Archive for April, 2009

Profession, Professional, Professional Body & Professionalism- 7 ICSI

Thursday, April 23rd, 2009

This is part 7 and concluding part of the topic Professional Body and Professionalism by CMA B V Prabhakar. He discusses on how accounting bodies IMA-USA, ICWAI-INDIA & ICSI-INDIA apply the above principles.

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THE COMPANY SECRETARIES ACT, 1980

ICSI, being a statutory body is regulated by the CS Act and for the management of the affairs and for discharging the functions assigned to it by the CS Act , there is a Council of the Institute.

Every member of the Institute is entitled to designate himself as a Company Secretary.

There are two classes of members,

c) those who are in practice and

d) those who are otherwise occupied.

 

The practising members conduct secretarial audit, annual return certifications and various other statutory certifications. Conducting of such statutory audits and certifications require high degree of competence and proper professional conduct.

The Council has been empowered to institute any enquiry into cases where it is prima facie of the opinion that a member is guilty of professional or other misconduct.

Professional misconduct defined

Section 22 of the Act read with the Schedules to the Act , contains an illustrative, though not exhaustive definition of “Professional misconduct”. These constitute the Code of professional conduct applicable to Company Secretaries.

Professional Misconduct falls under the following categories:

FIRST SCHEDULE:

Part I : Professional misconduct in relation to Company Secretaries in Practice

Part II : Professional misconduct in relation to Members of the Institute in service

Part III: Professional misconduct in relation to Members of the Institute in generally

Part IV: Other misconduct in relation to Members of the Institute generally

SECOND SCHEDULE:

Part I : Professional misconduct in relation to Company Secretaries in Practice

Part II : Professional misconduct in relation to Members of the Institute generally

Part III: Other misconduct in relation to Members of the Institute generally

“Other Misconduct”

A member is liable to disciplinary action under the CS Act, if he is found guilty of any professional or “other misconduct”.

“Other misconduct” as listed in Part III to the Second Schedule has not been defined in the Act but this provision empowers the Council to enquire into any misconduct of a member even if it does not arise out of its professional work. This is considered necessary because a Company Secretary is expected to maintain the highest standards of integrity even in his personal affairs and any deviation from these standards, even in his non-professional work, would expose him to disciplinary action.

“Other misconduct” would also relate to conviction by a competent court for an offence involving moral turpitude punishable with transportation or imprisonment or to an offence not of a technical nature committed by the member in his professional capacity.

DISCIPLINARY ACTION AGAINST PROFESSIONAL MISCONDUCT

ICSI has a three-tier mechanism to deal with Professional misconduct of its members – Disciplinary Directorate, Board of Discipline & Disciplinary Committee.

Disciplinary Directorate makes investigations in respect of any information or complaint received by it.

1)If the member is guilty of any professional or other misconduct mentioned in the First Schedule, Disciplinary Directorate places the matter before the Board of Discipline.

2)If the members is guilty of any professional or other misconduct mentioned in the Second Schedule or in both the Schedules, Disciplinary Directorate places the matter before the Disciplinary Committee.

The Board of Discipline and Disciplinary Committee on referral by Disciplinary Directorate, after affording the member an opportunity of being heard make an order and take any one or more of the following actions:

d) reprimand the member

e) remove the name of the member from the Register

f) impose fine

For the purpose of an inquiry under the provisions of CS Act, the Disciplinary Directorate, Board of Discipline & Disciplinary Committee have the same powers as are vested in a civil court.

