• Jul
  • 18
  • 2010

Afresh attempt of ICWAI to rename its organisation to ICMAI fumes ICAI

Posted In CA CS ICWA | 109 Comments » Print Friendly and PDF

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


109 Responses to “Afresh attempt of ICWAI to rename its organisation to ICMAI fumes ICAI”

  1. Bittu kumar says:

    CMA new cource is most difficult than IPCC ,
    ………………

  2. Rahnas (cma inter student) says:

    Now CMA scope is world wild

  3. Deepak khandelwal says:

    CA’s only ipcc me 50 marks ki costing padhte hai and on the other hand CWA’s to costing hi krte hai .hm b indirect & direct tax inse(CA) walo se jyada jante hai ..agar woh indirect tax audit kr skte hai to hum kyu nahi………….. I wants this answer to ICAI (ICWAI) presidents that why they dont ask about this to Ministry of Company affairs

  4. Harish says:

    Actually the name of ICAI should be changed to IFAI (Institute of Financial Accountant of India), which is more significant according to their tasks. One more thing if they feel they are the best, why they are feeling so insecure if the name of ICWAI is changed to ICMAI. ICAI is not above the MCA, once the MCA had agreed of the name change, only in the Standing Committee it was observed that ICAI had an objection on the name change. MCA can do on slowly and gradually, they can start taking back some of the audit & certification work given from ICAI. Let us believe in open competition and not just lobbying the government, otherwise someday, somebody might catch you red handed by doing a sting operation for lobbying the government on name chage matter.

  5. Abhishek says:

    Dear All

    I just want to make a simple point that in this era of globalisation, all the degrees are just a ladder to get into a good job….,i dont know a single professional (wheather CA, CWA, CS, MBA/F) is executing the responsibility of his domain…,what i mean to say that you cant catagaries the duties of a CA, CWA, CS, MBA/F under employment.

    In many MNC’s you can see that all these professionals are discharging same responsibilities.Therefore,its useless to discuss that name change can do anything magical for ICWAI,but yes,if it gives worldwide recognisition to the body than it would help its graduates to get opportunities overseas which is good for youth.

    At the same time,ICAI is principally & morally wrong in opposing the name change of ICWAI, its only shows insecurity & unprofessional attitude of the body.They may be successful in their campaign due to their strong lobby.

    I would rather suggest ICAI to apply their resources & thinking tanks mind to do something progressive & productive for nation & coming generation.

  6. CWA Student , Arindam Nath says:

    Well I think we should also start doing some brand building job like ICAI, The ICAI guys are provided with CA Stickers which they put in their car’s that is also a kind of advertising, also they participate in each and every debate or committee. So ICWAI should concentrate in brand building now, and soon the days will come when people will forget about CA’s and will only remember CWA’s and that is when we can start pushing GOI to include CWA’s to do income tax audit and also all other audits under the companies act. We should also change our logo our logo should be even better that the logo of ICAI and each and every member and student of ICWAI should be provided with stickers of the logo to put in our cars , that is the best way to advertise ourself.

  7. Aninda Haldar says:

    Dear Deepak,

    Agree to your comment of existing ego in Accounting profession. Our generation could not beat this feeling perhaps our next generation does it. Then perhaps a very healthy and truly competitive environment will prevail.

  8. Aninda Haldar says:

    Good reply.

    Request to make this site more academically informative…. Hope CA’s and CWA’s both will benefit for their own career growth…

  9. Soumya ranjan Singh says:

    Hi Every body,
    I simply say that one institute like ICAI should pay attention to its own growth and not to fear about the changes going to happen in the present ICWAI.In this age of globalisation one shuld fully concentrate on its own performance rather that wasting its energy by opposing others.Yes it is a true fact that as the head office of ICAI is there in Delhi thay have created that strong lobby in the ministry which they are utilising.But the day is not far away when ICWAI will be a strong contender for the getting of a special status for its contribution to the professional milestones.We have already learn from our past mistakes and creating ground works to have a par excellence.

    Thank u

  10. ashish says:

    Hi all

    When will our icwa grow up. Will name change as if numerology is involved aka bollywood stars will receate future.
    Get going let us not squabble over name change. This is not a college election where icwa council guys pitch for there perks.
    The difference is phenomenal. In icwa election party a bread pakora and chai is heaven sent. In ca election party we have wine, ______( you know what_.
    So the lobbying muscle is well demostrated.
    Grow up already icwa have more in hand than they should have. Any more will be perjury.

    Psst i am both ca+ cwa so no offences.

    And yes i like icwa more as wo hamesha pass kare dete they aur ca wale 1-2-3 attempt.

    Cheers let us not place name change as harbinger of solo icwa smarties.

  11. Bruce says:

    Once you’ve read one of the meeting minutes ICWAI, you’ll notice reasons for not actively involvement in Reciprocity with CIMA/CMA(CANADA)/ICMAP are due to the name. Some institutes said it was difficult for them to get the reciprocity with an institute in the name not similar to them. So for the benefit of the ICWAI and india’s future, change of name to ICMAI is critical and very important for international recognition, we need a sustainable future not the one under monopoly. For those opposing the scheme, please think about you are killing ICWAI’s members, you are killing the opportunities of future generation.

  12. Ankit says:

    i think the name of ICWAI should be changed to ICMAI. ICAI is opposing it because it is afraid of competition.Moreover ICAI should devote its time in protecting the brand image of its profession which is degrading day by day.Many complaints about freshly qualified C.A.s have been done by various industries against ICAI. If this state of affairs of ICAI goes than there will be no scope for this professsion in business world. So instead of opposing the name change of ICWAI, ICAI should stop dummy articleship which seems out of control of ICAI as its own members are involved in it and stop frauds like Satyam.

  13. Ankit says:

    I think ICAI is afraid from the change name of ICWAI, the think that now a days if the name changed to management accountant then the job opportunity for the Management post will at some what level pass to ICWAI (costing, finance, management accounting) etc. I think ICAI should not interfere in this matter.

  14. Ishan says:

    To hell with ICAI & ICWAI name change controversy…Both the institute has its members who are either CEO’S & CFO’S for eg Chanda Khocher (Cost Accountant) CEO ICICI bank, B.D Sharma (Cost Accountant) chief MD ONGC.AND similarly there are many chartered accountants who are CEO’S or CFO of various organisations….its the individual capability that matter’s.

  15. CMA.Sarath Kurian says:

    I feel that, it is only a ostrich approach of ICAI.Till now ICAI lives in British Monarchy (Chartered accountants).First up all they should come out from that.Then Critisize ICWAI………………

  16. Prof. D. Mukherjee says:

    The ICAI should take a note of the following report published in the Sunday Times dated 14th June 2009 and understand the role played by their Sri Lankan counterparts in bringing about the ICMA, Sri Lanka.

    “Institute of Certified Management Accountants of Sri Lanka (cma)
    A new proefessional accounting body incorporated by an Act of Parliament

    Incorporation – The Hon. Minister of Trade, Commerce, Consumer Affairs & Marketing Development tabled in Parliament on March 18 2009 the Bill for the Incorporation of the Institute of Certified Management Accountants of Sri Lanka.

    The Bill approved by Parliament and the Institute of Certified Management Accountants Act No. 23 of 2009 was given assent by the Hon. Speaker on April 20 2009. This created history in the accounting world where Sri Lanka after 50 years since the incorporation of the Institute of Chartered Accountants of Sri Lanka, introduced a new Professional Management Accounting Institute.

