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MOU With CIMA ICWAI a historic agreement

Saturday, January 17th, 2009

CIMA has signed an “historic” agreement with the Institute of Cost and Works Accountants of India (ICWAI) on 12-Jan-09.

This agreement will serve to both strengthen the professional accounting links between two of the world’s leading economies and provide highly skilled professional accountants for the global labour market enabling both institutes to work together to enhance recognition of the profession and their professional bodies.

Glynn Lowth, President of CIMA, explained that the agreement will strengthen links between the British and Indian economies, as well as creating highly-skilled accountants.

ICWAI members Accelerated Route to CIMA Membership

Members and passed finalists of the Institute of Cost and Works Accountants of India (ICWAI) who have completed the ICWAI Final Examination are eligible for exemptions from all CIMA’s certificate and managerial level exams. There are 11 exemptions in total.

CIMA Professional Gateway Assessment Examination

Candidates must pass the CIMA Professional Gateway Assessment (CPGA) Examination before they are eligible to begin studying for CIMA’s strategic level exams.

The examination is three hours long and consists of :

* three compulsory questions worth 25 marks each
* a series of objective test questions worth a total of 25 marks.

A student must score at least 50 marks to pass the examination.

The first sitting of the CPGA Examination will take place on 20 May 2009 at regular CIMA exam centres in India. More details about enrolling for the examination will be available when CIMA exam entry opens on 2 February 2009. Click here for details.

CIMA members Accelerated Route to ICWAI membership

CIMA passed finalist and members will also have a fast track route to ICWAI membership. Details on ICWAI website.

Two years back both the institutes were in loggerhead about CIMA conducting examinations in India. I had posed a question on the Management Accountant Blog “Does CIMA add value to ICWAI member” ? The opinion poll was majority “Yes” whereas I had a different opinion. My opinion is still remains the same.

Does the MOU benefit ICWAI member to gain membership to CIMA ? The answer is Yes.

ICWAI passed finalist and members has now most number of exemptions with CIMA as compared to any other accounting body. This was not the case earlier.
They will not be required to pay exemption fees for the eleven exempted papers. The student registration fee and annual subscription fee are the same as for all CIMA students.
CIMA membership is widely recognised in the world. So one does have to do any explaining about your qualification.

The passed finalist and graduate of ICWAI will have to apply for membership of ICWAI. Then they will be able to gain membership of CIMA under the MOU. So members of ICWAI is going to increase and the institute has to provide improved services to its members.

Looking at MOU between ICWAI - CIMA, CIMA website does not seem have details on how a CIMA member would become member of ICWAI. Their focus is working with business rather than practise accountancy in India.

The entry requirement will prompt ICWAI members to go for CIMA qualification which in long run would increase membership of CIMA. A growing membership will fund CIMA to promote itself and influence the business in the long run through its members.

On November 20, 2008, ICAI signed a MOU with ICAEW, UK and terms of agreements are more favourable to ICAEW, UK. The entry requirement for ICAI members are more stringent and expensive ( £1,990 to start with). ICAEW, UK member has an easier route to become a member of ICAI and start practice in India.

Recent controversy on Satyam has taken ICAI off guard. The statements in the press by ICAI President is very surprising.

According to Hindu Businessline

The ICAI President, Mr Ved Jain, said, “KPMG cannot be an auditor for Satyam as it is not registered with ICAI. It is not subject to the code of conduct prescribed for CAs. They are also not subject to disciplinary proceedings.”

He said ICAI will take up the issue of KPMG with Satyam and also the Government. On Price Waterhouse, he noted that ICAI could issue a notice in the wake of the Satyam fiasco as it was registered with ICAI, but in the case of KPMG, it could not do anything. A KPMG spokesperson said, “We are working with the board of Satyam. The scope of work and terms of reference are being discussed.”

When contacted by Economic Times, a KPMG spokesperson said: “We are working with the new board of Satyam Computers. The scope of work and terms of reference are being discussed with a view to their finalisation . It is our understanding that the scope of work to be finalised is not reserved for chartered accountants registered with the ICAI.”