 

QUALITY REVIEW BOARD

 

CS Act provides for establishment of Quality Review Board to perform the following functions:

a)to make recommendations to the Council with regard to the quality of services provided by the members of the Institute

b)to review the quality of services provided by the members of the Institute including secretarial services; and

c)to guide the members of the Institute to improve the quality of services and adherence to the various statutory and other regulatory requirements

ICSI CODE OF CONDUCT AND ETHICS FOR COUNCIL MEMBERS AND SENIOR MANAGEMENT OF THE INSTITUTE

There is a dramatic increase in the expectations of members, students and other stakeholders that all those who are vested with policy/decision making should act and conduct themselves as per certain ground rules of ethical conduct. The purpose of this Code is therefore, to lay down certain ground rules to promote ethical conduct and good practices and to deter wrong-doing. The purpose of the Code is also to make the relationship mutually pleasant and productive and to enhance the sense of community with common values and mission. Further Code of Conduct shall be a step towards ethical decision making in which strategic management decisions result from due deliberations and objective analysis of facts, distanced from personal biases, leanings, subjectivity or emotional perceptions.

The Code is designed to assist in defining appropriate personal and professional conduct, to provide guidance in the identification and resolution of ethical issues, and to help the members of the Council and the members of the Senior Management of the Institute to maintain the culture of honesty, integrity, transparency and accountability.

The Code of Conduct shall be in addition to and not in derogation of the Code of Conduct to members of the Institute as regards the Council Members and the Code of Conduct laid down in the ICSI Service Rules as regards the members of the Senior Management. Every Council Member and Member of the Senior Management must comply with the letter and spirit of this Code.

SEMINARS, MANAGEMENT DEVELOPMENT PROGRAMS, PROFESSIONAL DEVELOPMENT PROGRAMS, REGIONAL & NATIONAL CONVENTIONS

ICSI regularly conducts seminars, MDP, PDP, Regional & National conventions to enable Members participate in the same to deliberate and update their knowledge in the areas of Company Law, Competition Law, Industrial & Labour laws, WTO, Intellectual Property Rights, Corporate Governance, Capital & Financial Markets, Mergers & Acquisitions, Securities Management, Joint Ventures, Foreign Collaborations, etc.

CONCLUDING REMARKS

Thus, we can see that these Professional Institutes are striving hard to inculcate and maintain professionalism in their Members by keeping them trained, updated and informed of latest developments in their professional field, in the present era of globalization as well as enforcing a code of conduct and ethical behaviour.

SATYAM EPISODE & PROFESSIONALISM

Satyam episode has brought out clearly the importance of professionalism among professionals. It has clearly embarrassed professional folks, as various professionals have failed to exercise ethical standards and professional conduct:

- Internal Auditors (Incidentally, the Internal audit department of Satyam bagged the Best Internal Audit Department award from Institute of Internal Auditors, USA)

- External Auditors (One of the Big4)

- Company Secretaries

- Independent Directors

- Audit Committees

What were these professionals doing while the fraudulent activities of gigantic proportions were going on allegedly for so many years, will be the question raised by Professional fraternity, Investment community and General public alike.

There could have been four scenarios:

1) These professionals would have been part of the fraud, in which case they clearly failed the test of professionalism. If media reports are to be believed, the external auditors One hopes the law will it course and will be allowed to take its course.

2) These professionals would have been unaware of the fraudulent activities. This again raises questions on the Competence of these professionals in their failure to locate the fraud of such proportions. Clearly, there is a need for a relook on Auditing Standards, Accounting Standards, Auditing Sampling Methods, Functioning of Independent Directors and Audit Committees

3) These professionals would have known the fraudulent activities but were afraid of losing their jobs if they turn whistle-blowers. This brings out the need for a law in India for protection of Whistle-blowers assuring their jobs in case the professionals function as Whistle-blowers. Professional Institutes should also come out strongly in favour of their Members who turn whistle-blowers and must help them.

4) These professionals would have known the fraudulent activities but were not aware or sure how to proceed to inform the relevant authorities. Here comes the role of Professional Institutes in helping their Members to provide a Helpline and appointment of Ethics Counsellor to help such Members in resolving the ethical conflicts. Further, it would be appropriate for the Professional Institutes to include certain hours of Ethical topics as part of CPE ala IMA, USA.

Professionalism is just not about possessing the necessary skills & competence to discharge professional duties but also discharging such duties with other qualities - honesty, integrity, objectivity, due diligence and discretion.

