New Applicability and CPE Credit Hours requirement for CMAs:

New Applicability and CPE Credit Hours requirement for CMAs The Institute of Cost Accountants of India (ICMAI) has notified the New Applicability and CPE Credit Hours requirement for CMAs. The Institute of Cost Accountants of India was set up under the Cost Accountants Act, 1959, as amended to educate, impart training and develop the profession of Cost Accountancy. In the current changing dynamic economic scenario it is essential for Cost Accountants in practice and in employment to continuously update and equip themselves with the new skills and concepts to meet the challenges and render efficient service to trade, commerce, industry and the society at large. A profession cannot maintain the cutting edge unless its members regularly update their knowledge. Keeping in view the continuous improvement and adapting to the changing circumstances the Institute is pleased to announce revised CPE requirements for members in practice and industry. The CPE hours of the members should be in respect of the subjects pertaining to the topics of professional relevance for members as per Schedule-I of the said Guidelines. In accordance with the International Federation of Accountants (IFAC) recommendations and recognizing the importance of mandatory and ongoing training for Institute members, the Council has implemented a CPE requirement for members to ensure that members' knowledge and skills are constantly updated. The Council has developed the criteria below, which address the requirements for acceptable training, learning activities, and credit hour awarding and recordkeeping. The objective of Continuous Professional Education is to assist the members in widening their knowledge base and in improving their skills to be at the cutting edge of technology by providing training and expertise in critical areas.

KEY DEFINITIONS

“Institute” means the Institute of Cost Accountants of India. “Continuous Professional Education (CPE)”– An integral part of member’s continuous learning intended to expand their knowledge base and stay up-to-date on new developments. “Approved CPE Programmes” means programmes organized by the Institute including programmes of the Regional Councils and Chapters, approved Study Circles, or any entity recognized by the Council from time to time for this purpose, National Cost Conventions, Regional Cost Conventions, participative certificate programme of ICMAI, Seminars or Conferences organized jointly with other professional bodies and Chambers of Commerce that are approved by the CPE Directorate for granting CPE Credit Hours. “Year” for the purpose of these guidelines shall mean the period commencing from the 1st day of April and ending on the 31st of March. “Continuous Professional Education Directorate (CPE Directorate)” means the directorate of the Institute set up for overseeing the academic, technical and administrative functions of CPE programmes. “Continuous Professional Education Committee (CPE Committee)” means a committee of the Council of the Institute entrusted with the task of setting strategic directions and overseeing CPE activities. “CPE Credit Hours” means credit hours awarded to the member for undertaking CPE learning activity. “Permanent Disability” means a person suffering from not less than 40% of any disability as certified by appropriate government authority. “Structured CPE Credit Hours” The CPE Credit hours to the members for structured learning activities as per para 6.1 of these guidelines. “Unstructured CPE Credit Hours” The CPE Credit hours to the members for unstructured learning activities as per para 6.2 of these guidelines.

EFFECTIVE DATE

These guidelines are effective from 1st April, 2024.

APPLICABILITY OF GUIDELINES

The requirement of CPE Credit Hours to be complied with by the members as prescribed in Annexure A to these guidelines. All members of the Institute are required to meet the CPE requirement(s) as specified by the Council from time to time subject to the category exempted as below:

(i) For the first year for a member who is admitted to the membership of the Institute. A year in this context is to be considered as the period from 1st April to 31st March.

(ii) A member who is having permanent disability and members who have been handicapped due to an accident/ sickness for a prolonged period may be exempted from fulfilling the requirement of CPE Hours on submission of valid documents in support of the same.

(iii)Female members for one year on the grounds of pregnancy/ maternity up to 2 children (One year will be counted as six months before and six months after the birth of a child)

(iv) Other exemptions:

a) Member of Parliament; b) Member of Legislative Assembly or Legislative Council; c) Member of Judiciary; d) Members of any of the Central Civil Services; e) Members of any of the State Civil Services; f) Employees of regulatory bodies, government organizations (not being corporate entities), and statutory bodies; g) Members of Armed Forces and Paramilitary Forces;

(v) The CPE Committee may in their absolute discretion grant full/partial exemption specifically or generally to a member or a class of members based on facts and circumstances on a case to case basis.

Members Residing Overseas (i) Members who have lived outside of India for at least 6 months may be excluded from the requirement for that year if they provide valid documentation to support their claim. However, no such exemption/ relaxation is available to a member who obtained membership in accordance with the Institute's MOU with any other foreign Institute, and such member is considered to have earned Credit Hours if the member meets the Credit Hour requirement of that foreign Institute. meeting the requirement for CPE Hours by submitting authentic papers in support of the same. (ii) the members residing overseas can avail 100% CPE Credits through Online Mode. To Read More Download PDF Given Below: