Aug2009 Management Accountant
Aug2009 Management Accountant
Aug2009 Management Accountant
G. N. Venkataraman
email : president@icwai.org
VICE PRESIDENT
B. M. Sharma
email : vicepresident@icwai.org
CENTRAL COUNCIL MEMBERS
Chandra Wadhwa, V. C. Kothari,
A. N. Raman, S. R. Bhargave,
Somnath Mukherjee, Hari Krishan Goel,
Dr. Sanjiban Bandyopadhyaya,
M. Gopalakrishnan, Suresh Chandra
Mohanty, Ashwin G. Dalwadi,
Balwinder Singh, A. S. Durga Prasad
GOVERNMENT NOMINEES
S. C. Vasudeva, R. K. Jain,
P. K. Sharma, Jaikant Singh,
T. S. Rangan
CHIEF EXECUTIVE OFFICER
Sudhir Galande
ceo@icwai.org.
Senior Director (Examinations)
Chandana Bose
exam.cb@icwai.org.
Senior Director
(Administration & Finance)
R N Pal
fna.rnpal@icwai.org.
Director (Technical)
J. P. Singh
technical.jps@icwai.org.
Director (Studies)
Arnab Chakraborty
studies.arnab@icwai.org.
Director (CAT)
L. Gurumurthy
cat.gurumurthy@icwai.org.
Additional Director (CEP)
D. Chandru
cep.chandru@icwai.org.
Additional Director (Membership) cum
Joint Secretary, Kolkata
Kaushik Banerjee
membership.kb@icwai.org.
Additional Director (International Affairs)
S. C. Gupta
admin.gupta@icwai.org.
EDITOR
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The
Management
Accountant
Official Organ of The Institute of Cost and Works Accountants of India
597
Presidents Communique
598
600
601
602
Cover Features
Financial Engineering: Recent
Instruments in Corporate Finance
by Dr. S. S. Chahal &
Vijay Singh Hooda
604
Issues in Taxation
Transfer Pricing - A Study
by Debasish Dutt
636
Accounting Issues
IAS 20, Accounting for Government
Grants and Disclosure of Government
Assistance - A Closer Look
by K. S. Muthupandian
645
Issues in Management Accounting
Cost Accountant - Role in IFRS
by Rammohan N Bhave
652
Budget analysis
Budget 2009 : Expenditure of Rs. 10.21
lac crores analysed
by Dr. V. M. Govilkar
653
Legal update
Is UCP 600 solution to Letters of Credit
problems?
by J. K. Budhiraja
655
Institute Notification
660
Book Scan
664
Notice
666
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of The Institute of Cost and Works
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is necessary for reproduction in whole
or in part.
595
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Editorial
The new age Finance
Finance has recently been in the news for quite some
time for obviously all the wrong reasons. It is today
well known in the financial world that there are just
two elements that drive modern day finance- greed
and fear. However, being in ICWAI, a leading name in
the financial realm; I felt the urge to delve into the
basics of finance which we somewhere down the line
have lost touch of, to introspect and attempt to crystal
gaze into its future.
In an age where the scope of finance is very complex
and overreaching, I started with understanding what
does finance basically constitute. Many definitions
abound but the one that I found to be the most
appropriate was: It is the science of management of
money and other assets. Next step was to chart its
course from its simple avatar to its present state. The
bygone era saw the presence of a vertically integrated
intermediary (e.g a bank), which conducted business
in an ad hoc (read less routinised) manner and with
rigid expenses. Client relationship formed the basis of
the transactions from the origination of the transaction
till its repayment. Finance as a subject itself was a
subset of economics, occupying a relatively narrow
area in public sphere.
It is a known fact that as an economy grows so does
the share of finance in the GDP pie. The 21st century
altered the financial landscape like never before. The
combination of financial theory and quantitative
techniques has enabled the proliferation of new
financial products as risk management and return
maximizing tools, convergence of information
technology has spawned cross border financial flows
and thereby greater integration of finance. Finance too
found wide and interesting applications ranging from
philanthropy to fighting climate change. All this implied
greater efficiency in allocation of financial resources,
wider access of credit to a cross section of people
and businesses, lower costs and better terms of credit,
more financial options for everyone suited to each ones'
maturity, risk, liquidity, credit, volatility and risk
preferences. This has also increased the spoils of the
game beyond logical proportions. The handsome
returns from the business attracted many players in
the domain, which led to increasing competition. This
relentless market pressure while fostering faster and
more creative financial innovations on one hand, also
led to misalignment of incentives of market participants
the management accountant, August, 2009
l Presidents
Communique l
598
l Presidents
Communique l
We are a society, who have learnt to be resilient, and face all odds which should help us to
grow, despite the Global Economoic Recession which has had its toll in many facets of the
Economy. There seems to be some cheer, as we get reports of a revival in the US economy
which has thrown many in a quandary. Let us show the world we are more flexible if not
insulated. The profession can play a vital part in this process.
The one aspect that is of concern to all of us is the apathy of sizable number of members not
renewing their membership, which will have a serious impact when opportunities face us in
the profession. There should be a Voluntary Sense of ownership and pride, to declare oneself
that he continues to be a member of this great Institution, which has given him a pride of
place, as is the case with all the other professions.
The council is seriously devising means, to restore the membership, and also enlist new
members who have completed the requirements, and have not applied for membership due to
one reason or the other.
I would earnestly appeal to all those who have discontinued their membership, and for the
new entrants to register themselves, without delay, and help the Institute to face the new
challenges with combined force. I am sure this message should be passed on to the concerned
to act.
Let us declare the year 2009-10 as a year of Consolidation and Progress.
Regards,
(GN Venkataraman)
President
599
l Our
New President l
600
l Our
New Vice-President l
601
Quorum (4)
Chairman
Member
Member
Member
Member
Member
Member
Secretary
Quorum (3)
Chairman
Member
Member
Member
Member
B.
1.
2.
3.
4.
Disciplinary Committee
Shri Venkataraman, G. N., President
Shri Banerjee, Kunal
Shri Raman, A. N.
