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| 61. CMA Balwinder Singh (2019-20) |
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Generation of UDIN has been made mandatory for any and every certification made by a CMA from 1st October 2019. |
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Constitution of Internal Auditing and Assurance Standard Board in July 2019, for framing Internal Auditing standard alongwith relevant guidelines coupled with training programmes for the members of the Institute. |
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Institute issued Guidance Note on Internal Audit of Cost Records. |
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The Institute organised the Symposium on Cost Audit – Stakeholders value proposition on 20th December 2019 at Y. B. Chavan Centre, Mumbai.
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Global Summit - 2020 on the theme “Mission 5 Trillion - CMA as a Cryogenic Force”was held in New Delhi on 9th to 11th January 2020. |
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Read More... |
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| 60. CMA Amit Apte (2018-19) |
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“CMA Bhawan” at Pune was inaugurated at the auspicious hands of Shri Prakash Javadekarji, Hon’ble Union Minister Human Resource Development. |
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The Institute launched its CMA support center in Srinagar. |
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Punjab National Bank has included CostAccountants for Stock Audit and Rail Tel Corporationof India Ltd. included Cost Accountants Firm for appointment as Tax Consultant. |
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The Institute of CostAccountants of India will partner the Government of India to
train more than one lakh accountants specifically on GST related compliances and accounting.
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Announcements of CMA Course Fee Concession Scheme for Defence Personnel and their son/daughter. |
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Read More... |
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| 59. CMA Sanjay Gupta (2017-18) |
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Certification from cost accountant is required under public procurement in case of procurement for a value in excess of Rs.10 crores. |
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Ministry of Corporate Affairs issued Companies (Registered Valuers and Valuation) Rules,2017 wherein a new professional avenue emerged for Cost Accountants. The members of ICAI having requisite experience and qualifying the examination can get registered as “Registered Valuer”. |
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The RBI included qualification of Cost Accountants in the eligibility criteria for the post of Chief Financial Officer in banks. |
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Cost Accountants in practice recognized under Regulation 11 of the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2017 for valuation of capital instruments.
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Indian Banks Association (IBA) included the ICAI in a committee named “Independent Evaluation Committee (IEC)” in pursuant to Reserve Bank of India (RBI)’s concern about the raising levels of NPAs. IBA also included the Firms of Cost Accountants in the eligibility criteria for empanelment of Forensic Auditor for frauds in the Banks. |
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Launched four new Advanced Studies Courses, viz. 1) Executive Diploma in Business Valuation 2) Executive Diploma in Cost & Management Accounting for Engineers 3) Certificate Course in Arbitration 4) Certificate Course in Goods & Services Tax. |
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The name of Cost Accountants have been included to certify work sheet of tax liability before GST and after GST to be submitted by contractors on existing Works contract under the Ministry of Railways, Government of India. |
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| 58. CMA Manas Kumar Thakur (2016-17) |
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The Institute launched syllabus 2016 which is based on the International Standards set by IFAC and IAESB. |
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The Institute signed MOU with Institution of Valuers to identify areas of mutual co-operation. |
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The institute signed MOUs with various Universities of Odisha namely -
a. Odisha Small Industries Corporation Ltd.
b. Ravenshaw University
c. Fakir Mohan University
d. Odisha Commerce Association
e. Prananath College (Autonomous), Khordha,Odisha. |
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On request of Institute, RBI clarified that there is no restriction to Cost Accountants Firm for appointment of tax consultant in RBI and also on request Software Technology Park of India Included Cost Accountants in their EOIs. |
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The Institute incorporated a Sec.8 company under the provision of the Insolvency & Bankruptcy Code 2016 and Rules & Regulations framed thereunder. |
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The ICWAI - MARF, a Section 8 Company, promoted by the ICAI and Indian Railways entered into a MOU to undertake a comprehensive study of existing Costing System in Indian Railways and develop a suitable up-gradation of the existing system. |
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CMA Sri Lanka entered into MOU with ICAI to discuss matters of professional interest for members and students of both institutes. |
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To give a boost to the engineeringstudents and those studying cost accounting, the Institute andthe Techno India Group (TIG) signed a MOU. |
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The institute launched GST helpdesk to respond to queries on GST to be raised by public, members and students. |
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| 57. CMA Pramodkumar V.Bhattad (2015-16) |
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Institute issued Guidance Note on Construction Industry. |
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Indian Council of Arbitration authorised CMAs for empanelment in the panel of arbitrators under the category of financial experts. |
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Government notifies 4 Cost Auditing Standards. |
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Institute initiated system for Peer Review. |
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| 56. CMA Dr. A. S. Durga Prasad (2014-15) |
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MoU with CIMA, UK - CMAs under the revised syllabus of 2012 would be appearing TOPCIMA exam and pursuant to clearance would be recognised as CGMA (Certified Global Management Accountant) which is having a global recognition. |
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MoU with ACCA, UK - To work towards co-operation in respect of professional training, education research and examinations. As per the understanding, members of both the Institutes will be allowed mutual advanced entry to the membership of both the Institutes, through exemptions from appearing majority of papers to acquire the qualification of the other professional body. |
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MoU with National Skill Development Agency (NSDA) - To enable offering various collaborative activities for promoting and to encourage various entrepreneurship and skill development activities in India. |
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| 55. CMA Dr. S. C. Mohanty (2013-14) |
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Formation of National Advisory Board to provide inputs for preparing a Vision 2030 document for the Cost and Management accounting Profession. |
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The Draft Companies (Cost Records and Cost Audit) Rules,2013 notified by the MCA, GOI on 21st November 2013. |
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MOU with Institute of Internal Auditors, India. Members of ICAI are eligible to obtain direct membership of IIA-India. |
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MOU with Bhartiya Mahila Bank. As per MOU tie-up arrangement for assisting the Institute, its Students and its Members for availing various banking facilities including Financial Assistance/ accommodation or any other banking services from the bank is envisaged |
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The Companies ( Cost Records and Audit ) Rules 2014 notified by the MCA, GOI on 30th June 2014. |
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MOU with New India Assurance Co. Ltd. exclusively for the benefit of Members and students of the Institute to offer Professional Indemnity Policy for Practising Members of ICAI and other schemes |
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| 54. CMA Rakesh Singh (2012-13) |
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MOU with Government of Kerala in its Skill Development Project by becoming a Knowledge Partner in Banking and Finance Sector. |
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MOU with the Federation of Indian Micro & Small and Medium Enterprises (FISME), This MOU enables CAT students to be absorbed as Interns in the Associate Industries of FISME across the country. |
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MOU with Taxmann for providing the web contents by Taxmann through their website. |
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Ministry of Corporate Affairs vide its Cost Audit Order No. 52/26/CAB-2010 dated 6th November 2012 superseded Cost Audit Orders dated 2nd May 2011, 3rd May 2011, 30th
June 2011 and 24th January 2012 and directed all companies covered in Cost Accounting
Records (Industry Specific) Rules 2011 and Companies (Cost Accounting Records) Rules
2011 are required to get the cost audit done under this Cost Audit order for the products or
activities Groups given in Table-I and Table-2 respectively, in respect of each of its financial
year commencing on or after the 1st day of January 2013, audited by a Cost Auditor. |
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Memorandums of Understanding (MOUs) with Corporate Law Adviser (CLA) for providing online publications at a subsidized rate. |
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NABARD includes Cost Accountant for Stock Audit. |
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Delhi VAT Act includes Cost Accountants for VAT Audit. |
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MOU with CBEC to facilitate Cost Accountants in practice to act as Certified Facilitation
Centres(CFCs)under Automation of Central Excise and Service Tax(ACES)scheme of CBEC
to offer their services to assesses. |
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Opening of 9th Overseas Centre at Washington, USA. |
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| 53. CMA M Gopalkrishnan (2011-12) |
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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. |
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Council passed the resolution to rename all buildings of the Institute as "CMA Bhawan". |
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Commencement of Foundation Day celebrations on 19th May from year 2011-12. |
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The Institute was admitted as a full fledged member of the Government Accounting Standards Board. |
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| 52. CMA Brijmohan Sharma (2010-11) |
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The Ministry of Corporate Affairs (MCA) has issued Notifications regarding The Companies (Cost Accounting Records) Rules, 2011 and The Companies (Cost Audit Report) Rules, 2011.
