CMA National Management Accounting Conference 2016 kicks off today

CMA National Management Accounting Conference 2016 will be inaugurated by Chief Guest Minister of Industry and Commerce Rishad Bathiudeen on 11 July at 6 p.m. at Kings Court Cinnamon Lakeside. Bathiudeen will deliver an address on ‘Total Cost Management to gain competitive advantage in industry’.

The keynote speaker at the conference will be National University of Singapore Department of Accounting Head Prof. Ho Yew Kee. He will speak on the topic ‘Total Cost Management in the Development of the Economy – Singapore Experience’.

CMA President Prof. Lakshman R. Watawala will give the opening address and speak on the importance of TCM and the role of CMA in implementing TCM in industry to achieve competitiveness and efficiency. 

The awards presentation for the ‘CMA Excellence in Integrated Reporting Awards’ for the ten best outstanding Integrated reports and the Overall Winner, 1st Runner up and 2nd Runner up will be presented. Also companies that have achieved the required standards will be presented with certificates. This year the judges will also select the Most Concise Report that meets the Integrated Reporting criteria. Prof. Mark Graham the Head of the College of Accounting at the University of Cape Town will deliver the ‘CMA Excellence in Integrated Reporting Awards’ judges report. 

The technical sessions will be held on 12 and 13 July.  

The conference will highlight the importance of Total Cost Management to improve the competitiveness, efficiency and effectiveness and reduce wastage of organisations especially in the manufacturing sector, government and state owned institutions, public debt management and to create an awareness of the importance of ‘TCM as a key enabler in Economic Activity’.   

Total Cost Management (TCM) is a systematic and structured approach to understand the costs of an organisation, with the aim of providing a holistic framework to control, reduce and eliminate costs. Cost management is a philosophy, an attitude, and a set of techniques to create more value at lower cost. In this fast pace competitive scenario, cost management information increases customer value.

Total Cost Management (TCM) is spread across governments, companies, state owned enterprises, government projects and all undertakings whether private or public and provides a holistic framework to control, reduce and eliminate costs, throughout the value chain. This process of managing the financial outcome of activities encompasses all operations, internal and external.

TCM is also one of the most powerful tools that companies can wield in their quest for competitive advantage. 

Increased global competition has forced companies to think aggressively about effective Cost Management. A low cost high quality product has become an object of desire, to gain a competitive edge. It is essential that cost management addresses not just individual activities or cost centres but the entire value chain.

The Technical Sessions will be on 12 and 13 July and will consist of eight technical sessions with two panel discussions and will feature a total of 40 eminent speakers and panellists both local and foreign.

The first Technical Session will be on Total Cost Management and the Economy and the keynote address at the technical sessions will be delivered by Minister of Finance Ravi Karunanayake. A panel discussion will follow and will have eminent economists and business personalities on the panel. 

The topic on Cost Competitiveness and TCM as a key enabler will have the CII TCM India members together with a presentation on practical experiences in an industry presented. The third session will be on Country Experiences in Total Cost Management from Singapore, Pakistan and USA. 

The final session on day 1 will be a key note address and a panel discussion on ‘TCM in Government and State Owned Enterprises to achieve Financial Discipline’. The keynote address will be delivered by Minister for Special Assignments Sarath Amunugama and the Panel will include COPE Chairman Sunil Handunhetti, Minister of Petroleum Resources Development Chandima Weerakkody, Deputy Minister of State Enterprises Development Eran Wickramaratne and Former Chairman D.E.W. Gunasekera. 

On the second day there will be a keynote address on ‘TCM Impact on Infrastructure Development’ by Minister of Megapolis and Western Development Patali Champika Ranawaka and  two other addresses on Public and Private Partnership in infrastructure projects which will include the Chinese Port Development Project in Colombo and PPP’s  Indian experience.

The sixth technical session will be on ‘Integrated reporting: Practical aspects’. The keynote address will be delivered by Prof. Mark Graham Associate Professor and Head College of accounting University of Capetown, South Africa. This will be followed by a panel discussion comprising those practising integrated reporting, University Professors, industry specialists and IIRC representative.

The seventh technical session will be ‘TCM to achieve Global Competitiveness’. This will cover the major industrial sectors of apparel and rubber based industry. The other speaker will be on the ‘Growth of the IT and ITES sector’.

The final session will be a panel discussion on ‘TCM – Key Enabler of Economic Development – Role of Business Sector, Professionals and University Academics’. There will be key panellists from the industrial, professional and University sectors represented at the panel discussion.

The conference is specially meant for directors, CEOs, management and financial accountants, managers and executives in marketing, IT, human resource, banking, finance, insurance, key management of state owned enterprises and government, lecturers of universities, technical colleges, professionals and others in industry, commerce, non- profit institutions and professional bodies..   

Those interested to register for the conference can contact Shanthi on 071 4705536 or email: [email protected]. Special discounts will be applicable based on the number of registrants.