The Institute of Cost Accountants of India (ICAI) has commenced a capacity building exercise. It has marked the initiative with the launch of the country’s first CMA (Cost and Management Accounts) Lab at Coimbatore. The facility was inaugurated by Manas Kumar Thakur, President of the Institute.

Briefing reporters, he said: “The scope of the profession is getting widened and is in the threshold of a paradigm shift with the advent of GST, Insolvency and Bankruptcy Board of India (Insolvency Professional) Regulations 2016.”

In order to build the necessary skill set for meeting such challenges, the institute has tied up with the National Skill Development Agency for conducting programmes for fresh graduates. The Institute has also inked agreements with many State governments, including the Kerala government, for starting such training centres across districts. “It has already enabled thousands of young graduates acquire necessary skills to work as accountant for various businesses,” he added.

Reverting to the CMA Lab, he said the facility would help the members of the institute in upskilling by providing hands-on training on various aspects of cost and management audit.

“Our focus is on propagating cost management and technique for development of the industry and government. The thrust would be on cost and resource mapping, resource mobilisation and effective use of scarce resources.”

To a query on the Railways’ Activity Based Unit Costing (ABC) exercise, he said: “It is a phase-wise project initiated to identify and track high cost units for cost analysis and control. Meanwhile, the institute is also in dialogue with the Port authorities for taking up a similar project.

Thakur said there were nine Centres of Excellence at present, and the institute is proposing to set up one in every State to facilitate research and study.

On overseas foray, he said, “The institute’s centre at London is scheduled for launch in April. Besides this, we have plans to open a centre at Thailand, Saudi Arabia and Malaysia too.” Meena Ramji, Chairperson, ICAI (Coimbatore Chapter) said that the local chapter has tied up with educational institutions here to facilitate students pursue cost accountancy programme.