Dr. V. R. S. Sampath
(Nominee of Central Government)
5. Shri V. S. Jagannathan
(Nominee of Central Government)
Shri Kaushik Banerjee (Additional Director)
D. Finance Committee
1. Shri Venkataraman, G. N., President
2. Shri Sharma, B.M. ,Vice President
3. Shri Banerjee, Kunal
4. Shri Goel H.K.
5. Shri Dalwadi, A. G.
6. Dr. Bandyopadhyaya, Sanjiban
7. Shri Durga Prasad, A.S.
Shri R. N. Pal (Sr. Director-A&F)
F. Professional Development Committee
1. Shri Bhargave, S. R.
2. Shri Mohanty, S. C.
3. Shri Gopalakrishnan, M.
4. Shri Kothari, V. C.
5. Shri Mukherjee, Somnath
6. Dr. Bandyopadhyaya, Sanjiban
7. Shri Rangan, T. S.
8. Shri Goyal, B. B. [Adviser (Cost),
Govt. of India (Co-opted)]
Quorum (3)
Chairman
Member
Member
Member
Member
Secretary
Quorum (4)
Chairman
Member
Member
Member
Member
Member
Member
Secretary
Quorum (5)
Chairman
Member
Member
Member
Member
Member
Member
Member
Secretary
Quorum (4)
Chairman
Member
Member
Member
Member
Member
Member
Secretary
Quorum (3)
Chairman
Member
Member
Member
Secretary
Secretary
602
Quorum (4)
Chairman
Member
Member
Member
Member
Member
Member
Member
Member
Member
Secretary
Quorum (4)
Chairman
Member
Member
Member
Member
Member
Member
Member
Member
Secretary
Quorum (4)
Chairman
Member
Member
Member
Member
Member
Member
Member
Secretary
Quorum (4)
Chairman
Member
Member
Member
Member
Member
Member
Secretary
Quorum (3)
Chairman
Member
Member
Member
Member
N.
1.
2.
3.
4.
5.
6.
7.
Secretary
Quorum (4)
Chairman
Member
Member
Member
Member
Member
Member
Secretary
Secretary
Quorum (8)
Chairman
Member
Member
Member
Member
Member
Member
Member
Member
Member
Member
Member
Member
Member
Member
Member
Member
Member
Member
Member
Member
Member
Member
Secretary
603
Cover Feature
Financial Engineering:
Recent Instruments in
Corporate Finance
"Financial engineering is the life blood of financial innovation. It is the
application of investment technology in an effort to solve financial problems.
Various types of products like options, futures, floating rate notes, zero interest/
deep discount bounds, junk bonds, ADR/GDRs etc. are innovated by financial
engineers to split the risk and return into several components. Financial
engineers are employed by commercial banks, investment bank, a variety of
other financial intermediaries and non -financial corporations. Financial
engineers work as a part of team work. Their role in global financial markets is
remarkable. The present paper aims to highlight the concept of financial
engineering and its scope and some recent developed instruments in corporate
finance.
604
Cover Feature
Cover Feature
Cover Feature
Cover Feature
Z - Score Analysis - A
Tool to Predict Financial
Health
The Z score is a measure of a company's health and utilizes several key ratios for
its formulation. Having understood the causes for a firm's sickness, the next
important question is - is it possible to predict a firm's failure using some modeling
technique with reasonable accuracy
This paper analyses possibility of firm's failure with reasonable accuracy by
using statistical tool Z - score, developed by Altman. This empirical analysis
concentrates on the heavy commercial vehicle industry companies Mahindra &
Mahindra Company limited and Eicher listed in Bombay Stock Exchange India
608
Cover Feature
ANALYSIS
MAHINDRA & MAHINDRA LIMITED
TABLE I
STATEMENT SHOWING THE FINANCIAL DATA
Particulars
Rs. Crore (Non-Annualized)
Current assets
Current liabilities
Working capital
Retained Earnings
EBIT
Book Value (Rs)
Market Value(Rs)
Total assets
Sales
3. The X4 Component of Z-Score is
defined as (X4=Market Value of
Equity/Book Value). This ratio gives
an indication of how much a
company's assets can decline in
value before debts may exceed
assets. Equity consists of the market
value of all outstanding common
and preferred stock. For a private
company the book value of equity
is used for this ratio. This depends
on the assumption that a private
company records its assets at
market value.
4. The X5 Component of Z-Score is
defined as (X5=Net Sales/Total
Assets). This ratio measures the
ability of the company's assets to
generate sales. This ratio is not
included in the Z-Score of a private
company.
The Z-Score is: Z = 1.2 X1 + 1.4 X2 + 3.3
X3 + 0.6 X4 + 0.999X5.
The resulting Z-score puts a
company in one of three categories.
Companies with a Z- score above
3.0 are considered Healthy
Companies with a Z-score less than
1.8 indicates a high probability for
bankruptcy in the next 1- 2 years
0.14
0.15
0.17
0.16
0.15
0.27
0.25
0.26
0.23
0.22
0.11
0.13
0.15
0.13
0.12
0.09
0.10
0.13
0.13
0.20
1.09
1.07
0.96
0.91
0.94
TABLE III
STATEMENT SHOWING THE Z SCORES OF MAHINDRA & MAHINDRA
Year
1.2X1
1.4X2
3.3X3
0.6X4
0.999X5
Mar, 2004
0.16
0.38
0.37
0.05
1.09
2.06
Mar, 2005
0.18
0.34
0.41
0.06
1.07
2.07
Mar, 2006
0.20
0.36
0.51
0.08
0.96
2.10
Mar, 2007
0.19
0.32
0.43
0.08
0.91
1.92
Mar, 2008
0.17
0.31
0.40
0.12
0.94
1.95
Cover Feature
Mar 2004
Mar 2005
Mar 2006
Mar 2007
Mar 2008
12 mths
12 mths
12 mths
12 mths
12 mths
434.45
428.08
6.37
166.83
117.39
93.42
221.17
381.87
1,372.00
517.72
545.25
-27.53
212.86
108.1
85.77
306.55
369.63
1,995.77
494.98
450.18
44.8
416.92
174.91
158.4
302.64
618.26
1,649.38
625.76
592.01
33.75
385.28
160.97
147.14
238.32
608.76
1,968.64
644.42
599.32
45.1
430.24
180.91
163.14
248.17
656.15
2,218.83
TABLE V
STATEMENT SHOWING THE RATIOS OF MAHINDRA & MAHINDRA
Working capital/ Total assets (X1)
0.02
-0.07
0.07
0.06
0.07
0.44
0.58
0.67
0.63
0.66
0.31
0.29
0.28
0.26
0.28
2.37
3.57
1.91
1.62
1.52
3.59
5.40
2.67
3.23
3.38
TABLE VI
STATEMENT SHOWING THE Z SCORES OF MAHINDRA & MAHINDRA
Year
1.2X1
1.4X2
3.3X3
0.6X4
0.999X5
Mar,2004
Mar,2005
Mar,2006
Mar,2007
Mar,2008
0.02
-0.09
0.09
0.07
0.08
0.61
0.81
0.94
0.89
0.92
1.01
0.97
0.93
0.87
0.91
1.42
2.14
1.15
0.97
0.91
3.59
5.39
2.67
3.23
3.38
6.66
9.22
5.78
6.03
6.20
TABLE VII
COMPARATIVE STUDY
Year
M&M
Change
Eicher
Change
Mar,2004
2.06
6.66
Mar, 2005
2.07
0.86%
9.22
38.53%
Mar, 2006
2.10
1.37%
5.78
37.36%
Mar, 2007
1.92
8.47%
6.03
4.35%
Mar, 2008
1.90
1.18%
6.20
2.88%
Cover Feature
Revamping Global
Financial Architecture:
an overview
Intrinsic flaws in global financial architecture are the root cause of recurrence
of financial turmoil. The need was felt from every corner to guard against the
systematic risk. Dollar dominance international market expedited the countries'
woes while the US economy took its advantage in mitigating her burgeoning
year long trade deficits in view of keeping the pace of consumption glut, and
lowering exchange rate risk and borrowing costs.
Recent step to add more lending funds of IMF to bail the crisis of the century out
is a short term measure and may not rescue the world of revisiting financial
meltdown. In course of analysis of the present status of SDR the paper argued
the need for international reserve currency, redefined SDR, disconnecting from
individual nation (US) which would eliminate the inherent risks in a credit
based currency (like Dollar) and manage global liquidity. Further, when a
country's currency is no longer used as the yardstick for global trade and as the
benchmark for other currencies, the exchange rate policy of the country would
be far more effective in adjusting economic imbalances. This will significantly
reduce the risks of future crisis. Thus, revamping of dollar dominance financial
architecture is needed to have international reserve currency through the process
of sharing of political power across more diverse set of nations.
Dr. R. K. Raul*
Introduction:
xuberance of economic slump, in
the present integrated global
economy, perhaps deepest in the
post world war II period, does not seem
to be blown out. The attempts to bail
'the crisis of the century' out across the
countries are not producing instantaneous consequences. Economic
stimulus across the globe may succeed
subject to restoring the level of
confidence1. The Washington summit,
November 2008, in this respect
emphasized a closer surveillance of
functioning of all those markets,
territories and actors (especially hedge
funds which accounts 50 pc of market
transaction and are not subject to rules
on transparency) putting global
611
Cover Feature
Basket of 1 SDR
1981-85
1986-90
1991-95
19961998
1999
2000
2001
2005
2006
2010
US Dollar
Deutsche
Mark
French Franc
Japanese Yen
UK Pound
0.540 (42%)
0.460 (19%)
0.740 (13%)
34.0 (13%)
0.0710 (13%)
0.452 (42%)
0.572 (40%)
0.527 (19%)
0.453 (21%)
1.020 (12%)
0.800 (11%)
33.4 (15%)
31.8 (17%)
0.0893 (12%)
0.0812 (11%)
0.582 (39%)
0.446 (21%)
0.813 (11%)
27.2 (18%)
0.1050 (11%)
US Dollar
0.5820
(39%)
0.5770
(45%)
0.6320
(44%)
Euro
Japanese Yen
UK Pound
0.3519 (32%)
27.2 (18%)
0.1050 (11%)
0.4260 (29%)
21.0 (15%)
0.0984 (11%)
0.4100 (34%)
18.4 (11%)
0.0903 (11%)
Source: IMF
the management accountant, August, 2009
Cover Feature
Feb 2009
Sept 2008
Absolute variation
Percentage variation
China
744.2
618.2
126.0
20.38
Japan
661.9
617.5
44.4
7.19
Hong Kong
76.3
65.5
10.8
16.49
Taiwan
72.6
63.5
9.6
15.24
India
34.6
20.3
14.3
70.44
Korea
33.3
40.2
-6.9
-17.16
Philippines
12.6
12.0
0.6
5.0
Singapore
39.4
32.2
7.2
22.36
Thailand
39.7
27.4
12.3
44.89
Source : US treasury
tend to be most active. The high
liquidity of these financial markets
makes the dollar an excellent medium of
exchange. A further advantage is the
power of "incumbency" conferred by
the "network-externalities" that accrue
to the currency that is dominant.
Together these factors make it unlikely
there will be a large or abrupt change in
the dollar's reserve currency status5.
The central banks' preference around
the world for parking their currency in
US treasury Bills perhaps lies in the basic
philosophy of constructing portfolio.
Generally portfolio consisting of
financial assets including the foreign
currencies is constructed on the basis
of three criteria; return, risk and liquidity.
In this respect US treasury bills fulfill
all such criteria of high liquidity, with
low risk and low return. Moreover,
holding US treasury Bills serve twin
purposes;
Country (buyer) builds up its forex
reserve facilitating its international
transaction , and
The US issues T Bills to mitigate its
trade deficit and keep fuelling the
pace of its domestic consumption,
reduce exchange rate risk and lower
borrowing costs and indirectly
ensures world wide demand intact.
But, central banks' reserves with the
US across the world are losing its value
in the context of free fall of dollar. World
economies exclusively depending on
dollar movements thus witnessed
numerous financial predicaments;
Cover Feature
3.
4.
5.
6.
7.
8.
9.
10.
References:
1. Christine Lagarde. New rules for finance
at last. The Economic times. March 31,
2009
2. Dress rehearsal for new Bretton Woods
11.
Cover Feature
Requirement of Balancing
between capital structure
and assets structure
leverages analysis
Susanta Kanrar*
Cover Feature
EBIT Curve
i,e
margin of safety
So high margin of safety indicate low
DOL,
Effect of DOL can be understood from
the following example :
Current sales
Rs.2,00,000
Variable cost
50% of sales
Operating fixed cost
Rs.50,000
If sales change by +/-- 10% then what
will be effect of DOL on operating profit.
Sales - variable cost
Current level of DOL =
(Sales - variable cost) - Fixed cost
Rs.(2,00,000 --- 1,00,000)
=
RS.( 2,00,000 - 1,00,000 ) -- Rs.50,000
=2
if sales change by + / -- 10%
In the above example DOL is 2 , for
this reason change in operating profit
is 20% due to change in sales by 10%
i,e (2x10%=20%).
Relationship between fixed cost and
degree of operating leverage can be
shown as below :
Degree of
Operating
Leverage(DOL)
DOL
O
Quantum of fixed cost
In the above diagram with the
increasing of fixed cost DOL is also
going to increases, as per the
relationship between fixed cost and
DOL.
In the same way relationship
between sales and EBIT can be shown
below :
EBIT can negative ,zero or positive
but with the increasing of sales volume
EBIT go to increases. EBIT curve is more
steeper as with the increasing of sales
Sales
Features of DOL:
v Value of DOL is always more than
v
v
v
v
v
v
616
Particulars
+ 10 %
Rs.
2,20,000
10 %
Rs.
1,80,000
Variable cost
1,00,000
1,10,000
90,000
Contribution
1,00,000
1,10,000
90,000
50,000
50,000
50,000
50,000
60,000
40,000
+ 20 %
20 %
Sales
Cover Feature
EBIT
Current DFL of firm B =
EBIT - I
Rs 2,000
=
Rs. (2000 - 400)
=
1.25
Graphically relationship between
financial leverage and fixed charges
bearing funds can be shown below :
DFL
DFL
C'
B'
A'
O
MPQ Ltd
Rs.
10,000
10,000
5,000
5,000
10,000
EBIT
2,000
2,000
Tax rate
40%
40%
EBIT
Less : Interest
2,000
2,000
400
EBT
2,000
1,600
800
640
1,200
960
Compute EPS
Ans.
1,000
500
Rs.1.20
Rs. 1.92
Rs.(1.92---1.20)
Rs.1.20
=60%
617
Cover Feature
Particulars
+ 20 %
20 %
Rs.
Rs.
Rs.
2,000
2,400
1,600
400
400
400
1,600
2,000
1,200
640
960
800
1,200
480
720
EBIT
Less : Interest
EBT
less : Tax ( 40% )
Earning After Tax
(EAT)
Number of Equity shares
EPS
% change
500
500
500
Rs. 1.92
Rs. 2.40
Rs. 1.44
+ 25%25%
( 1.25 x 20%)
EPS
C'
EPS
B'
A'
O
X
EBIT
At point 'O' EBIT is nil , so EPS is also
nil. With the increasing of EBIT, EPS is
going to increases as evident from the
diagram. Here OC>OB>OA (EBIT) ,for
this reason CC'>BB'>AA' (EPS). The
rate of increasing of EPS is more higher
than the increasing rate of EBIT due to
multiple effect of DFL . For this reason
OK line (EPS line) is more steeper than
DFL line.
Some features of DFL :
v DFL depends upon company's
capital structure.
v DFL may be less than one , one or
more than one.
v It depicts the relationship between
EBIT and EPS
v With the increasing of fixed charges
618
( 1.25 x20%)
% change in EPS
X
Or, DCL =
% change in sales
Contribution
Or, DCL =
EBT
Q( S - V)
Or, DCL =
Q ( S - V ) - F - I -- ( preference dividend / 1 - T)
Where ,
Q = sales quantity
S = sale price per unit
V = variable cost per unit
F = fixed operating cost
I = interest cost
T = tax rate applicable to company
the management accountant, August, 2009
Cover Feature
Y
S
EPS
P
S
P
Sales
than one.
v High DCL indicate high total risk of
bicycle manufacturers and the Honda is the largest selling motorcycle in the
Motor Company of Japan. Today it is country.
the world's largest two-wheeler Table: Market share in motorcycles
manufacturer. Hero Group belongs to
(%)
FY04
FY03
the Munjal family and came into
HHML
48
44
existence in 1956. It manufactured
Bajaj
Auto
24
24
bicycle components in the early 1940's
TVS
Motor
16
18
and later became the world's largest
bicycle manufacturer.
Yamaha
06
08
Others
06
06
HHML manufactures a range of
motorcycles with brands like CD Dawn,
Splendor, Passion, CBZ, Karizma and Bajaj Auto Ltd :
Bajaj Auto Ltd (BAL) is the second
Ambition. It is the market leader in twowheelers and its Splendor range of bikes largest two-wheeler maker in India. It
Income statement
Period to
FY02
FY03
FY04
(Rs in mn)
(12)
(12)
(12)
PBIDT
7,469
9,497
11,475
Interest
(15)
(17)
(17)
Depreciation
(510)
(634)
(733)
Profit before tax (PBT)
6,944
8,846
10,725
Tax
(2,315)
(3,038)
(3,441)
Profit after tax (PAT)
4,629
5,808
7,283
EPS (Rs)
23.2
29.1
36.5
DFL = PBIT/PBT
6,944+15
8,846 +17
10,725+17
6 ,944
8,846
10,725
=
1.002
1.002
1.002
DOL = PBIT+DEPRECIATION / PBIT
6,959+510 8,863+634 10,742+733
6,959
8,863
10,742
=
1.073
1.072
1.068
DCL = DOL X DFL
1.075
1.074
1.070
Income Statement
Period to
FY02
FY03
FY04
(Rs mn)
(12)
(12)
(12)
PBIDT
7,708
10,070
12,063
Interest
(34)
(11)
(9)
Depreciation
(1,797)
(1,712)
(1,799)
Profit before tax (PBT)
5,878
8,347
10,255
Tax
(1,837)
(2,502)
(2,191)
Profit after tax (PAT)
4,041
5,845
8,064
EPS (Rs)
51.2
52.8
73.0
DFL = PBIT/PBT
5,878+34
8,347 +11
10,255+9
5,878
8,347
10,255
=
1.006
1.001
1.001
DOL = PBIT+DEPRECIATION / PBIT 5,912+ 1,797 8,358+1,712 10,264+ 1,799
5,912
8,358
10,264
=
1.304
1.205
1.175
DCL = DOL X DFL
1.312
1.206
1.176
Contd. on Page 623
619
Cover Feature
My Experiment with
Inventory Management
T. Renganathan
Cover Feature
OPENING
STOCK
RECEIPTS
ISSSUES
CLOSING
STOCK
MINIMUM
LEVEL
MAXIMUM
LEVEL
RE-ORDER
QUANTITY
REMARKS
621
Cover Feature
Cover Feature
FY02
FY03
FY04
FY02
FY03
FY04
DOL
1.073
1.072
1.068
1.304
1.205
1.175
DFL
1.002
1.002
1.002
1.006
1.001
1.001
DCL
1.075
1.074
1.070
1.312
1.206
1.176
Cover Feature
624
Cover Feature
Cover Feature
Source: alastair.nimmons@ca.pwc.com
Cover Feature
Cover Feature
Cover Feature
Shedding Newlight on
Standard Cost Variances:
Incorporating
Environmental
Considerations into
Product Mix Decisions
Ramamohana Rao Guttikonda*
s environmental issues
increasingly
influence
corporate performance they
need to be institutionalized in
management accounting systems!
