Sirc - 64th Agm Report 2022 - 2023

THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
(STATUTORY BODY UNDER AN ACT OF PARLIAMENT)
SOUTHERN INDIA REGIONAL COUNCIL
64th ANNUAL REPORT

&
AUDITED ACCOUNTS
2022 - 2023
‘CMA BHAWAN’ 4, Montieth Lane,

Egmore, Chennai - 600 008.
044 - 2855 4443 / 4326
sirc@icmai.in
www.icmai.in/ www.sircoficmai.in
Behind every successful business decision, there is always a CMA
Notice of the 64th Annual General Meeting 02
Annual Report of the Regional Council for the year 2022-23 03
Independent Auditor's Report 24
Balance Sheet 26
Statement of Income & Expenditure 27
Schedules 28
Chapters under SIRC 37


'CMA BHAWAN', 4, Montieth Lane, Egmore, Chennai – 600 008
Telephone:044 –28554443, 28554326
Email: sirc@icmai.in
Website: www.icmai.in/www.sircoficmai.in
TWENTIETH SOUTHERN REGIONAL COUNCIL – 2022 – 2023
Bankers Bank of Baroda,

Egmore, Chennai – 600 008.
Indian Overseas Bank,
Central Bank of India,
Auditors M/s. Gopalaiyer and Subramanian,

Chartered Accountants, Chennai – 600 017
Internal Auditors M/s. D. N.V. Associates,

Chennai – 600 116.
64th ANNUAL REPORT 2022– 2023 01

SOUTHERN INDIA REGIONAL COUNCIL THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
NOTICE
NOTICE is hereby given that the 64th Annual General Meeting of the Members of the Southern India
Regional Council of The Institute of Cost Accountants of India will be held on 24.06.2023 at 6.00 P.M
at SIRC Management hall, CMA Bhawan, No.4, Montieth Lane, Egmore, Chennai - 600 008.
1. To Receive the Annual Report of the Regional Council for the year 2022 – 2023.
2. To Adopt the Accounts for the period ended 31st March, 2023.
3. To Appoint Auditors for the year 2023 – 2024 and fix remuneration.
4. To Transact any other business as may be brought before the Meeting with the
permission of the Chairman.
CHAIRMAN
The Institute of Cost Accountants of India
Southern India Regional Council
Date : 24.05.2023
Place: ‘CMA Bhawan’
#4, Montieth Lane,
Egmore, Chennai - 600 008
Note: Members who require clarification in respect of any matter connected with the
Annual Report/ Audited Accounts are requested to send their queries so as to reach
SIRC at least five days in advance to the date of meeting.

SIXTY FOURTH ANNUAL REPORT
The Southern India Regional Council of the Institute of Cost Accountants of India has great pleasure
in presenting to the members that 64th Annual Report together with Audited Accounts for the year
ended 31st March, 2023.
The Regional Council at its 1st Meeting held on 10.07.2022 elected the Chairman, Office Bearers
and constituted Sub Committees.
1. FINANCIAL HIGHLIGHTS:
Particulars 2022– 23 (Rs. In Lakhs) 2021– 22(Rs. In Lakhs)

Income 439 485
Expenditure 241 169
Gross Surplus 197 316
Regional Council Fund 2,738 2,540
Percentage of Expenditure to 55% 35%
Income
2.PERFORMANCE HIGHLIGHTS:
Students :
a) STUDENTS REGISTRATION (ENTIRE SOUTHERN REGION)
Level 2022-23 2021-22

Foundation 12,481 12,273
Intermediate 16,516 15,447
Final 2,152 5,361
b) STUDENTS ENROLLMENT (AT SIRC, CHENNAI)
Level 2022-23 2021-22

Foundation 630 597
Final 146 506

c) POSTAL COACHING (ENTIRE SOUTHERN REGION)
Level 2022-23 2021-22

Foundation 3,769 3,320
Final 665 1,400
d) CAMPUS PLACEMENT (AT SIRC, CHENNAI)
Particulars 2022-23 2021-22
No. of Corporates Participated 37 31
No. of Candidates Attended 628 700
No. of Candidates Selected 313 244
Off. Campus : No. of 700 (Approx.) 600 (Approx.)
Candidates Selected
3. Major Events :-
3.1 17th S.Ganapathisubramanian Memorial Lecture

S.Ganapathisubramanian Memorial Fund Committee organised 17th S.Ganapathisubramanian Memorial
Lecture on 5th November,2022 from 2.30 p.m. to 3.30 p.m at the Regional CMA Convention, Hotel Le Royal
Meridien, Chennai.The Memorial Lecture was addressed by Shri. P. Deepak, MD & CEO, Nelcast Limited, on
the Topic “Manufacturing in Uncertain Times – Cost Challenges Facing the Industry”. Around 300 members
attended this Lecture.
3.2 PRE-PLACEMENT ORIENTATION PROGRAMME: -

As directed by the Members in Industry & Placement Committee, The Institute of Cost Accountants of India,
SIRC has conducted Pre Campus Orientation Program from 12.10.2022 to 22.10.2022. Around 130 students
participated and benefitted by this program. Sessions are conducted on various topics like Soft Skills –
Interview Skills, Group Discussion, CV Writing, SAP – FICO, Advanced Business Excel, Financial Modelling,
E-Filing, Direct Taxation, GST, Corporate Law & Audit (Cost Audit, Financial Audit, Internal Audit), IND AS,
Cost & Financial Management Strategies, Data Analytics, Forensic Audit, Information System Security Audit,
Job Opportunities for CMAs and HR Round for 11 days. Pre Campus Orientation program concluded with
Valedictory function on 22.10.22 at SIRC Premises.

3.3 REGIONAL CMA CONVENTION 2022

The Institute of Cost Accountants of India – SIRC has organised its Annual Prestigious Mega Event of Regional
CMA Convention - 2022 on 4th and 5th November 2022 at Hotel Le Royal Meridien, Chennai. The Theme of
the Convention was “Changes in the Business Landscape: Future Ready Finance Professionals”. CMA P.
Raju Iyer, President of the Institute was the Chief Guest. The Valedictory Session was graced by Thiru. R.N.
Ravi, Hon'ble Governor of Tamil Nadu. More than 400 Members, Industry representatives and Government
officials participated in this Mega Event.
President of the Institute Inaugurated the Convention by lighting the traditional lamp with other Dignitaries.
Chairman – SIRC rendered Welcome address. The theme of the Convention was briefed by Secretary – SIRC.
Inaugural Address was delivered by Padma Shree CA T. N. Manoharan, Chairman, IDBI Bank and Plenary
Address by CMA D. Sundaram, Vice Chairman & Managing Director, TVS Capital Funds Private Limited.
Special award was given to CMA Mahabharathi, IAS, Sub Collector, Tiruvallur District. The Technical sessions
held for two-days with various topics based on the theme of the Regional CMA Convention 2022 “Changes in
the Business Landscape: Future Ready Finance Professionals”.
As part of the Convention on the Evening of Day -1 Proceedings, 'Cultural Events' were performed by the
Students of Shri Shankarlal Sundarbai Shasun Jain College for Women covering Light music,
Bharathanatiyam, Instrument playing and different dance forms of South India. The Cultural Events were well
received by the delegates and Event came to a close with Convention Dinner.
The Valedictory Function was held on 5th November, 2022 at 4.00 p.m, graced by Thiru. R.N. Ravi, Hon'ble
Governor of Tamil Nadu. In his speech, he has highlighted the role of Cost and Management Accountants in
the inclusive holistic integrated development of the nation and restoring the glory of this nation. Chairman,
SIRC of ICAI rendered the Welcome Address. CMA A.N. Raman, Former SAFA President summed up the
entire proceedings of the two-day Convention. During the Function, Hon'ble Governor of Tamil Nadu released
the Souvenir brought out in connection with the Convention. The Convention ended with vote of thanks
proposed by Secretary-SIRC, followed by National Anthem.