In the wake of corporate scams like Enron, Worldcom, Satyam the importance of ETHICAL STANDARDS and foster such ethical standards in the members of Professional Bodies cannot be overemphasized. Professional Bodies must start giving greater importance to ETHICAL TOPICS in their curriculum and help their Members solving ethical dilemmas in discharge of their professional duties.

In India, professionals are well-trained in the concepts part but there is less emphasis on ethical front.

During my interaction with few Professional groups – professionals like CS & CMAs have expressed surprising opinions like:

- Professional will land up loosing his Job if he chooses to be a whistle blower against the will and wish of the management.

- If an Individual sitting on the Volcano and if after quite for some Volcano burst down who is responsible Volcano or said individual

 

This clearly shows that such professionals are facing ethical dilemmas in their professional life and are not sure of the course of action to be taken.

Though Professional Institutes like ICWAI & ICSI have provisions embodied in their respective Acts, namely CWA Act & CS Act to prevent/discourage/deter its Members in indulging in Professional misconduct, but these provisions are in my view, amounts to negative reinforcement – these provisions define what is Professional misconduct by listing certain acts as amounting to Professional misconduct by way of Schedules to the Act.

Nowhere these Acts define what is Professional conduct!!! One may just have to assume that whatever act does not amount to Professional misconduct is just a Professional conduct.

Instead, there should be a positive reinforcement by defining what is Professional conduct in these Acts itself and provide clear guidelines on what conduct the Members are expected to display and train them in that way to play the role of Whistle-blowers wherever and whenever necessary.

It is also high time, ICWAI & ICSI push the Federal Government to pass the Law for protection of Whistle-blowers.

 B V Prabhakar

Concluded.

Profession, Professional, Professional Body & Professionalism- 6 ICSI

Tuesday, April 7th, 2009

This is part 6 of the topic Professional Body and Professionalism by CMA B V Prabhakar. He discusses on how accounting bodies IMA-USA, ICWAI-INDIA & ICSI-INDIA apply the above principles.View CMA Prabhakar's profile on LinkedIn