Manufacturers need information from
their management accounting systems
for maximizing profit. Given
environmental spending a 1994 article
In management accounting by Jerry
Kreuze and Gali Newell supports the use
of activity based costing (ab in
conjunction with life-cycle costing for
allocating environmental costs to
products to get a handle on what those
costs are,2 their article illustrates the
implications on profitability analysis
from using the theoretically more
accurate ABC system to allocate
environmental cost to products that
generate those costs. The illustration,
however does not consider constraints
in the production process, so the
product mix decisions made from ABC
information may not facilitate product
maximization goals.
Two methods of evaluating product
mix decisions given an environmental
constraint include ABC and the theory
of constraints (TOC). While ABC is
important for understanding how
*Assistant Professor - Accounting Tuskegee
University, Tuskegee, Al
Cover Feature
Method(s)
Reduce Activities
Simplify Processes
Reduce Product Offerings
Treatment of Capacity
Variable Cost
Catalysts for
Cost Control
Timing of Expenses
Sales levels
630
Cover Feature
Cover Feature
Material A
Material B
$175
$250
$275
$350
Material C
20,000
12,000
14,000
8,000
Sales Price
Demand In Units
Materials
Material A
$10.00
$20.00 $40.00
Material B
20.00
20.00
Material C
25.00
Disposal of
7.00
Hazardous Material
21.00
20.00
35.00
$61.00 $95.00
$ 20.00
40.00
50.00
$150.00
42.00
42.00
$152.00
$192.00
Cost Driver
Annual Hours
Cost
Cost/Hours
Direct Labor
Labor Hours
30,000
$750,000
$25.00
Machine D
20,000
250,000
12.50
Machine E
30,000
400,000
13.30
Machine F
40,000
600,000
15.00
Environmental Scrubber
40,000
1,200,000
30.00
Direct Labor
0.50 0.25 0.75 0.50
Hours
Machine D
0.10
0.20
0.05
1.20
Machine E
0.05
0.50
0.30
1.80
Machine F
0.20
0.40
0.05
2.80
Environmental Scrubber
0.25
0.50
2.00
1.00
Material Handling
Environmental Reporting
632
Cost
Cost/Driver
$75,000
$30
# of Products 4
150,000
37,500
Cover Feature
Orders
Products
R
750
1
S
500
1
T
200
1
Excess Deficiency
In Cost Driver
1,800
4
700
0
U
350
1
E. Facilities-level Cost
COST TYPE
Research and Development
Plant Maintenance
Building and Grounds
Environmental Regulatory Cost
Amount Needed
$500,000
200,000
625,000
250,000
$13,450.00
Machine D
Machine E
Machine F
Environmental Scrubber
R
Hours Needed
2,000
1,000
4,000
5,000
2,400
6,000
4,800
6,000
700
4,200
700
28,000
9,600
14,400
22,400
8,000
14,700
25,600
31,900
47,000
Excess Deficiency
In Hours
5,300
4,400
8,100
(7,000)
Orders
750
500
Product
1
1
Table: 3 Example Of Product Ranking With Abc
Green Products Inc.
Sales
Unit Based Cost
MATERIALS
A
B
C
Disposal of Hazardous Material
Direct Labor
MACHINE COST
D
E
F
Environmental Scrubber
Total Unit Based Costs
Contribution Margin
Ranking Based on Contribution Margin
the management accountant, August, 2009
200
1
Excess Deficiency
in Cost Drive
700
0
350
1
1,800
4
R
$125.00
S
$250.00
T
$275.00
U
$350.00
$10.00
20.00
25.00
7.00
$20.00
20.00
$40.00
20.00
21.00
12.50
35.00
6.25
$20.00
40.00
50.00
42.00
18.75
$150.00
42.00
12.50
1.25
0.67
3.00
7.50
85.92
89.08
2
2.50
6.67
6.00
15.00
131.32
118.58
1
0.63
4.00
0.75
60.00
236.13
38.88
3
15.00
24.00
42.00
30.00
315.50
34.50
4
633
Cover Feature
Material Handling
Environmental Reporting
Product margin
Ranking Based on product margin
Demand in units
Production given demand and Scrubber constraints
Hours used for the Scrubber
Hours available in order of
1.13
1.50
86.46
2
20,000
20,000
5,000
29,000
1.25
2.50
114.83
1
12,000
12,000
6,000
34,000
0.43
2.14
36.30
3
14,000
14,000
28,000
1,000
1.31
3.20
29.40
4
8,000
1,000
1,000
0
Sales
Material
Disposal of Hazardous Material
Throughput
Direct Labor Cost
Machine Cost
D
E
F
Environmental Scrubber
Material Handling
Environmental Reporting
Product Margin
Research and Development
Plant Maintenance
Buildings and Grounds
Environmental Regulatory
Operating Income
$3,500,000
800,000
420,000
2,280,000
250,000
$3,000,000
720,000
420,000
1,860,000
75,000
$3,850,000
1,540,000
588,000
1,722,000
262,500
$3,500,000
150,000
42,000
158,000
12,500
25,000
18,400
60,000
150,000
22,600
30.000
1,729,000
30,000
80,040
72,000
180,000
15,000
30.000
1,377,960^
8,820
56,000
10,500
840,000
6,020
29.060
508,000
15,000
24,000
42,000
30,000
1,310
__ 3.750
29,440
Unused
Capacity
$10,700,000
3,210,000
1,470,000
26,020,000
150,000
171,250
226,667
415,500
30,150
30.000
1,023,56
Total
245,500,000
353,100,000
294,000,000
320,400,000
750,000,000
250,070,000
400,000,000
800,000,000
1,200,000
75,000
500,000
200,000
325,000
250,000
1,020,000
10.00
20.00
25.00
7
$114.00
R
$175.00
S
$250.00
T
U
$275.00 $350.00
20.00
20.00
21.00
$61.00
155.00
0.25
$456.00
1
20,000
20,000
5,000
35,000
40.00
20.00
35.00
95.00
123.00
0.50
310.00
2
12,000
12,000
6,000
29,000
20.00
40.00
50.00
42.00
152.00
158.00
2.00
61.50
4
14,000
10,500
21,000
0
150.00
42.00
192.00
1.00
158.00
3
8,000
8,000
8,000
21,000
Cover Feature
TOTAL
$3,500,000
$3,000,000
$2,887,500
$2,800,000
$12,187,500
800,000
720,000
1,155,000
1,200,000
3,875,000
$2,280,000
$1,860,000
$1,291,000
$1,264,000
$ 6,695,000
750,000
Machine cost
D
250,000
400,000
600,000
Environmental Scrubber
1,200,000
Material Handling
75,000
Environmental reporting
150,000
500,000
Plant maintenance
200,000
625,000
Environmental Regulatory
250.000
5.000.000
Operating Income
$1,695,000
Table 7: Product Rankings and Profit Changes Using ABC and TOC
R
ABC Rank
TOC Rank
Product
TOC Profit
$1,695,500
ABC Profit
1,020,000
$675,500
References:
Stephen Schaltegeer, and Roger Burritt, Contemporary Environmental Accounting, Greenleaf Publishing Limited, Sheffield, U.D., 2000.