At the Inaugural Session, Speaker: CA T.N. Manoharan, Chairman, At the Plenary, Speaker:CMA D. Sundaram,
IDBI Bank and former Chairman of Canara Bank Ltd. Vice Chairman & Managing Director,
TVS Capital Funds Private Limited
At the Technical Session 1, Speaker: CMA S. Bhargava, At the Technical Session 1, Speaker: CMA Sukrut Mehta,
General Manager – Costing of Apollo Hospitals Practicing Cost Accountant, Managing Partner at
M/s. Kirit Mehta & Co.
At the Technical Session 2,

At the Technical Session 2, Speaker: Shri. Umesh Dongre,
Speaker : Dr.Suseelendra Desai, Dean, NMIMS University
Ex-Director (Finance) of RCF and retired Advisor (Cost) at GoI.

At the Technical Session 3, Speaker :CMA S. Dorai Rajan, At the Technical Session 3,
Founder & Director, Kanzen Institute Asia Pacific Pvt.Ltd. Speaker :CMA A. Vadivel, Partner in STARP& Associates
At the Technical Session 4, At the Technical Session 4,

Speaker: Prof. Arindam Bannerjee, Associate Professor- Speaker:CA Anand Prakash Jangid
Finance & Accounting, Shiv Nadar University
At the Valedictory function, addressed by Glimpses of REGIONAL CMA CONVENTION 2022

Thiru. R.N. Ravi, Hon'ble Governor of Tamil Nadu.

Glimpses of REGIONAL CMA CONVENTION 2022

3.4 Campus Placement Program on 24th - 26th November, 2022:
Members in Industry & Placement Committee in association with Southern India Regional Council organised
CMA Campus Placement program 2022 for qualified Cost Accountants of June 2022 term from 24th-26th
November, 2022 in which Corporates like Ford Motors Pvt. Ltd., NLC (India) Ltd.,BNY Mellon, Vedanta Ltd.,
Reliance Limited – Jio, ITI Ltd., BEML Ltd, Kalpataru Power Transmission Ltd., Prism Johnson Ltd., ITC
Limited - Foods Division, Agri. Business, Packaging & Printing Division and Hotels Division, ABB Ltd., and
RSM Astute Consulting Pvt. Ltd., were participated. Around 300 candidates applied for this Campus Drive out
of which 115 were selected. Earlier, Pre-Placement Orientation Programme as planned was also conducted
for the candidates from 12th to 22nd October 2022, to impart all the required 'Skill Sets' for facing the interview
well and grab the job opportunities offered by the well-known Corporates with high pay package.
3.5 SIRC of ICAI has organised its Oral Coaching Inauguration Programme on 6th August, 2022 for
December, 2022 term examination and 18th February, 2023 for June, 2023 term examination, at SIRC
Premises. Chairman– SIRC in his inaugural address appreciated the students for choosing 'Cost and
Management Accountancy' Course, which is the most employable course in the country. In the Inaugural
session council members addressed and also blessed the students to complete the course in appropriate time.
As part of the Programme, SIRC Oral Coaching Toppers and All India Rank Holder students were honoured.
Secretary, SIRC – ICAI proposed vote of thanks at the end.
3.6 International Women's Day celebrated at SIRC Premises on 11.03.2023 for CMA Members and CMA
pursuing students separately. For the CMA students, various competitions like singing, dancing and
instrumentation were held and prizes were distributed for all the participants.
Smt. Priyadarshini, Chief Guest of the Day addressing the Smt.Kanakavalli, Singer &Musician, Chief Guest of the Day
International Women's Day celebrated for students on addressing the International Women's Day celebrated for
11.03.2023. members on 11.03.2023.

3.7 Programmes conducted at Chapter Level – Category – wise :-
Prac. Opening of
S.No Chapter Name Prof. Study Seminar/ Jt. HQ New CMA
Career
Members
Dev. /Members' Circle Workshop Prog. Directive Support Centre/ Counselling
Meet Meet Meeting /Trg. Prog Prog Satellite Centre
Category A
1 Bengaluru 15 6 8 3 3 1* 138
2 Cochin 5 4 5 1 31
3 Coimbatore 7 1 6 7
4 Hyderabad 12 4 2 3 1 4 9
Category B
5 Vijayawada 1 1
6 Visakhapatnam 4 1
Category C 1 3 1 7
7 Madurai 5 4 2 6
8 Mysuru 1 1 1
9 Salem 6 2
10 Trichy 4 3 3 1* 3
11 Thrissur 5 1
12 Trivandrum 6 3 2 4
13 Ukkunagaram
Category D
14 Dindigul 4 9
15 Erode 12 1 12
16 Godavari
17 Hosur 3 1 1 8
18 Kottayam 7
19 Kozhikode Malappuram 1 1 2 2 1 3
20 Mangalore
21 Nellai 3 1
22 Nellore 10 2 83
23 Neyveli - - - - - - -
24 Palakkad 1 3
25 Pondicherry 4 1 2
26 Ranipet Vellore
27 Sathavahana
28 Tirupati 7
29 Warangal

*Bengaluru
1. R C College, Chalukya Circle, Bengaluru.
*Thrissur
Ignited Fortune Corporates, The Business School, Pattambi.
3.8 Career Counselling Programs-SIRC,Chennai :-

College Name
1) The New College, Chennai.

2) Kumararani Meena Muthiah College of Arts and Science, Chennai.
3) Guru Shree Shantivijai Jain College, Chennai.
4) Women's Christian College, Chennai.
5) Sri Kanyaka Parameswari Arts & Science College for Women, Chennai.
6) Thiruthangal Nadar College, Chennai.
7) St. Anne's Arts and Science College, Chennai.
8) St. George's Arts and Science College, Chennai.
9) Asan Memorial College of Arts and Science, Chennai.
4. Professional Development Meeting conducted at SIRC:
1. The CEO & CFO's Meet was organised by SIRC OF ICAI on 11th June, 2022 at Hotel Hyatt
Regency, Chennai. The Meeting Stressed on the importance of the Cost & Management
Accountants in Decision Making and Strategic Planning in the Corporates and Other Entities. They
also Highlighted CMAs Role in the Advising the Board with regard to the Value Creation for the
Stakeholders. Guidance and Mentoring of the MSME's and Allied Sectors would help the industries
to develop and specialize in niche areas and contribute to Nation Building.
CMA P Raju Iyer, President, ICAI highlighted the activities of the Institute in Agri-Cost Management,
MSME's Sector, Internal Auditing and Assurance Services.CMA Vijendar Sharma, Vice President,
ICAI stressed the Importance of Forensic Audit and Performance Audit in Achieving Operational
Excellence.

CEO & CFO's Meet was organised by SIRC OF ICAI on 11.06.2022 at Hotel Hyatt Regency, Chennai
2. On “Enablers for CMA Profession – Rebound in the New Normal” held on 06.08.2022.
3. On “Provisions relating to Independent Directors/ Women Directors” held on Saturday, 03.09.2022.
On “Costing in Pharma Industry” held on 10.09.2022, it was addressed by CMA Venkatesa Sarma
4. Viswanathan.
On “Performance Management in MSME” held on 17.09.2022, it was addressed by CMA

5. R.Venkataramani, Director, Westcott Electricals Pvt. Ltd., Chennai.
On “STOCK MARKETS & AVENUES” held on 23.9.2022, it was addressed by Shri Shyam Sekhar,
6. Chief Ideator, ithought Advisory.
On “Role of CMA in HealthCare – Emerging Scenario in India” held on 01.10.2022, it was addressed by
7. CMA S. Bhargava, General Manager – Costing, Apollo Hospitals, Chennai.
On “Capital Gains on Property & Shares – Tax Planning Tips, Practical Issues & Latest Developments”
8. held on 08.10.2022.
On “CMA as an Entrepreneur” held on 14.10.2022, it was addressed by CMA N. Shastry Tata,

9. Managing Director – Chennai Operations, RSM India Chennai.
On “Related Party Transactions – Critical Analysis” held on 17.12.2022, it was addressed by CMA N.
10. Palaniappan, Company Secretary & GM - Finance, Blue Dart Aviation Limited, Chennai.