Industry-specific Cost Audit |
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Orders are issued by MCA for 8 Regulated industries and 8 other industries of significance. |
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MOU with National Institute of Cost Accountants, Australia. This MoU recognizes professional qualifications and professional development programmes offered by each Institute, access to each other?s websites. |
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| 51. CMA G N Venkataraman (2009-10) |
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ICWAI was awarded ?Corporate Excellence Award? at the hands of Her Excellency Mrs. Pratibha Tai Patil, President of India. |
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Application of Cost Accounting Standards made mandatory w.e.f. accounting period commencing on or after 1st April, 2010 for the preparation and certification of General purpose Cost Accounting Statements. |
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ICWAI signs MOU with CBEC on 13th April, 2010 to set up ACES Certifying Filing Centres (CFCs’) across the country |
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The name change of ICWAI received support of MCA and accent of the cabinet committee.A Bill was introduced in Rajya Sabha to this effect. |
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| 50. CMA Kunal Banerjee (2008-09) |
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SEBI issued notification permitting cost accountants to undertake internal audit of stock brokers/trading members and clearing members. |
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ICWA examinations to be held over 8 days from December 2008 term. |
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ICWAI signed the Memorandum of Understanding with Omar Zawawi Establishment, LLC for establishing Institute of Management Accountants of Oman. Read More... |
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| 49. CMA C. Wadhwa (2007-08) |
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Signing of MOU with Institute of Management Accountant of Oman. |
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An Expert Group under the chairmanship of Shri B. B. Goyal, Advisor (Cost), Cost Audit Branch to review the existing Cost Accounting Standards and Cost Audit Report Rules. |
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Cost Accounting Standards Board started functioning to release CAS with wide range of member ship of INDUSTRY ASSOCIATION,CHAMBERS OF COMMERCE AND PROFESSIONALS. |
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The Bureau of India Standards asked the Institute to study the Standards issued by the BIS on Life Cycle Costing and invited suggestions on its revision. Read More... |
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| 48. CMA Dr. Dhananjay V. Joshi (2006-07) |
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Mission & Vision Statements for the Institute set for the first time. |
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Cost Accountants were allowed to add the prefix CMA (Cost & Management Accountant) to their name as per Council Resolution. Thus creation of BRAND VALUE for members. |
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He was facilitated at the hands of Bharat Ratna Dr.A. P. J Abdul Kalam, former President of India, on the occasion of Golden Jubilee celebration for ICWAI for his outstanding contribution to the profession. |
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| 47. CMA P. Mohanty (2005-06) |
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U/s 14A & 14 AA, additional scope for Cost Accountants introduced by way of Desk Review for Central Excise. |
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Advent of MCA 21, where Practicing Cost Accountants can now open Certified Facilitation Centres (CFCs) for electronic transmission and certification. |
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New CAS Introduced: CAS 5, CAS 6, and CAS 7. |
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| 46. CMA H. R. Subramanya (2004-05) |
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The Institute constituted a Working Group under the Chairmanship of Dr. D. Jagannathan to study the Dr. Irani Committees Report on rationalization of Company Law. |
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Monographs released on Code of Ethics, Competency Mapping & Gap Analysis, Efficacy of Cost Audit & Industry Perspectives, Valuation Audit, CENVAT credit Rules, Fields for Parishioners, Value Added Tax. |
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Diamond Jubilee Programmes organised at Regional Head Quarters. |
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The Diamond Jubilee of ICWAI was celebrated all over the Regional Councils and Chapters and at Kolkata. |
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| 45. CMA K. L. Jaisingh (2003-04) |
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The surplus achieved from the operations of the Institute was the highest in the past 10 years. |
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Projects undertaken in respect of Medical Education, generation & transmission of Power, Telecom Services, Tea Plantation & Processing. |
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An applied research project with Garden Research Ship Builders and Engineers was in process. |
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Efforts made towards improving Communication & IT skills of members & students. |
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| 44. CMA B. V. Ramana Murty (2002-03) |
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Telecom, Petroleum & Plantation Industry came under the purview of Cost Accounting Record Rules & Statutory Cost Audit. |
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Cost Accountants recognized as exclusive professional experts for certifying cost under the New Central Excise Valuation Rules. |
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Empowerment received by way of amendment to the Import Export Handbook of Procedures, to certify Export Earnings in Foreign Exchange. Read More... |
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| 43. CMA V. V. Deodhar (2001-02) |
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Major amendments made by Government in Cost Audit Report Rules & Cost Accounting Record Rules. |
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Cost Audit Report Rules. 2001 was promulgated, superseding the previous Rules. |
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Cost Accounting Standard Board was constituted to define Cost Accounting Standards. |
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CAS 1 was introduced in this year. Read More... |
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| 42. CMA D. C. Bajaj (2000-01) |
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The Institute along with department of Company affairs and other professional bodies, collaborating with the World Quality Council and The Institute of Directors participated in the International Conference of Corporate Governance. |
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Department of Scientific & Industrial Research of the Ministry of Science & Technology of Government of India recognized our Institute as a research Institute. |
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Cost Accountants were now authorized to certify original investments in plant & machinery under Central Excise Rule 96 ZNA for independent textile processors. |
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