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MARCH 2014 Vol 49 NO SPECIAL FOCUS INSIDE 55th National Cost Convention 2014 theMANAGEMENT ACCOUNTANTTHE JOURNAL FOR CMAs MARCH 2014 VOL 49 NO. 3 `100 “Where fiscal governance is concerned, CMAs can help the government on the cost-benefit approach to government expenditure, help corporations in their tax planning and help the government in efficient tax collection and its management” - Padma Bhushan CMA Dr. M.B. Athreya Strategic cost management in Transport and Logistics The Institute of Cost Accountants of India (Statutory body under an Act of Parliament) www.icmai.in SUBSCRIBE TO theMANAGEMENT ACCOUNTANTTHE JOURNAL FOR CMAs ISSN 0972-3528 THE JOURNAL FOR CMAs THAT • helps students in their reference work • has researched inputs on practical issues for academicians and professionals • has inputs from industry people for the view from the ground • has a global outlook with special emphasis on India • has sections on the latest updates and research • is attractively designed, easy to subscribe and reasonably priced • has rigorous backend support to handle queries The Institute of Cost Accountants of India, a statutory FORMAT OF APPLICATION FORM FOR SUBSCRIPTION body set up under an Act of Parliament in 1959, The Editor NMJ no. ........................ has been publishing its pioneering journal, The Directorate of Research, Innovation & Journal Regd. no. ..................... The Institute of Cost Accountants of India Management Accountant for 49 years. The journal (for students of the CMA Bhawan, 4th Floor, Institute) is aimed at the needs of Cost and Management Accountants 84 Harish Mukherjee Road, Kolkata 700 025, India (CMA) and provides information, analyses and research on global Board: +91-33- 2454 0086 / 87 / 0184 and national developments. The wide circulation and inputs from Tel-Fax: +91-33- 2454 0063 academicians, researchers and industry stalwarts have been the Dear Sir, I/We would like to subscribe to The Management Accountant from reasons for the success of the journal. ....................................... (month) ....................... (year) to ....................................... (month) ....................... (year) HOW TO SUBSCRIBE I/We enclose a Demand Draft No. ................................................ dated ......................................... for ` ................... (Rupees....................................................................................) in favour of ‘The • Subscription rate is `100 per issue. However, we have a discounted Institute of Cost Accountants of India’ payable at Kolkata. Please post the magazine to: annual rate of `1000 Name: Mr/Ms/Dr: ........................................................................................................................................... • Registered students of the Institute can subscribe @`300 per annum Designation ................................................................. Organization .......................................................... • Please pay the amount by way of draft favouring ‘The Institute of Address: .......................................................................................................................................................... Cost Accountants of India’ payable in Kolkata Landmark (Near/Adjacent/Opp.): .............................................................................................................. • Please send the draft with the application form, stating the full delivery address as well the name and contact details of the person City: ........................................................ State: ..................................................... PIN.............................. concerned Tel Off: ................................................................................ Res .................................................................... TO SUBSCRIBE, PLEASE CONTACT Fax: ...................................................................................... Mobile ............................................................ T he Editor E-mail ............................................................................................................................................................ Directorate of Research, Innovation and Journal Date: ................................................. Signature of the Subscriber .......................................................... The Institute of Cost Accountants of India CMA Bhawan, 4th Floor, 84 Harish Mukherjee Road, NOTE 1: Revised subscription rates has been implemented w.e.f. January 2014 Kolkata - 700 025 India NOTE 2: Please fill in the subscription form in BLOCK letters. NOTE 3: Old subscribers must fill in the SUBSCRIBER NO., i.e. NMJ ............. at the top of the form. Phone: +91-33-2454-0086 / 0087 / 0184 NOTE 4: Maximum period of subscription is ONE YEAR Fax: +91-33-2454-0063 NOTE 5: Cash payments are not accepted Email: [email protected]; Website: www.icmai.in Please allow 4–6 weeks for the delivery of your copy after we receive your payment The Institute of Cost Accountants PRESIDENT CMA Suresh Chandra Mohanty [email protected] of India VICE PRESIDENT CMA Dr A S Durga Prasad [email protected] COUNCIL MEMBERS CMA Amit Anand Apte, CMA Aruna Vilas Soman, CMA D L S Sreshti, CMA Hari Krishan Goel, CMA M Gopalakrishnan, CMA Manas THE INSTITUTE OF COST ACCOUNtaNTS OF INDIA (erstwhile Kumar Thakur, CMA Dr P V S Jagan Mohan Rao, The Institute of Cost and Works Accountants of India) was first established in 1944 CMA Pramodkumar Vithaldasji Bhattad, CMA Rakesh Singh, CMA Sanjay Gupta, as a registered company under the Companies Act with the objects of promoting, CMA Dr Sanjiban Bandyopadhyaya, CMA S R Bhargave, regulating and developing the profession of Cost Accountancy. CMA T C A Srinivasa Prasad GOVERNMENT NOMINEES On 28 May 1959, the Institute was established by a special Act of Parliament, name- Suresh Pal, Nandana Munshi, Ashish Kumar, G. Sreekumar, K. Govindaraj ly, the Cost and Works Accountants Act 1959 as a statutory professional body for Secretary (Acting) CMA Kaushik Banerjee the regulation of the profession of cost and management accountancy. [email protected] Senior Director (Studies) It has since been continuously contributing to the growth of the industrial and CMA R N Pal economic climate of the country. [email protected] Director (Administration & Internal Control) The Institute of Cost Accountants of India is the only recognised statutory profes- CMA Arnab Chakraborty [email protected] sional organisation and licensing body in India specialising exclusively in Cost and Director (Professional Development) CMA J K Budhiraja Management Accountancy. [email protected] Director (Examinations) CMA Amitava Das [email protected] Director (CAT), (Training & Placement) CMA L Gurumurthy [email protected] MISSION STATEMENT Director (Finance) CMA S R Saha [email protected] The CMA Professionals would ethically drive Director (Administration–Delhi Office enterprises globally by creating value to stakeholders & Public Relations) CMA S C Gupta in the socio-economic context through competencies [email protected] Director (Research & Journal) drawn from the integration of strategy, management CMA Dr Debaprosanna Nandy [email protected] and accounting. Director (Advanced Studies) CMA Dr P S S Murthy [email protected] Director (Technical) CMA A S Bagchi [email protected] VISION STATEMENT Director (Technical) CMA Dr S K Gupta [email protected] The Institute of Cost Accountants of India would be Director (Discipline) and the preferred source of resources and professionals Joint Director (Membership) CMA Rajendra Bose [email protected] for the financial leadership of enterprises globally. Editorial Office CMA Bhawan, 4th Floor, 84, Harish Mukherjee Road, Kolkata-700 025 Tel: +91 33 2454-0086/0087/0184 Fax: +91 33 2454-0063 Headquarters CMA Bhawan, 12, Sudder Street Kolkata 700 016 IDEALS THE INSTITUTE STANDS FOR Tel: +91 33 2252-1031/34/35 Fax: +91 33 2252-7993/1026 • to develop the Cost and Management Accountancy profession Delhi Office • to develop the body of members and properly equip them for functions CMA Bhawan, 3, Institutional Area Lodi Road, New Delhi-110003 • to ensure sound professional ethics Tel: +91 11 24622156, 24618645 • to keep abreast of new developments Fax: +91 11 4358-3642 WEBSITE Behind every successful business decision, there is always a CMA www.icmai.in ISSN 0972-3528 Registered KOL RMS/139/2013-2015 SPECIAL FOCUS Publication date: 10 March 2014 RNI 12032/66 INSIDE 55th National Cost Convention 2014 March 2014 theMANAGEMENT ACCOUNTANTTHE JOURNAL FOR CMAs MARCH 2014 VOL 49 NO. 3 `100 THE MANAGEMENT ACCOUNTANT “Where fiscal governance is concerned, CMAs can help the government on the cost-benefit approach to government expenditure, help corporations in their tax planning and help the government in efficient tax collection and its management” | MARCH 2014 - Padma Bhushan CMA Dr. M.B. Athreya Inside | VOL 49 COVER STORY | NO. 3 | ` 100 Strategic cost management in Transport and Logistics The Institute of Cost Accountants of India (Statutory body under an Act of Parliament) www.icmai.in MARCH 2014 VOL 49 NO. 3 `100 The Management Accountant, official organ of The Institute of Cost Accountants of India, established in 1944 (founder member of IFAC, SAFA and CAPA) EDITOR CMA Dr. Debaprosanna Nandy [email protected] PRINTER & PUBLISHER CMA S C Mohanty President, The Institute of Cost Accountants of India 12 Sudder
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