11. On “GSTR-9 & 9C” held on 07.01.2023, it was addressed by CMA J. Murali, Tax Consultant, Chennai.
12. On “VALUATION IN INDIRECT TAXES” held on 20.01.2023, it was addressed by CMA J. V. Niranjan,
Advocate, Chennai.
13. On “Transfer Pricing Recent Trends & Case Laws” held on 28.01.2023, it was addressed by
CMA N. Madhan, Partner, Price Waterhouse & Co. LLP, Chennai.
14. On “Discussion on Union Budget – 2023 “held on 02.02.2023, it was addressed CMA M. Saravana
Prabhu, Expert – GST & Indirect Taxation, Chennai.
15. On “Management Accountants & Forensic Audit “held on 04.02.2023, it was addressed by
CMA V. Guruprasad, ACMA, ACA, ACS.
16. PD Webinar “ AKHAND GYAN SERIES” 9 sessions series organized by SIRC involving the
Participation of all the States in SIRC and Representations from Other regions of the Institute
conducted on 19.03.2023 from 8.00 to 9.00 p.m. on the topics.
a) How to address the ITC related challenges in GST?
b) Financial and Retirement Planning
c) Cost Management in MSME sector
d) Value Addition in Cost Audit
e) Risk Based Internal Audit-An overview
f) Social Audit and Social Stock Exchange
g) Insurance sector: Property loss-Coverage & Assessment
h) Lean Startups in a Disruptive Environment – The Role of CMAs?
I) Anti-Money Laundering- Red Flag Indicators and Practical case studies.
PD Session on the topic“Enablers for CMA Profession – PD meeting on“Costing in Pharma Industry”- 10.09.2022,
Rebound in the New Normal” held on 06.08.2022 Speaker: CMA Venkatesa Sarma Viswanathan

PD meeting on “Performance Management in MSME” - 17.09.2022, PD meeting on“STOCK MARKETS & AVENUES” -
Speaker CMA R. Venkataramani 23.09.2022, Speaker: Shri Shyam Sekhar
PD meeting on“Role of CMA in HealthCare – Emerging PD meeting on “Capital Gains on Property & Shares – Tax
Scenario in India” - 01.10.2022, Speaker:CMA S. Bhargava Planning Tips, Practical Issues & Latest Developments” -
08.10.2022, Speaker: Shri J. Radhakrishnan
PD meeting on“CMA as an Entrepreneur” - 14.10.2022, PD meeting on the Topic: “TRANSFER PRICING RECENT
Speaker:CMA N. Shastry Tata TRENDS & CASE LAWS”, - on 28.01.2023
Speaker:CMA N. Madhan

5. ICAI- HQ directives and Other Joint Programmes with SIRC:
5.1 As per the directives received from Insolvency Professional Agency of ICAI in association with
SIRC of The Institute of Cost Accountants of India & International Affairs and Public Relations
Committee, ICAI organises a Session on “CROSS BORDER INSOLVENCY RESOLUTION”
on 11.04.2022, it was addressed by CMA Vijender Sharma, Vice President, ICAI and Dr. CMA
Gopal Krishna Raju.
PD session on ““CROSS BORDER INSOLVENCY RESOLUTION” on 11.04.2022

5.2 SIRC OF ICAI - Internal Auditing and Assurance Standards Board-ICAI, jointly organized PD meeting
on “Internal Auditing for Sustainable Development & Performance Measurement on 04.06.2022 at
SIRC Premises, it was addressed by GP CAPT Dr.R. Venkataraman, Madras Management
Association.
PD meeting on Internal Auditing for Sustainable Devt.& Performance Measurement on 04.06.2022
5.3 As per the directives received from Headquarters, SIRC observed Bharat Ki Azadi ka Amrit Mahotsav
"Green India - Tree Plantation Drive" on 09.06.2022 at its premises. Treasurer, Members, Students
and Staff members of SIRC participated in this event.
5.4 As directed by HQ, the International Yoga Day was Celebrated at SIRC, Premises on Tuesday,
21st June, 2022.
5.5 Launch of Joint Certification and Diploma Programme in Health Care Finance by The Institute of Cost
Accountants of India and Sri Ramchandra Institute of Higher Education and Research [SRIHER],
Chennai [Formerly Sri Ramachandra University].
Sri Ramachandra Faculty of Management Sciences, SRIHER has launched the Certificate and Diploma
Programme in Health Care Finance jointly with Institute. The Programme was held on 3rd November 2022 at
the University Campus. The Event was presided by Dr. Mahesh Vakamudi, Dean – Faculties of the University
and he stressed the importance of Differential Costing in Hospitals and role of CMA's in delivering the value
added to the health care industry. Shri. Ravisankar – Director, Finance lauded the Institute for its efforts in the
launch of Joint Programme in Healthcare Finance, which is the first of its kind in the country. CMA P. Raju Iyer,
President along with CMA M Gopalakrishnan, Past President, Chairman – SIRC, Secretary – SIRC launched
the course and interacted with the participants on the health care costing and pricing. The event was co-
ordinated by Dr. A. S. Poornima, Faculty of Management Sciences.

On Joint certification Program – 03.11.2022
5.6 Crash Courses conducted in Goods and Services Tax [GST] and Income Tax Overview by SIRC in
association with the Tax Research Department,ICAI: -
S.NO. NAME OF THE COLLEGE PROGRAM &DATES NO. OF STUDENTS

Attended
1 The New College,Chennai GST CRASH COURSE, 55
31.10.22 - 18.11.22
2 The New College,Chennai GST CRASH COURSE, 62
18.01.23 – 29.01.23
3 S.A. College of Arts & GST CRASH COURSE, 54
Science, Chennai 15.02.23 – 01.03.23
4 D.G. Vaishnav College, GST CRASH COURSE, 73
Chennai 03.01.23 – 19.01.23
5 S.A. College of Arts & INCOME TAX OVERVIEW, 61
Science, Chennai 16.03.23 - 31.03.23
On the occasion of Valedictory and Certificate Distribution of Crash course in GST at the New College,
Chennai -24.11.2022

5.7 Joint Programme organised by BFSI Board & IPA of ICAI in association with SIRC, ICAI & Madras
Management Association, Seminar on 'India@100- Growth Trajectory for banks' held on Friday,
23.12.2022, 5.00 p.m to 8.00 p.m at Madras Management Association Hall, Mount Road, Chennai.
Technical Session Guests: Eminent Speakers from the leading banks.
CMA Vijender Sharma, President -ICAI, addressing the joint seminar on 23.12.2022
5.8 SIRC jointly with the Corporate Law Committee of The Institute of Cost Accountants of India,
conducted a PD meeting on the Topic “ Practical Analysis of Directors & Meetings (AGM, EGM,
BOARD) Under the Companies Act, 2013 on 10.02.2023 at SIRC Premises in observance of
“ Corporate Law Month- February 2023”.
5.9 Joint Programme with World Trade Centre, PD meeting is organised by SIRC on 14.02.2023 at Holiday
Inn, Chennai on the topic: “Decoding Proposals of the Union Budget 2023 – 24”. It was addressed by
Shri. Balachandar N.,Partner, Indirect Tax, BDO India, Shri. Raghunathan Parthasarathy, Partner, Tax
and Regulatory Services, BDO India.
5.10 Sri Ramachandra Faculty of Management Sciences in association with Cost Accounting Standards
Board(CASB) & SIRC of ICAI launches the Joint Management Development Programme in
Healthcare Costing and Health Care Finance on 18.02.2023 at Sri Ramachandra Institute of Higher
Education and Research, Chennai. Technical Session-I Speakers: Dr. Selvam Jesiah, Principal,
SRFMS, Mr. T. A. Srinivisan, Additional Registrar, SRIHER(DU), Dr. P.V. Vijayaraghavan, Former Vice
Chancellor, SRIHER. Special Address by CMA P. Raju Iyer, Immediate Past President, ICAI .
5.11 SIRC jointly with the Corporate Law Committee of The Institute of Cost Accountants of India, conducted
a PD meeting on the Topic “Disclosure of KPIs in Offer Documents – Conceptual Framework and
Overview of Amendments to SEBI ICDR 2018” on 27.02.2023 at SIRC Premises in observance of
“Corporate Law Month- February 2023”.It was addressed by CS A Sekar, Practicing Company
Secretary.