    The Institute of Certified Management Accountants of Sri Lanka was incorporated by Parliament Act No. 23 of 2009 under the Ministry of Trade Marketing Development Co-operatives & Consumer Services on the initiative of the Minister Hon. Bandula Gunawardhana.

    Launch of ICMA Sri Lanka was held on June 2 at the Taj Samudra Hotel under the distinguished patronage of Hon. Ratnasiri Wickramanayake Prime Minister and Hon W. J.. M Lokubandara Speaker of Parliament.

    The launch was officially conducted by Hon. Ratnasiri Wickramanayake and in his speech he mentioned the importance of the Management Accounting Professions and said Sri Lanka is now on par with the other South Asian countries India, Pakistan and Bangladesh with both Chartered and Management Accounting bodies.

    He also stated technical support received from CMA Canada assisted ICMA Sri Lanka to be of international standard. The importance of management accounting, financial accounting, and strategic management accounting for employment in industry, commerce or government sector as business professionals was also stressed.

    The need for Management Accountants to assist in economic development in the outstations has been made possible by the setting up of ICMA Sri Lanka which will provide the course at an affordable rate, around 1/10th of that of a foreign course and would thereby save valuable foreign exchange going out of the country due to the exorbitant fee charged by foreign bodies.

    The decision to conduct the exam in Sinhala and Tamil medium upto Intermediate Level will enable many Advanced Level students to follow a Professional course in Management Accounting. This will be a big boost for the rural students and the outstation schools. He also stated that the government will give all support to ICMA Sri Lanka which has now been incorporated by an Act of Parliament and received the government recognition.

    The Hon. Speaker W. J. M. Lokubandara stated that after 50 years a new professional management accounting body was being setup by an Act of Parliament. This new body will increase the skilled man power and meet the needs of changing job market especially in the present financial and economic crises. Many Advanced Level students who cannot enter University will now have opportunities to undertake a professional management accounting course which will enable them to obtain a job either in the public or private sector, without much difficulty. As the National Management Accounting body in Sri Lanka CMA could play a major role assisting in the economic development in Sri Lanka especially in rural sector.

    Background – The Society of Certified Management Accountants of Sri Lanka was set up with the technical support of CMA (Canada) and Financial Sponsorship of the Canadian International Development Agency (CIDA). Approval was granted by the Ministry of Trade in the year 1999 to set up the Society of Certified Management Accountants of Sri Lanka and this was by Gazette Notification. The CMA has signed Memorandum of Understandings with all the Professional South Asian Management Accounting Bodies the Institute of Cost & Management Accountants of India, Institute of Management Accountants of Pakistan and The Institute of Management Accountants of Bangladesh.

    An MOU was also signed with the Department of Accounting of the University of Sri Jayawardenapura and the Open University of Sri Lanka.

    Governing Council – The Governing Council of the existing body will continue for a period of four years before elections are held. The Governing Council of 8 Members are all Senior Chartered Accountants and also some of them are members of the Chartered Institute of Management Accountants of UK . The President of the CMA is Professor Lakshman R Watawala a Past President of the Institute of Chartered Accountants of Sri Lanka, Founder President of AAT Sri Lanka, Founder signatory to the setting up of the South Asian Federation of Accountants and a Past President of SAFA, a Past President of the Organisation of Professional Associations of Sri Lanka and was also the Founder of CMA Sri Lanka and has contributed immensely for the development of the Accounting Profession in Sri Lanka.

    The new Governing Council after 4 years will consist of a President, Vice President and three members elected by the membership. The Minister of Trade, Commerce, Consumer Affairs & Marketing Development will appoint three members from the following..

    (a) The President of the Institute of Chartered Accountants of Sri Lanka or his nominee who is a member of the Council

    (b) The Governor of the Central Bank or his nominee

    (c) The Dean of the Faculty of Accounting of the University of Sri jayawardenapura or his nominee.
    CMA professional

    qualification – Those sitting for the CMA exam specialize in Management Accounting, Financial Accounting and Strategic Management to become Business Professionals suitable to fit any industry, commerce or service organisation. CMA’s as Strategic Management Accounting Professionals catering to the Business Sector are different from other professional bodies who equip their members to pursue careers as Auditors, Accountants or other Financial Specialists.

    The exam if of 4 stages and consist of a Technician, Intermediate, Professional 1, Professional 2 and Case Study. The Case Study can be taken only after completion of Professional 2. In the examination if a student obtains the minimum pass marks in a subject then a pass is given for that subject and subject passes will be given upto Professional 2 stage.

    Exams are held in March and September each year. The exams are conducted with the assistance of the Department of Examinations.

    Meant for –

    1 School Leavers after A/L and those awaiting entrance to universities
    2hose having part qualifications of professional exams ICASL/CIMA/ACCA/AAT/Bankers/Marketing/
    3 Part qualifications of HNDA/HNDC
    4 Part qualifications in Degrees/Accounting/Commerce
    5 Graduates, HNDA/HNDC

    Those who have full/part qualifications in other professional exams and degrees are entitled to apply for exemptions.

    Those in Employment – CMA program is also specially meant for those in employment in the Public or Private Sectors and want to progress in their career by obtaining a Professional Qualification. They could prepare for the exams using the study texts or follow lectures at the registered educational institutes. They also have the flexibility of training where the training could be carried out during or after the exams without disturbing their exams.

    Mature entry is applicable for students who have two a year period of accounting experience in the public or private sector.

    Affordable – The CMA program is affordable and the cost is less than 1/10th the cost of foreign exams. Scholarships are also provided to those who seek assistance. The registration, annual subscription, exam fees, study material are all fixed at a very reasonable prices.

    Opportunity to obtain a University Degree – The CMA has signed an MOU with the Open University of Sri Lanka for students who complete the intermediate exam to register for the Bachelor In Management Sciences (BMS) degree program. This will provide a Bachelors Degree for CMA students in addition to their Professional qualification.

    Membership – Those who have completed all four stages could apply for membership provided they have completed three years of recognised practical training and on approval will be termed Associates of the Institute of Certified Management Accountants and use the designation ACMA. Fellows are those who have minimum of 5 years senior experience and are eligible to use the designations FCMA.

    Membership will consists of Fellows (FCMA) and Associates (ACMA) . As at 2009-04-24 the Institute had a membership of 1668 comprising of 532 Fellows and 1136 Associates.

    Members of Institute will be termed Certified Management Accountants (CMA). As per the Act no other body could use the wording CMA without the express permission of CMA Sri Lanka”…….

  17. Chandrashekar K says:

    I strongly oppose the objections of ICAI regarding name change of ICWAI to ICMAI.

    The name of ICWAI to ICMAI – (Institute of Cost & Management Accounts of India) is really a good move. I suggest the syllabus also to be modified and it should stand in terms of GLOBAL-CIMA (CHARTERED INSTITUTE OF MANAGEMENT ACCOUNTANTS)in India, where in, till now there is no Professional body passed under indian parliamentary act like ICAI, ICWAI, ICSI.. – for the Management Subject, as we know MBA is still is treated as PG Degree only, still the Professonal body is not existing in India, anyway ICAI in india is in terms of ACCA-UK, just like that ICMAI also should stand in terms of CIMA-INTERNATIONAL in India all management subjects to be include in depth and should be advanced MBA, and eligibility is any degree and exemptions on some subjects to be given to MBA, ACS, CA members

  18. sankaralingam cma says:

    I oppose the thoughts of icai .Allow other professional bodies to grow up.

  19. KK says:

    MCA is giving too much importance to ICAI’s views. ICAI too is just another statutory body created by an Act of Parliament and has no right to interfere in the business of other institutes. MCA should have the prudence to understand that the objection of ICAI towards the name change of ICWAI is the off-shoot of their insecurity and their clear intention to curb another institution’s growth. ICAI has so far been enjoying monopoly in the accounting field by supressing the interests of its sister institutions ICWAI and ICSI, never allowing them to come up. Of late, the public image of ICAI has been adversely affected on account of Satyam fiasco. It is quite surprising that ICAI has failed to observe the existence of the word ‘Chartered’ in their own name which conflicts the projection of India as an independent republic. This needs to be changed on a priority basis to say ‘Institute of Financial Accountants of India’. ICAI may first keep their own house in order before making baseless comments on other institutes. Let wisdom dawn on MCA to discriminate between valid proposals and baseless arguments.

    It may also be noted that erstwhile ‘Cost Accounting’ institutes across the world have since very long been rechristened as ‘Cost and Management Accounting’ Institutes

    Best regards,

    KK

  20. anil says:

    shocked on the standing committee report, one is institute of cost accountants of india (Proposed by standing committee) and one is institute of chartered accountants of india. Now both the institutes will write icai…shocking really…

  21. Barik says:

    History never forgive any body. What ICAI has been doing for last 40 years against the developement of ICWAI(ICMAI) is known to every body and now all common people and whole world will know about all undisclosed conspracy of ICAI against ICWAI(ICMAI)

  22. Mukund says:

    Hey people i read all of your comments above and i just read the message of ICWAI president. This is not a question of name change alone. ICWAI feels name change would bring international recognition. International recognition would not be got only by name change. Its the quality of the profession that gives recognition internationally. The ICWAI president in his message really feels that ICAI is stopping the progress of ICWAI and he really damaged ICAI like anything. Its really not a good sign of professionalism and a person who is in the president post should not do this. The same applies for ICAI also. All the professional institutes should think of one thing. With the raise of MBAs, the role of professionals are becoming more and more compliance related. All the three professional institutes must think co-operating with each other. Instead of fighting with each other, each one should think how the institute is going to make the members and future students proud by providing quality syllabus and training. If ICWAI changes its name to ICMAI, its not going to reduce the value of CAs and either CWAs also would not value just like that. Its really the knowledge, passion for the profession, which create value.

  23. Prof. D. Mukhopadhyay says:

    With reference to the Parliamentary Standing Committee on Finance’s Report dated 26th August 2010 on Cost & Works Accountants (Amendment) Bill 2010, it is a very sad to state that the Parliamentary Standing Committee on Finance headed by Shri Yashwant Sinha could not find any merit on the recommendation of the earlier Parliamentary Standing Committee on Finance headed by Shri B. C. Khanduri (2003) who strongly recommended that ICWAI should be renamed as ICMAI. Moreover Shri Sinha did not offer any rationale as to why he could not favorably consider the reply of both the Ministry of Corporate Affairs as well as ICWAI to the query raised as to why the ICWAI should be renamed as ICMAI but the Committee seems to biased to the “vehement opposition” of the ICAI who has been resisting the name change of ICWAI for last forty years. It is interesting to see that this time ICAI has included ICSI as management accounting specialized body besides ICAI . And finally the Parliamentary Standing Committee on Finance has recommended that the ICWAI should be renamed as “the Institute of Cost Accountants” since the term”Works” is a hurdle for the ICWAI to secure recognition internationally! The entire body of recommendation seems to be politically motivated, diabolical and stymieing to the growth and development of Cost & Management Accountancy Profession in India. The said Committee has taken into consideration the definition of management accounting given by CIMA but failed to accept ICWAI as the ICMAI inspite of fully knowing the genesis of today’s CIMA.

  24. S Ray says:

    In a democratic country like India monopolistic mandate which ICAI is enjoying , while other body of equal status ICWAI(ICMAI) exists, is totally unfair and against natural justice. If it continues there will be more satyam, GTB cases.May be there are similar undisclosed cases.Had the then Satyam Chairman Mr. Ramalingam Raju remained silent and did not confessed the fact and the acquisition of Maytas took place , same would have remained undisclosed for ever.

  25. sujay says:

    ICAI IS DESPERATE IN KEEPING IT’S FACE ON IT’S PREVIOUS STAND.
    IT IS VERY MUCH AFFRAID TO BE TRAPPED IN STATUTORY MATTERS AND ACCOUNT KEEPING JOB ONLY AND LOOSE ATTRACTIVE CONSULTANCY JOB.

  26. sujay says:

    ICAI IS DESPERATE IN KEEPING IT’S FACE ON IT’S PREVIOUS STAND.
    IT IS VERY MUCH AFFRAID TO BE TRAPPED IN STATUTORY MATTERS AND ACCOUNT KEEPING JOB ONLY AND LOOSE ATTRACTED CONSULTANCY JOB.

  27. Debasish Chatterjee says:

    I don’t find the reasons for the ICAI to oppose the name Change of ICWAI.I feel the pulse of ICAI i.e
    ICWAI was established in the 1959
    by the grace of legendary CAS.Now
    ICAI is suffering superiority complex. but many of the CAS are in favour of the name change. Only those persons who are at the helm of affairs, are flagging hostility against ICWAI because of catching votes to sustain their position power in the institute.This are the political games.the president of our neighboring country always starts hostile politics with the objective of confirmation of his term. I request ICAI President to concentrate on their statutory jobs which may not result another Satyam, GT Bank etc.

  28. sachin kumar says:

    INCOMING SCENARIO WILL TELL EVERY THING THAT WHO IS THE BEST.DONT WASTE TIME IN WRITING COMMENT LIKE ABOVE.

  29. S.Ramaswamy says:

    Thank You sir. There is some one who has supported my view.

  30. anindya says:

    i am a proffesor in iim there my students ask me why are both the icai and icwai intervening in the matters of management? icai job is to make the financial records and icwais work should be controling the costs accounts but both of them berge into the mba’s field. icwai should first clear its flaws before pointing out at icai. and icai should know that name change doesnt change the quality. icwai will be what they are now. so give them freedom to do their own. let the competitionbe fair among all. and ca’s and icwa’sshouldrespect their work and try to be in thier own field and notin the specialised Mbas field asthey are not meant for that.

  31. S.Ramaswamy says:

    Let all profession grow for the benefit of the society, individual, country etc.

    Why ICAI should object for the term Management when it should be by MBA’s. MBA’s are not cribbing about the word Management in ICWAI.

    Hope, good sense prevail on the ICAI. Let them not make an issue of a non issue.

    Opinion is personal.

  32. S.Santhanakrishnan, M.A., says:

    It is enough the name being changed as Institute of Cost & Management Accountants of India.

    Already there is an Institution called Chartered Financial Analysts of India registered under Societies Registration Act.

    Too many institutions using “Chartered” should be prohibited. It is unfair to fight for using the term ‘Chartered’ between the learned professional bodies.

    CA Institute is the Premier Accounting body under the Act of Parliament. Other Institutions follow suit. Therefore, there is a priority and does not mean or undermine the quality of other Institutes for not using the “Chartered”

  33. kamal says:

    It appears ICAI posses nothing thats why it is trying desperately to poke it’s nose in development of other institute.

    Infact situation is like that , we are adopting IFRS and there is no ICAI stamp in it , what else left ? Present IAS are also copy from International AS.

  34. Anirudhya says:

    Please raise voice against dominating and negative attitude of ICAI and it ‘ s members.

    ICWAI is also formed by the Act of Parliament and it has got also scope of Statutory Cost Audit, Excise Audit, VAt Audit etc
    So it would be natural justice of equity if name of ICWAI is changed to Institute Chartered Cost & Management Accountants of India , similarly ICSI may be renamed as Institute of Chartered Secretaries of India other wise it would create confusion in the mind people that only ICAI is only autorised / registered body and others are not. where as that is not the true fact. We request all members of ICWAI & ICSI raise this issue to form a concensus.