President should have gathered facts first before making statements in the press. And in any case, the Companies Act is very specific on who can be appointed as an Auditor of the company. Read the comments of Readers of ET.

So you have to watch the space on MOU of ICAI-ICAEW . Whether ICAEW members will pursue ICAI membership for a slice of share in accountancy practise in India.

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New Year Resolution 2009

Sunday, January 11th, 2009

I was reviewing my New Year resolution for the year 2008 and taking stock of whether I have achieved of what I thought in 2008. My focus last year was on networking management accountants across the globe and also make them known in the industry.

With help, advise and efforts of active management accountants, we were able to achieve the following:

CMA India Portal: The CMA Portal was given the final shape with the efforts of CMA B V Prabhakar, RV, Ramesh Joshi, Devarajan, Ashutosh and many more. Today the portal has 770 members which includes members from other profession and business. The focus of the portal has been quality discussions and actions, particularly discussing business events in India and globe. The members who are active are likely to be known in the accounting fraternity. Readers will be benefitted from the discussions.
CMA India Portal on Linkedin: This was suggested by CMA Devarajan so that we would be able to connect to other professionals. A profile on linkedin is a passport for networking. and ideal substitute for a website. I would suggest you create your profile on linkedin and join CMA India Portal Linkedin. Today the membership is 29 and will definitely grow. This will ensure that you are always connected with us some way or other.
Management Accountant Blog: The blog moved on to it own domain www.managementaccountant.in and I have a personalised email id associated with the domain name. The alexa ranking today is 678,162. I will strive for ranking around 100,000 which is an indicator of how the blog is ranked in the search engine results. I will look forward to your support to use various social networking tools like digg, stumbleupon or yahoo buzz on the articles posted.

Being a member of ICWAI, I am proud to say ICWAI has achieved a lot in the last year. Some of them are

Number of seminars hosted by ICWAI has increased and this should bring our institute closer with the industry, members and other stakeholders.
ICWAI website has been improved a lot. Few suggestions I have made are implemented. I would sending them suggestions on a regular basis.
ICWAI signs MOU with CIMA, UK: This is a good indicator of qualification going global. The MOU will definitely help to the members to work globally without being to explain everytime who they are. This agreement will serve to both strengthen the professional accounting links between two of the world’s leading economies and provide highly skilled professional accountants for the global labour market enabling both institutes to work together to enhance recognition of the profession and their professional bodies.

My New Year Resolution 2009

iPhone and look alikes: The reason iPhone/iPod is a marketing success is because it does what you want with the touch on its screen. It is user friendly, innovative and people like it because of positive experience using it. I would be focussing on articles that will bring you more closer to business.
Business and Social Networking: This resolution will continue. My efforts will be to connect all the management accountants with the business. The objective is the management accountants should be the first choice for the business.
New Technologies on the internet: It is said, one who controls the technology ,controls the world. Romans dominated the world because they built roads, British dominated because they built ships and Americans dominate the world as they have advanced technology on weapons. Management Accountant of today has to follow a similar route in the workplace. This will include in depth knowledge on ERP solution, Business Processes, Office applications and usage of tools on the internet to gain knowledge and provide solutions to the business . E.g. Social networking sites Twitter, Facebook and linkedin were considered to be joke on the internet when they started. They are now a disruptive technologies which are very popular. Join me on Twitter . Use add-on on your Firefox browser to keep in tune with the latest. I will be focussing on some of the technologies on the internet.

Just as last year, please post your comments and views.

Wish You and Your Family a Very Happy and Prosperous New Year 2009

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Changing role of Management Accountants

Sunday, October 26th, 2008

A couple of months back, Management Accountant Blog posted a guest post by CMA V R Kedia on “Emerging Role of Management Accountants in New Economy”. The role as described by CMA Kedia expected the management accounting practitioner should have attributes of a learning professional, a change agent and be hands on latest technology.

Management Accounting techniques has undergone a lot of development from preparing Cost-Volume-Profit Analysis to latest techniques like EVA, Activity Based Management, Target Costing, Kaisen and many more. The expectation from management accountant has been changing consistently with the advancement of technology and new challenges faced to analyse business for its competitiveness.