5.12 SIRC jointly with the Corporate Law Committee of The Institute of Cost Accountants of India,
conducted a PD Webinar (online) meeting on the Topic “Comparative Analysis of Instruments used in
Equity Linked Funding” on 28.02.2023 in observance of “Corporate Law Month- February 2023”. The
session was addressed by Mr.Venkataraman, Kavadikeri, ICLS, AROC, Karnataka. Guest Speaker:
CS Narayan Desai, Practicing Company Secretary, Bangalore.
6. Press Meet at Chennai:
Press Meet was arranged by SIRC on 3rd November, 2022 at 11 am at the Chennai Press Club, Government
of Tamil Nadu Omandurar Estate to appraise the press about the Regional CMA Convention [RCC 2022]. The
Press meet was addressed by CMA P. Raju Iyer, President – The Institute of Cost Accountants of India,
Chairman, SIRC and Secretary, SIRC.
The dignitaries has communicated to the press that the Regional CMA Convention [RCC 2022] is being
organized by Southern India Regional Council of The Institute of Cost Accountants of India at Chennai, the
vibrant capital city of Tamil Nadu, on the theme "Changes in the Business Landscape: Future Ready Finance
Professionals" on 4th and 5th November 2022. at Le Royal Meridien, Chennai – 600 016.
The Press interacted with our Institute leaders about the recent trends in the profession and the activities
undertaken. The press member appreciated the efforts taken by the Institute for the Industry and the
Profession.
7.Activities by Chapters:
7.1 Cochin Chapter of Cost Accountants of India:
5th Kerala State Cost Convention was held on 23rd April, 2022 at Hotel Le Meridian, Maradu, Kochi. The
programme was jointly organised by Cochin Chapter, SIRC and Other Chapters in Kerala.
Various aspects of climate change have been discussed in the seminar. The impact on social, economic,
industrial environment has been deliberated. There were 4 technical sessions and a Panel discussion.
Importance of sustainable business models considering drivers of climate change have been highlighted
by all the speakers. ESG based Index for each product to identify the impact to the environment has also
been discussed. An overview of industry wise GHG emission and its impact, remedial measures, need of
Governmental involvement were also discussed in detail. The conference has stressed the need of joint
efforts required to be initiated by producers, manufacturers, consumers and Government to face the
climate change.
Mr. Saransh Bajpai - Senior Manager, Climate Program, WRI India introduced the Scientific Overview of
the theme. 1st Session was handled by Ms. Suchitra Anil Menon - CEO, WFB Baird & Company (India)
Pvt Ltd on Textile sector. Mr.Elias George – Partner KPMG, National Head – Infrastructure, Government
and Healthcare handled the 2nd session and delivered on Infrastructure, Government and Healthcare.
Mr. Kishore Rungta-Chairman & Managing Director, FACT Ltd was the speaker of 3rd session who talked
on the Agriculture / Fertilizer sector. The final session was handled by Mr. N Mohan – Head – EVCI,
Convergence Energy Services Ltd. (Subsidiary of ESSL) who delivered on Sustainable Energy sector.

After the technical Session a panel discussion was also conducted. Mr. S. Suhas (IAS), MD, CIAL, CMA
Sunil Chacko, MD, KSMDFC Ltd., CA Kumar K. R., Director Finance – KMRL were the panellists and CMA
(Dr.) K. Sreekumar, Professor & Head, Department of Commerce, Jain Deemed to be University was the
Moderator.
Various business models required to be adopted by Industries were also a discussion point in the
conference. The convention was inaugurated by CMA P Raju Iyer, President, The Institute of Cost
Accountants of India. In the inaugural ceremony, CMA Padmakumar V A, Chairman, Cochin Chapter
welcomed the gathering. Member SIRC and Secretary Cochin Chapter expressed vote of thanks.
7.2 Thrissur Chapter of Cost Accountants of India conducted All Kerala Practising Cost Accountants'
Convention 2022 on Saturday June 25th, 2022 at Casino Hotel, Thrissur. Chairman, Thrissur Chapter
welcomed the delegates and dignitaries. The convention started at 10.30 AM with an inauguration
session. CMA Vijender Sharma, Vice President of ICAI inaugurated the convention by lighting the lamp
and delivered the Presidential Address. CMA H.Padmanabhan, Central Council Member was the Guest
of Honour. CMA Balwinder Singh, Central Council Member and CMA B.B.Goyal, Advisor , ICMAI MARF,
Former Addl. Chief Advisor, Ministry of Finance, Govt. of India led the technical session in the morning.
The programme was attended by Practising members all over Kerala. Around 120 participants including
Practising CMA Members from other Chapters of Kerala were the delegates of the convention. Morning
session was concluded after the interactive session with Members and vote of thanks by CMA Raju.P.T,
Chairman, Kottayam Chapter.
Afternoon session was welcomed by CMA Anoop.N.G, Vice Chairman, Thrissur Chapter. Dr. Mathew
Jolly IRS, Additional Director General of CGST was the Chief Guest. The technical session was handled
by Shri.P.V.Narayanan, Superintendent of Central tax, Kannur Division. Afternoon session was
concluded after the interactive session with Members and vote of thanks by Secretary, Thrissur Chapter.

7.3 Trivandrum Chapter of Cost Accountants of India have celebrated its Golden Jubilee
celebrations on 24th July, 2022 at Hotel Residency Tower Trivandrum. Even though the ICAI Trivandrum
Chapter have completed its 50th year of service to the State and the Country on 2020, the celebrations
could hold now only due to the COVID related restrictions. The program started with a welcome dance
performance by our students followed by a short video depicting the glorious history of Trivandrum
Chapter.
The meeting was chaired by CMA Hariprasad R Chairman of ICAI Trivandrum Chapter and inaugurated by
CMA P.Raju Iyer, President, The Institute of Cost Accountants of India. CMA Vijender Sharma, Vice
President of the Institute and a galaxy of Central Council Members CMA H. Padmanabhan and other
council members and Chairman, Secretary and Treasurer of SIRC have attended and blessed the
occasion.
The contributions and sacrifices made by the founding senior members were remembered by all and as a
token of our gratitude the senior members including CMA Sri N P Sukumaran, Past President of the
Institute. They were presented with mementos and shawls. The members of the Chapter and family
members who have made academic and other remarkable achievements in various fields including
Guinness World record were honoured. The students who have secured ranks and passed the
intermediate and final examinations were also honoured with shields. CMA A K Suresh memorial
endowment prize for meritorious students were also awarded in the function.
The unforgettable event was ended with cultural performances by students and members.
7.4 Hyderabad Chapter of Cost Accountants of India organised "Telangana Commerce Student
Meet “at The Institute of Engineers (India), Visvesvaraya Bhavan, Hyderabad on September 19, 2022.
Prominent personalities present were Shri Navin Mittal, IAS-Commissioner, Collegiate Education &
Technical Education, Govt. of Telangana, CMA P. Raju Iyer, President, ICAI as Chief Guest" and Guest of
Honour, and CMA K. Narasimha Murthy - Leading Management Consultant, as special guest. Students
were awarded for their meritorious performance in academics, sports and extra-curricular activities.

7.5 1st NATIONAL CAT STUDENTS' CONVENTION 2023
The Institute of Cost Accountants of India in association with the Southern India Regional Council (SIRC),
Kozhikode-Malappuram Chapter of the Institute has organized the first National CAT Students
Convention (NCSC) 2023 on the theme "Skill India-Honouring for Excellence" on 25th February, 2023,
Saturday at Chinmayanjali Auditorium, Chinmaya School, Nellikode, Thondayad, Kozhikode, Kerala.
This National Convention was organised for the students who cleared CAT examination as a mark of
"Celebration for success". More than one thousand five hundred energized students attended the
programme.
The Convention was inaugurated by the auspicious lighting of lamp by Shri Rajpal Meena IPS, DIG &
Commissioner, Kozhikode City as Chief Guest joined by CMA H.Padmanabhan, Chairman - Committee
for Accounting Technicians ICAI, CMA Dr Balwinder Singh, Former President ICAI, CMA Anas K,
Chairman-Kozhikode-Malappuram Chapter, Council, Regional Council Members and other dignitaries
present in the programme.
Chief Guest Shri Rajpal Meena appreciated the efforts of the Institute for Skill Development in the
Country joining the Government in Nation Building Process. He congratulated the students for choosing
accounting profession and wished them success in their endeavours.
The Students of Kozhikode-Malappuram Chapter came forward as volunteers, managed the function
efficiently, while CAT Students involved and participated in various cultural activities like music, dance,
songs alike making it more colourful.
7.6 Bengaluru Chapter of Cost Accountants of India conducted KARNATAKA CMA CONVENTION
2023, in association with Mysuru and Mangalore Chapters on the theme “SAMVID- ????? - Looking Inward
to Move Forward" held on 25th & 26th February, 2023 (Saturday and Sunday) at Sir M Visvesvaraya
Auditorium, FKCCI, K G Road, Bengaluru. Chief Guest: Shri Janardhan Swamy, Former Member of
Parliament and Guest of Honour: Shri Srinivas Bidari IRS, Commissioner of Income Tax (TDS) Karnataka
& Goa Region graced the occasion.