Jerry Kreuze, and Gale Newell, ABC and Life-Cycle Costing for Environmental Expenditures/ Management Accounting, February
1994, pp 38-42.
Robin Cooper, and Robert S. Kaplan,Measures Cost Right: Make The Right Decisions,
Harvard Business Review, September 1998, pp 96-104
Eliyahu M. Goldratt, and Jeff Cox, The Goal: A Process Of Ongoing Improvement, North River Press, Croton - On - Hudson, N.Y.
1986.
Robin Cooper and Roberts. Kaplan, The Design of Cost management Systems, Second Edition. Prentice-Hall, N.J. 1999.
Eric Noreen, Debra Smith, and James T. Mackey, The Theory Of Constraints and Its Implications For Management Accounting, North
River Press, Great Barrington, Mass., 1995
Environmental Considerations in Product Mix Decisions Using ABC and TOC, Julie Lockhart, and Audrey Taylor, Management
Accounting, fall 2007.
635
Issues in Taxation
636
Issues in Taxation
Table 1
Various inducements for Transfer Pricing
Hypothesis : the parent company sells to the subsidiary
Motivation
Comments
Underpricing
Customs Duties
Import Duties
Export Duties
Exchange Risks
Claim in weak currency
Underpricing
Underpricing
Overpricing
Overpricing
Joint Ventures
Overpricing
Overpricing
Underpricing
Overpricing
Overpricing
Underpricing
Underpricing
Source : S.Plasschaert, "International Transfer Pricing", in International Financial Management Handbook, Kluwer, 1983
6. more than half of the directors or
one or more executive directors of
an enterprise are appointed by the
other enterprise
7. the manufacture, processing,
design, secret formula etc of one
enterprise is wholly dependent on
the use of patents, trademarks,
copyrights etc of the other enterprise
Issues in Taxation
TABLE 2
Provisions
Act and
Act
Provisions
Section 92
Section 92 A
Section 92 B
Section 92 C
Section 92 E
Section 92 F
Rules
Provisions
10 A
10 B
10 C
10 D
10 E
Issues in Taxation
b)
c)
d)
e)
Issues in Taxation
Issues in Taxation
Table 3
Penalties Under Transfer Pricing Regulations
Section
Non compliance with procedural requirements
Section 271(1)( c ) read
with explanation 7 to
section 271 (1)
Section 271AA
Section 271BA
Section 271G
Nature of penalty
100% to 300% of tax on the
adjusted income
2% of the value of each
international transaction
Rs.1,00,000
2% of the value of the
international transaction
641
Issues in Taxation
Issues in Taxation
Issues in Taxation
Accounting Issues
Accounting Issues
Accounting Issues
Accounting Issues
Accounting Issues
Accounting Issues
l a revision of either IAS 38, Intangible
Accounting Issues
References
Bhattacharyya Asish K. "Indian Accounting
Standards"
Butani Mukesh "Transfer Pricing An Indian
651
652
cost drivers.
h. IFRS expect constant reviews at
every reporting period to be in touch
with reality.
i. IFRS provide forty types of
intangible assets.
j. IFRS avoid extra-ordinary items
which vitiate the balance sheet.
k. IFRS insist on showing surplus fund
by different classifications to reflect
its reality.
Linkages: IFRS and CMA:
1. The above description makes it clear
and the vital synergies are ;
a) CMA goes for reality, IFRS is also
in search of truth
b) CMA creates link to real cost
natures by using cost drivers
concept, IFRS propagates the same.
c) In the global scenario CMA works
upon in-depth valuations of cross
border acquisitions, IFRS is full of
valuations and valuations.
2. The basic questions before CMA
professionals are therefore :
a) Does the CMA want to become a
torch-bearer of global transparent
accountings dealing with real
costing thru fair value or to remain
as he was, a Cost Accountant doing
cost-sheet (treating wages as fixed
costs even today)?
b) Does the CMA want to enhance
their expertise to analyze
transparency in variance with 2 prior
years accounts displayed to
shareholders or to remain in cost
audits which is yet to gain
acceptability despite being useful.,
c) Does the CMA want to become a
role model of Global costing
Principles rather than to carry out
profile of correction of BOM in SAP
as a clerk?
d) Does the CMA want to be a
godfather of 'Substance Over Form'
in the revolution of corporate history
in annual statements ?q
Budget analysis
Budget 2009 :
Expenditure of Rs. 10.21
lac crores analysed
Dr. V. M. Govilkar*
Budget analysis
Legal update
J. K. Budhiraja
Introduction
efore we examine whether UCP
600 is a solution to Letters of
Credit problems, it is pertinent
that we should have some background
to the letters of credit. Letters of credit
have been described "as the lifeblood
of international trade and commerce".
It is generally accepted that international trade transactions carry
inherently more risk than domestic trade
transactions, because of differences in
culture, business processes, laws and
regulations prevalent in various
countries. A letter of credit is a very
common and important instrument in
settling trade between nations. Buyers
and sellers negotiate for purchase and
sale of goods, sellers demanding cash
or buyers' banker's letter of credit as
guarantee for payment before they
undertake shipment. A letter of credit
adds buyer's integrity through banker's
guarantee for the payment.
