📢 BREAKING NEWS | MINISTRY OF CORPORATE AFFAIRS ISSUES REPORT ON CMA PROFESSION | DARK FUTURE OF CMA
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- Опубліковано 6 лип 2024
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00:01 The Ministry of Corporate Affairs Committee's report on cost audit records and cost audit has serious propositions.
02:50 Preliminary discussion on upcoming changes in cost audit report by 2025
07:31 Rules amended to be applicable to entities other than companies.
09:48 Monetary threshold for cost records and audit amended three times
14:38 Proposed monetary threshold limit for cost supervision mechanism is 75 crores.
16:51 Ministry has introduced a three-year time period for seeing the monetary threshold.
22:00 Maintaining secrecy of cost audit reports
24:02 Statut ERS and cost ERS serve different purposes.
27:57 It is important to read the exact summary and chapter number six of the report.
29:50 Importance of accurate blueprint for cost records
Thank you ❤
Whatever! i am not even watching this video completely. brothers and sisters Remember one thing as we have already got into a course and now we won't step back. jab aur cma's ko job mil sakti h vo succeed ho rhe h to ham bhi apni field mai itna aage jaenge , perfect banenge aur apne liye apna scope bhi khud bana lenge. God will never let your efforts go waste so just ignore these things and keep on working on your dreams.
Thankyou for encouraging ❤
To be honest i really don't care that much about social media Noise, I know my future Will be Bright & we will shine⭐✨ with our degree CMA
Is the ministry wants to eliminate the scope of CMA's in India ... They are just playing with students and professionals.
I think in future they will eliminate the Institute also...
This is so disgusting and embarrassing..
I kindly request you sir please take stand on behalf of CMA's.
Government can do anything. Maybe they will introduce caste system in CA CMA CS. Who knows!
@@gouravagrawal69 Who all agree with me???
For the improvement of CMA Profession
President / VP / Chairman / VC / CCM / RCM must be only practising CMA's
Sadly, most of the above members are practising CA's
If this is not taken care of, then it's better to close the institute or request the Ministry of Finance to merge the CMA with the CA Institute.
@@muhammadhabubacker8890I agree with you
If this gets amended, and cost audit is not mandatory,why would companies hire a CMA?
Nothing will happen to everyone
Don't downfall from ur step near to CMA professional
Lord krishna will protect everyone ❤😊
basically this will going to affect CMAs in practice and not those who are in finance domain. So CMA students I think we should not be discouraged completely for our future but this issue need to be addressed by our institute and feternity to safeguard the interest of students and members.
True
But image to affect hogi na cma as a professional ki
@@Itsokay12349 right
@@Itsokay12349 sahi hai, institute ko kuch karna chahiye
@@Itsokay12349its not a final report we should do protest
Thank God , Atleast Nikhil Sir raised voice and sir thank you for making it understandable 😊
"Absolutely! The institute should pay attention, especially toward FICCI points. From a practical point of view, these points are not very relevant, in my opinion."
In my point of view , I feel good growth of CMA in future and many students and public aware about the CMA Course nowadays, but due to this Report I personally feel it creates the confusion and miserable for the parents and students about scope of CMA. So the Members and faternity need to take some action and analyses the database what the MCA said so we can response to them. Please don't take it as lite, many upcoming future CMA life involved in it.
I really agreed upon your all words.
Your view is completely true.
Yes,
I agree with you
We should raise our voice by commenting on the comment section
Another thing CMA institute need to take effort to have young members. As young members have New and innovative ideas to advertise about our profession. But presently much more old mindset members who actually taking no efforts for developing and promoting our Profession.
Most frequently there are the advertisement of CA institute in Newspapers related to their convocation and admissions. But we can't see any such ads for CMA institute. Why?
@@rohanmaity22sahi kaha hai bhai bilkul parso newspaper mein icai ka convocation dekha tha bahut dukh hua dekh ke ki humara icmai ka kahi news nhi hai 😢
Aligned with FICCI's stance, I emphasize that the current list includes essential products/services such as Petroleum, Telecom, and Electricity/Power. Excessive pricing in these sectors can cause widespread financial strain and limit access, disproportionately affecting the broader population. The presence of monopolies or cartels exacerbates concerns about overpricing, underscoring the necessity for sector regulation to curb these practices and safeguard consumers.
Regarding their second point on the duplication of effort, I share the view that it is not justified.
