May-2015

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The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) 27th February, 2015 Sub: Clarification on Notification No. CMA(2)/2015 dated 12th February, 2015 Sub: CEP requirements for Members in Practice/Industry Amendment in Para 5 of the Existing Guidelines Applicability of the Guidelines w.e.f. 01.04.2015 Further to Notification No. CMA(2)/2015 dated 12th February, 2015 on CEP requirements for Members in Practice/ Industry, it is clarified that with effect from April 1, 2015, the requirement of CEP Credit Hours are as follows subject to the following exemptions: (i) A member who has attained the age of 65 years. (ii) For the first year for a member who is admitted to the membership of the Institute. A year in this context is to be considered as the period from April 1 to March 31. (iii) A member who is having permanent disability and members who have been handicapped due to an accident for a prolonged period may be exempted from fulfilling the requirement of CEP Hours on submission of valid documents in support of the same. (iv) A member who is resident outside India. (v) In case of members residing outside India for a period of not less than 6 months may be exempted from the requirement for the particular year on submission of valid documents in support of the same. However, no such exemption/relaxation is available to a member who has obtained membership of the Institute in accordance with the MOU entered into between the Institute and any other foreign Institute and such member would be considered to have earned Credit Hours if the member has fulfilled the Credit Hour requirement of that foreign Institute. The new block will be effective from 1.4.2015 and will supersede the existing block. CEP Credit Hours requirements for the block of three (3) years starting effective April 1, 2015 to March 31, 2018, to be complied with by different categories of members. Members holding Certificate of Practice Below the age of 65 years: The member should undergo minimum mandatory training of 15 hours per year or 50 hours in a block of 3 years. Holding Certificate of Practice for part of the year: A member holding Certificate of Practice is exempt from the CEP requirement for the first year or part of the year. Members not holding Certificate of Practice It is recommended that a member should undergo minimum training of 7 hours per year or 25 hours in a block of 3 years. Note: • No carry forward is allowed for excess Credit Hours from block of three years to the next block of three years. (Kaushik Banerjee) Secretary (Acting) 96 the MANAGEMENT ACCOUNTANT MAY 2015 www.icmai.in
www.icmai.in MAY 2015 the MANAGEMENT ACCOUNTANT 97
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SPECIAL FOCUS INSIDE ‘CMAs can id
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May 2015 Inside COVER STORY MAY 201
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FROM THE EDITOR’S DESK Greetings!
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PRESIDENT’S COMMUNIQUE Certificat
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PRESIDENT’S COMMUNIQUE a “Pract
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ICAI-CMA SNAPSHOTS PP and CCM, ICAI
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COVER PRESIDENT’S STORY COMMUNIQU
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COVER STORY “Business is the main
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COVER STORY COMMUNICATING VALUE TO
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INTERVIEW 'CMAs CAN IDENTIFY BUSINE
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TAXATION OF HOLOGRAMS, FREE WARRANT
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TAXATION present case, we are addre
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TAXATION WIDENING THE TAX BASE Indi
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TAXATION formation about foreign cu
Page 46 and 47: TAXATION Non-resident taxation has
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Page 53 and 54: ordered item which was not in stock
Page 55 and 56: AUDITING EXPLORING MISSTATEMENTS Th
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Page 59 and 60: statement. When Yi ≠ 0 the fracti
Page 61 and 62: PRECISION IS NARROWED DOWN, IF ADDI
Page 63 and 64: INTERNAL AUDIT: ITS ROLE IN CORPORA
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Page 67 and 68: THE INTERNAL AUDITOR, WHO HAS AUDIT
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Page 71 and 72: the future is very positive in Indi
Page 73 and 74: IN THE NEWS THERE IS ONLY TALK OF D
Page 75 and 76: while in the United States, it’s
Page 77 and 78: EMA EMA FOR SUSTAINABLE DEVELOPMENT
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Page 81 and 82: Table 1.3 shows an ideal framework
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Page 85 and 86: National Seminar on "Capital Market
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Page 89 and 90: cept and functions of PB, restricti
Page 91 and 92: As per RBI guidelines, PB refers to
Page 93 and 94: pected to grow at 10-15% annually.
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Page 99 and 100: ECONOMY UPDATES Income Tax CBDT Not
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Page 107 and 108: ELECTIONS 2015 www.icmai.in MAY 201
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May-2015

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