FICWA, FCS
Legal update
l A Letter of Credit Application is
656
Fig.1
the management accountant, August, 2009
Legal update
(i)
Legal update
Legal update
Institute Notification
Institute Notification
8. Shri Sanjeev Kumar Mittal, BCOM, FICWA, House No. D- 26, Paper Mills Colony, Yamuna Nagar - 15001 (Membership
No. 17014) with effect from 13th October, 2007.
9. Shri Bal Krishan Ajmani, MCOM, AICWA, 1249, Sector - 44B, Chandigarh -160047, (Membership No. 5242) with effect
from 7th February, 2009.
10. Shri S. K. Talwar, BA, AICWA, Flat No. C-204, Rishi Apartments, Opp. Telephone Exchange, Sector- 70, S.A.S. Nagar160059, (Membership No. 3784) with effect from 7th February, 2009.
11. Ms Mondira Acharjee, BSC, FICWA, C/o. Shri A. Acharjee (Advoate), Chamber No. 502, New Lawyers Chamber
Complex, Patiala House Court, New Delhi -110001, (Membership No. 12945) with effect from 29th December, 2008,
12. Shri Prabhakar Gopal Majumdar, MA, LLB, AICWA, Plot No. 0/3, Laxmi Nagar, Nagpur - 440022, (Membership No. 9048)
with effect from 25th January, 2007.
13. Shri Anirudhar Krishan Luthra, FCA, FICWA, A-16/9, Vasant Vihar, New Delhi 110057, (Membership No. 376) with effect
from 17th March, 2009.
14. Shri Ram Jiwan Goel, BCOM, FICWA, 31, Community Centre, Golden Palace, 2nd Floor, Delhi - 110052, (Membership No.
3024) with effect from 18th April, 2009.
15. Shri K. M. Lalka, BSC, AICWA, A-I/A-II, Shital Darshan, GVS Road No. 4, Near Municipal Hospital, Mulund (West),
Mumbai - 400081, (Membership No. 4313) with effect from 7th April, 2009.
16. Shri Tarapada Chatterjee BSC, FCMA, FICWA, 32-A, Jaldarshan, Nepean Sea Road, Mumbai - 400 036, (Membership
No. 21) with effect from 24lh August, 1900.
17. Shri T.V. Satyanarayana, BCOM, FCS, FICWA, 100, Gangadeeswarar Koil Street, Purasawakkam, Chennai - 600 084,
(Membership No. 2130) with effect from 30th January, 2008.
18. Shri Pratap Narain Mehrotra, BCOM, LLB, FICWA, 116/215, Shipra Path, Agrawal Farm, Sector 11, Mansarovar, Jaipur 302 020, (Membership No. 2727) with effect from 11th April, 2009.
19. Shri S. N. Sharma, BCOM, AICWA, 90, Dhuleshwar Garden, C Scheme, Jaipur -302 001, (Membership No. 8938) with
effect from 6th October, 2008.
20. Shri C. K. Venugopalan, BSC, AICWA, Mundakkal House, Chelamattom, Okkal P.O. - 683 550, Kerala, (Membership No.
11911) with effect from 9th March, 2005.
21. Shri M. V. Ardhanari, BA, AICWA, 166, Krishnan Koil Street, Salem - 636001 (Membership No. 5692) with effect from 28th
June, 2009.
22. Shri Karuna Ganapathy, MA, BCOM, AICWA 65, Sengunthar Mettu Street, Ammapet, Salem - 636003 (Membership No.
3175) with effect from 28lh June, 2009.
23. Shri Kanhaiya Lai Lohia, BCOM, FICWA, C/o Pehchaan The Identity, House for Bedsheets, Sarees etc., Bhaskhara Plaza,
22A, Subramania Swamy Koil Street, Fair Lands, Salem - 636016 (Membership No. 2516) with effect from 28th June, 2009.
24. Shri T. R. Sankaranarayanan. BSC, AICWA, Dy. Chief Finance Manager, Salem Steel Plant, SAIL, Alagasamudram, Salem
- 636013 (Membership No. 4126) with effect from 28th June, 2009.
25. Shri R. S. Sivaraman, MA(MATH), FICWA, 16 Sannadhi Street, Subramaniya Nagar, Salem - 636005 (Membership No.
8571) with effect from 28th June, 2009.
26. Shri Noratan Mal Jopat, BCOM, ACS, A1CWA, C/o. Rita Pal, 161/1, B.M. Saha Road, Bank Park, P.O. Hindmotor - 712233,
Dist- Hooghly (WB). (Membership No. 1388) with effect from 30th June, 2009.
on account of death.
Sd/(Kunal Banerjee)
President
the management accountant, August, 2009
661
Institute Notification
663
Book Scan
664
Book Scan
Efficiency Management
By Tarkeshwar Pd. Maitin
By New Central Book Agency
(P) Ltd.,
Rs 195.00
Notice
Foreign Remittances
Provisions relating to Exemptions/ Deductions under the Income Tax Act
Managerial Decisions and Tax Impact thereon
Issues in Corporate Taxation
ABOUT THE INSTITUTE
The Institute of Cost & Works Accountants of India was established by the Government of India as an autonomous
professional Institute in 1959 to provide training, education and research facilities in cost and management accounting. The
Institute is a member of the International Federation of Accountants (IFAC), the Confederation of Asian & Pacific Accountants
(CAPA) and the South Asian Federation of Accountants (SAFA).
THE OBJECTIVE
To promote the knowledge of Cost and Management accountancy, to provide educational facilities for training of young
management in general.
To create knowledge through research both applied and conceptual relevant to management on cost accounting and its
666
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Training programs for practicing managers of both public and private sectors, Banks, Financial Institutions, Insurance
Companies, Multinationals and Government Departments.
Tailor-made in house training programs for Industry, Govt Departments and Public Services. It also offers specific
programs for Defence, Railways, Telecom and Public Utility Services.
President
SHRI KUNAL BANERJEE
Vice President
SHRI A. S. DURGA PRASAD
Chairman, Continuing Education Programme Committee
Dr. SANJIBAN BANDYOPADHYAYA
PROGRAMME ON
CORPORATE TAX - PLANNING,
COMPLIANCE & MANAGEMENT
Dear Sir/ Madam,
We are happy to inform you that we are organizing a programme on Corporate Tax - Planning, Compliance and
Management during 29-31 July, 2009 at New Delhi.
We request you to kindly participate/ depute your executives for this programme which will be of immense use and benefit
to your executives and organization on this subject.
