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The demand for cost accountants is expected to be rise exponentially in the coming years with various State governments and ministries striving to improve efficiencies on the costing front.
The Railway Ministry, for instance, has assigned a project to the Institute of Cost Accountants of India to study the existing costing system in the Railways and propose upgradation to ensure costing efficiency in key performance areas.
H Padmanabhan, Vice-President of the institute, was recently in here to create awareness among school teachers on the ICAI-CMA course.
‘Accounting reforms’Padmanabhan told BusinessLine that the institute, after making a preliminary assessment and submitting its report, is now working to implement ‘accounting reforms’ (AR) in the Railways. The project is expected to be rolled out by the third quarter of 2018.
The AR project envisages transformation of the Railways’ accounting system. “We have been working on this project for 6–7 months now. Our members are working in close collaboration with the Railway team to implement the rollout,” Padmanabhan said.
Airport tariffsBesides the Railway Ministry project, the institute, as a consultant to Airports Economic Regulatory Authority, submitted its reports for review of financial models for determination of tariffs at six major airports — Ahmedabad, Calicut, Lucknow, Guwahati, Jaipur and Thiruvananthapuram, Padmanabhan said.
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