off till date for remaining inactive for a period of two (2) years or more;. Around 3.09 lakh Directors disqualified who were on the Board of Companies that have failed to file Financial Statements and/or Annual Returns for a continuous period of three (3) financial years during 2013-14 to [&hel...

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Posted Under: CA, CS, CMA |

Role of CMA- GST Era

Non-controversial: needs and truths; effective implementation of GST for Nation building, thrust and role of professionals for the same. Yes the entire word is looking at India for the desired success of getting it's implemented achieving the desired benefits...

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Posted Under: CA, CS, CMA |

MCA amends notification No. S.O. 1693 (E) dated 3rd October, 2007

Notification No. S.O. 3297(E) (12/10/2017)

In exercise of the powers conferred by section 29A of the Cost and Works Accountants Act, 1959 (23 of 1959), the Central Government hereby makes the following further amendment in the notification of the Government of India in the Ministry of Corporate Affairs, vide number S.O. 1693 (E) dated the 3rd October, 2007, published in the Gazett...

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Appointment of Cost Auditor for F.Y. 2017-18 with NTPC Limited

NTPC Ltd. invites Expression of Interest (EOI) for Empanelment/ Appointment of cost Auditors for the financial Year 2017-18. Interested firms having requisite experience in Cost Audit may send their application in prescribed format in sealed envelope...

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Posted Under: CA, CS, CMA |

Company Law Case Studies for CA/CS/CMA Examination

Q1 ABC ltd intend to issue of 10,000 bonus shares to preference shareholder as on 1 July 2016 as per the requirement of SEBI guidelines, BOD announced the issue of bonus shares as on 1 July 2016, IN MEANWHILE, ROC issued a notice to the company it is not tenable in law & against the […]...

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Posted Under: CA, CS, CMA |

GST Anti- Profiteering Compliance- CMA

Anti-Profiteering provision has been incorporated into GST law, to ensure that the reduction of tax incidence is passed on to the consumers. Profiteering is defined as the sale or offering for sale any basic necessity or prime commodity at a price grossly in excess of its true worth. ...

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Posted Under: CA, CS, CMA |

Reg. Committee to dispose disciplinary cases in Profession Institutes

No.1-CA(10)/199/2017 (19/04/2017)

The Government, in supersession of its earlier Order dated 27th March, 2017 has issued a revised Order dated 10th April, 2017 amplifying the Terms of Reference of the High Level Committee to look into issues related to disposal of the disciplinary cases in the professional Institutes....

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Notices for non-compliance with Section 148 / 233B of Companies Act, 2013- Reg.

Few Hon'ble Members of the Institute informed that they and their client companies have received letters/notices from the Courts and/or from the Cost Audit Branch or Registrar of Companies, Ministry of Corporate Affairs. These relate to purported non‐compliance with the provisions of Section 148 of the Companies Act, 2013...

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Posted Under: CA, CS, CMA |

CAS-17 (Revised 2017) Cost Accounting Standard on Interest and Financing Charges

The following is the Cost Accounting Standard (CAS 17) (Revised 2017) issued by the Council of The Institute of Cost Accountants of India for determination of INTEREST AND FINANCING CHARGES. In this Standard, the standard portions have been set in bold italic type....

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Posted Under: CA, CS, CMA |

CAS 16 (Revised 2017) Cost Accounting Standard on Depreciation and Amortisation

he following is the COST ACCOUNTING STANDARD – 16 (CAS – 16) (Revised) issued by the Council of The Institute of Cost Accountants of India on DEPRECIATION AND AMORTISATION. In this Standard, the standard portions have been set in bold italic type. ...

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Posted Under: CA, CS, CMA |

CAS 12 (Revised 2017) Cost Accounting Standard on Repairs and Maintenance Cost

The following is the COST ACCOUNTING STANDARD – 12 (CAS - 12) (Revised 2017) issued by the Council of The Institute of Cost Accountants of India on REPAIRS AND MAINTENANCE COST. In this Standard, the standard portions have been set in bold italic type. ...

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Posted Under: CA, CS, CMA |

CAS -7 (Revised 2017) Cost Accounting Standard on Employee Cost

The following is the COST ACCOUNTING STANDARD 7 (CAS - 7) (Revised 2017) issued by the Council of The Institute of Cost Accountants of India on EMPLOYEE COST. In this Standard, the standard portions have been set in bold italic type. ...

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Posted Under: CA, CS, CMA |

CAS-6 (Revised 2017) Cost Accounting Standard on Material Cost

The following is the COST ACCOUNTING STANDARD 6 (CAS 6) (Revised 2017) issued by the Council of The Institute of Cost Accountants of India on MATERIAL COST. In this Standard, the standard portions have been set in bold italic type. ...

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Posted Under: CA, CS, CMA |

Download Revised Cost Accounting Standards CAS-6,7,12,16,17

Limited Revision 2017 on account of IndAs The Revised Cost Accounting Standards (CAS-6, CAS-7, CAS-12, CAS -16 and CAS 17) are as follows: CAS-6 (Revised 2017)- Cost Accounting Standard on Material Cost CAS-7 (Revised 2017)- Cost Accounting Standard on Employee Cost CAS-12 (Revised 2017) – Cost Accounting Standard on Repairs and Mai...