III. INSTITUTE OF COMPANY SECRETARIES OF INDIA (ICSI)(www.icsi.edu)

The Institute of Company Secretaries of India (ICSI) is constituted under an Act of Parliament i.e. the Company Secretaries Act, 1980 (Act No. 56 of 1980) is the only recognized professional body in India to develop and regulate the profession of Company Secretary(CS) in India and the Institute of Company Secretaries of India(ICSI) rewards the certificate of bestowing the designation of Company Secretary(CS) to a candidate qualifying for the membership of the Institute of Company Secretaries of India(ICSI).The Institute of Company Secretaries of India(ICSI) has on its rolls over 20,000 members including over 3,000 members holding certificate of the practice and has totally registered over Five Lakh Twenty Thousand students.The affairs of the Institute of Company Secretaries of India (ICSI) are managed by a council consisting of fifteen elected members and five nominees of the Central Government.Pursuant to section 383A of the Companies Act, 1956, companies having a paid -up share capital of Rs 2 crore or more, as prescribed by the Central Government, are statutorily required to appoint a whole-time Company Secretary (CS).The major contribution of Company Secretary (CS) is in corporate sector. Company Secretary (CS) is an important professional aiding the efficient management of the corporate sector. Company Secretary (CS) is designated as an officer under the Companies Act. Company Secretary (CS) has to interact, coordinate, integrate and cooperate with various other functional heads in a company.A member of the Institute of Company Secretaries of India(ICSI) may also practice independently as a professional after obtaining a certificate of practice from the Institute of Company Secretaries of India(ICSI) as provided in Company Secretaries Act,1980.Vision Statement “To be global leader in development of professionals specialising in corporate governance”Mission Statement “To continuously develop high caliber professionals ensuring good corporate governance and effective management and carry out proactive research and development activities, for protection of interest of all stakeholders, thus contributing to public good”RESEARCH & TRAINING ICSI established CENTER FOR CORPORATE RESEARCH & TRAINING (CCRT) with the following objectives:Objectives * To develop professional capability and career prospects of the Company Secretaries and other corporate professionals.* To serve as a center of Corporate Excellence for Corporate Governance and Business Ethics, Corporate Research and Corporate higher learning by harnessing all available resources, national and international.* To promote original and contemporary applied research, higher learning and conduct training programs (residential and non-residential) in various streams of corporate sector through modern and advanced methodology.* To enter into collaboration/arrangements with foreign institution in the field of research and training and to facilitate exchange of skills, knowledge and data base including faculty exchange programs with national and international bodies and other research institutions.* To publish research papers, literature or publications including research bulletins, periodicals and consultative papers on any new legislation in areas of Corporate Laws, Finance and Capital Markets, etc to act as a Think Tank for Government, regulatory bodies and trade and industry on assignment basis.* To act as In-House consultants to ICSI on Human Resources and relates areas.* To provide professional consultancy of higher order employing contemporary methods and practices, and undertake corporate diagnostic studies, field surveys and data base services.Infrastructure Facilities ICSI-CCRT is equipped with state of art training and research relates facilities, a pleasant environ and world class physical infrastructure facilities and is ideally located.The facilities include an auditorium equipped with pleasant décor, latest audio visual, acoustics, lighting and public address system, two well furnished computer rooms/labs, two conference halls each equipped with latest facilities such as TC, VCR Projector, Audio Visual Decks, Public Address System, classroom/lecture halls of variable sizes equipped with elegant furniture and other training related equipments. The centre accommodates indoor and outdoor recreation facilities, two well equipped dining halls and a roof garden-cum-cafeteria for the recreational convenience of the inmates.The Residential Wing accommodates participants and guests and all facilities are comfortably air-conditioned with pleasant interiors providing conducive environment for learning and research.A Library with computers, furnished with audio visuals and internet facility housing over 3000 books, current periodicals and reference literature is also in place.CORPORATE TRAINING FACILITIES A new activity has been added to CCRT’s training initiatives for the students through Residential Secretarial Modular Training Programme. During the year, 4 such programmes were organised at CCRT and the response to the programmes has been very good. Participants from all over India, mainly from non-metro centres took advantage of these programmes and got opportunity for interaction with expert professional faculty. In addition to the core subjects of a normal SMTP programme, the participants were exposed to topics on general management, human relations, financial markets, etc. at the pre-dinner sessions. They also had the benefit of yoga and meditation sessions in