I wondered Management Accounting is a specialized field ….. is it necessary to have an accounting background ?

According to New Accountant USA,

“According to a study commissioned by the American Institute of Certified Public Accountants (AICPA), the average cost of the finance function has dropped from 2.2 percent of revenues in 1988 to 1.4 percent of revenues in 1996. The study further projects that costs may be reduced by as much as 50 percent in the next few years and that the number of people employed in finance should drop by one-third. Those accountants trimmed from finance will likely be individuals who are unwilling or unable to switch their focus from historical-based data-gathering activities to future-oriented, decision-focused activities.”

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CIMA is one of the leading Management Accounting institutes in the world. The American Institute of CPAs (AICPA) and the Chartered Institute of Management Accountants (CIMA) have agreed to collaboratively develop products and services that are in the common interest of their collective membership who work in business and industry. With its focus on management accounting and the latest developments in global business, CIMA is a natural partner for the AICPA’s Financial Management Center, which serves CPAs working in business and industry.

The first effort of the initiative is the “Developments in Management Accounting” series, which includes multiple titles concentrating on current management accounting issues and principles and strategies for implementation.

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Further AICPA has partnered with CMA Canada - for the benefit of their members in business - to undergo programs focusing on selected financial management issues, MAGs provide guidance on current and evolving strategic management practices and concepts.

Legally, the finance and audit profession is regulated and protected by various legislation. The accountants who are interested in practice will go for accounting profession. The people who would like to work with the business and take up new challenges will pursue management accountancy as it opens up wide array of activities like analyzing the competitiveness of business to designing a smart management information system.

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In future, courses like “Finance for non finance professionals” should be enough as a foundation courses for people pursing Management Accountancy. The course in management accountancy should cover in details about “Strategy”and more about management.

Regards,

Santosh Puthran

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Emerging role of Management Accountants in the New Economy

Friday, July 25th, 2008

This is a guest post by Mr. V R Kedia B.com FICWA. He is a practising Cost & Management Accountant from Mumbai

Shape of the things to come

Effect of LPG – Liberalisation, Privatisation, and Globalisation – Global competition, Fittest will survive, sub – optimal units have to die.
Size, strong balance sheets and a history of achievements are no longer guarantees of continued success.
Global competition – strategic alliance networks and massive engineering efforts place new demand on all professionals.
Many of old hierarchies will be replaced by flat structures.
Every organisation is undergoing a process of internal churning.
Employees will be judged by their delivery of agreed output and level of services, not on spending 8 hours a day attending their place of work.
Financial information will be considered as only one portion of the balanced scorecard of measures used in organisational decision making.
Knowledge will replace physical and financial capital as an organisations primary resource.
Knowledge and application of knowledge will create competitive advantage.
People will have to be accustomed to work in permanent stage of emergency.
More empowerment at the individual level.
Adoption of team based organisation.
Internet is rapidly transitioning businesses into real time.

Source: Megapixel

Present role of Management Accountants – Conceptions & Misconceptions

Cost and Management accounting system had often become of little importance to managers. Many regarded them as minor routine belonging to the accountants, used to evaluate stocks and prepare monthly results speedily.
There are all the obvious things to do: Statutory and Financial accounting, Taxation compliance, Funding, Management reporting and so on. All of this tends to be in the background; it just has to happen in any event. Management Accountants have not yet progressed more towards bridging the gap between managers and accountants and they have yet to concern more with looking towards the future – at where business is going and what is going to happen.
Very few conceptual modifications have been brought in, in the cost and management accounting in the last 40 years.
Cost is too important to be left to the cost and management accountant.

