Union Minister of Corporate Affairs Dr. M. Virappa Moily today presented the ICWAI 8th National Awards for excellence in Cost Management 2010 to the representatives of leading industrial organisations both in the public sector as well as the private sector at Vigyan Bhawan, New Delhi. Speeking on the occasion the minister said Cost leadership is an essential ingredient for all business whether in manufacturing of services sector. Cost Management is therefore an important aspect for any organization to provide a base for its efforts to be in position to excel. Also, Cost accountants are experiencing evolutionary change in almost all dimensions of their professional work environment. Increasingly they are being asked to become business partners and change agents. Information technology and intense business competition are propelling this change in role from transaction processor to business partner.

With the widening and pertinent scope of the cost accountants in the business environment, these National Awards announced by Institute of Cost and Works Accountants of India (ICWAI) prove to be a key benchmark for acknowledging the Indian Corporates to be the best in their respective fields. These awards showcase and strengthen then professional expertise Cost Managers possess to apply to every day business situations. To significantly meet the customer driver fabric of Indian society cost management plays a vital role.

Dr. Moily said requirements with regard to maintenance of Cost Records and Cost Audit are important since they enable companies to make their operations efficient and exist in a competitive environment. Provisions in this regard have been provided in section 209(1)(d) and section 233B respectively in the companies Act, 1956. He said, these provisions have been reviewed in the revised companies Bill keeping in view the recommendations Parliamentary Standing Committee on Finance, which had examined the Company’s Bill 2009 and the expert group set up by the Ministry. It is felt that the provisions included in the revised Bill will meet the expectations of the cost accountants as well as corporate sector and would empower them to work together in an effective manner to meet the needs of changing economic environment of the country. Also, the enabling provisions are being include in the revised Bill for Corporate Social Responsibility (CSR) initiatives to be taken by a prescribed class of companies, he added.

The Minister said to inculcate the cost management practices, his Ministry has led from the front and issued the various notifications recently heralding the paradigm shift in the discipline. He expressed the hope that pack of circulars on the Cost Accounting Record Rules, 2011 and Cost Audit Report Rules, 2011 will meet the overall expectations of stakeholders in an effective manner. He said we need to imbibe and inculcate corporate governance for global competitiveness and professionalism in the areas of services and productivity. Welcoming the recognition of the Cost Accounting Standards and Generally Accepted Cost Accounting Principles issued by ICWAI for maintenance and audit of Cost Accounts Dr. Moily congratulated ICWAI in shouldering the higher responsibility in meeting the expectations of the Industry and Government. He called upon the corporate to usher in the development of backward districts of the country and assured the gathering that his ministry will act as a facilitator in this regard.

Dr. Virappa Moily also released a Souvenir to mark the occasion. A booklet entitled “ International Financial Reporting Standards(IFRS) & Converged Indian Accounting Standards” as well as Guidance Note on Risk Standards” was also released on the occasion. The launch of new website of ICWAI entitled www.icwai.org, IEPS(Intranet Education Processing System) and start of Post Qualification Course by Directorate of Advance Studies, ICWAI was the other speciality of the occasion.

In his address Shri R.P.N.Singh, Minister of State for Corporate Affairs said professional excellence and adherence to high ethical standards are essential for growth and development of any profession. Also, good governance go hand in hand with good cost management practices. He urged the corporate sector to adopt time tested cost management techniques to their benefit towards good corporate governance.

Shri D.K. Mittal Secretary in the Ministry of Corporate Affairs in his address said Costing techniques aide in engineering feasibility and commercial viability to address the growing demand for quality goods by the customers. He said Opening up of Indian economy has been possible because of the belief that our companies can be mass produces of quality goods at competitive prices. For this to happen, the mechanism of cost management is a handy tool. Cost management is a must for any organization to out compete the others in the global markets also.

In his welcome address Shri Brijmohan Sharma, President ICWAI, said “The aim of the award is to promote the culture of Cost Management practices in wider scale in Indian Corporate sector and the immense participation of Indian Industry in ICWAI National Award indicates a positive trend undertaken by the industry towards cost management.”. The list of awardees is given over leaf: