ICAI has expressed its serious concern to rename the ICWAI body to a name identical to Institute of Chartered Accountants of India. The matter of renaming Institute of Cost & Works Accountants of India proposed to name Institute of Cost & Management Accountant of India has been resurfaced again because of sub-clause II of clause (i) of Section 3 of the Cost and Works Accountants (Amendment) Bill, 2010 (Bill No. XXVI of 2010).
ICWAI has been periodically (since 1972) renewing a highly sensitive and contentious issue of change of its name under one pretext or the other. The matter had in the past, been discussed at various levels within and outside the department/Ministry of Corporate Affairs from time to time. The last occasion in which the matter was discussed, at the instance of the then Department of Company Affairs, was in December, 2004, according to which the proposal of ICWAI for changing its existing name was to be discussed by a Sub-Committee comprising of the representatives of both ICAI and the ICWAI and to place its recommendations through the respective Councils for consideration of the then Department of Company Affairs. While that initiative of the Ministry is still pending, the matter has been revived by ICWAI afresh.
In a letter addressed to Shri Yashwant Sinha,Chairman, parliamentary Standing Committee on Finance, Lok Sabha Secretariat, (Standing Committee on Finance Branch),The president of the ICAI has expressed his serious expression over Amendment (Bill No. XXVI of 2010) on a one point agenda that Management Accounting does not belong to any particular discipline. Internationally too only Five Institution are using this term Management Accountants. Pakistan & Bangladesh are among those five Institutions. Surprisingly ICAI is maintaining a committee for Coordination with ICSI & ICWAI. In spite of these controversies many initiatives were taken by the ICAI-ICWAI-ICSI Coordination Committee. Which includes-
- Sharing of common resources and infrastructure – libraries, website access/linkage
- Seeking recognition of three Institutes as education institutions for the purposes of allotment of land/building/ electricity/water charges etc.
- Exploring development of common e-facilities
- Exploring the feasibility of and modalities for formation of Multi Disciplinary Partnership among the members of ICAI, ICWAI and ICSI
- Reaching consensus on infrastructure and other amenities of the Appellate Authority
- Exploring the feasibility of seeking accommodation in Government owned buildings, like CGO Complex, for housing various authorities, such as Appellate Authority, and Quality Review Board, established under the relevant Acts of the three Institutes
- Exploring reciprocal arrangements for exemption in CPE hours to members of multiple bodies for attending programmes
Source: Email from CA Amresh Vashisht