In this issue

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. The Institute also pursues the vision of cost competitiveness, cost management, efficient use of resources and structured approach to cost accounting as the key drivers of the profession.

The Institute is also successfully publishing its pioneering Journal, ‘The Management Accountant’ since 1966. This Journal is being published keeping in mind the needs of the Cost and Management Accountants (CMA), and provides wide knowledge on the recent developments and changes in the global and national financial scenarios. The wide circulation and inputs from academicians, researchers and industry stalwarts are the keys to the success of this journal.

Post Covid-19 Advantage India

Between military wars and biologic wars, the latter is more damaging and unpredictable as the impact made by COVID-19 on the global economy was far from anybody’s initial expectation. No one can correctly predict the extent to which the global economies would be impacted by COVID-19. This scale of lockdown has happened first time in the human’s known history where every economic activity is closed except production and transportation of essential goods and services. This is unprecedented. The United Nations has termed this crisis as the worst we have seen since World War II. But there is a saying that every crisis also brings opportunities and necessitates creative solutions; or the progress comes from dire situations. It was once said that never let a crisis goes to waste. This is what India should be looking at.

10+ mins

ECONOMIC IMPACT OF CORONA

As the devastating impact of Corona on the economy is quite perceptible, we have to look for the remedial measures and implement it before it is too late. Although the remedial measures are quite visible but government seems to be hesitating in implementing those remedial measure. The basic reason behind this hesitation of the government is “Academic Dishonesty” about Modern Industrial Capitalist Economic System. Due to this “academic dishonesty” the academic world portrays Capitalism as a self-sustaining system which it certainly is not. It is due to this “academic dishonesty” any stimulus/rescue package to economy is seen as “undue favour” to big industrialists. However if this “academic dishonesty” is dropped and the truth about basic nature is accepted i.e. capitalism is not a self-sustaining system and it is artificially sustained system then any kind of stimulus/rescue package to industry will be seen as “natural course of the thing” not as undue favour to “big industrialists”. This articles captures the “oldest academic debate” about the basic nature of capitalism (which got underway in early 19th century itself) and explains the ongoing crisis from that point of view. This article also exposes the duplicity of modern day text-book economics.

10+ mins

IMPACT OF CORONAVIRUS IN PREPARATION OF CORPORATE ACCOUNTS AND THE ROLE OF CMAs

The impact of the pandemic Covid-19 on the world economy, financial markets and business operation of the companies in both manufacturing and service sectors are phenomenal all over the globe. Nobody knows when this devastation will be over. With the deaths of millions of people all around the world caused by this deadly virus all nations including India will have to seriously reassess and reallocate the budgetary resources for medical, public healthcare, R & D and social security which has been neglected so far. This Article has made an attempt to highlight some of the areas where there is a need for reassessment, revaluation and modification to be made by the CMAs in preparing Annual Accounts for the year 2019-20 as also the role of Cost Auditors in this regard.

7 mins

Covid-19 - Its Impact And Opportunity For Indian Economy

Every fall in the economy can be seen as a new opportunity. The spread of pandemic by Corona virus has made a huge disruption in economic activities, resulted the biggest loss to the global economy in a small period of time. The silver lining of Covid-19 is that it has generated a huge demand of personal hygienic and protective equipment world over. Also there is a high demand of paramedical and cleaning staff. Government quick and pro-active measure may be a game changer for Indian economy.

3 mins

INTERVIEW - Prof. (Dr.) Basab Chaudhuri Vice Chancellor West Bengal State University Barasat, North 24 Parganas, Kolkata

Professor Basab Chaudhuri, Ph.D. (Tech) in Chemical Engineering from UDCT, Mumbai (now ICT) was a Lecturer, Senior Lecturer, Reader, Professor and then Registrar of the University of Calcutta, spanning a period from 1991 to 2015, before joining the post of Vice Chancellor of the West Bengal State University, Barasat in 2015, and where he has been working now. During his academic career, he was an active researcher and worked in various capacities in the Netherlands, the USA, South Korea, and other places. He got several gold medals for best publications in journals. He was an INSA - KOSEF research scientist. He was a Fulbright - Nehru Academic Administration awardee. He loves to read and write. Basab Chaudhuri’s profile is given in Researchgate. He believes in the dictum, “To thine own self be true.” He loves his students and colleagues and tells them to remain reflective and humane in spite of everything.

10+ mins

FROM PENCILS TO iPADS: EVOLUTION IN INSTRUCTIONAL TECHNOLOGY

In nutshell, there has been a gradual yet vital evolution in the field of instructional techniques being backed by a change in the technology, medium, concepts and the approach. The invention of computers and the internet has been the game changer. With the changed time has changed the most sought after skill too. Today, the most important learning has become how to learn quickly and on oneself. The most sought after skill has become disruption which involves rethinking processes, concepts & outcomes, challenging them and building a better model. The experience of working with people from different communities, cultures and countries has become the key to survive in MNCs, which is being developed at the school and college level itself by doing international tie-ups and by offering international secondments. The evolution of artificial intelligence and machine learning has paved way to new horizons. An immense change is knocking on the door and it is believed that such a change will redefine the field of education.

7 mins

A STUDY ON EFFECTIVE APPLICATION OF PPP MODEL - IMPLEMENTATION OF NEP - 2019

Based on the history and culture of ancient India, education is not considered only a means of acquiring knowledge, rather it is needed for the purpose of complete realization and liberation of the self. So each and every citizen must be required to be brought under the light of education and for that particular purpose, an appropriate education policy should be framed by the Government. The main aim of introducing new education policy, 2019 is to ensure quality education in India for a span of 20 years i.e. from 2020 to 2040. New Education Policy emphasized on the five pillars of education – Access, Equity, Quality, Accountability and Affordability. This study shows the essence of the New Education Policy and also proposes the effectiveness of PPP model for the implementation of such policy throughout the entire nation.

7 mins

ONLINE COLLABORATIVE LEARNING: A MOTIVATIONAL STRATEGY FOR STUDENTS

Collaborative learning helps students to communicate with each other and with the material which is provided in the sessions. It is a removal of traditional lecture method of teaching. This article focuses on implementing collaborative learning into accounting classes with a motive to generate more active student learners with the help of interactive sessions. It attempts to suggest strategies to deal with challenges and pitfalls with the application of Online Collaborative Learning (OCL). “Teachers need other Teachers. This is not a job that can be done alone. Collaboration and friendship are vital in keeping teachers sane and happy. - Anonymous

6 mins

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The Management Accountant Magazine Description:

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. The Institute also pursues the vision of cost competitiveness, cost management, efficient use of resources and structured approach to cost accounting as the key drivers of the profession.

The Institute is also successfully publishing its pioneering Journal, ‘The Management Accountant’ since 1966. This Journal is being published keeping in mind the needs of the Cost and Management Accountants (CMA), and provides wide knowledge on the recent developments and changes in the global and national financial scenarios. The wide circulation and inputs from academicians, researchers and industry stalwarts are the keys to the success of this journal.