Welcome to the Twelfth edition of theMelbourne Chapter’s newsletter.

Even as the world mourned the victims ofChristchurch mosque massacre by a terrorist ,Prime Minister Jacinda Arden’s leadershipstyle mesmerized the world. Her words “ Theyare us!” resonated with the citizens of NewZealand making them stronger, united andguiding them on the path to healing in theface of such deep grief..

The month of March was very eventful.

The CPD session on March 16th by LawyerCaroline Mense on Business Law foraccountants where she touched onEmployment Law, commercial and retailleasing and contracts was insightful and wellattended.

During the month CA P Rajendra Kumar,member of SIRC visited Melbourne to attendthe Global forum on VAT- OECD. Thecommittee met with him on 19th March, 2019.

The women’s group also had an metinformally for coffee at the Pancake parlor on21st March. Thanks to all the ladies who tooktime out of their busy schedules to the meet.

One of the main points of discussion at thewomen’s engagement meet was Work lifebalance. Photos of all the events are in thisedition.

The CPD session for the month of April isbeing shifted to the 13th of April, 2019 from9am to 12 noon due to the upcoming Easterholidays. Venue will remain the same-Community Hub at the Docks, Multipurposeroom, 912 Collins Street, Docklands

Editor Writes

The Melbourne Chapter of ICAI Mar 2019 Newsletter 1

Our Speaker for the month is CA PranayLodhia, CFO of Meteorology Department ofAustralia. He will speak on the topic:Navigating your career to C Level inchallenging environments. CA Pranay Lodhiahas the distinction of speaking at the CFOSymposium and JITO Entrepreneurship series.

Felicitations to CA Sameer Manduskar oncompleting the course of CompanyDirectorship (GAICD). We would love to knowif any of our other members achievements inany relevant fields so we can share amongstour members.

A new informal WhatsApp group called CA’s inMelbourne was formed by CA Chandan Jain. Ifyou would like to be part of this group, pleaseemail your request tonewsletter@icai.melbourne and we willorganize for you to be added.

The committee is still looking for Volunteersto help with updating websites and forEditorial help with the newsletter. Ifinterested, please register your interest atnewsletter@icai.melbourne orchairman@icai.melbourne .Please email yourfeedback/ suggestions tonewsletter@icai.melbourne so that we canaddress your issues.

We look forward to seeing you at the CPDsessions. Thank you once again for yourcontinued support.

- CA Anbu Mohan

The Melbourne Chapter of ICAI Feb 2019 Newsletter

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Photos from the CPD session in March 2019

Lawyer Caroline Mense conducting the CPD session on Business Law for Accountants

CPD session in progress on 16 March, 2019 at the Community Hub at the Docks, 912 Collins Street, Docklands

Presentation of momento to Ms. Caroline Mense After session photo

Vice Chairman CA Harsha Vardhan Singh addressing the CPD session

The Melbourne Chapter of ICAI Feb 2019 Newsletter

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Other events March 19

Meeting with CA P Rajendra Kumar Jain who came here to attend the Global forum on VAT-OECD, the only CA from India tohave the distinction for 4 consecutive forums

Presentation of momento to CA P Rajendra Kumar

At the Melbourne centralA fun filled women’s engagement meet on 22 March, 2019 at the Pancake parlour, Melbourne Central

At the women’s engagement meet

Dear Professional Colleagues,

Quotes motivate and inspire us to keep moving forward. One of the big topics we discussed at the women’s engagement meet on 22 March, 2019 was work life balance. Below are some quotes

"Never get so busy making a living that you forget to make a life." — Dolly Parton“

"Most of us spend too much time on what is urgent and not enough time on what is important." —Stephen R. Covey

"A time for everything: A time to relax and a time to be busy, a time to frolic and a time to labor, a time to receive and a time to give, a time to begin and a time to finish." — Jonathan Lockwood Huie

QUOTES

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MANAGING COMMITTEE MEMBERS

Position Member

Chairman CA Anand Agarwal

Vice Chairman CA Harsha Vardhan Singh

Secretary CA Pankaj Damle

Treasurer CA Foram Seth

Public Officer CA Prity Sarda

Committee member CA Sameer Manduskar

Committee member CA Anbu Mohan

Committee member CA Kumar Somya

Committee member CA Anirudh Misra

Committee member CA Ambuj Goel

PAYMENT OF MEMBERSHIP FEES

Membership fees for 2018-19 are now overdue and renewal letter has been sent.To renew your membership fee, please click on the below link and pay your due as per renewal :https://zohosecurepay.com/checkout/bnxmgvb-d4qxa5rd0z8ac/Renewal-of-Annual-Membership-Fees

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Month Date

April 19 13th Apr 2019

May 19 18th May 2019

June 19 15th Jun 2019

July 19 20th Jul 2019

CPD sessions will take place at the Multipurpose room, Docklands Community HUB, Melbourne onthe 3rd Saturday of every month. The CPD session for the month of April will however be held on13th April 2019 from 9am to 12 pm.Please mark your calendar with the dates below to takeadvantage of your CPD requirements.