  35. C SUBRAMANYAM says:

    OK THEN RENAME ICAI AS ICMAI. I THINK ICAI AND ITS MEMBERS ARE DOING NOTHING BUT VOUCHING – CALL THEM IFABKI – INSTITUTE OF FINANCIAL ACCOUNTANTS AND BOOK-KEEPERS OF INDIA.

  36. Pankaj says:

    ICAI president is saying that most of the management accounting work is done by CA but the management word is not in any where in the word ‘The Institute of Chartered Accountants of India”
    So in what basis they are claiming.

  37. Pankaj says:

    ICAI is only think about the money and from any source it should be come you take steps for this for example if in your institute if some one is submit the form for membership in that there is a benevolent fund for members which is not mandatory (as per your membership form) but if some one submit the form with entrance fee and membership fee exclude benevolent fund fee that form is not accepted on the ICAI counter, because the optional benevolent fund fee is not included. So why you don’t put mandatory word in that form.
    Why are you harassing poor people.
    In ICWAI there ia also benevolent fund but that is only optional and membership form will not be rejected because of benevolent fund fee is not there.

    So ICAI only think abount his benefit, and can’t see the progress of other.

  38. Prof. D. Mukhopadhyay says:

    Would the President of ICAI clarify a single query as to why the following Institutes co-exist with the Nomenclature of CA/CPA and CMA respectively?
    1. The Institute of Chartered Accountants of England and Wales(ICAEW) and the Chartered Institute of Management Accountants(CIMA). Moreover, ICWA, UK became ICMA, UK in 1972 and again CIMA in 1985 and ICAEW never objected to such conversion.
    2. The American Institute of Certified Public Accountants and the Institute of Management Accountants, USA
    3. The Institute of Chartered Accountants of Nigeria and the Chartered Institute of Cost & Management Accountants, Nigeria
    4. The Institute of Chartered Accountants of Pakistan and the Institute of Cost and Management Accountants of Pakistan
    5. The Institute of Chartered Accountants of Bangladesh and the Institute of Cost & Management Accountants of Bangladesh
    6. The Institute of Chartered Accountants of Canada and the CMA Canada
    7. The Institute of Chartered Accountants of Sri Lanka and the Institute of Certified Management Accountants of Sri Lanka. It is pertinent to mention that the CMA, Sri Lanka was incorporated by an Act of Parliament in 2009 even after fifty years of existence of the Institute of Chartered Accountants of Sri Lanka (May, 1959) and the same came into being with full support and effort of ICASL. There is no problem of those Institutes of Chartered Accountants/CPA while the “Management” tag was attached to those Costing Bodies. The arguments in connection name change of ICWAI to ICMAI given by ICAI are baseless and lack logic and thus the same should be rejected by the MCA and the Cost & Works Accountants (Amendment) Bill 2010 must be passed without any further modification or change. This is the genuine demand of the ICWAI and it has been waiting for last forty years and the future generation would not forgive the decision makers if we fail to walk along with the rest of the world .It is only India where Costing Body is devoid of the tag “Management”.

    Leave a Reply

  39. Prof. D. Mukhopadhyay says:

    12.

    Would the President of ICAI clarify a single query as to why the following Institutes co-exist with the Nomenclature of CA/CPA and CMA respectively?
    1. The Institute of Chartered Accountants of England and Wales(ICAEW) and the Chartered Institute of Management Accountants(CIMA). Moreover, ICWA, UK became ICMA, UK in 1972 and again CIMA in 1985 and ICAEW never objected to such conversion.
    2. The American Institute of Certified Public Accountants and the Institute of Management Accountants, USA
    3. The Institute of Chartered Accountants of Nigeria and the Chartered Institute of Cost & Management Accountants, Nigeria
    4. The Institute of Chartered Accountants of Pakistan and the Institute of Cost and Management Accountants of Pakistan
    5. The Institute of Chartered Accountants of Bangladesh and the Institute of Cost & Management Accountants of Bangladesh
    6. The Institute of Chartered Accountants of Canada and the CMA Canada
    7. The Institute of Chartered Accountants of Sri Lanka and the Institute of Certified Management Accountants of Sri Lanka. It is pertinent to mention that the CMA, Sri Lanka was incorporated by an Act of Parliament in 2009 even after fifty years of existence of the Institute of Chartered Accountants of Sri Lanka (May, 1959) and the same came into being with full support and effort of ICASL. There is no problem of those Institutes of Chartered Accountants/CPA while the “Management” tag was attached to those Costing Bodies. The arguments in connection name change of ICWAI to ICMAI given by ICAI are baseless and lack logic and thus the same should be rejected by the MCA and the Cost & Works Accountants (Amendment) Bill 2010 must be passed without any further modification or change. This is the genuine demand of the ICWAI and it has been waiting for last forty years and the future generation would not forgive the decision makers if we fail to walk along with the rest of the world .It is only India where Costing Body is devoid of the tag “Management”.

    Leave a Reply

  40. CMA Bappa Majumdar says:

    Dear All,
    It is correct, that ICAI always try to be the leader of every institute, whether they are authorized or not. It is the ICWAI, who only should decide. If the govt. also support ICAI, then the ICWAI institute should be dissolved, which was sometime formed by th govt itself only for the hake of making ICAI happy. And every CMA should get a lesson by either doing CA qualification so that a strogh punch can be given to CA members in the field of knowledge and practice. At the same time all CMA must get one CA from their own family so that the revenue and assignment can’t be bagged in any CA outside the family.
    In fact I am taking attempt of CA (Final) as well as CS(Final) only for the ………………. :)
    Don’t worry the CMA Friends

  41. A K Roy says:

    1.ICWAI name change-ICAI whole council afraid of the momentum going on.
    2.GST/DTC-at least GST will simplify indirect taxation.
    3. Any name change will neither make ICWAI stronger and nor ICAI weaker- Then why ICAI comes into picture?
    4.As far as collapse of ICAI is concerned that is right now far out of sight
    -Previous ICAI President Mr Uttam Prakash Agarwal had 1/2 meeting with Mr Salman Khurshid in his one year tenure.
    -Present ICAI President Mr Amarjit Chopra had 1/2 meeting with Mr Salman Khurshid in his 8 months tenure.

    PRESSURE OF ICWAI is working.

  42. CMA Arif Farooqui says:

    ICAI too must change its name. as word chartered word create confusion among people and it show that we are still under British rule.

  43. Hey Indraneel,

    I am not going into the other issue. What I only mean to say that nothing gonna change much with the introduction of GST or DTC or any other Act. As these are already there in many developed countries and people still need the services of the consultants.

    As far as collapse of ICAI is concerned that is right now far out of sight.

    As far as opposition to name change is concerned that is something even I am not able to understand. Any name change will neither make ICWAI stronger and nor ICAI weaker.

  44. INDRANIL SEN GUPTA says:

    Dear Sandip I agree to what you say but I find here ample of ca practising only taxation ad fillings.Moreover cna u please explain me why they are acting as intruders in others profession.If you have anns from your surroundings please ask them to drop here.Why they are opposing the name change of another profession.Why they are formulating guidelines of anothe profession.It siply reveals Sandip that ICAI is standing on the verge of some big collapse.If bnot then should not have recated and worked as intruder in some ones else profession.