With regards,
Dr. Sanjiban Bandyopadhyaya
Chairman,
CEP Committee, ICWAI
FOR WHOM
Senior and Middle level Executives from Public and Private Sector Enterprises, Banks, Financial Institutions, Insurance
Companies, Multinational Companies and Government Departments will find the programme rewarding.
METHODOLOGY
The programme will be developed through lectures, discussions and case studies using audio-visual equipments.
FACULTY
Eminent experts and professionals in the field of Corporate Taxation will be dealing with the subjects.
COURSE DIRECTOR
Prof. S. Sampath, M.com, FCA, LL.B, MBA, M.Phil., M.A. (Ecology) Corporate Tax and Management Consultant, New Delhi
VENUE
Hotel The Park
15 Parliament Street, Connaught Place
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Phone : 011-23743000 Fax : 011-23744000
DATES
29-31 July, 2009 (10.00 - 17.00 Hrs.)
the management accountant, August, 2009
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The programme is Non-Residential.
Rs. 12,000/- (Rupees Twelve thousand only) per participant. Fee includes course fee, course material, lunch, tea /coffee
during the programme.
The Cheque/ DD to be drawn in favour of The Institute of Cost and Works Accountants of India payable at New Delhi.
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the programme, if any, will be intimated to only those organizations whose nominations have been received by the
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For further details and Registration please contact:
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The Institute of Cost and Works Accountants of India
Professional Development and Programme Directorate
ICWAI Bhawan, 3 Institutional Area,
Lodi Road, New Delhi - 110 003
Phones : 011-24622156, 24618645 (D) 24643273 (M) 9818601200
Tele-Fax: 011-43583642 / 24622156 / 24618645
E-Mail : mdp@icwai.org, cep.chandru@icwai.org
Website: www.icwai.org
Intensive Seminar
on
INTERNATIONAL
FINANCIAL REPORTING STANDARDS (IFRS)
by
Dr. T. P. Ghosh
New Delhi
Chennai
Kolkata
Mumbai
at
: 21-22 May, 2009
: 18-19 June, 2009
: 23-24, July, 2009
: 6-7, August, 2009
ICWAI
THE INSTITUTE OF COST & WORKS ACCOUNTANTS OF INDIA
(Set up under an Act of Parliament)
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COURSE DIRECTOR
Dr. T. P. Ghosh
M. com., Ph. d., FCA, FICWA
Dr. T. P. Ghosh is prolific writer in the area of accounting and finance. His book Accounting Standards and Corporate
Accounting Practices is an authentic commentary on the national and international financial reporting standards. His recent
book Understanding IFRSs has been released in February, 2009. He wrote extensively in the Gulf News on contemporary
financial issues in the GCC and on contemporary accounting issues in the Corporate Professionals Today published
byTaxmann , New Delhi.
Dr. Ghosh was formerly Director of Studies in the Institute of Chartered Accountants of India ( 2004-06). He was a member of
the J. J. Irani Committee (2005-06) constituted for the Simplification of the Company law. Presently , he is a Professor at the
Institute of Management Technology, Dubai.
ABOUT THE INSTITUTE
The Institute of Cost & Works Accountants of India was established by the Government of India as an autonomous
professional Institute in 1959 to provide training, education and research facilities in cost and management accounting. The
Institute is a member of the International Federation of Accountants (IFAC), the Confederation of Asian & Pacific Accountants
(CAPA) and the South Asian Federation of Accountants (SAFA).
THE TRAINING PROGRAMMES
v The Institutes efforts are directed towards quality training and introducing new programmes to meet emerging challenges
of the corporate world.
Broadly the programs are classified as :
v Training programs for practicing managers of both public and private sectors, Banks, Financial Institutions,
Insurance Companies, Multinationals and Government Departments.
v Programmes for its own professional members, and
v Tailor-made in house training programs for Industry, Govt. Departments and Public Services. It also offers specific
programs for Defence, Railways, Telecom and Public Utility Services.
President
Shri Kunal Banerjee
Vice President
Shri A. S. Durga Prasad
Chairman, Continuing Education Programme Committee
Dr. Sanjiban Bandyopadhyaya
INTERNATIONAL
FINANCIAL REPORTING STANDARDS (IFRS)
COURAGE COVERAGE
v Accounting for property, plant and equipment; intangible assets; decommissioning; restoration and similar liabilities;
advertising services
v Issues in consolidation : Special Purpose Entities
v Operating Leases
v Investment Property
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v Agriculture
v Foreign Currency Transaction
v First Time Application of IFRS
METHODOLOGY
The seminar will be developed through lectures, discussions case studies using audio-visual equipments.
FOR WHOM
Senior and Middle Level Executives of Public and Private Sector Undertakings, Multinationals, Autonomous Bodies, Insurance
Companies, Financial Institutions and Government Departments will find the Seminar rewarding.
VENUE
New Delhi
Chennai
Kolkata
Mumbai
PARTICIPATION FEE
New Delhi, Chennai and Kolkata - Rs. 8000/- per participant
Mumbai : Rs. 10,000/- per participant
The Programme is non-residential.
The Cheque/DD to be drawn in favour of the Institute of Cost and Works Accountants of India, payable at New Delhi
Details for Ecs Payment : State Bank of India, Lodhi Road Branch, New Delhi -110 003
Current A/c No.: 30678404793 MICR Code : 110002493 IFSCCode:SBIN0060321.
FOR KIND INFORMATION
For outstation programmes the participants are requested to get the confirmation from the Institute before proceeding to the
venue. The Institute will not be held responsible if any participant reaches the veneue for the postponed/cancelled programme
without getting the confirmation from the Institute. The cancellation/postponement of the programme, if any, will be intimated
to only those organizations whose nominations have been received by the Institute on time.
REGISTRATION
For further details and Registration please contact :
Sh. D, Chandru Addl. Director (PD&P)
The Institute of Cost and Works Accountants of India
Professional Development and Programme Directorate
ICWAI Bhawan, 3 Institutional Area,
Lodi Road, New Delhi - 110 003
Phones : 011-24622156, 24618645
(D) 24643273 (M) 9818601200
Tele-Fax : 011-43583642 / 24622156 / 24618645
E-mail : mdp@icwai.org Website : www.icwai.org
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COURSE COVERAGE
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PROGRAMME SCHEDULE
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FOR WHOM
PARTICIPATION FEE
v
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President
Vice President
Chairman, Continuing Education Programme Committee
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