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Posted Under: CA, CS, CMA |

Extension of time for CEP Credit Hours for renewal of COP

Ref. No.: CMA (3)/2017 (24/03/2017)

Council of the Institute to grant an extension upto 15th May, 2017 to complete the requirement of CEP credit hours for renewal of COP of the members for the year 2017-18....

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Posted Under: CA, CS, CMA |

Download Clause wise Analysis of CGST, UTGST, IGST Bill 2017 & Presentation on GST Bill 2017

Download Clause by Clause Analysis of CGST Bill 2017, UTGST Bill 2017, IGST Bill 2017 and a Presentation on GST Bill - 2017 compiled by Institute of Cost Accountants of India and its Members...

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CAASB Invites Suggestion on Draft Guidance Note SCA 101

CAASB in its 32nd meeting held on March 21, 2017 considered draft Practical Guide to Standard on Cost Auditing (SCA) 101 - Planning an Audit of Cost Statements...

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Posted Under: CA, CS, CMA |

Draft FAQs on Standards on Cost Auditing (SCAs)

The composition of the Cost Auditing & Assurance Standards Board [CAASB] is broad based to ensure participation of all interest groups in the standard setting process which includes nominated members of the Council and representatives of C&AG, MCA, Industry Associations, Regulatory Bodies and other professional Institutes....

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Posted Under: CA, CS, CMA |

Budget Analysis 2017-18 of Direct and Indirect Tax Laws with PPTs

Here we have produced Analysis of Union Budget 2017-18 of Central Excise Rules, 2002 ,Excise Tariff Changes, Central Excise Tariff Act 1985 , Central Excise Act 1944, Customs Tariff 2017-18 , Customs Act 1962 , Income Tax Act, 1961 and Transfer Pricing / GAAR / POEM Budget Analysis 2017-18 CENTRAL EXCISE RULES, 2002 EXCISE TARIFF [&hellip...

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Making Career as Insolvency Practitioner for CA’s, CS’s, CMA’s & L.L.B’s

Insolvency is possibly most demanding career option a professional can undertake. It is certainly one of most challenging, involving and rewarding....

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Regulation of Tax Professionals in the Indian Context

It would be difficult to have a well-functioning tax system without tax advisors. Because most taxpayers are not familiar with the intricacies of the tax laws, tax advisors are needed so that taxpayers can fulfill their complicated tax obligations....

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Posted Under: CA, CS, CMA |

Help existing dealers to migrate to new GST portal

All the members of the Institute are advised to mobilize the system to help the dealers to migrate to new portal with all relevant business details. All Regional Councils/Chapters may also start helpdesk to support dealers and professionals in the process of smooth and effective transition towards GSTN....

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Posted Under: CA, CS, CMA |

Why to approach NCLT – CA, CS, CMA perspective

Applicant can appear before the Tribunal or the Appellate Tribunal in person or can authorise a chartered accountant, company secretary, cost and works accountant or a lawyer to appear before NCLT, NCLAT....

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MCA releases Revised Form 23C, Form 23D, Form I-XBRL & Form A-XBRL

The Ministry of Corporate Affairs has released the new forms relevant to Costing Rules prior to Companies (Cost Records and Audit) Rules 2014: FORM 23C [Pursuant to section 233B(2) of Companies Act, 1956]: Form of application to the Central Government for appointment of cost auditor FORM 23D [Pursuant to section 233B(2) of Companies Act, ...

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Posted Under: CA, CS, CMA |

Engagement of Cost Accountant/Firms for Cost data scrutiny/analysis

Expression of Interest- Department of Fertilizers inviting practicing Cost Accountants / Firms to verify the reasonableness of MRPs of P&K fertilizers fixed by the companies by scrutinising / Analysing the cost data...

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Posted Under: CA, CS, CMA |

MCA may make available Form CRA-4 by 16th May 2016

 FORM No.CRA-4 is Form for filing Cost Audit Report with the Central Government Pursuant to Rule 6(6) of the Companies (cost records and audit) rules, 2014. The form is not yet available on MCA Website for filing Purposes. The Institute of Cost Accountants of India has taken up with Ministry of Corporate Affairs which informed […]...

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Posted Under: CA, CS, CMA |

Vacancy for Equity Research Analyst

Vacancy for Equity Research Analyst with a Leading Company for CA, CFA, MBA / PGDM  having such experience. Job Description – Financial analysis of Indian listed stocks entailing: . Write research reports . Creation of financial model (in MS Excel) to forecast key company financial metrics, PER, EPS, NPAT, etc. . Monitor the stock ...

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Posted Under: CA, CS, CMA |

Download Standards on Cost Auditing approved by CAASB

We wish to inform that the following Standards on Cost Auditing (SCAs) have been forwarded during financial year 2015-16 to the Ministry of Corporate Affairs, Government of India for its approval in terms of proviso to section 148(3) of the Companies Act 2013. These SCAs have been approved by the Cost Auditing & Assurance Standards Board ...

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Posted Under: CA, CS, CMA |

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