  45. Debashis Nandy says:

    Hi

    I have couple of questions:-

    1. If CIMA (UK) can changed the name from CWA to CIMA and ICAEW not raised question against that then why in India there is a problem for CA institute.

    2. It is a government duty to decide give approval of change of name and they will decide whether it is appropriate or not. why CA people are interfering on that and they are thinking to do government duty. If Management name not create any confusion in UK, USA and Canada then there will be no problem for India also.

    3 As per you they want to do all the fields. Means they can say less no’s of cost accountant are available so they wanted to do cost audit, valuation audit u/s 14 A and 14 AA. But we have almost 50000 qualified members they cannot do tax audit. But few years back also same no of chartered Accountants can manage statutory audit, tax audit.

    4. Whether Chartered word is relevant for Indian constitution?

    A charter is a legally binding document incorporating an organization or institution and specifying its purpose, remit or bylaws. Organizations’ such as the Institution of Civil Engineers in the UK is chartered to maintain and advance the science and practice of civil engineering in the UK, and by this charter has the right to regulate the business of civil engineering in the UK; this gives rise to a status of a chartered engineer – one who satisfies the requirements of the charter holding organization.

  46. Hi Indranil,

    I don’t think any new act or any kinda simplification will lessen the work of CAs. In-fact I don’t think DTC is simple. Don’t get fooled by political announcements. Its more complicated and have more penal provisions then Income Tax Act, 1961. Only simplification is in respect of Taxation of individuals.

    I also don’t understand why people think that CAs can do only Income Tax work. I have very few CA friends who are doing taxation work, in fact most of them are working in other then taxation fields. Its the confidence of CAs and their willingness to succeed that they get success in all spheres of life.

  47. INDRANIL SEN GUPTA says:

    ICAI IS ON TH VERGE OF LOOSING MANY JOBS.ONE OF ITS BIGGEST AREA OF OPEARTION IS TAXATION AND FILINGS WHICH WILL COME TO AN END AFTER DTC COMES INTO ACT.TAXATION WILL BE SIMPLIFIED AND LESS INCOME OPPORTUNITIES FOR THEM.THATS WHY ICAI HAVE EVEN ACTED AS AN INTRUDER IN ICSI PROFESSION.THEY HAVE SNATCHED THEIR WORKS ALSO.GREAT GOING BY ICAI.VERY RECENTLY THEY DID TRADING ACTIVITIES WITH INDIAN LEGAL SYSTEM.GREAT.THEY ARE NOW SUPERPOWER OF THE SOCIETY.ICAI IS VERY MUCH AT RISK AND I HOPE THEY SHOULD STOP SNATCHING OTHERS WORK AND FOCUS AND DEVELOP NEW AREAS OF OPERATION.ICAI SHOULD STOP THIS OTHERWISE IF ICWAI COMES OUT OF ITS COOL WELL BEAHVED IMAGES THEN GOD SAVE ICAI.

  48. CMA Krishnendu says:

    I really can’t understand why ICAI has problem in this name change issue of ICWAI to ICMAI unless and otherwise they have fear that they may not compete with a CMA in the global field after the change of name and shut down their monopoly business.

  49. CMA Himadri says:

    WHAT ICWAI IS DEMANDING (FOR ITS NAME CHANGE) IS NOT AN UNREALISTIC THING AT ALL. BECAUSE:

    1. ALL OVER THE WORLD THE SIMILAR INSTITUTES HAVE EITHER CHANGED THEIR NAME OR HAVE INCORPORATED WITH THE WORDS “MANAGEMENT ACCOUNTANT”. SO IT IS THE DEMAND OF TIME TO CHANGE THE NAME OF ICWAI TO ICMAI AND GIVE INDIA THE PROUD TO HAVE MANAGEMENT ACCOUNTANTS.

    2. IT IS THE ICWAI ONLY WHO HAVE THE RIGHT TO USE THE WORDS “MANAGEMENT ACCOUNTANT” WITH THEIR NAME AS THE SYLLABUS OF ICWAI SUPPORTS IT.

    I REALLY DON’T KNOW WHY ICAI IS OPPOSING THE MOVE. MAY BE BECAUSE OF THE FOLLOWING REASONS:

    1. ICAI IS TRADITIONALLY AGAINST THE REFORMS IN ACCOUNTING & AUDITING FIELD WHICH MAY AFFECT THEIR POWER, LIKE PCAOB FORMATION.

    2. ICAI HAS NO RIGHT TO SOUGHT FOR/AGAINST ANYTHING WHICH DO NOT COME UNDER ITS PURVIEW (LIKE THIS NAME CHANGE PROPOSAL). BUT STILL IT CONTINUES TO DO THIS BECAUSE OF CHEAP PUBLICITY.

    3. ICAI ALWAYS WANTS TO DOMINATE THE MARKET, THOUGH IT IS PROVED FROM SEVERAL EVENTS/SCAMS THAT IT IS NOT CAPABLE TO DO SO.

    4. ICAI WANTS TO ENTER THE GOLDEN FIELD OF MANAGEMENT ACCOUNTANCY AS THEY CAN ALSO FEEL THAT THE AGE OF TRADITIONAL ACCOUNTANCY HAS PASSED.

    FINALLY, IF ICAI THINKS THAT IT HAS THE POTENTIALITY TO FACE THE CHALLENGE OF CHANGING TIME, THEN IT SHOULD ACCEPT THE CHALLENGE AND NOT TO INTERFERE IN THE MATTERS OF OTHER INSTITUTE.

  50. INDRANEEL SN GUPTA says:

    ACCORDING TO ME ICAI IS DOING CORRECT.SHOCKED TO READ YES THEY ARE CORRECT IN THEIR ACTIVITIES. SINCE WE ICWAI PROFESSIONALS FRATERNITY IS SLEEPING AND WE ARE ALLOWING THE INTRUDERS TO COME AND DAMAGE OUR SYSTEM.IF WE IN REAL TERMS ARE AGAINST OF THE ICAI MONOPOLISTIC MIND SET THEN WE SHOULD HAVE TAKEN STEPS TO PREACH THAT WHICH WE HAVENT.UNLESS WE STOP THE INTRUDERS FROM COMING INTO OUR HOUSE WE WILL NEVER GET WHAT WE WANT.WHERE DO YOU FIND MASS ADVERTSIMENTS AND CAMPAIGNS ABOUT ICAI DAMAGE THE SYSTEM OF ICWAI.WE WILL WRITE SILENTLY OVER THE INTERNET SYSTEM THROUGH SOCIAL NETWORKINGS BUT NO HARD CORE PROTEST.I HOPE AFTER THIS MANY WILL RAISE THE VOICE THAT DO I WANT TO SAY CALL OUT BANDHS AND ETC AND PROTEST ON THE STREET. IF YOUR BIRTH RIGHTS ARE BEING VIOLATED BY SOME ONE WHAT WILL YOU DO IN THAT CASE.ASK YOUR SELF

  51. Anindya CMA says:

    Let me remind ICAI, that you have no local standi to obstruct the name change of ICWAI after the Notorious Scam of SATYAM-

    First try to manage your OWN MEMBERS before getting involved in issues that are not in your PERVIEW.

    We are waiting for the Government to Open up the Statutory Audit Arena to Foreign Audit Firms so as to tackle this NOTORIOUS NEXUS AND PROVE YOUR COMPETENCIES IN FRONT OF THE WORLD.

  52. CMA Sumanta De says:

    I find name change is not at all a serious issue that a CA Qualified should effected after the ICWAI institute name change. If they feel that after the name of change ICWAI a CMA is one step forward in the global field then they should be ashamed of themselves.If they need to prove themselves in the global market they need to develop that capacity to compete with a CMA. I would rather suggest them to utilise their precious time to develop that capacity otherwise they are going to have a difficult time to compete with a CMA whether the name of ICWAI institute has changed or not.