Additionally, the government should encourages businesses to prioritise cost consciousness through maintaining cost records and cost audit controls. Reducing the scope of cost audits does not encourage businesses to prioritize cost consciousness.
Businesses that are cost-conscious not only achieve profitability but also contribute significantly to economic growth.
Point no 1: In CA inter they are just studying cost accounts basic and in CA final they dont study cost accounts but In CMA inter and final both we are studying cost accounts widely
Point no 2: In CA they never studied about cost audit in inter and final too
In CMA final we are studying about cost audit
Now question is how come CA can do cost audit as FICCI said????
This is totally unfair...without knowledge how can statutory auditor can duplicate work of CMA...
No logic behind it
Costing is not a rocket science in CA inter Costing and management accounting is very difficult than costing in CMA but CAs easily crack costing subjects auditing is very much within their scope so it's good decision
Are bhai CA jitna padhta he costing utna kafi he ..tum abhi Ghar jao
@@rkm9253 🤡
Kabhi ca inter ka costing padh ke dekho fir pta chalega
Dont worry ... our future will be bright of cma ...lord shiva will take care of it ...mahadev shiv ❤ 🕉 namah shivay
JAI SHRI Mahakal
Shri Shivay Namastubhyam ❤
Right bro , har har mahadev 😌🕉️🌸
Cma students before this - 🥰
Cma students after this - 🙂💔
I am literally crying 😢
@@dipanshusaxena7366 😭😭😭😭
💯 true
Ca students are watching in the corner
Guys some people will join CA/CS/ACCA/CFA or any other course after watching this, but you know we have to keep going and not look back! lesgoooo
Government should introduce management audit as well for CMAs..so it covers a wider scope as it covers non financial areas & audit can be perfectly done by all three professionals CA, CS & CMA
Sir I also disagree with all this changes, actually agar sab CA karne lagenge to sathme Corruptions bhi badhege and CA's kisi or profession ki respect bhi Nahi karenge CA ka kam financial statements related and statutory audit and abhi jo authority he bas vagina takhi rakhna chahiye as per my opinion and COST relate har matter ka power CMA kohi rahna chahiye.I really want to grow our CMA industry and jo bilkul unique role play karti he.
I humble request to ministry that ki aap agr in 3 professionals ko sahi se kam alot karoge to in 3 profession ke alava koyi or profession ki jarutahi nahi padegi .
Har bar CMA hi target hota he budget me shayd ministry ko pura element hi karna he hame.
Please sir save Our CMA industry 😢
Sahi hai aur CMAs ko bhi tax audit karne dena chahiye
To chor hi deta hu CMA padhna ..kyu hi pade agar CMA ka future hi na ho to...itna padhai kyu hi karu agar respect hi na ho to..
Let's not worry, as cost audit is just one aspect of the CMA framework. Think beyond auditing-CMAs excel in advising and strategizing to build robust foundations, ensure financial viability, and sustain long-term business operations. That's why they say, 'Behind every successful business, there is always a CMA.
@@aravindhhayagreeva1307 are businesses mai jaga hi na mile to advise du kisko🙂
konsa tuu cost auditor ban jaata cma ban ke chod de bevkuf
@@aravindhhayagreeva1307yeh sab bolne keliyea acha lagta hai
Santosh sir ki video dekho
Tb samjhega apko sb
If this government stays 5 years its over for not just cma's but all the youths in india
Sir, All Points is ok except Turnover criteria specially 3 year preceding wala and one point should be added that is only Biding process for appointment cost auditor in any category of companies like PSU and IBC Process
80% Of Practicing Cost Accountants are not even practicing majorly in cost auditing. I mean most of their revenue comes from tax consultancy & practice. But they should also give tax audits to CMAs it's unfair that only CAs are enjoying monopoly of tax audit.
Most of the cma are in job and tax consultants
CMAs are not that worthy
They lack in TAX expertise
@@psantoshkumar1927 they are highly worthy. It is only in India where CMAs are seen as somethting lesser to CAs.
@@psantoshkumar1927your comparision is like comparing your father & Mother.
Moreover MCA change the rules relating to finance director earlier any CA/CMA/MBA graduate shall be eligible but it was changed to CA only position
Can you share that amendment link?
Ruchir Agrawal Vs Public Enterprises Selection Board & Ors read this verdict by high court
incomplete knowledge. CPSE just said preference to CAs.
