LAHORE (PR) - The Institute of Cost & Management Accountant of Pakistan organized 19th Shoaib Memorial Lecture. At the occasion the address of welcome was delivered by Muhammad Hanif Ajari, the Vice President of ICMAP. In his address Hanif, highlighted the fact that the Management Accounting creates financial and operational visibility in Macro and Micro units of the economy of the country. It brings to fore the efficiencies and productivities taking place in the productive processes in factories, in services organizations and in business as well as in Government offices. Keeping in view the effectiveness of Management Accounting desipline he stated that it spotlights the weaknesses and wastages and thus facilitates in taking corrective actions to bring the production in line with plans. Muhammad Rafi, the Chairman Seminars and Conferences Committee of the Institute delivered the introductory address on Shoaib Memorial lecture. He stated that to commemorate this pivotal initiative of Late Mr. Muhammad Shoaib (Ex. Finance Minister), the Institute organizes Shoaib Memorial lectures as a regular feature. As a matter of norm eminent Scholars of International repute from home and abroad are invited to deliver the Memorial lecture. This time Mr. A. N. Raman, Vice President, South Asian Federation of Accountants (SAFA); an important wing of SAARC, has been invited to deliver the lecture on the theme of: Advancements in the filed of Management Accounting. While delivering the lecture on Advan cements in the filed of Management Accounting Mr. Raman, the Vice President of SAFA, stressed that in the modern era of globalization customer centric, cost & quality effective and innovation oriented approach is necessary to survive in the environment of cutthroat competition. He stated that Management Accounting discipline is well equipped in catering to all these aspects. He emphasized that for creating value the Management Accountants are alive and alert to mass customization, instant production driven by consumer demand and ideas, information technology as a major enabler, countinous improvement, efficiency, evaluation, re-engineering and global market and the world class practices. He spoke at length on the evolution the Management Accounting discipline has undergone from 1825 to-date. He agreed that in the beginning the vision and application of Management Accounting was quite narrow. It has now come a long way and developed be come value creative and life cycle counscious. It has embraced the concept of strategy evaluation & control, brand management, distribution & channel management and service sector evolution. He expressed that earlier the Management Accounting focused on cost and financial perspective of business organizations only. In addition to financial perspective it has now absorbed the customers perspectives, learning and innovation and internal business process perspectives. The integration of these four perspectives have made it possible for the Management Accounting to achieve maximum success within the value based Management philosophy. At the end Mr. Raman stated that Management Accounting can play an important role in reducing the cost of production in industries and service organization and thus contribute in a big way in reducing and harnessing export potential of a country. It can thus bring prosperity through boasting production and employment. He added that efficiency and productivity in business processes can also reduce the raging inflation in Pakistan and other South Asian countries. Earlier Qari Muhammad Awais recited a few verses from the Holy Quran. At the end the Hon. Secretary of ICMAP Mr. Zia-ul-Mustafa Awan presented the vote of thanks. Mr. Shahzad Ahmad Awan was Master of Ceremony of the event. Plaques, gift and Souvenir to the guest were presented by Mr. M. Imran Afzal, Chairman Lahore Branch Council.