7.7 Nellai Pearl City Chapter of Cost Accountants of India
The silver jubilee celebrations of the Nellai Pearl City Chapter of Cost Accountants of the Institute of Cost
Accountants were celebrated on 4th March, 2023 at Hotel Annamalaiyar Park, Tirunelveli. To
commemorate the event, a conference on theme – “Sustainable Development – contributions of the
Southern Districts of Tamil Nadu” was organised to discuss and deliberate on the progressive
contributions of the southern districts and the role of CMA's in sustainable development. The conference
was inaugurated by Janab T.E.S. Fathu Rabbani, Industrialist, Syed Group of Companies,
CMA S Krishnan, MD and CEO, Tamil Nadu Mercantile Bank in the august presence of CMA P Raju Iyer,
Immediate Past President of the Institute, Chairman – Southern India Regional Council and Secretary –
Southern India Regional Council. CMA R Muthu Maharajan, Chairman – Nellai Pearl City Chapter
welcomed the gathering and CMA R Subramanian, Chairman – Silver Jubliee Celebrations committee
highlighted the conference theme to the esteemed gathering.
On this glorious occasion, Past Chairman, Office bearers, Illustrious Alumni and students and
stakeholders were honoured by the Nellai Chapter Chairman. Vote of Thanks was proposed by
CMA A Muthu, Secretary of Nellai Pearl City Chapter. The event witnessed a huge gathering of 300
participants from Members, Students, Faculty, Industry Representatives. The event was co-ordinated by
managing committee members of the Institute of Cost Accountants of India, Nellai pearl City chapter.
8. Library:
SIRC – ICAI added books worth Rs. 30,155/- to the library for facilitating the knowledge updation of Members
and Students.
9. Acknowledgements:
The Southern India Regional Council place on record its sincere thanks to:
? The President & Vice President, Council Members, especially those from Southern Region, all
Departments of ICAI – HQ, & Chapters.
? Members of Southern Region for their whole hearted cooperation, guidance and support extended
for various activities.
? The Central Government and State Government Ministers, Officers and staff for their support.
? Industries and Bankers who have been evincing keen interest in our profession.
? Speakers at our various Professional Development Programmes, Meets/Seminars/ Workshop
etc,
? Faculty members for their dedicated service to the Students Community.
? Endowment Donors for instituting awards for encouraging students to achieve excellence in the
Institute Examinations.
? All the Corporates for their participation in the Campus Placement conducted by the Institute.
? The media and all other well-wishers for promoting the image of the profession.
? All Contributors for active participants in online mode.
? The dedicated staff members of SIRC of ICAI for their co-operation in conducting various
activities of the institute in a smooth manner.
Place: Chennai
Date: 24.05.2023

GOPALAIYER AND SUBRAMANIAN

CHARTERED ACCOUNTANTS
17/1, Sambasivam Street, T nagar, Chennai - 600 017. Phone : 044 - 4205 7722 / Email : gscheindia@gmail.com
INDEPENDENT AUDITOR'S REPORT

To
The Members of Southern Indian Regional Council of the Institute of Cost Accountants of India
Report on the Standalone Financial Statements
We have audited the financial statements of Southern Indian Regional Council of The Institute of Cost
Accountants of India (SIRC), which comprises the Balance Sheet as at March 31, 2023 and the Income &
Expenditure Account and Cash Flow Statement for the year then ended and notes to the financial statements,
including a summary of significant accounting policies (hereinafter referred to as “Financial Statements”).
In our opinion and to the best of our information and according to the explanations given to us, the
accompanying financial statements for the year ended March 31, 2023 are prepared in all material respects in
accordance with The Cost and Works Accountants Act, 1959 and give a true and fair view in conformity with the
accounting principles generally accepted in India:
(a) In the case of the Balance Sheet, of the financial position of the entity as at March 31, 2023;
(b) In the case of the Income & Expenditure Account, of its financial performance; and
c) In the case of Cash Flow Statement, of the cash flows for the year ended on that date in accordance with
the Accounting Standards issued by the Institute of Chartered Accountants of India.
Basis of our Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) issued by Institute of Chartered
Accountants of India. Our responsibilities under those standards are further described in the Auditor's
Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the
entity in accordance with the ethical requirements that are relevant to our audit of the financial statements in
India and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Responsibilities of Management and those charged with governance for the Financial Statements
SIRC Management is responsible for preparation and fair presentation of the financial statements in
accordance with the Accounting Standards, and for such internal control as management determines is
necessary to enable the preparation of financial statements that are free from material misstatement, whether
due to fraud or error.

In preparing the financial statements, management is responsible for assessing the entity's ability to continue
as a going concern, disclosing, as applicable, matters related to going concern and using the going concern
basis of accounting unless management either intends to liquidate the entity or to cease operations, or has no
realistic alternative but to do so.
Those charged with governance are responsible for overseeing the entity's financial reporting process.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these financial statements
Legal and regulatory
• We have obtained all the information and explanations which to the best of our knowledge and belief were
necessary for the purposes of our audit.
• In our opinion, proper books of accounts as required by The Cost and Works Accountants Act, 1959 have
been kept by SIRC so far as it appears from our examination of those books.
• The Balance Sheet and Income and Expenditure account and Receipts & Payments Account dealt with by
this report are in agreement with the books of account.
• In our opinion, the Balance Sheet, Income and Expenditure account and Cash Flow statement dealt with by
this report is prepared in accordance with the applicable Accounting Standards issued by the Institute of
Chartered Accountants of India and guidelines issued by the Institute of Cost Accountants of India.
For Gopalaiyer and Subramanian

Chartered Accountants
FRN: 000960S
K.K.A.Ramanujan
Partner
Date : 24.05.2023
Membership No: 209498
Place: Chennai
UDIN : 23209498BGYHLR7612


Balance Sheet as at 31st March 2023
AS AT AS AT AS AT AS AT
Particulars SCH 31.03.2023 31.03.2023 31.03.2022 31.03.2022
Rs. Rs. Rs. Rs.
SOURCES OF FUNDS :
Regional Council Fund 1 273,793,560 254,030,090
Building Development Fund 2 208,165 196,382
Endowment / Memorial Funds 3 1,063,315 1,085,047
Total 275,065,040 255,311,519
APPLICATION OF FUNDS :
Fixed Assets 4
Gross Block (A) 11,477,770 11,509,697
Less: Accumulated Depreciation (B) 9,443,806 9,159,678
Net Fixed assets (A-B) 2,033,964 2,350,019
Long Term Loans and Advances 5 435,229 416,771
Current Assets 6
Inventories - -
Sundry Debtors 493,422 495,667
Cash & Bank 1,181,571 1,272,801
Fixed Deposits 265,064,189 245,502,021
Accrued Interest 6,606,470 5,806,491
Short term Loans and advances 7 96,795 57,821
Total Current Assets 273,442,447 253,134,801
Less: Current Liabilities & Provisions 8 846,600 590,072
Net Current Assets 272,595,847 252,544,729
Total 275,065,040 255,311,519
Significant Accounting Policies 22

and Notes on Accounts
The Schedules referred to above form an integral part of the financial statement.
as per our report of even date

CHAIRMAN VICE - CHAIRMAN for GOPALAIYER AND SUBRAMANIAN
FRN : 000960S
K.K.A.RAMANUJAN
SECRETARY TREASURER PARTNER
Membership No : 209498
PLACE : CHENNAI
DATE : 24.05.2023


Income & Expenditure Account for year ended 31st March 2023
Current Year Previous Year

PARTICULARS SCH 31st March 2023 31st March 2022
Rs. Rs.
INCOME :
Tuition Fees & Others 9 25,283,680 35.930,850
CEP, Training Income 10 3,405,033 -
Interest Income 11 14,008,112 11,721,174
Grant Received from H.Q 12 880,396 695,968
Other Income 13 273,363 189,737
TOTAL INCOME (A) 43,850,584 48,537,729
EXPENDITURE :
Establishment Expenses 14 10,062,048 11,023,596
Office Expenses 15 3,444,292 2,582,737
CEP, Training Expenses 16 3,292,049 -
Coaching Expenses 17 2,787,877 1,436,344
Statutory Audit Fee 18 106,200 88,500
Council & Committee Meeting Expenses 19 1,227,129 887,646
Professional Development Expenses 20 2,735,344 412,101
Depreciation 21 446,575 459,026
TOTAL EXPENDITURE (B) 24,101,514 16,889,950
Net Surplus transferred to Regional Council Fund 19,749,070 31,647,779
Significant Accounting Policies and Notes on Accounts 22
The Schedules referred to above form an integral part of the financial statement.