the morning from professional trainers.RESEARCH INITIATIVESObjectives1. Fostering and nurturing research initiatives among members of the Company Secretaries profession and other researchers2. Developing on an on-going basis information and insights into corporate/related laws, their delivery mechanism, need for harmonization/changes in light of emerging realities, corporate governance etc.3. Using thus developed knowledge base for brand building and for purposes of interacting with the government, regulatory bodies and international agencies.Illustrated list of Topics of Research1. Central Listing Authority.2. Functions & Role of Private Liquidator.3. A comparative Analysis of The Companies Act, 1956 vis-a vis Corporate Laws in other countries.4. Role, Functions and Responsibilities of Independent Directors.5. WTO and IPRs : Possible Future Scenario.6. Transformation of Co-operative Societies into Producer Companies.7. Secretarial Audit.8. Opening up of the Services Sector - Post WTO Scenario.9. Capital Market Developments in the Next Five Years-A Road Map.10. Harmonisation of Laws relating to Securities.11. Corporate Governance - Need for Harmonisation of Companies Act with Listing Agreement.12. Mergers & Amalgamation.13. Buy Buck of Shares & its Impact.14. Workers Participation in Management in the Context of Company Law.15. Postal Ballot16. Need for Changes/Simplification of Laws relating to Creation of Charges.17. National Company Law Tribunal.18. Arbitration and Conciliation Act & its Role in the Delivery of Justice in India.19. Impact of Internet on Functioning of Companies -On Line Voting & Board Meeting Trough Video Conferencing.20. Securitisation and Reconstruction of Financial Assets.21. Business Process Outsourcing - Legal Aspects.22. Employees Stock Option Schemes.23. Revisiting the Companies Act.24. Model Listing Agreement25. Emerging Role of Company Secretaries in International Markets in a globalised environmentCORPORATE RESEARCH SERVICESAs a part of its ongoing activity in conducting sponsored studies on various topics, ICSI-CCRT completed the assignment from Indian Institute of Bankers (IIB) for preparation of study material on “Operations and Regulation of Capital Markets”. The study kit has been well appreciated.ICSI-CCRT conducted a study on behalf of State Bank of India (SBI) on “Recovery Experiences in respect of Personal Segment Advances” covering 40 of their branches all over India. The report has been submitted to SBI.Based on a proposal submitted to National Stock Exchange (NSE) under NSE’s Research Initiative, on “Corporate Social Responsibilities Initiatives by NSE NIFTY Companies – Content, Implementation Strategies & Impact”, a study has been undertaken by CCRT.SECRETARIAL STANDARDSCompanies follow diverse secretarial practices and, therefore, there is a need to integrate, harmonise and standardize such practices so as to promote uniformity and consistency.The Institute of Company Secretaries of India, acknowledging this need has started issuing Secretarial Standards on various topics. Compilation of Secretarial Standards by the corporate sector will lead to good corporate governance practices, making them comparable with best practices in the world.So far, ICSI has issued the following Secretarial Standards:SS-1: Meetings of the Board of DirectorsSS-2: General MeetingsSS-3: DividendSS-4: Registers and RecordsSS-5: MinutesSS-6: Transmission of Shares and DebenturesSS-7: Passing Resolutions by CirculationSS-8: Affixing of Common SealSS-9: Forfeiture of sharesGUIDANCE NOTESIn addition to SECRETARIAL STANDARS, ICSI also issues Guidance Notes on various topics of importance to help Members have a clarity and uniformity of understanding on the topics:Guidance Note on Board’s ReportGuidance Note on Compliance CertificateGuidance Note on DividendGuidance Note on Code of Conduct for CSGuidance Note on Certification under Investor Education and Protection FundGuidance Note on Buy-Back of SecuritiesGuidance Note on Meeting of the Board of DirectorsGuidance Note on Passing of Resolution by Postal BallotGuidance Note on General MeetingsGuidance Note on Signing of Annual ReturnGuidance Note on Corporate Governance CertificateGuidance Note on Preferential Issue of SharesPUBLICATIONSICSI publications aims at providing framework of best practices, processes and systems of selected topics :Corporate Governance Modules of Best PracticesProhibition of Insider Trading Law & ProcedurePractitioner’s Guide to Consumer Protection LawReferencer on Limited Liability Partnership Bill, 2006Referencer on MCA21 (including e-forms) with free CDHandbook on Mergers, Amalgamations & Takeovers Law and PracticeSecurities Management and CompliancesSegment wise Role of Company SecretariesCompany Meetings , a CompendiumWTO, International Trade, Joint Ventures and Foreign CollaboratorsAre you a Company DirectorDoing Business in ThailandHandbook on Internal Audit of Operations of Depository ParticipantsMonograph on Position, Duties & liabilities of DirectorsListing Agreement, a CompendiumDelisting Of SecuritiesHandbook On Arbitration and Alternative Dispute ResolutionCHARTERED SECRETARY“Chartered Secretary” is a leading Corporate journal with articles of high quality on the latest developments in Corporate Laws & General Management. All important and emerging topics are covered – Company Law, Competition Law, Industrial & Labor laws, WTO, Intellectual Property Rights, Corporate Governance, Capital Markets, Mergers & Acquisitions, Securities Management, Joint Ventures, Foreign Collaborations, etc.