  53. Santanu says:

    Why does a qualfied CA has problem anyways with the name change of ICWAI if he/she is competent enough or is it the fear that they are not that good as they show to the world.
    This attempt itself shows that they fear that.Opposing name change of ICWAI is just like I am more interested in my neighbours activity than to develop mine.
    I am Proud to be a Management Accountant and feel that others also who has passed ICWAI exams.Those people who has any problem they should first know who Management Accountants are What Management Accountancy is then comment on the same.
    Pls enough is enough stop getting involved in others business.

  54. Although Moderator is a CA but not biased.

  55. A K Roy says:

    Are the moderator of this site are biased towards ICAI?
    The title of the article should have been :
    AFRESH ATTEMPT OF ICAI TO BEFOOL MCA TO RENAME ICWAI TO ICMAI.

  56. CMA Ashutosh Kumar Gupta says:

    ICWA qualified members are well fitted to act as financial auditors, we can safely add here hence the issue of name change should not be attempted in such as way as to deprive the legitimate rights of Cost Accountants in INDIA. It would be quite unfair and unconstitutional too if we try to legalize the issue, though ICWAI never attempted to do so on some ethical and moral grounds, one should trust it.

    Please don’t forget the prevailing scenario globally as CMAs are performing as Financial Auditors too in various countries.

    One can compare the syllabus, articleship/training requirements and exposure requirements of both the Institutes and you will note the value addition favouring to Cost Accountants to be equated with Chartered Accountants, even to be placed better since they are the real Management Accountants and Management Accounting covers widely Cost Accounting, Financial Accounting, Social Accounting, Economic Rationality, etc.

    Hence there is no second thought that a Cost and Management Accountant must play its role at par with Chartered Accountant, name change is NOT AN ISSUE AT ALL in this reference. Kindly refrain from criticizing the name change issue for the sake of criticism only, if anybody, anyone has any particular reservation must reveal and conclude logically that Cost Accountants are not the Management Accountants when the world has accepted the same and gradually-no difference of opinion would exist.

    Moreover, stakeholders have all the rights in chosing/selecting the service providers hence monopoly attitude prevailing in this field-accounting/auditing must cease to exist in INDIA at par with Global and Economic Developments taking place and therefore, Cost Accountants are definitely a better choice and more so in the wake of scams, frauds, etc. remaining undetected by the current Financial Auditors-Chartered Accountants, in view of emerging opinion now a days.

  57. VN Mani says:

    My previous view submitted was with drawn.
    However I would like to state that our mother India is passing through a crutial phase. At this hour we should work with dedicated and open mind. I can see there are lots to eplore in Financial Accounting , Financial Reporting Statndards in Indian Industrial context, Indianisation of IFRS , Accounting modality of Govt aided project, organisations and lots and lots more. We are really laging behind ,—- results are medium to large scale fraud , mis utilisation public money. ICAI may please concentrate on development of Financial Accounting and professional ethics and pls abstain from weasting time in blocking development of another very important separate line of profession (required to be separate to ensure distinct thought process, good governence and control) Cost & Management Accountancy, which has also very very significant role to play for the development of our beloved Nation . CMAs have no heart filling for CAs. CAs are also requested to have open mind and broadness of thiking to keep away from blocking development of CMAs in professional field as well as in job field.

  58. Mani says:

    kudos to ICWAI

  59. CA Deepak Maheswari says:

    After going through all this discussion mentioned above and taking view point of both ICAI and ICWAI. I came to one conclusion that if i do ICWAI and not CA than people in job market will say that i am CA and you are ICWAI, while i dont understand why ICAI tries to dominant over ICWAI. and this ego carries in company by individual so also CA people are left behind in terms of growth.

    My view point is if CA people feel that they are strong than ICWAI than what harm is there if ICWAI change its name from ICMAI.

    it like i dont want to grow and wont allow you to grow. this attitude even conties with individual people in organization. and to be honest i am now promoted because i hided from top management that i am CA also and now i am CFO of a reputed firm in oil and gas of british company on basis of ICWAI.

    kudos to ICWAI

  60. CMA Arif Farooqui says:

    @ icai basher
    we must strongly object but language used by you is not even near to professionalism.

  61. icai basher says:

    Hi CMA arif

    Amarjit chopra is not alone bastard in the system , the other president which have done wrong to our profession were TN manorahan , Ved jain .

    We shud plan to fuck there ass

  62. CMA Arif Farooqui says:

    icai basher
    it is not a language which a professional should use.
    participate in a professional manner.

  63. CMA Arif Farooqui says:

    i am agree swami.

    ICAI dont consider cost accountants to be eligible even for CPT/Foundation exemption. this is clear that they don’t want that CMA enter their world. we too must do something like that. for example ICWA foundation exemption must be allowed only to CS.
    i am saying this because a number of CA has dual qualification and through the foolishness of our members they entered in our management committee/ regional Chapters management committee and on various decision making seats of our institute. but most of them never has same love for ICWA what they have for CA(i am saying most of them not EVERY MEMBER).
    unless until one’s livelihood is not depends on this profession, he is not going to waste his sweat for this profession. for example before year 2000 most of CA go far practice and in job sector finance profession means CA/CWA of which only CWA were available for jobs and because of this favorable market condition most of cost accountant of that time found good jobs without much efforts. our past presidents were too from these cost accountants. as their livelihood was not depended on ICWA once they got job, they did nothing for institute development and it is one of the major reason why our institute have not achieved anything in its 50 years. even it is waiting for its name change for more then 30 years. so a rule must be made that only practicing CMA can entered in management committee whether it is Central Council/ Regional Council or local Chapter’s Management committee.

  64. S.Ramaswamy says:

    The CA’s hampers the MBA (Finance) as well. In fact ICAI should restrict itself to Financial Accounting and CWA should be cost accounting. The MBA should be head teh finance being managers by qualification.If CA’s have to be the managers, then why at all should MBA course be offered in the universities.

    ICAI should understand that every qualification has its purpose under the law and that they should not hamper the development and growth of other specalised courses.

  65. Swami says:

    As long as persons with CA qualification exist in Central and Regional councils of ICWAI , no benefit happens for ICWAI

  66. icai basher says:

    Every body knows , that all icai members are mother fuckers including its president , so do not expect anything good from them.

  67. CMA Arif Farooqui says:

    i am strongly in favor that ICWAI must filed a writ in either in HC or in SC for equal right and our name must be included in accountant definition under Income tax act.
    other wise as suggested by on of member why not go for hunger strike , if hunger strike can create a State i dont find why its help us in our fight for justice.

  68. Abhinav says:

    ICAI really sucks big time. But name change is definitely going to take place. N one more thing which is definitely going to happen is that CMAs will get ahead of CAs like the CMAs in US r getting ahead of CPAs.

    ICAI is the most corrupt body among the three n the most insecure, jealous n selfish of them all taking ICAEW, AICPA, IMA, CIMA, ICWAI, ICSI, ICSA etc.