FRN : 000960S
K.K.A.RAMANUJAN
PLACE : CHENNAI
DATE : 24.05.2023

Schedule to Balance Sheet as at 31st March 2023
AS AT AS AT
Particulars 31st March 2023 31st March 2022
Rs. Rs.
Schedule : 1
REGIONAL COUNCIL FUND
Balance as per last account 254,030,090 222,352,711
Add: i) Unclaimed Library Deposits 14,400 29,600
ii) Net Surplus for the year transferred from 19,749,070 31,647,779
Income & Expenditure A/c
Balance 273,793,560 254,030,090
Schedule : 2
Building Development Fund
Balance as per last account 196,382 186,232
Add: Interest earned on Investment of Fund for the year 11,783 10,150
Balance 208,165 196,382
Schedule : 3
Miscellaneous Prize & Other Funds
Balance as per last account 1,085,047 1,037,926
Add: Contribution received during the year 11,000 -
Add: Interest earned on Investment of Fund for the year 65,393 56,566
Add: Previous year provisions written back - 10,350
Less: Cost of Prizes/ Expenses 98,125 19,795
Balance 1,063,315 1,085,047
Schedule : 4
Fixed Assets :
Furniture & Fittings:
Gross Block 2,753,295 2,822,136
Less: Accumulated Depreciation 2,174,257 2,178,760
Net Block 579,038 643,376
Library Books:
Gross Block 1,498,135 1,467,980
Net Block 34,088 26,141
Office Equipments & Generator :
Gross Block 4,992,809 4.899,882
Net Block 1,197,882 1,308,908
Cycles :
Gross Block - 3,682
Less: Accumulated Depreciation - 3,682
Net Block - -

Schedule to Balance Sheet as at 31st March 2023
AS AT AS AT
Particulars 31st March 2023 31st March 2022
Rs. Rs.
Computers including Software

Gross Block 2,233,531 2,316,017
Net Block 222,956 371,594
Total Fixed Assets
Gross Block 11,477,770 11,509,697
Net Block 2,033,964 2,350,019
Schedule : 5
Long Term Loans and Advances
EB deposit 424,511 406,053
Telephone Deposit 10,718 10,718
Total Long Term Loans and Advances 435,229 416,771
Schedule : 6
Current Assets:
Closing Stock
Prospectus stock (at Cost) - -
SUNDRY DEBTORS ( OTHERS)
- HQ (Net) 493,422 490,327
- Others - 5,340
Cash and Bank Balances :
Cash - in - hand 8,099 2,013
Balances with Scheduled Banks :
On Current Account 1,173,472 1,270,788
Fixed Deposits :
Fixed Deposits with Nationalised Bank 265,064,189 245,502,021
Accrued Interest on FDRs 6,606,470 5,806,491
Total Current Assets 273,345,652 253,076,980
Schedule : 7
Short term Loans and advances
Prepaid Expenses 96,795 57,821
Total Short Term Loans and Advances 96,795 57,821
Schedule : 8
Current Liabilities & Provisions
Library Deposit 2,400 14,800
Sundry Creditors ( Other than Current A/c )
- HQ (Net) - -
TDS Payable 79,750 47,511
Provisions 764,450 527,761
Total Current Liabilities & Provisions 846,600 590,072

Schedule to Income & Expenditure Account for the year ended 31st March 2023
Particulars
31st March 2023 31st March 2022
Rs. Rs.
INCOME :
Schedule : 9
Tuition Fees & Others
Tuition Fees
- Oral Coaching Grant 16,192,200 20,980,250
- ( INCL. OF GD / BC , Industrial Orientation Training &
Computer training grant)
- Postal Coaching Grant 9,091,480 14,950,600
Total 25,283,680 35,930,850
Schedule : 10
CEP Training Income
CEP Income - Regional Council 254,600 -
Regional Cost Convention 3,150,433 -
Total 3,405,033 -
Schedule : 11
Interest Income
Interest on Fixed Deposits 14,008,112 11,721,174
Total 14,008,112 11,721,174
Schedule : 12
Grant Received from H.Q
T A Grant 500,000 353,397
Students facilities & Career Councelling Grant - 283,792
Repairs & Maintenance Grant 380,396 58,779
Total 880,396 695,968
Schedule : 13
Other Income
Sundry/Misc. Income 266,363 178,237
Guest Room Service Charges 7,000 11,500
Total 273,363 189,737
Total Income (A) (Schedule 9-13) 43,850,584 48,537,729

Particulars
Rs. Rs.
EXPENDITURE :
Schedule : 14
Establishment Expenses
Salaries & Allowances 8,416,019 8,534,579
Employer's Contribution to Employees' Gratuity Fund 373,234 567,364
Employer's Contribution to Employees' Provident Fund 784,836 793,392
Employer's Contribution to Employees' Leave Encashment Fund 341,866 650,816
Leave Encashment 59,892 17,493
Medical Expenses 86,201 459,952
Total 10,062,048 11,023,596
Schedule 15
Office Expenses
Travelling & Conveyance 80,033 118,363
Printing & Stationery ( including Xerox Charges) 87,491 38,756
Postage Charges 20,033 15,158
Telephone Expenses 19,127 44,665
Electricity Charges 699,580 348,977
Fuel expenses for Generator 54,034 31,795
Rates & Taxes 327,243 64,368
Repairs & Maintenance 503,865 406,872
Generator Maintenance 12,828 21,744
Bank Charges 2,612 2,024
Computer Maintenance & Stationery Expenses 104,046 112,932
Books & Periodicals 7,149 11,384
Watch & Ward Expenses 982,788 807,162
Administrative Charges 543,463 558,537
Total 3,444,292 2,582,737
Schedule 16
CEP Training Expenses
CEP Expenses - Regional Council 162,230 -
Regional Cost Convention 3,129,819 -
Total 3,292,049 -

Particulars
Rs. Rs.
Schedule 17
Coaching Expenses
Honorarium to Faculty etc. - Oral 2,126,250 1,285,250
Postal Coaching Exps 31,093 25,094
Oral Coaching, Faculty & Academicians Meet Expenses 131,757 -
Industry Oriented Training Expenses 498,777 40,000
Computer Training Expenses - 86,000
Total 2,787,877 1,436,344
Schedule 18
Statutory Audit Fee 106,200 88,500
Total 106,200 88,500
Schedule 19
Council & Committee Meeting Expenses
- TA & DA for the Council Members 1,054,374 865,673
- Annual General Meeting of Regional Council 172,755 21,973
Total 1,227,129 887,646
Schedule 20
Professional Development Expenses
Food & Hospitality 475,349 42,027
Printing, Photo, Video & Communication 856,599 181,088
Travelling & Conveyance 1,230,815 134,333
Momento, Honororium & Rental charges 172,581 47,043
Miscellaneous - 7,610
Total 2,735,344 412,101
Schedule 21
Depreciation :
Furniture & Fittings 64,338 71,486
Library Books 22,208 17,428
Office Equipments & Generator 211,391 230,649
Computers Including Software 148,638 139,463
Total 446,575 459,026
Total Expenditure (B) (Schedule 14-21) 24,101,514 16,889,950