Profession, Professional, Professional Body & Professionalism- 5 ICWAI

Wednesday, April 1st, 2009

This is part 4 of the topic Professional Body and Professionalism by CMA B V Prabhakar. He discusses on how accounting bodies IMA-USA, ICWAI-INDIA & ICSI-INDIA apply the above principles.View CMA Prabhakar's profile on LinkedIn

STATEMENTS ON STANDARD AUDITING PRACTICES

The Cost Accounting Standards, Statements on Standard Auditing Practices and Guidance Notes establish standards which have to be complied with to ensure that costing statements are prepared in accordance with generally accepted Cost accounting standards and that auditors carry out their audits in accordance with the generally accepted auditing practices.They become mandatory on the dates specified in the respective document or notified by the Council.

Cost Accounting Standards (CAS)

Cost Accounting Standards are formulated by the Cost Accounting Standards Board and issued by the Council of the Institute.The Cost Accounting Standards are issued for use in the presentation of Cost statements. They become mandatory on the dates specified in the respective Accounting Standards or notified by the Council in this behalf.

Every Cost Statement shall comply with the cost accounting standards.Where the Cost Statements of the company do not comply with the Cost Accounting standards, such companies shall disclose the deviation from the standards, the reasons for such deviation; and the effect, if any, arising due to such deviation.ICWAI issued the following CAS so far:CAS 1 : “CLASSIFICATION OF COST”CAS 2 : “CAPACITY DETERMINATION”CAS 3 : “OVERHEADS”CAS 4 : “COST OF PRODUCTION FOR CAPTIVE CONSUMPTION”CAS 5 : “COST OF TRANSPORTATION”CAS 6: “ DETERMINATION OF ARM’S LENGTH PRICECAS 7 : “MATERIAL COST”GUIDANCE NOTES

‘Guidance Notes’ are primarily designed to provide guidance to members on matters which may arise in the course of their professional work and on which they may desire assistance in resolving issues which may pose difficulty.Guidance Notes are recommendatory in nature. A member should ordinarily follow recommendations in a guidance note .

“If the same have not been followed, the member should consider whether keeping in view the circumstances of the case, a disclosure in his report is necessary”ICWAI has recently issued two guidance notes:GUIDANCE NOTE ON INTERNAL AUDIT

The Guidance Note on Internal Audit describes it as an independent and objective oriented assurance and consulting activity designed to add value and improve an organisation’s operations. It helps an organisation accomplish its objectives by bringing in the systematic and disciplined approach to evaluate and improve the effectiveness of the operations of an organisation in totality.”

GUIDANCE NOTE ON COST OF PRODUCTION FOR CAPTIVE CONSUMPTION

The Guidance Note on Cost of Production for Captive Consumption addresses the need of the Cost Practitioners in the field to have an authoritative guidance on various aspects involved in the valuation process and takes into consideration the methodology prescribed by the Cost Accounting Standard-4 issued by the Institute earlier.

Self regulation guidelines

Self Regulation Guidelines/directions are given in the context of use of designation etc. and manner of printing letter-heads and visiting cards, of the President, Vice-President of the Institute, Members of the Council, Chairmen of various Non-­Standing Committees of the Institute; Chairmen, other office ­bearers and Members of the Regional Councils; Chairmen, other office bearers and Members of the Managing Committees of Chapters

A.QUALITY REVIEW BOARD

CWA Act provides for establishment of Quality Review Board to perform the following functions:a) to make recommendations to the Council with regard to the quality of services provided by the members of the Instituteb) to review the quality of services provided by the members of the Institute including cost audit services; andc) to guide the members of the Institute to improve the quality of services and adherence to the various statutory and other regulatory requirementsB.CONTINUOUS EDUCATION REQUIREMENTTo meet the requirement of professional skills in the current changing dynamic economic scenario, Cost Accountants in practice and service (members of our Institute) should equip themselves with the new skills and concepts to meet the challenges and render yeomen’s services to trade, commerce and industry. Therefore, ICWAI prescribes mandatory training to the members in practice and service under Continuing Education Programme as under:For Members in Practice(i) The member should undergo minimum mandatory training for 20 hrs. in a period of 3 years.(ii) The minimum hours of training in a year is 6 hrs.(iii) The certificate of attendance for training have to be enclosed with the application for renewal of Certificate of Practice.For Members in Service

