Press Information Bureau

Government of India

Ministry of Corporate Affairs

15-March-2012 14:37 IST

ICAI National Cost Convention-2012 begins

RPN Singh calls for public friendly Accounting

Shri R.P.N. Singh, Minister of State for Corporate Affairs has emphasized upon public friendly Accounting. Inaugurating the three day long 53rd National Cost Convention of Cost and Management Accountants (CMA) for the year 2012 organised by the Institute of Cost Accountants of India (ICAI) here in New Delhi today Shri Singh called upon the Cost Accountants to work with utmost integrity and observe transparency in account dealings. He also requested them to file the f Balance Sheet and Profit and Loss statement in XBRL format only. He said the ministry will support the ICAI in all its ventures.

The theme chosen for the convention is Sustainability Framework-Integrated Reporting Imperatives for CMAs. It is to bring into account the integrated Sustainability Management and involves managing opportunity and risk, measuring and managing performance, providing insight and analysis to support decision making.

Over 1000 delegates including eminent national and international experts are attending the convention.. The eminent speakers include Shri Naved Masood, Secretary Corporate Affairs, Shri M.Gopalakrishnan President of ICAI, Shri Raj Purohit, Vice Chancellor, Jai Narayan Vyas University, Jodhpur, Shri Kashi Balachandran, Prof. Stern School of Business, NY, USA, Mr. Vittorio Lusvarghi,Member, PAIB,IFAC, and Shri.S.Jayaraman, Member, CERC.

The Technical Committee of the Convention under the chairmanship Shri Arvind K. Awasthi, Deputy Comptroller & Auditor General of India will discuss on the following sub-themes:

 Policy Intervention for Sustainable Development with CMA as an Enabler

 Enhancing Corporate Governance Framework to Integrate Sustainability and Strategy: Performance Management and Compliance

 Deepening Capital Markets through Responsible Investment Supporting Sustainability:

 From Financial Reporting to Integrated Reporting- Paradigm Shift

 Climate Change, carbon emissions and Management Accounting, Carbon Accounting

 CMA as a game changer in supporting sustainable strategies: Risk Management, Whole Life Costing

The Institute of Cost Accountants of India (ICAI) is a statutory body established under the Cost and Works Accountant Act, 1959 passed by the Parliament. The Act has been amended from time to time and was last amended in January 2012 this year.

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XBRL filing requirement: balance sheet and profit and loss statements to be filed in XBRL format to enhance transparency. Public-friendly accounting and transparency are emphasised, with a specific administrative request that the balance sheet and profit and loss statement be filed in XBRL format to facilitate standardized electronic disclosure, while ministerial support for professional integrity and institutional initiatives is affirmed. The convention promotes Integrated Reporting within a Sustainability Framework, linking sustainability management to risk and performance measurement and identifying CMA roles in governance, carbon accounting, and whole-life costing.