32
ACCOUNTING POLICIES & NOTES ON ACCOUNTS

SCHEDULE - 22
I. ACCOUNTING POLICIES
1. Basis for preparation of Financial Statements:
The Financial Statements are prepared under the historical cost convention, the Generally Accepted
Accounting Principles (GAAP) in India , the applicable Accounting Standards, the relevant
provisions of the Cost and Works Accountants Act, 1959, as amended and are on accrual basis
unless otherwise stated.
2. Revenue Recognition
The Institute recognizes significant items of income on the following basis:-
a) Tuition and other Fees
Revenue in respect of Postal and Oral Tuition Fees are recognized as and when the student
is enrolled.
b) Commission on Sale of Publication is recognised on completion of sale
c) Revenue from Programme and Research Fee is recognized as and when such activitiy is
undertaken
d) Income from interest for the year due on Deposits with Banks is recognized on accrual basis
taking into account the amount of Fixed Deposits and the applicable rate.
e) Grants from HQ are recognised on receipt of confirmation from Head Quarters.
f) All other incomes are recognised on receipt basis
3. Fixed Assets
Fixed assets are stated at cost less accumulated depreciation. Cost comprises the purchase price
and any cost, attributable to bringing the asset to its working condition for its intended use. Assets
under creation are shown as capital work-in-progress.
4. Depreciation/Amortization:
Depreciation on Fixed Assets is provided on written down value method as per rates
prescribed in Income Tax Act,1961
5. Investments:
Investments in Fixed Deposits are stated at cost.
6. Inventory
Materials procured from Head Office and others are valued at Cost or Net Realizable Value,
which is lower.
7. Expenditure
The expenditure is recognised on accrual basis
8. Employee Benefit
a) The short term employee benefit is recognised when claimed duing the period. Uncliamed
amount is provided for.
b) Contributions to Provident Fund, Family Pension Fund and Deposit Linked Insurance are
accounted for on accrual basis and the liability in respect of Gratuity and Leave Encashment is
recognised on the basis of yearly premium paid to LIC on the basis of actuarial valuation.
9. Accounting for Provisions, Contingent Liabilities and Contingent Assets:
(I) A provision is recognized:-
(a) when there is present obligation as a result of past event;

33
(b) it is probable that an outflow of resources embodying economic benefit will be required to settle
the obligation and
(c) a reliable estimate can be made of the amount of obligation.
(II) No provision is recognized for:
(a) any possible obligation that arises from past events and the existence of which will be confirmed
only by the occurrence or non-occurrence of one or more uncertain future events not wholly
within the control of SIRC
(b) any present obligation that arises from past events but is not recognized because it is not
probable that an outflow of resources embodying economic benefits will be required to settle the
obligation or a reliable estimate of the amount of obligation cannot be made.
Such obligations are disclosed as Contingent Liabilities. These are assessed at regular intervals and
only that part of the obligation for which an outflow of resources embodying economic benefits is
probable, is provided for except in extremely rare circumstances where no reliable estimate can be
made.
10. Impairment of Assets:

At the Balance Sheet date impaired assets, if any are identified and necessary provision as required
is made.
11. Prior Period Income / Expenditure
Prior period items which arise in the current period as a result of errors or omissions in the
preparations of financial statements in one or more prior periods are separately disclosed in the
Income & Expenditure Account
12. All other accounting policies are consistent with the generally accepted policies.
II. NOTES ON ACCOUNTS
1. Fixed deposits to the tune of Rs.12,71,480/- (PY - Rs.12,81,429) have been earmarked towards
closing balances of Endowment/Memorial Funds, Building Development Fund etc.,
2. The Annual Accounts for the Financial year 2022-23 with the previous year has been prepared in
the format prescribed by the Head Quarters.
3. Library Deposit remaining unclaimed beyond 3 years amounting to Rs.14,400/- (PY- Rs.29,600/-)
for the card nos. from 12512 to 12549 has been transferred to Regional Council Fund. In the
event of any refund arising in future, it will be paid from the fund.
4. Previous year figures have been regrouped wherever necessary.

FRN : 000960S
K.K.A.RAMANUJAN
PLACE : CHENNAI
DATE : 24.05.2023


CASH FLOW STATEMENT FOR THE FINANCIAL YEAR 2022-2023
For the year ended For the year ended
PARTICULARS 31st March 2023 31st March 2022
Rs. Rs.
A) CASH FLOW FROM / (USED IN) OPERATING ACTIVITIES

a. Net Surplus/(Deficit) before taxation and appropriations 19,749,070 31,647,779
b. Adjustments to Surplus/(Deficit):
Add: Adjustments for depreciation and amortisation expenses 446,575 459,026
Less: Interest Income (14,008,112) (11,721,174)
Less: Profit on sale of Old Fixed Assets - -
Total adjustments to Surplus/(Deficit) Sub-Total (b) (13,561,537) (11,262,148)
c. Operating profit before Working capital changes (a + b) 6,187,533 20,385,631
d. Adjustments for working capital
Adjustments for decrease/ (increase) in inventories - -
Adjustments for decrease/ (increase) in receivables 2,245 (495,667)
Adjustments for decrease/ (increase) in Short term Loans and Advances (38,974) 27,744
Adjustments for decrease/ (increase) in Long term Loans and Advances (18,458) (28,890)
Adjustments for increase/ (decrease) in provisions 270,928 (1,272,153)
Adjustments for increase/ (decrease) in earmarked funds (20,949) 57,271
Total adjustments for working capital Sub-Total (d) 194,792 (1,711,695)
e. Net cash flow from/ (used in) operating activities (c + d) 6,382,325 18,673,936
B) CASH FLOW FROM/(USED IN) INVESTING ACTIVITIES :
Proceeds from sales of tangible assets - -
Purchase of tangible assets (130,520) (329,900)
Interest received 13,208,133 11,974,670
Amount invested in Fixed deposits (19,562,168) (31,163,953)
f. Net cash flow from/ (used in) investing activities (6,484,555) (19,519,183)
C) CASH FLOW FROM/ (USED IN) FINANCING ACTIVITIES:
Corpus Receipt for Endowment Funds 11,000 -
g. Net cash flow from/ (used in) financing activities 11,000 -
Net increase/(decrease) in Cash and Cash Equivalents (e + f + g) (91,230) (845,247)
Reconciliation of Cash and Cash Equivalents
Cash and Cash Equivalents at beginning of the period 1,272,801 2,118,048
Cash and Cash Equivalents at end of the period 1,181,571 1,272,801
Net increase/(decrease) in Cash and Cash Equivalents (91,230) (845,247)


REGIONAL CMA CONVENTION - 2022 (CHENNAI) INCOME & EXPENDITURE ACCOUNT
INCOME
Rs.
DELEGATES 794,034
ADVERTISEMENTS 478,574
SPONSORSHIPS 1,877,825
TOTAL 3,150,433
EXPENDITURE Rs.
ACCOMMODATION & TRAVEL 248,617

LUNCH,DINNER & HIGH TEA EXPENSES 1,554,876
CONVEYANCE AND CAR HIRE CHARGES 277,938
CULTURAL PROGRAMME 34,000
DECORATION, BACKDROP & INFRASTRUCTURE 382,401
MOMENTOES FOR AUDIENCE & VIP 203,368
KIT FOR DELEGATES 146,146
POSTAGE 7,250
BULK MAIL CHARGES & SMS CHARGES 30,125
PRINTING & STATIONERIES 37,302
MISCELLENOUS EXPENSES 46,634
SOUVENIR PRINTING 91,000
VIDEO & PHOTO 60,541
PRESS MEET 9,621
TOTAL EXPENDITURE 3,129,819
EXCESS OF INCOME OVER EXPENDITURE 20,614
TOTAL 3,150,433

CHAPTERS UNDER SOUTHERN REGION FOR THE YEAR 2022-2023

1. Bengaluru Chapter of Cost Accountants 12. Mangalore Chapter of Cost Accountants
81 MALLIKARJUNA TEMPLE STREET S.D.MCOLLEGE BUILDING MAHATMA
BASAVANAGUDI. BANGALORE 560004 GANDHI ROAD MANGALORE575 003
2. Cochin Chapter of Cost Accountants 13. Mysuru Chapter of Cost Accountants