(i) The member should undergo minimum mandatory training for 12 hrs. in a period of 3 years.(ii) The minimum hours of training in a year is 4 hrs.(iii) The certificate of attendance for training have to be enclosed with the application for renewal of membership.The attendance of members in National Cost Convention, Regional Cost Convention, Seminars/Workshops conducted by the Institute/Regional Councils/Chapters (both paid/unpaid programme) will be reckoned against the requirement of mandatory training period under this scheme.The requirement specified above will not apply to a member who has attained the age of 65 years.SEMINARS, MANAGEMENT DEVELOPMENT PROGRAMS, PROFESSIONAL DEVELOPMENT PROGRAMS, REGIONAL & NATIONAL CONVENTIONS

ICWAI regularly conducts seminars, MDP, PDP, Regional & National conventions to enable Members participate in the same and update their knowledge in the areas of Cost Management, Performance Management, Management Accounting concepts like Lean, ABC, JIT etc., Direct & Indirect Taxation, Accounting Standards, Management Audit and Financial Management.A.PUBLICATIONS

The Management Accountant JournalThe Management Accountant is one of the most valued professional journals in India on Cost and Management Accounting, Cost management, Economics, Finance, Management, Corporate Laws and other relevant subjects. It is the official organ of ICWAI.The Journal has an active circulation of around 25,000 copies per month circulating among the students and members of the Institute - most of them holding key positions in corporate and government sectors, education, consultancy, trade and services etc. Besides, it circulates among various other subscribers in India and abroad – most of them are institutional subscribers consisting of leading corporate houses, Universities and Institutes, professional and regulatory bodies in India and abroad.The journal has been acclaimed widely not only in India but abroad also and many of its articles, features and editorials are extensively quoted in the national and international media. Two articles published in 1996-97 have also ranked among the best 10 articles on Management Accounting published in the world by International Federation Of Accountants.Industry-Wise PublicationsICWAI has published Cost Accounting Record Rules And Cost Audit (Report) Rules for more than 30 industries – such as – Cycle, Cement, Automobile Battery, Tyre & Tube, Tractor, Aluminium, Vanaspati, Sugar, Paper, Fertilizer, Milk Food, etc.B.RESEARCH PUBLICATIONSICWAI has brought out the following Research publications:- Financing Asset Replacement- Inflation Accounting As A Tool to Fight Inflation- Management Accounting Problems in Small Scale Industries- Inflation Accounting Tools and Techniques- Glossary Of Management Accounting Terms- Corporate Capital Structure and Cost Of Capital- Cost and Quality Control- Management Information Reports for Operating Managers- Cost Accounting in Commercial Banking Industry- Farm Management Accounting And control- Management Accountant and The Computer- An Introduction to Cost Accounting in Commercial Banking Industry- Management And Accounting for Research and Development - The Indian Praxis- Research Bulletin ( Biannual each issue )- Guidelines On Management Accounting: Capacity Determination- Profit Planning- Mutual Funds In India- Human Resources AccountingC. MANAGEMENT ACCOUNTING GUIDELINESICWAI has so far brought out four Management Accounting Guidelines to provide guidance to its Members, Industries and Regulatory bodies in the area of Management Accounting.MAG-IIMPLEMENTING BENCHMARKINGMAG - IIVALUATIONS MANAGEMENT – A TOOL OF MANAGEMENT ACCOUNTANTMAG – IIIIMPLEMENTING CORPORATE ENVIRONMENTAL STRATEGIESMAG-IVTOOLS AND TECHNIQUES FOR ENVIRONMENTAL ACCOUNTING FOR BUSINESSD.RESEARCH CENTRESICWAI has taken initiative to set up Research & Training Centres by laying the foundation stone for the Hyderabad Centre of Excellence, which will be the first in a series of such centres to be set up by ICWAI for research and training in the country.It will be the state-of-the-art facility spread across 2,000 square metres with five floors which would primarily focus on research activities in services sector.