Futuristic role of Management Accountants

Most of us will be doing the job, which we have never learnt and quite different from what we have been doing so far
The illiterate of the 21^st century will not be those who cannot read and write, but those who cannot learn, unlearn and relearn.
We have to undergo the process of “Learning, Un-learning and re-learning” more frequently.
Industry will be requiring “learning” professional rather than “learned” professional.
Future will be “knowledge era”. So obsolesce of knowledge will be very fast and more visible among accounting professionals.
Management Accountant must re-orient its capabilities, otherwise he will be overtaken by other professionals.
Management Accountant has to be futuristic instead of provider of historic or current information. He should ask “how better” and help management in decision-making level and for performance improvement.
‘Imagination is more important than knowledge’. – Albert Einstein.
The responsibility of the management accountant is less on forecasting the future and more on contributing to its creation.
Management Accountant will more often play the role of a catalyst / changing agent rather than an accountant.
Management accountant will have to be more adaptable to be a versatile professional rather than an accounting specialist.
Quality of “leadership” will be more in demand than that of a “manager” or an accountant.
Out –cost ascertainment, product costing and cost control. In –cost management, activity-costing etc.
Re-positioning of the management accountant – make it more relevant and useful to the organisation.
Management accountant to change the “Accountant” from their name to information manager/Cost manager.
Shift from “informational” role to an “influential” role.
To develop alliance with- finance, MIS/IT, industrial engineering, corporate planning.
To actively participate along with managers in decision making and strategy implementation.
Change in mind-set from product profitability to customer profitability analysis.
No more a scorer of the cricket match – but to be manager advisor to develop appropriate strategy to win the match.
Management accountant needs to lead the effort in training managers to use accounting information along with balancing it with other key data sources.
FOREX and Treasury function will be important profit centres.

Training needs

“If you want to remain employed, you have to remain employable” – Jack Welch, CEO-GE.
Dilemma for the management accountant will be to either change or cease to exist.
Management accountant must learn fast, forget even faster and focus on winning.
Management accountant requires very different skills from those that accountants needed to fill the narrow role that has been adopted by many finance professionals over the last three decades.
Continuing Professional Education (CPE) programme be made compulsory by the institute for skill upgradation and aquiring the latest technology.
Able to work well under pressure.
Development of multi-disciplinary skill.
Good communication skill – oral, written and presentation and a team player.
Ability and drive to work against strict deadlines and targets.
Ability to work with minimum supervision and a busy and dynamic work environment.
Ability to prioritise multiple urgent tasks.
Possessing good public relations skill.
Adding a new skill to executive skill-set, every few years.
To develop expertise in new ‘Green Field’ projects like-

Infrastructure sector (Energy, Transport etc.)
Information and Communication sector
Service sector
Agro based industries

Source: National Geographic

Changes in tools and techniques

Target costing v/s. Historical costing.
Life cycle costing.
Activity Based Costing (ABC) – ABM.
Total Cost Management (TCM)
Business Process Re-engineering (BPR)
Benchmarking.
Kaizen costing.
EVA / CVA
Total Quality Management / ISO.
Cycle time reduction (time compression).
Supply chain management (SCM).
Just in time (JIT).
Elimination of dysfunctional activities.
Out sourcing and co-sourcing activities.
Defect prevention v/s. fault rectification.
Zero Based budgeting.
Traditional budgeting v/s. New budgeting (comparative Table enclosed).
Full year budget exercise v/s reactive rolling forecast (computer generated budgets are obsolete the minute they are printed).
Dis-continuity of time cycle – month end and year end- and to invent information system to handle multiple time horizons simultaneously.
Radical change in IT/MIS e.g.

Integrated database that meet the total business requirements (like ERP Software).
MIS that is accessible and easy to use by all staff.
Rich supply of information in the form of a variety of report.
MIS for decision-making.

‘It is never safe to look into the future with eyes of fear’. – E. H. Harriman.

‘My interest is in the future, because I am going to spend the rest of my life there.’ –

C. F. Kettering.

You can contact Mr V R Kedia on +9193241 80717 or email vrkedia@vsnl.com

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Profession versus Professionalism

Monday, June 30th, 2008

I was trying to analyze the definition of words Profession, Professional Body and Professionalism on www.reference.com. (These words are interchangeable used when the Accountants discuss among themselves.)