TR/64/795 CMA BHAVAN JUDGES' AVENUE 14207TH CROSS KRISHNAMURTHYPURAM
KALOOR COCHIN 682017 MYSORE 570004
3. Coimbatore Chapter of Cost Accountants 14. Nellai-Pearl City Chapter of Cost Accountants
NO.13-14 THIRDFLOOR, SFI APARTMENT 38 – A ANGUVILAS BUILDING
SATHYAMOORTH YROAD V.K. ROAD, TIRUNELVELI JN.627 001
RAMNAGAR COIMBATORE- 641009
4. Dindigul Chapter of Cost Accountants 15. Nellore Chapter of Cost Accountants

No.7, First Floor, Vijaya Complex, 15/3/163, NEAR BABU ICE CREAM,
Siluvathur Road, MSP Teachers Colony, BESIDE ANDHRA BANK,
Dindigul– 624005 BRINDAVANAM, NELLORE - 524001.
5. Erode Chapter of Cost Accountants 16. Neyveli Chapter of Cost Accountants

Dharmasivam Building 32, SRI AUROBINDO VIDYALAYA
PRAKASAM STREET ERODE - 638 001 BLOCK 19, NEYVELI 607803
6. Godavari Chapter of Cost Accountants 17. Palakkad Chapter of Cost Accountants

46-7-16,2ndFLOOR 187(4) SEKHARIPURAM, KALPATHY
NEAR: DANAVAIPETAPARK PALAKKAD 678 003
RAJAHMUNDRY533103
7. Hosur Chapter of Cost Accountants, 18. Pondicherry Chapter of Cost Accountants

M R Venkata Rao Nilayam, No.9, FIRST FLOOR, IV CROSS
H-116, New ASTC HUDCO, ANNA NAGAR,
Near Thangam Clinic, PUDUCHERRY 605 005
Murugan Temple Road, Hosur - 635109.
8. Hyderabad Chapter of Cost Accountants 19. Ranipet Vellore Chapter of Cost Accountants
1-2-56/44ASTREETNO.5 No.16,BHARATHINAGAR 3RD MAIN ROAD
HIMAYAT NAGAR HYDERABAD 500029 (OPP. BALAJI THEATRE) KATPADI
VELLORE–632007
9. Kottayam Chapter of Cost Accountants 20. Salem Chapter of Cost Accountants

RELIABLE BUILDINGS BEHIND: MAMMEN ACCESS POINT BUILDING
MAPPILA HALL K.K.ROAD 5/324 THIRUGNANASAMBANTHAR ST
KOTTAYAM–686 001 STATE BANK COLONY JUNCTION MAIN
ROAD SALEM–636004
10. Kozhikkode – Malappuram Chapter of Cost Accountants, 21. Sathavahana Chapter of Cost Accountants
3rd floor, Flash Business Center, Opposite No. 2-10-123, Jyothinagar,
Planetarium, Jaffer Khan Colony Road, Karimnagar, Telengana
Kozhikode – 673004. Pin Code # 505001
11. Madurai Chapter of Cost Accountants 22. Thrissur Chapter of Cost Accountants
KRV ARCADE, A.R. PLAZA, OFFICE CMA BHAVAN
NO. (BASEMENT) 16/17, NORTH TC-37/1879/1 KOTTAPPURAM ROAD
VELI STREET, MADURAI 625 001 THRISSUR- 680 004

CHAPTERS UNDER SOUTHERN REGION FOR THE YEAR 2022-2023
23. Tiruchirappalli Chapter of Cost Accountants 27. Vijayawada Chapter of Cost Accountants, CMA Bhawan,
No.48 BHARATHIDASAN SALAI, D.No.59A-16-3/9B,
CONTONMENT RTC Colony 3rd Road, Pantakaluva Road,
TIRUCHIRAPPALLI -620001 Patamata, Vijayawada - 520 0008.
24. Tirupathi Chapter of Cost Accountants 28. Visakhapatnam Chapter of Cost Accountants
Survey No:142/A34, 3rd Floor, CMA BHAWAND.No.49-38-14/4(1)
Dhanalaxminagar, RC Road
OPP:PORTSTADIUM NH 5
Land mark: at KALASAM BUILDING
Tirupati, Andhra Pradesh AKKAYYAPALAM
Pin Code # 517507 VISAKHAPATNAM– 530 016
25. Trivandrum Chapter of Cost Accountants 29. Warangal Chapter of Cost Accountants
CMA BHAWAN TC. 22/87V J LANE #2-5-882, Circuit House Road,
VELLAYAMBALAM TRIVANDRUM 695 010 Beside RMH Hospital, Hanamkonda
Warangal, Telengana Pin Code # 506001
26. Ukkunagaram Chapter of Cost Accountants
CMA BHAVAN, SECTOR-6
UKKUNAGARAM
VISAKHAPATNAM- 530032

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THE INSTITUTE OF COST ACCOUNTANTS OF INDIA

(STATUTORY BODY UNDER AN ACT OF PARLIAMENT)

SOUTHERN INDIA REGIONAL COUNCIL

64th ANNUAL REPORT

‘CMA BHAWAN’ 4, Montieth Lane,

044 - 2855 4443 / 4326

SOUTHERN INDIA REGIONAL COUNCIL

Notice of the 64th Annual General Meeting 02

Annual Report of the Regional Council for the year 2022-23 03

Independent Auditor's Report 24

Statement of Income & Expenditure 27

Chapters under SIRC 37

SOUTHERN INDIA REGIONAL COUNCIL

TWENTIETH SOUTHERN REGIONAL COUNCIL – 2022 – 2023

Bankers Bank of Baroda,

Auditors M/s. Gopalaiyer and Subramanian,

Internal Auditors M/s. D. N.V. Associates,

64th ANNUAL REPORT 2022– 2023 01

64th ANNUAL REPORT 2022– 2023 02

SIXTY FOURTH ANNUAL REPORT

Particulars 2022– 23 (Rs. In Lakhs) 2021– 22(Rs. In Lakhs)

a) STUDENTS REGISTRATION (ENTIRE SOUTHERN REGION)

Level 2022-23 2021-22

b) STUDENTS ENROLLMENT (AT SIRC, CHENNAI)

Level 2022-23 2021-22

64th ANNUAL REPORT 2022– 2023 03

c) POSTAL COACHING (ENTIRE SOUTHERN REGION)

Level 2022-23 2021-22

3.1 17th S.Ganapathisubramanian Memorial Lecture

3.2 PRE-PLACEMENT ORIENTATION PROGRAMME: -

64th ANNUAL REPORT 2022– 2023 04

3.3 REGIONAL CMA CONVENTION 2022

64th ANNUAL REPORT 2022– 2023 05

At the Technical Session 2,

64th ANNUAL REPORT 2022– 2023 06

At the Technical Session 4, At the Technical Session 4,

At the Valedictory function, addressed by Glimpses of REGIONAL CMA CONVENTION 2022

64th ANNUAL REPORT 2022– 2023 07

Glimpses of REGIONAL CMA CONVENTION 2022

Glimpses of REGIONAL CMA CONVENTION 2022

Glimpses of REGIONAL CMA CONVENTION 2022

64th ANNUAL REPORT 2022– 2023 08

3.4 Campus Placement Program on 24th - 26th November, 2022:

64th ANNUAL REPORT 2022– 2023 09

64th ANNUAL REPORT 2022– 2023 10

3.8 Career Counselling Programs-SIRC,Chennai :-

1) The New College, Chennai.

4. Professional Development Meeting conducted at SIRC:

64th ANNUAL REPORT 2022– 2023 11

3. On “Provisions relating to Independent Directors/ Women Directors” held on Saturday, 03.09.2022.

On “Performance Management in MSME” held on 17.09.2022, it was addressed by CMA

On “CMA as an Entrepreneur” held on 14.10.2022, it was addressed by CMA N. Shastry Tata,

64th ANNUAL REPORT 2022– 2023 12

64th ANNUAL REPORT 2022– 2023 13

64th ANNUAL REPORT 2022– 2023 14

5. ICAI- HQ directives and Other Joint Programmes with SIRC:

PD session on ““CROSS BORDER INSOLVENCY RESOLUTION” on 11.04.2022

64th ANNUAL REPORT 2022– 2023 15

PD meeting on Internal Auditing for Sustainable Devt.& Performance Measurement on 04.06.2022

64th ANNUAL REPORT 2022– 2023 16