Dear CA Brothers & Sisters,

‘Human Economic Value’ is attempted by Accounting his Economic Potential way back in 1930’s by the Insures for reimbursing the dependants with approximate ( not actuary) estimations to settle death and permanent total/partial disablement claims of the Insured/his legal representatives / nominees. The Measure takes into consideration his present earnings, age, qualification & experience, specialization , future earning potential and using discounted cash flow methods/ arithmetic and or geometric progression of income and last but not the least cost of replacement etc.,

Infosys company long back (20 years) announced that it has drawn Balance Sheet with Human Resources Accounting. Of all 4Ms (Men, Materials, Machinery and Money)required for an economic activity, ALL will agree that Right Men is scarce and key source.

We entered ICE (Information, Communication and Electronics) age surpassing Stone Age, Metal Age, Machine Age etc.,. Now the BPO are being replaced by KPO( Knowledge Processing Operations). We are abundant DATA from Googling and other formal and informal sources. If Data is properly processed/analysed we get Information/Conclusion to help right decision making to the situation. We progressed in 4/5 decades from 1^st Generation computers to cloud computing, smart phones etc.,

Dr N.Appa  Rao of Andhra Pradesh formulated/improvised  a Family Benefit Scheme (FBS)to his professionals , as the existing FBS gives a benefit of Rs 1.5 lakhs to Rs 2.0 lakhs to the bereaved family of Self-Employed Doctors . FBS , as you are aware, pay on the inevitable death at any age , be it 90 if not above. Dr N.Appa Rao FBS pays Rs 25 lakhs to the scheme members family for the act of God i.e., death.

Advocates have Advocate Fee stamps  and the Corpus accumulated out of sale of such stamps pay/settle Rs 2 lakhs to the members of the family on death of an Advocate.

We chartered accountants have a CA Benovolent Fund administered by our ICAI. As doctors old FBS , as its Corpus being not that large, ICAI has been constrained to pay as per policy , even though we ALL it is not adequate for the families when the bread winner meets the tragic end , more so particularly if the member is young leaving housekeeper widow and school/college going children and aged dependant parents.

There is a saying that An Elephant  fetches the same Value whether Alive or Dead.

Let us seriously think of   a Family Benefit Scheme , with a Big/Good Corpus so that the family members of our CA family shall get not less than Rs ONE Crore .

Please send your support to this idea to all contestants to Central Council, Regional Councils and Branch Management Committees , to study groups, to study circles, WhatsApp groups, Facebook, Twitter and other media .

CA M.R.Prasad.

email ID :cafbsmrp@gmail.com