ICAI recommended digital transformation in Cost and Management is requirement for our future generation


New Delhi, July 01, 2018: The Institute of Cost Accountants of India, a premier professional body, the 2nd largest Cost & Management Accounting body in the world and the largest in Asia, in association with South Asian Federation of Accountants. ICAI South Asian Federation of Accountants (SAFA), a forum of professional accountancy bodies, committed towards maintaining and developing the accountancy profession in SAARC Region and ensuring its continued eminence in the world of accountancy in the public interest and en route for economic sustainability organized SAFA International Conference 2018 on the theme ‘Professionals of the Future: Thoughts on 2018 & Beyond’. Shri PP Chaudhary, Hon’ble Union Minister of State for Law & Justice and Corporate Affairs inaugurated the event.

Speaking at the conference Mr. Sanjay Gupta President of The Institute of the Cost Accountants of India Said “The theme of the Conference ‘Professionals of the Future: Thoughts on 2018 & Beyond’ emphasized the areas of professional challenges and the opportunities that come along as avenues for future growth. Digitalization has challenged professional service sector to rethink internal structures and thereby better deliver services and maximize profits in an increasingly digitalized age.”

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 But at the same time, it also will require considering how automation will impact jobs. To complicate this even further, overall the workforce composition is changing. ICAI Transforming into a truly digital business is much more than just implementing new technology to meet the demands of a digital age. It’s more than keeping up with the deluge of transformation happening all around us. Digital transformation is about understanding how to harness these changes and incorporate them into your apt business strategy. The Conference provided a wonderful forum for refreshing knowledge base and offered plenty of networking opportunities, providing the delegates with the opportunity to meet and interact with the domain experts, corporate, professionals and academicians across the world. In his speech he also mentioned we the fraternity of Cost and Management Accountants on continuous basis, pursue as to how to create value in terms of any transaction by proper application of cost & management accounting tools in today’s highly cost competitive world for the benefit of our future generations.

Sh. Piyush Goyal Hon’ble Union Minister for Railways, Coal, Finance and Corporate Affairs while delivering his address to the participants emphasized on the important role the Cost and Management Accountants (CMA’s)and other professionals have to play in the days to come to shape up the Indian economy which is a fastest growing economy having huge market of 1.2 Billion people. The present government under the able command of Honorable Prime Minister Shri Narendra Modi, is leaving no stone unturned to ensure best of the basic amenities to the masses of India including food quality housing good connectivity through better road and other infrastructure by the year 2022. He said all this is possible with sincerity, honesty and dedication of all. The professionals have a pivotal role to realize this dream of a vibrant, progressive and dynamic new India.


The Institute of Cost Accountants of India (ICAI)

The Institute of Cost Accountants of India (ICAI)is a statutory body set up under an Act of Parliament in the year 1959. The Institute as a part of its obligation regulates the profession of Cost and Management Accountancy, enrolls students for its courses, provides coaching facilities to the students, organizes professional development programmes for the members, and undertakes research programmes in the field of Cost and Management Accountancy. After an amendment passed by Parliament of India, the Institute is now renamed as ”The Institute of Cost Accountants of India” from ”The Institute of Cost and Works Accountants of India”.

This step is aimed towards synergizing with the global management accounting bodies, sharing the best practices and it will be useful to large number of trans-national Indian companies operating from India and abroad to remain competitive. With the current emphasis on management of resources, the specialized knowledge of evaluating operating efficiency and strategic management the professionals are known as ”Cost and Management Accountants (CMAs)”. The Institute is the 2nd largest Cost & Management Accounting body in the world and the largest in Asia, having approximately 5,00,000 students and 74,000 members all over the globe.  The Institute is headquartered in Kolkata having four Regional Councils in Kolkata, Delhi, Mumbai and Chennai, 95 Chapters in India and 9 overseas Centers. The Institute is a founder member of the International Federation of Accountants (IFAC), the Confederation of Asian & Pacific Accountants (CAPA) and the South Asian Federation of Accountants (SAFA).

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