Those who entered CMA recently....Like foundation and inter students ( Direct entry)and Also Me...too much demotivated For this news..... Because they came with the dream that they would one day become CMAs ...They are studying so hard and with so much money they are studying tuition, what is the result at the end.??
What will do go for MBA?
Don’t worry about your dreams. They will still be fulfilled. Thunderstorms can’t stop a mighty ship which is on its way to glory 😊
@@CACSCMANIKKHILGUPTA Who all agree with me???
For the improvement of CMA Profession
President / VP / Chairman / VC / CCM / RCM must be only practising CMA's
Sadly, most of the above members are practising CA's
If this is not taken care of, then it's better to close the institute or request the Ministry of Finance to merge the CMA with the CA Institute.
Kya ho rha h yaar ye aise hi hmari market m koi janta nhi h aur jo jante h use v mitana chahte h
institute ki galti hai ye😂😂😂 ca course ka fees kitna low hai or cma ka kitna high hai or study material bhi low quality ka hai.....or cma me student bhi kam hai bhai...market me demnad nehi hoga toh govt toh band kor dega na
@@Mishu787 kisne kha tuze demand nhi h CMA ki
@@Mishu787 aisa nhi h hmara new syllabus ka book dekho best quality material h aur cma ka demand bhot h market m ...
If in near future, it becomes act and come into existence ....i sense that it will drastically reduce the scope of CMA . They won't be doing what they're known for( no scope in practice at all)....... what is the use of doing CMA cuz when they don't have right to conduct tax audit and cost audit is also on the verge on DISAPPEARANCE ........i strongly believes that in future they (CMAs) will be treated as normal graduate or accountant like Bcom/Bcom(H)..... When they won't be having any special power for which they are known for........now, i think it is completely a wastage of time pursuing CMA professional course as we'll be having very minor scope in practice
I have just started to prepare for inter g-1 should I quit or should I continue because after this video I feel demotivated for my career😢
@@jayshreemaharana7072 Prepare for it, don't believe in this shits
@@jayshreemaharana7072same doubt here someone please suggest
@@jayshreemaharana7072 you can continue as i can see there is scope in employment buy in case practice it is very narrow ....... although 95% Qualified CMAs go for employment not for practice .....such report doens't have any bearing on employment
Don’t worry about your dreams. They will still be fulfilled. Quitting is not an Option. Thunderstorms can’t stop a mighty ship which is on its way to glory 😊
sir , can u plz summarise this video and tell this safe for student to persue cma course , give us a valuable advice ?
Third grade Finance Minister, who is to take care of only big corporates
Hai Nikhil sir, please support for us, and make one group for all cma as well as for students...so that all of them can join in one and all we can support our institute for our future...since u r a famous teacher we all know about you, if u think(support))/that we can chance this definitely... This proposal will be withdrawn soon❤❤❤
Not at all acceptable.
The members of the institute and students must have to take action about it asap.
How can ficci's compared ca and cma and shown cma as a duplication of work..
Need not to be tolerate in any case
Its a draft news which never comes true 💯
As a CMA students we have to take stand for our institute and for our career too.
Cma is our pride we cant see it down in any case
This is not at all entertainment
For the improvement of CMA Profession
President / VP / Chairman / VC / CCM / RCM must be only practising CMA's
Sadly, most of the above members are practising CA's
If this is not take care then its better to close the institute.
Sir ky krein chor dein ab?? Agr degree hath me aane k baad pta chle value ni h to abhi left kr dete hain career bnane k 4 5 saal to ni waste honge....
Don’t worry about your dreams. They will still be fulfilled. Quitting is not an option. Thunderstorms can’t stop a mighty ship which is on its way to glory 😊
Thank you so much for your support which would pave way for the future CMAs
I hope you are only one person who bought this issue to everybody notice other members are sleeping
Already my parents are not with me that i Choice CMA
only i know how i have encouraged my parents i want to Do CMA . After this i feeling so Demotivated .
Same bro 😭
pass intermediate exam of cma and join CA. last option for you
@@Ichigo-gp9vq are you doing CA
Same bro they always tell me to do CA , always they ask the same question what is CMA , Do CA
@@vickybharadwaj19 Ya im doing both
Sir can we as a student express our opinion or suggestion on this to ministry or Institute? Are we authorized to do so.
Yes you also can comment upon this on mca website
Disclaimer -: Jo bhi hoga sab accha hoga ...Sab ache ke liye he hota hai ... 💪.