  69. SANTOSH KUMAR DALAI says:

    It is one type of jelousy of ICAI

  70. SANTOSH KUMAR DALAI says:

    100% agree with u Arif Sir n Ashutosh Sir

    It must be The Institute of Cost & Management Accountants of India if not then the name of icai should be Institute of Financial Accountants of India not the word Chartered

  71. CFA D Ferowani says:

    An unhealthy atmosphere is criping up amongst finance professionals. We agree to the points of Sri GD sinha , Sri AK Gupta & Prof D Mukhapdhayay the with exception to some overlaping broadly areas of ICWAI & ICAI are different and needs to be different for better control and to ensure effectiveness and to combat fraud. The above advantages of better control, effectiveness etc are only possible when MCA gives due recognition to ICWAI in related field being abstained from favouring ICAI where ICWAI is also in same status of ICAI. This is the need of the hour for the interest of our Nation INDIA.If due importance is given to a particuar profession it prospers with developement of new idas new research work etc and vice versa.
    This unhealthy at mosphere is prevailing on job sector also , we hope some body are aware of that, In an organisation having CA finance head, CWAs are not preferred and enen in Govt organisation where CAs & CWAs have equal status, CWAs are made demotivated , where Finance head is CA. Immediately MCA may kindly look into it and take measure to stop this practice ,for the interest of Nation. Regarding name change we once again appeal to allow the proposed change

  72. CMA Ashutosh Kumar Gupta says:

    In fact ICAI with its fresh objection is threatening the CWA Act 1959 itself (indirectly),- challenging the law passed by the parliament and validated in terms of Act.
    ‘Works Accountant’ under the current scenario is redundant terminology. However, if ICAI do still believe in this term than ofcourse it is reserved place for the members of ICWAI and NO FINANCIAL ACCOUNTANT (CA) should make any infringing attempt, should be forbidden from accepting any assignment and appointment which comes within the perview of “Works Accountancy”. However in practical terms CA cannot get rid of this lust by restricting himself from the manufacturing/works organisations.
    Further Cost Accountant (member of ICWAI)do have ethically exclusive rights to act in all the functional and practice areas as are having any direct or indirect link with the COST, COSTING or MANAGEMENT ACCOUNTING.

    In the text structure both the claimants/practitioners of Cost and Financial Accounting do carry different function field.
    The object of financial accounting is to provide information mainly to outsiders such as
    shareholders, investors, government authorities, financial institutions, etc. The analysis and
    interpretation of financial data contained in the income statement and the balance sheet enable
    persons interested in the business to make meaningful judgement about the profitability, liquidity
    and solvency of the enterprise. Besides, income-tax, central excise, banks and
    insurance companies rely on the data contained in the financial statements.Cost accounting,
    on the other hand, deals with the ascertainment of the cost of product or service. It is a tool of
    management that provides detailed records and reports on the costs and expenses
    associated with the operations, mainly for internal control and decision making. Cost
    accounting basically relates
    to the utilisation of resources, such as material, labour, machines, etc. and provides information
    like products cost, process cost, service or utility cost, inventory value, etc.so as to enable
    management taking important decisions like fixing price, choosing products, preparing
    quotations, releasing or withholding inventory, etc.

    The objective of cost accounting is to provide information to internal managers for better
    planning and control of operations and taking timely decisions. In the early stages, cost
    accounting was considered as an extension of financial accounting. Cost records were
    maintained separately. Cost information and data were collected from financial books, since all
    monetary transactions are entered in the financial accounts only. After developing product
    cost or service cost and valuation of inventory, the costing profit and loss account is prepared.
    The profit and loss figures so derived by the two sets of books i.e. financial accounts and cost
    accounts, would have to be reconciled, since some of the income and expenditure recorded in
    financial books do not enter into product cost, while some of the expenses are included in cost
    accounts on notional basis i.e. without having incurred actual expense. However, a system of
    integrated account has been developed subsequently, wherein cost and financial accounts are
    integrated avoiding maintining two sets of books.

    Management accounting is not a specific system of accounts, but could be any form of
    accounting which enables a business to be conducted more effectively and efficiently.
    Management accounting in the words of Robert S. Kaplan, is a system that collects, classifies,
    summaries, analyses and reports information that will assist managers in their decision making
    and control activities. Unlike financial accounting, where the primary emphasis is on reporting
    outsiders, management accounting focuses on internal planning and control activities. Therefore
    management accounting requires the collection, analysis and interpretation not only financial
    or cost data, but also other data such as sales, price, product demands and measures of
    physical quantities and capacities. In the process, the system utilises all techniques of financial
    and cost accounting including marginal or direct costing, standard costing, budgetary control,
    etc. Management accounting therefore appears as the extension of the horizon of cost accounting
    towards newer areas of management.

    Further the word “CHARTERED” in itself smelling to emperialism and stigma to independent INDIA, suppressing the very fabric of our freedom movement and sacrifices we made in our attempt to acquire the freedom. Hence ICAI need to be re-named immediately e.g. as IFAI (The Institute of Financial Accountants of India).

    Therefore, a fair anology and analysis would prove that the claim of ICWAI for re-naming as ICMAI is quite fair, realistic, ethical and genuine. Anybody-whosoever must not have any objection to this attempt based on fair and sound prepositions.

  73. China says:

    CMAs, CS, and CAs should be treated as equal as per Companies Act and IT act. ICAI fund should be audited by CMAs/CSs and ICWAI/ICSI should be audited by CAs. Internal Audit should be done only by CS/CMAs if external audit by CAs. Please do not allow to all by CAs which will not improve any productivity but paves way to corruption. There should be an equal employment opertuinity for all these three since all are spending lots of hours and working hard to qualify.. please… ICAI should change their cunning mind and They should come forward for healthy compition with CMAs and CSs.

  74. CMA Arif Farooqui says:

    Dear CA. Shwetank Kumar,
    i am unable to understand why ICAI has problem if ICWAI change its name? in past too they had created obstacle.
    they were demanded their name must involved in Sec 14 A & Sec 14 AA Excise Audit, ICWAI never create any problem and now their name is included. but they have problem if Tax Audit is allowed to CMA, what is this?
    Actually the reason is that they were worked in a monopoly condition and relised that it would be difficult to compete in a competitive market.
    u said my comment shown what type of professional cost Accountants are.
    if a comment of a cost accountant can change persuasion toward whole community of cost accountant then please tell what we understand about CA community after sattam, GTB scandals ?

  75. ASEEM JAIN says:

    These three institutes CA, CS and CWA are formed as the Act passed by the parliament, as and when felt their requirement by the Govt. All of them are independent in their internal working & management and their domains are different as per their specialization. Unless & until decision or working of any Institute have impact on other institute or World as large, other institute should not object or protest, working and decision of that institute.

    As far as concern with ICWAI institute and its member, both are working well and recognized in all areas like in Taxation Vat audit, Excise audit, Transfer prices, Anti dumping, Economic offence Audit. And other area of audit like Energy audit, transition audit, System audit, TRAI Audit & efficiency audit. At the time of recession world wide in all sectors, our country’s performance and productivity rate is high because of costing. And we are partners in development of different sectors like Telecom, Power, Transportation, Insurance, Banking, Infrastructure and other area also. We are supporting in controlling the cost and price since our domain is costing. No one can stop us to serve like.

    As far as concern to change in the name, we will do it definitely.

  76. ASEEM JAIN says:

    Afresh attempt of ICWAI to rename its organisation to ICMAI fumes ICAI

    Read more: http://www.taxguru.in/icwai/afresh-attempt-of-icwai-to-rename-its-organisation-to-icmai-fumes-icai.html#more-32245#ixzz0uhkzc0ee

  77. CMA students says:

    Our Respect to Prof. D Mukhopadhyay.

    Sir ,

    we are agree with You Sir.