Profession:

A profession is an occupation, vocation or career where specialized knowledge of a subject, field, or science is applied. It is usually applied to occupations that involve prolonged academic training and a formal qualification. It is axiomatic that "professional activity involves systematic knowledge and proficiency." Professions are usually regulated by professional bodies that may set examinations of competence, act as a licensing authority for practitioners, and enforce adherence to an ethical code of practice.

Professional Body:

A professional body or professional organization, also known as a professional association or professional society, is an organization, usually non-profit, that exists to further a particular profession, to protect both the public interest and the interests of professionals. The balance between these two may be a matter of opinion. On the one hand, professional bodies may act to protect the public by maintaining and enforcing standards of training and ethics in their profession. On the other hand, they may also act like a cartel or a labor union (trade union) for the members of the profession, though this description is commonly rejected by the body concerned.

Many professional bodies perform professional certification to indicate a person possesses qualifications in the subject area, and sometimes membership in a professional body is synonymous with certification, but not always. Sometimes membership in a professional body is required for one to be legally able to practice the profession; see licensure.

Professionalism

Oxford Dictionary: the competence or skill expected of a professional.

Graham Ward in IFAC website: Professionalism, is about individual modes of behaviour that command respect and build trust. It is about excellence in service as measured by recognised standards.It is about delivering services or working to standards that meet the needs of and are expected by our clients.

Such behaviours are indeed a necessary part of belonging to a profession but almost any trade could be described as professional in these terms!

As any of us here knows, what separates the professionalism of members of a professional body from the behaviours of other types of so-named professionals, is the requirement to continually reinforce and demonstrate our professionalism, not merely assert it through a one-off qualification. And it is our membership of a professional body – one which embodies the distinguishing features I have defined – that confers on us the obligation to abide by professional standards and regulation.

It is therefore no longer enough for professions to say to the public ‘you must trust me’, today we must earn that trust and demonstrate: clearly, openly and often, why that trust should be given.

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Of the above three words, I had to search a lot on the word "Professionalism" to find a true meaning to suit accountancy profession. Members of accountancy profession will be normally be expected to take actions that contribute to the public interest.

The Principle of Professional Conduct on AICPA, US website summarizes Professionalism in a precise manner.

Section 51: These Principles of the Code of Professional Conduct of the American Institute of Certified Public Accountants express the profession’s recognition of its responsibilities to the public, to clients, and to colleagues. They guide members in the performance of their professional responsibilities and express the basic tenets of ethical and professional conduct. The Principles call for an unswerving commitment to honorable behavior, even at the sacrifice of personal advantage.

Section 52: In carrying out their responsibilities as professionals, members should
exercise sensitive professional and moral judgments in all their activities.

Section 53: Members should accept the obligation to act in a way that will serve the public interest, honor the public trust, and demonstrate commitment to professionalism.

Section 54: To maintain and broaden public confidence, members should perform
all professional responsibilities with the highest sense of integrity.

Section 55: A member should maintain objectivity and be free of conflicts of interest in discharging professional responsibilities. A member in public practice should be independent in fact and appearance when providing auditing and other attestation services.

Section 56: A member should observe the profession’s technical and ethical standards, strive continually to improve competence and the quality of services, and discharge professional responsibility to the best of the member’s ability.

Section 57: A member in public practice should observe the Principles of the Code of Professional Conduct in determining the scope and nature of services to be provided.

I would like to see your comments and views on this topic. Please feel free to comment on the blog post.

Regards,

Santosh Puthran

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Poll : Does CIMA, UK qualification add value

Sunday, April 13th, 2008

Poll : Does pursuing CIMA, UK qualification add value to a member of ICWAI, India ? Vote on the poll and share your thoughts by commenting the blog.

Poll: Vote here

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Membership of Accounting Body - Value Proposition

Friday, March 21st, 2008

ACCA, UK claims “The world largest and fastest growing global accountancy body.”

CIMA UK - “is a leading membership body that offers an internationally recognised professional qualification in management accountancy, which focuses on accounting for business.”

ICAEW, UK - “As a world leading professional accountancy body, the Institute of Chartered Accountants in England and Wales (ICAEW) provides leadership and practical support to over 130,000 members in more then 160 countries, working with government, regulators and industry in order to maintain the highest standards.”