I think future is very uncertain and we should not be discouraged from such news. We CMAs are very capable of doing work in various field and not limited to Cost audit i think future of CMA is very secure we just need to explore new field other than traditional jobs I myself focusing on Persuing career in Finance and consulting rather than Core traditional jobs where supply is already higher than demand So guys don't be afraid or demotivated irrespective of any course it is necessary to adopt and change with the environment
How can the turnover of the specified products directly increase by 3 times????
A institution made under a law, is being undervalued from years and rather than encouraging the students and the industry, other related institutions are disregarding the profession..
How can Companies in a developing country like India increase their turnover by 3 times???
More accurate calculations are required by the ministry..
It's hard to hear in 22:38 , better ask ca not conducted any form of valuation of the inventor or records of inventory and to focus more on statutory. Duplication of work is a jock, as who gives the dates to whom
Hello sir, I've purchased your online Google drive classes this morning.. I wanted to ask when will the link would come ?
Sir Please Make Strong Effort For This ......Very Lakhs Of Students Are Behind U 😢😢
I don't think FICCI report will have any adverse effect on the profession as it is a non governmental organisation and there are other such organisations who thinks otherwise. We need proper representation in the finance ministry who can put our demands and suggestions before the ministry and convince them to do justice with the profession.
Great initiatives for making frauds easier and disrupting the livelihoods of practicing CMAs.
I personally believe FICCI's comments given by someone who never worked in this field...we should raise our voice on such comments and I am really shocked that such bodies are commenting so casually on very old profession
Abhi ye rule implement toh nhi huaa hai na??
Sir if anything we can do, please suggest us. Because only MCA's view is not relevant.
Why do ministry take all decisions by their own? Are peoples of country not important in terms of decisions . If government is taking some decisions and it is absolutely affecting certain community it is a duty of government to get reviews and feedbacks of every member of such community and make changes accordingly.
I am not agree with you. This will increase the scope of CMA in practice and in employment.
This is not acceptable. Seriously they should give a second thought to this.
It hurts me 😢
Bigboss mjhe hurt hora hai...
Nikhil Sir please make a video on best career options for our future. Its a request 🙏
Is tax Audit also duplication ?
What scope do CMAs have other than having the statutory power to do cost audit?
A lot of scope.
Sir the problem is we were not able to provide our stakeholders the value addition of cost audit report. The format of the cost audit report itself forfeit it's
objective. HSN wise reporting , no proper training on cost audit , non adressal system for members, no practical aspects covering , no study on current scenarios or industries wise study bus Hume chahiye tax audit. The institute is not working on its core area. Bolte hai to they says humne kafi accha kiya hai .
That is shameful and harsh , turnover extension is not acceptable
Why this is not acceptable?
@@ajayvarmakunaparaju3168cost audit aur kam hoga 🥲
Most of the companies will not be requiring cma anymore as turnover is increased to 75 crore
Share video in mass
@@ajayvarmakunaparaju3168 The government should actively promote cost consciousness among businesses by advocating for the maintenance of comprehensive cost records and stringent cost audit controls. Limiting the scope of cost audits undermines this effort to prioritize cost consciousness.
Furthermore, as professionals, increased competition is crucial. Currently, our opportunities are restricted by statutory limitations such as turnover thresholds and limited coverage of products/services, unlike chartered accountants and company secretaries who can conduct statutory audits and secretarial audits for up to 20 companies.
Jo cma job krna chahte h to uspe koi effect nahi pdegi na iska??
Agar practice mein scope nahi hoga toh practice wale bhi job mein hi ayenge which would lead to Less demand and more supply in corporates.....Bcom k bhau mein taab cma grats ko naukri milega.....
Really this is not acceptable at all .how FICCI can give a negetive view for such a oldest institute and i think if india want to be independent and want to make in india programme successful then cost audit and cost record are very much essential ,really this is a disheartened news😢
Better make comprehensive audit for cost and statutory audit and make any one cost accountant or chartered account can certify cost or stat audit or tax audit under income tax .As two auditors to certify certain items which are common like stock valuation - true and fair value etc. As tax implication is based on profits / loss which primarily relies on cost data, it is high time that cost audit data to be incorporated in tax audit and better both the professional should go through the cost assignments/ apportionments / etc. and as such a balanced approach to be taken for the betterment of industry , government and allow both the professionals to undertake audit whatever financial or statutory or tax or cost audit. IN a way both the institutes can be merged for betterment .