Congratulations CPD session April 2019

Presenter : CA Pranay LodhiaDate : 13 April 2019Venue : Multipurpose room,

Docklands Community HUB, Melbourne

Time : 9am to 12pmCPD hours: 3 hoursTopic: Navigating your career to C Level in challenging new environmentsunder which specific topics covered will include:• Leading in challenging landscapes• Transforming organizations that are

resistant to change• Navigating complex cultures• Integrity and value based leadership• Joining dots to innovate• Value of mentoring and coaching• Passion and reality when steering

changesGraduation time! Felicitations CA Sameer Manduskar on

becoming a GAICD graduate

Strategy execution- The three H pre-requisites

Why are some strategies successfully executed andothers not? According to Jereon De Flanders , one ofthe most influential leaders in strategy execution,most strategies lose between 40 and 60 percent oftheir financial potential along the execution journey.He advocates the 3H pre-requisites in his book theExecution short-cut:

The Head connection – people need to be aware ofyour strategy;

The Heart connection – people need to care aboutyour strategy; and

The Hand connection –people need the energy topush your strategy forwards

In this article we will explore the Head connection

FACILITATE SMALL CHOICES

Internationally renowned academic Professor HenryMintzberg describes Strategy as a pattern in astream of decisions where small choices are in linewith the big choice - like wagons that follow thetrain engine to its destination. If strategy is adecision pattern, strategy execution is enablingpeople to create a decision pattern. The core ofsuccessful strategy journey’s are neither actionplans nor to-do lists but decision trees. Shifting ourenergy from asking people to make action plans tohelping them make better decisions will helpimprove strategy execution speed and accuracy.

The importance of NO

Michael Porter advocates that the essence ofstrategy is choosing what not to do. By trying to beall things to all people, companies can dilute theirstrategy so much that there’s no strategy left! TheList Of Noes improves day-to-day choices byreducing the number of decisions and is helpful incombating decision paralysis. The List Of Noes iscrucial to eliminate a small number of choices butdoes not eliminate all choices. Every Strategyexecutionist’s motto should be “No strategy survivescontact with day-to day reality”. When multipleoptions are faced that cannot be eliminated withthe List of Noes, its important that we enable peopleto make good execution decisions on their own. Asuccessful strategist should provide specificprioritization information, not a general compasswhich would help people make autonomousdecisions in line with strategy. There are many forkson the execution path and it is easy to get lost.When employees are offered clear prioritizationinformation (Decision Aid) to align small choiceswith the bigger choice, they are guided to the finishline more quickly.

KEEP THE BIG CHOICE CLEARLY VISIBLE

The tripping point

A message loses 70% of its details after 5-6 mouth-to-mouth transmissions. Jereon de Flanders tells usto focus our resources on a few key groups likeConnectors, Mavens and salesmen to make ourmessage sticky and structure the message to ouradvantage if we wish to reach a tipping point andcreate a word of mouth epidemic of our strategy

Strategy Graffiti

When people shorten and package messages, thetipping point becomes a tripping point. Messagedistortion or Strategy graffiti occurs all the time butwhen the message distortion hides our BIG choices,we should care and take steps to rectify itimmediately.

DRAW A FINISH LINE

One of the most powerful performance mechanismsis keeping a score. We need to have clear goals andhave a feedback mechanisms which tells us wherewe are and where we should be. Finding the rightmechanisms on the strategy execution journey is noteasy and Jereon suggests working backward to bethe most effective method and recommends havinga finish line. A finish line helps make a strategysuccess tangible and shows everyone what winninglooks like. A strategist who chooses a challenging butrealistic finish line and captures the core of thestrategy creates an inspiring finish line whichmotivates people.

RE-MEASURE

Jereon compares the finish line of a strategy to amarathon. On the strategy execution journey, weneed signposts that predict success at the finish line.Signposts act as lead indicators guiding us to thefinish line. Having a lot of indicators can sometimesdetract us from the big picture; so to evaluate theadded value of an indicator, it is important that weshould ask “What important decision this measurehelps us make?” Making the signposts (smallchoices) visible with the help of dashboards andreports to the players in the Strategy field isimportant to improve the focus of the strategyplayer. Signposts tell us how to be successful.

The key question is whether our BIG choice canconnect with the hearts of travelers on theexecution road?

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Source :Henry Mintzberg, 1994; ;The execution shortcut by Jereon de flanders

Why are some strategies successfully executed and others not? According to Jereon

De Flanders , one of the most influential leaders in strategy execution, most strategies

lose between 40 and 60 percent of their financial potential along the execution

journey. He advocates the 3H pre-requisites in his book the Execution short-cut

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The Melbourne Chapter of ICAI Mar 2019 Newsletter

New Members Welcome

New Members joining in the month of March are: CA Ramvikas Nag

Require volunteers to help with updating the Melbourne Chapters website. We are looking for anyone who has a passion for web development and the ability to keep the website updated on a regular basis.

We are also looking for editorial help for the newsletter.

Interested persons please contact newsletter@icai.melbourne or chairman@icai.melbourne

Volunteers required

Invitation from the ICAI President to contribute articles to the ICAI Journal

With the objective of keeping the professional fraternity updated with professional development andopportunities abroad, the ICAI President CA Prafulla P Chhajed has invited write-ups from global perspectivesto be published in the ICAI journal. The article should focus on opportunities for members-in-practice andmembers-in-industry who either are new working abroad or wish to start doing so. Other areas that can beconsidered are the business, entrepreneurship or economic networking opportunities available in ourjurisdiction which will help our members in global expansion.

Those interested can send their articles of approximately 2000 words at president@icai.in along with anabstract of 50-100 words and a passport size color photograph of the author and a profile of the author forreference and records

CPD Hours Requirement

Please remember to update your CPD hours on CPA Australia website and CAANZ website where applicable.

Members are also reminded to take the opportunity to attend the CPD sessions to maintain their CPD hour requirements with the ICAI

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Website

The Melbourne Chapter of ICAI Mar 2019 Newsletter