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Since 2nd May 2011 to 6th November 2012, Costing Profession of CMA passes through Sea Level changes; desired destination of the Central Government, Ministry of Company Affairs to cover all production, processing, manufacturing and mining companies (meeting specific criteria) under Cost Accounting Records ;Cost Compliance as per Section (d) of 1 of 209 and Cost Audit as per Sec 233B of Companies Act 1956.
No doubt, Chartered Accountancy course has enjoyed wide popularity but CMA and CS courses too have been gaining popularity over the last few years. Particularly, growth in numbers of students enrolled for CMA is far more than any other course in India. This is because of cost awareness amongst the business entrepreneurs due to growing competition in the market, and this has resulted in increased demand for CMA.
Order [F. No. 52/26/CAB-2010], Dated 6-11-2012 – Consequent upon notification of the Product or Activity Group classification published vide S.O. 1747(E) dated 7th August, 2012 and in supersession of the earlier Orders issued vide even number dated 2nd May 2011, 3rd May 2011, 30th June 2011 and 24th January 2012, the Central Government hereby makes the following Order.
Ministry of Corporate Affairs vide General Circular No. 15/2011, dated April 11, 2011 had prescribed a revised procedure to be followed for appointment of cost auditors. As per the revised procedure, each company is required to e-file its application with the Central Government in the prescribed Form 23C within ninety days from the date of commencement of each financial year, which shall be approved by MCA within 30 days.
The Central Government vide the following notifications, has allowed cost accountants in full time employment, in addition to certification by members in full-time practice, to certify the Compliance Report to be filed with the Central Government in compliance with the following rules, namely:-
I am glad to inform the members that on incessant representations of the Institute, Ministry of Commerce and Industry, Department of Commerce vide its Public Notice No. 22 (RE-2012)/2009-14 dated 11th October, 2012 has authorized Cost Accountants for certification of various documents under Handbook of Procedure Vol. I and Appendices under Foreign Trade Policy 2009-14.
The Central Government vide the following notifications, has allowed cost accountants in full time employment,in addition to certification by members in full-time practice, to certify the Compliance Report to be filed with the Central Government in compliance with the following rules, namely:-
The Directorate had been receiving enquiries relating to applicability of Revised Schedule VI in Examinations of the Institute to be held in December 2012. All concerned were informed that the same would be applicable. It is observed that there is some confusion which has aroused due to some clarifications provided earlier.
Under the EXIM Policy and Procedure, wherever certification by a Chartered Accountant was required, the exporters would be able to get certification done by a Cost Accountant also. PUBLIC NOTICE No. 22(RE-2012)/2009-14
The CMA Professionals have an important role to play in this area with their specialized domain knowledge. The cost reporting framework aims at highlighting the optimization of resources on a PPP (Planet, People and Profit) philosophy.