Same balance sheet filed with tax audit 3cd attached aoc4 it mes tax audit is also duplication ?
Sir I had just cleared the foundation exam what should I do now please suggest me. I had taken the decision against of everybody and today my decision is proving wrong. Should I register for inter or not. Sir plzz reply
Go ahead. This report is relevant only to those who want to practice or are practicing. If you have decided to do a job or apply for The Cost Accounting Service Examination then you should continue and complete the course and required training.
Instead of CMA please do CA or do CA & CMA in parallel. This is the right time for you to switch.
Don’t worry about your dreams. They will still be fulfilled. Thunderstorms can’t stop a mighty ship which is on its way to glory 😊
@@CACSCMANIKKHILGUPTA For the improvement of CMA Profession
President / VP / Chairman / VC / CCM / RCM must be only practising CMA's
Sadly, most of the above members are practising CA's
If this is not taken care of, then it's better to close the institute.
Sir i am 25 years. Mere pass cma ke always koi option ni hai avi kya karu sir ab. Cma choor du kya. 25k ki koi naukari dhund lu kya😢😢
Don’t worry about your dreams. They will still be fulfilled. Quitting is not an Option. Thunderstorms can’t stop a mighty ship which is on its way to glory 😊
MCA m kafhi CA h or vo chahate hi ni cma rhe future m or yhe institute bhi rhe islia yhe sb report m likha h or abhi power h icai k pass kafhi vo kr bhi skte h ower profession is in risk we have to fight for us ...
We can raise our concern to MCA, but no matter what, jab CMA choose Kiya hey, CMA complete karna hey।
To sir hum padhai kyu kar rhe hai itna agar cma ka value hi nehi hai to😢
Don't worry, despite recent concerns raised by the MCA regarding cost auditing, studying for the CMA certification remains valuable. It equips you with essential skills in cost accounting, strategic management, and financial analysis, which are highly respected in business. CMAs play crucial roles in helping companies build strong foundations, manage finances effectively, and achieve long-term success. Earning the CMA certification opens doors to diverse career opportunities in finance and management.
This is not acceptable at all sir.. I mean it's so disheartening and humiliating for CMA students and fertanlity. Our institute must have to do something on it.
And this rule should not be applicable .
Is this amendments are affecting the cma students and cma professions
Please guide me about IOTP training. How can I book and how many days in advance should I book for IOTP training
Sir thank you 🙏for taking stand on behalf of all upcoming cmas (Students) as we are putting so much of our time, efforts,money while pursuing this course and by this report they are decreasing the scope of cma . Then what will be the benefit of doing cma our future is seriously in danger 😢
Don’t worry about your dreams. They will still be fulfilled. Thunderstorms can’t stop a mighty ship which is on its way to glory 😊
@@CACSCMANIKKHILGUPTA thank you sir for your kind words 🙏
I recently passed my 12 class and I already registered for cma foundation exam (dec 24) but after hearing this news it's better for me to do ACCA AND CPA . Felling really bad for intermediate and final students who work really hard.
There is nothing feel bad..Its just a preliminary reports and not final report.. And if u worry about the FCCI comments, kindly check the other comments you will feel good
Don’t worry about your dreams. They will still be fulfilled. Thunderstorms can’t stop a mighty ship which is on its way to glory 😊
5 sector deleted
16 sectors added on the recommendation of CBIC and CBDT
Yes, it’s a win for us ❤
I was about to start my studies for the dec24 attempt and was motivated, but now I feel so demotivated about my concern about the future of CMA🙂💔
Don’t worry about your dreams. They will still be fulfilled. Thunderstorms can’t stop a mighty ship which is on its way to glory 😊
@@CACSCMANIKKHILGUPTA 💗
Its better to do cima after doing cma
This is not acceptable at all!!
Guys mca k website pe jake is report k uper comment kro sare taki inko pta lge kya kr rhe humare sath !
Av open hai report for comment
Then we should quit cma?😢
😮😮😢😢😢
Aisa lg rha koi crime kiye CMA me aa ke
Don’t worry about your dreams. They will still be fulfilled. Thunderstorms can’t stop a mighty ship which is on its way to glory 😊
sir so what we have next to do?