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ICAI, India - “The Institute of Chartered Accountants of India (ICAI) is a statutory body established under the Chartered Accountants Act, 1949 (Act No. XXXVIII of 1949) for the regulation of the profession of Chartered Accountants in India. During its more than five decades of existence, ICAI has achieved recognition as a premier accounting body not only in the country but also globally, for its contribution in the fields of education,….

ICWAI, India: “We are a premier, dynamic, vibrant professional institution actively associating itself in the industrial and economic development of the nation. The profession places itself at the service of the nation, government, industry, and the society to realise the objectives of a welfare state resulting in the prosperity and the well being of its people - a fact increasingly realised with the opening up of the country’s economy and change in the economic scenario of the world.”

The real test lies is “What is the benefit of being a member of a particular accounting body ?” Or to rephrase “What is the added value of being a member of premier accounting body ?”

I looked at the membership section on the website of each of the professional body and analysed what each institute offers their members in promoting the profession. Of course, it is difficult to make a judgement looking at the website but it gives a fair view what an Institute can do for its members and profession.

ACCA, UK : Offers CPD, learning opportunities and Job portal for members. Access to publication, booklet and fact sheet for the members. Online resource providing free access to UK and international Accounting and Auditing Standards. Global support to the members who are spread across 80 countries.

CIMA, UK: The members section does not have much details. The section which states, “As a student, member or one of our business partners, you will already have a unique Contact ID. You can use this to create your own My CIMA sign in and access our wide range of personalised services and resources that are all tailored to your needs.”

ICAEW, UK: The member section has a wealth of information. This ranges from Members News and Event, Branding the Profession, Online library with collection of over 40,000 books, Business Essentials, Practise Information, Resources and Support, Products and Services, Special Interest Groups and much more. The Institute also has Press and Policy comments. Also see Service Standards.

ICAI, India: Members section focussed on what services Chartered Accountant can provide rather what the institute can offer. However Resource section is very impressive with list of Accounting Standards, Guidelines and circular which is useful for the members as well as the general public.

ICWAI, India: Membership section has resources and download section with Cost Accounting Standards and few other items.

The best institute to reckon is ICAEW, UK with maturity it displays on the website in all matters concerning the profession. The depth of information contained in the website demonstrates its leadership in the profession and the other accounting bodies are bound to follow. The cross recognition with the other accounting bodies will help the mobility of members globally. The service standard section acknowledges the Institute has a strong infrastructure to respond.

ICAI, India website is not focussed for its members but the contents are available to general public, which is really a plus. Although ICAI is the only accounting body (without any parallel in India), it has made a lot of progress in past one year. Thanks to Mr. Sunil Talati. The members of ICAI are bound to gain from the statutory protection for assignments in the country and as professionals they will never be out of work. Outside the country…. they will face a uphill task.

ACCA, UK has been forefront in promoting itself globally with a membership base in 80 countries. They have recognition arrangements with lot of accounting bodies in the world and actively pursing to cover all the accounting bodies in the world. The reason ACCA, UK does not have full recognition arrangements with the other Chartered bodies (recognised under Royal Charter) primarily they have recognition arrangement with ICAEW, UK.

CIMA, UK has been promoting as ‘Accountant for the Business’. Practise areas very limited but their members are positioned as backbone of business. Competing with MBAs.

So far the best value for membership is : - ICAEW, UK. Share your thoughts and comments on this topic.

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Regards,

Santosh Puthran

Membership of Accounting Body Value Proposition

Friday, March 21st, 2008

ACCA, UK claims “The world largest and fastest growing global accountancy body.”

CIMA UK - “is a leading membership body that offers an internationally recognised professional qualification in management accountancy, which focuses on accounting for business.”

ICAEW, UK - “As a world leading professional accountancy body, the Institute of Chartered Accountants in England and Wales (ICAEW) provides leadership and practical support to over 130,000 members in more then 160 countries, working with government, regulators and industry in order to maintain the highest standards.”

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