Wait for the institute comment and than decide if you still wants to continue this course
Applicability based on company as well as product turnover should be between 10-20 Cr. For cost audit & records
75 Cr. Of product for cost audut Not good for CMA profession
Applicability for company as well as other is good
My view on FICCI comment past event occur many fraud, scandal occurred however such organisation statutory audit also conduct and auditor give true and fair review on FS.
So cost audit and keeping cost records not a duplication of work.
Strongly disagree on threshold not acceptable at all they should not increase it.
Do you want to wipe of Career of CMAs ..
Min.of corp affairs 😡
should I choose CMA as my carrier or not ?
Just take a pause and observe ongoing and future trend about this ...... If this drafted becomes act then I don't think so there is any scope left in CMA cuz cost audit which we are known for already has a narrow scope but implementation this will reduce it to an extent ......and who knows it might be abolished in future
@@Rahul_purv bro I was going to register for the intermediate tommorow..and now I saw this..
@@vishalgarg1498 yea
@@vishalgarg1498Agar ho sake toh CA me admission lelo. CA foundation september me dekar agey badh jao.
@@Ichigo-gp9vq agar aise he kerna h to cs zada bdiya rhega kyoki phir ussme foundation bhi nhi dena pdega mujhe
Sir please do something 🙏😢our future in danger, ministry should not play with our future, ☹️😩
Don’t worry about your dreams. They will still be fulfilled. Thunderstorms can’t stop a mighty ship which is on its way to glory 😊
@@CACSCMANIKKHILGUPTA hope so sir 🤞
@@CACSCMANIKKHILGUPTA Who all agree with me???
For the improvement of CMA Profession
President / VP / Chairman / VC / CCM / RCM must be only practising CMA's
Sadly, most of the above members are practising CA's
If this is not taken care of, then it's better to close the institute or request the Ministry of Finance to merge the CMA with the CA Institute.
Im currently in 12th grade.. Always dreamt of becoming cma and now this new has completely broke me.. Left me with full of confusion... Wt should i persue idk... If the scope for cma will reduce taking it will be a risk..
Don’t worry about your dreams. They will still be fulfilled. Thunderstorms can’t stop a mighty ship which is on its way to glory 😊
Icmai should take strong stand against this, for students ❤❤
I guess after this report CMA instuite may adopt policy to even give exam paper mote difficulty nothing more than that
Sir we Will share
For the improvement of CMA Profession
President / VP / Chairman / VC / CCM / RCM must be only practising CMA's
Sadly, most of the above members are practising CA's
If this is not take care then its better to close the institute.
Their comments r funny... i dont know how to react... seriously???? Am speechless. Is this our future???
If there is no need for a cost audit, then why does it even exist? It would mean they have just been wasting time for 65 years.
Instead of eliminating profession directly or indirectly why dont they think to give more powers to cma professional, instead of comparing cma and stat auditor focus on improving scope of cma it will be more beneficial in current and future competitive environment. They put limits on scope of cma now again thinking to reduce scope of cma by comparing it with stat audit,increasing threshold limits is not good.
@@user-bn4xb1cw2y Who all agree with me???
For the improvement of CMA Profession
President / VP / Chairman / VC / CCM / RCM must be only practising CMA's
Sadly, most of the above members are practising CA's
If this is not taken care of, then it's better to close the institute or request the Ministry of Finance to merge the CMA with the CA Institute.
Good evening sir
By Seeing this, it's time to Quit CMA and Should go for CA😢
MCA set-up one Committee with something sense not unnecessary for decreasing scope or anything many things on the way
Unsatisfied news about CMA student & in future will be create problem 😢😢
Agar limit increase kar di too positive approach rakhe ki CMA badi companies main hi ache lagte hai❤
Par itne saari badi companies nahi hai na or cma bohot hai to log unemployed ho jaayenge
Due to this mess not able to focus on studies what to do now
In companies they prefer IIM over than CA if IIM comes what happen to CA guys nothing happend , this was also same don't worry , you can do all as Cma not only cost audit 😅
Whi Bhai Grass is greener on other side
Sbko apni cheez bekar hi lgti hai
FICCI comments are very irrelevant
Not expected from FICCI
Kya kre bhai should we continue or not?
Even if the turnover limit has been increased there is still Inclusion of some Major sectors. I think the report is both good and bad in different aspects.
whats gu as in point of view of cmas????
In place of existing Table-A & Table-B, combined list of industries/sectors/products/ services
has been recommended.
- Recommended inclusion of the following:
o Gems & Jewellery; Films, Media & Entertainment; Waste Management; Hospitality
(Hotels etc.); IT Services; Companies involved in Food Processing; Quarrying; Paints &
Varnishes; Online Information & Data Retrieval; Sheets for Veneering; Particle Board,
Fibre Board & Plywood; Tiles & Marble; and Ceramic Items.
o Specialized vehicles for defence, police forces, paramilitary forces, space and atomic
energy procured by Government.
o Uncoated Kraft Paper and Paperboard; and Corrugated Paper and Paperboard (CTA Code-
4804 and 4808) in Pulp and Paper
o Construction services related to infrastructure projects of the Rail systems, Metro rail
roads and other railway related services; Irrigation, dams, and flood control waterworks;
Urban and Rural housing including public/mass housing upto carpet area 60 sq. mts.
o Storage for Agro products covered under PDS
o Unarmed Aircraft
- Proposed exclusion of few sectors viz. Glass, Milk Power, Rubber, Coffee & Tea. However, it said
that Government may take a view in each sector in consultation with the concerned
Ministry/Department.@@sunny-gh6vy
@@sunny-gh6vy In place of existing Table-A & Table-B, combined list of industries/sectors/products/ services
has been recommended.
- Recommended inclusion of the following:
o Gems & Jewellery; Films, Media & Entertainment; Waste Management; Hospitality
(Hotels etc.); IT Services; Companies involved in Food Processing; Quarrying; Paints &
Varnishes; Online Information & Data Retrieval; Sheets for Veneering; Particle Board,
Fibre Board & Plywood; Tiles & Marble; and Ceramic Items.
o Specialized vehicles for defence, police forces, paramilitary forces, space and atomic
energy procured by Government.
o Uncoated Kraft Paper and Paperboard; and Corrugated Paper and Paperboard (CTA Code-
4804 and 4808) in Pulp and Paper
o Construction services related to infrastructure projects of the Rail systems, Metro rail
roads and other railway related services; Irrigation, dams, and flood control waterworks;
Urban and Rural housing including public/mass housing upto carpet area 60 sq. mts.
o Storage for Agro products covered under PDS
o Unarmed Aircraft
- Proposed exclusion of few sectors viz. Glass, Milk Power, Rubber, Coffee & Tea. However, it said
that Government may take a view in each sector in consultation with the concerned
Ministry/Department.
Agree with that Keshav
Not surprised vulture capitalist chambers like FICCI would want less compliance and oversight for the industry. I don't disagree with the ministry offering to review the cost accounting standards but I don't think it'd be a good idea to deregulate even further.
Apprehension that the turnover threshold will reduce the scope is Academic and without any statistics.
If you ask any practitioner they are finding it will widen scope because most of the companies has earlier threshold 100 Cr which is now reduced to 75 cr.
It's good effort to make students understand, however it could have been better to include views of practitioners. Students are unnecessarily getting confused bcoz of such wrong presentation.
Ca institute ko bhi Aisa regulations lao
Previously, aggregate turnover of individual product or products , service or services for regulated sector was 25cr+ and for non regulated sector it was 35Cr but as per new Purposal, it's 75 cr for both sectors....... And Overall turnover for all products and services for Regulated sector was 50cr and for non regulated sector was 100cr. Previous, company needed to satisfy both criteria for cost audit but as per new recommendation/proposal, they need to satisfy criteria only AT of individual product or service not along with overall turnover....... It would have been better if they had kept only criteria for cost audit which AT from individual product or products service or services same as before ( 25cr and 35cr) but it is 75cr...... I think, it definitely affects those who prefer practice over job
Harshad Sir, please consider the following example:
Turnover of a Company which produces 2 goods is as follows:
Covered goods - INR 40 crores
Non-covered goods - INR 80 crores
Total TO - INR 120 crores
As per the existing rules, the company shall be eligible for cost audit, but as per the proposed rules, the Company will be out of the purview of Cost Audit. Hence, some multi-product companies might be out of purview of cost audit as per the proposed Rules.
Although I understand that there are several provisions which will enhance the scope of cost audit as well in the report. At the same time we shouldn’t loose sight of the negative aspects as well.
As suggested by you, I will make detailed video for guiding the students on all the aspects of the report 😊
@@CACSCMANIKKHILGUPTA sir I ll be available for any help.