    CMA Students

  78. CMA Bithin says:

    Name change is extreme internal affairs of The Institute of Cost & Works Accountants of India….Why being a third person, ICAI poke its nose in it…I am not getting understand if name of ICWAI changed to ICMAI how will it affect to ICAI and to what extent…Plz make me understand

  79. Prof. D. Mukhopadhyay says:

    The Ministry of Corporate Affairs (MCA) should take a note that the terms “Chartered” and “Works” contained in the Chartered Accountants Act 1949 and Cost & Works Accountants Act 1959 do not reflect spirit of true functionalities of so called Chartered Accountants and Cost Accountants respectively and thus it is the need of the hour to amend both the Chartered Accountants Act 1949 and Cost & Works Accountants Act 1959 and both the Acts should be replaced by say the Certified Financial Accountants Act and Certified Cost & Management Accountants Act or simply Certified Management Accountants Act respectively. Indian CAs may also be known as Certified Public Accountants but in that case, CMAs are also Certified Public Accountants in India and it may create certain problem. And in simplicity, Cost Accountants should be known as Certified Management Accountants and Chartered Accountants should be known as Certified Financial Accountants. India is a vast country and she should have few more Professional Institutes so that there shall be certain degree of competition among the professionals which would ultimately accrue benefit to the Nation at large. In Pakistan, another Body of Professional Accountants namely, ‘‘Institute of Certified Public Accountants of Pakistan’ has emerged on 31st May 2010 and this is in addition to the existing three Bodies of Professional Accountants and there is no hue and cry or professional disputes and in the language of ICAI, there is no “Confusion” among the people. In Negeria there are three Institutes of Professional Accountants and they are Association of National Accountants, Negeria, the Institute of Chartered Accountants of Nigeria and Chartered Institute of Cost & Management Accountants, Negeria and there is no “Confusion”. Again in our neighboring country Bangladesh, the Institute of Cost and Management Accountants of Bangladesh has cohesively been existing along with the Institute of Chartered Accountants of Bangladesh since 1977 and there is no “Confusion”. In Sri Lanka, Institute of Certified Management Accountants emerged by an Act of Parliament in 2009 even after fifty years of existence of the Institute of Chartered Accountants of Sri Lanka (Estd. in May 1959) and there is no “Confusion”. Now let us talk about UK where at least ten ‘‘Chartered” Professional Bodies are co-existing and there is no “Confusion” .It is important to mention here that the term “Chartered” is really meaningful in UK and it is the Institute of Chartered Accountants of Scotland, the oldest Professional Body of Chartered Accountants which received “Charter” in 1854. I fail to understand why in India, the Institute of Chartered Accountants (ICAI) and the Institute of Cost and Management Accountants (ICMAI) cannot maintain their peaceful co-existence when rest of the worlds can. Tomorrow, there may emerge say another body of professional accountants under the nomenclature of “Certified Public Accountants” or say “Certified Financial Accountants’’ and in that case also would ICAI would start fighting or it should develop and be prepared for facing the competition. Simply speaking, ICAI has been enjoying monopoly with the support of government of India during last 60 years and it is the high time for having retrospection for ICAI. ICWAI must be renamed as ICMAI in national interest and that too when our neighboring countries like Bangladesh, Pakistan and Sri Lanka have their Professional Bodies of Management Accountants, India must have the same otherwise it would reflect our poverty in nationalism. The term “Works” prevail nowhere today as it is misnomer and it has been erased from the name of the Institute of Cost & Works Accountants, UK in 1972 and ICAI should extend its full support in the process of rechristening ICWAI as ICMAI and ICAI should also change its name to either ICFAI(Institute of Certified Financial Accountants of India) or ICPAI (Institute of Certified Public Accountants of India).

  80. Prof. D. Mukhopadhyay says:

    The Ministry of Corporate Affairs (MCA) should take a note that the terms “Chartered” and “Works” contained in the Chartered Accountants Act 1949 and Cost & Works Accountants Act 1959 do not reflect spirit of true functionalities of so called Chartered Accountants and Cost Accountants respectively and thus it is the need of the hour to amend both the Chartered Accountants Act 1949 and Cost & Works Accountants Act 1959 and both the Acts should be replaced by say the Certified Financial Accountants Act and Certified Cost & Management Act or simply Certified Management Accountants Act respectively. Indian CAs may also be known as Certified Public Accountants but in that case, CMAs are also Certified Public Accountants in India and it may create certain problem. And in simplicity, Cost Accountants should be known as Certified Management Accountants and Chartered Accountants should be known as Certified Financial Accountants. India is a vast country and she should have few more Professional Institutes so that there shall be certain degree of competition among the professionals which would ultimately accrue benefit to the Nation at large. In Pakistan, another Body of Professional Accountants namely, ‘‘Institute of Certified Public Accountants of Pakistan’ has emerged on 31st May 2010 and this is in addition to the existing three Bodies of Professional Accountants and there is no hue and cry or professional disputes and in the language of ICAI, there is no “Confusion” among the people. In Negeria there are three Institutes of Professional Accountants and they are Association of National Accountants, Negeria, the Institute of Chartered Accountants of Nigeria and Chartered Institute of Cost & Management Accountants, Negeria and there is no “Confusion”. Again in our neighboring country Bangladesh, the Institute of Cost and Management Accountants of Bangladesh has cohesively been existing along with the Institute of Chartered Accountants of Bangladesh since 1977 and there is no “Confusion”. In Sri Lanka, Institute of Certified Management Accountants emerged by an Act of Parliament in 2009 even after fifty years of existence of the Institute of Chartered Accountants of Sri Lanka (Estd. in May 1959) and there is no “Confusion”. Now let us talk about UK where at least ten ‘‘Chartered” Professional Bodies are co-existing and there is no “Confusion” .It is important to mention here that the term “Chartered” is really meaningful in UK and it is the Institute of Chartered Accountants of Scotland, the oldest Professional Body of Chartered Accountants which received “Charter” in 1854. I fail to understand why in India, the Institute of Chartered Accountants (ICAI) and the Institute of Cost and Management Accountants (ICMAI) cannot maintain their peaceful co-existence when rest of the worlds can. Tomorrow, there may emerge say another body of professional accountants under the nomenclature of “Certified Public Accountants” or say “Certified Financial Accountants’’ and in that case also would ICAI would start fighting or it should develop and be prepared for facing the competition. Simply speaking, ICAI has been enjoying monopoly with the support of government of India during last 60 years and it is the high time for having retrospection for ICAI. ICWAI must be renamed as ICMAI in national interest and that too when our neighboring countries like Bangladesh, Pakistan and Sri Lanka have their Professional Bodies of Management Accountants, India must have the same otherwise it would reflect our poverty in nationalism. The term “Works” prevail nowhere today as it is misnomer and it has been erased from the name of the Institute of Cost & Works Accountants, UK in 1972 and ICAI should extend its full support in the process of rechristening ICWAI as ICMAI and ICAI should also change its name to either ICFAI(Institute of Certified Financial Accountants of India) or ICPAI (Institute of Certified Public Accountants of India).

  81. 000 says:

    The Institute of Management Accountants of India

  82. CFA D Ferowani says:

    ICAI created similar problem with ICFAI, however ICFAI got mandate from Court to use term Chartered in it’s name. I propose , name of ICWAI may changed to Institute of Chartered Cost & Management Accountant of India. If ICFAI can use term Chartered, icwai can also do that. It may be pertinent mention that it is gathered that ICAI has issued message to it’s member not to pursue CFA. It is totally un professional and shows negative attitude.

  83. 000 says:

    MANAGEMENT ACCOUNTANT

  84. CMA Gurmeet Singh says:

    CMAs are experts in the fields of management accounting. They use latest techniques to improve profitability,better funds utilization,capacity utilization, optimum utilization of resources etc. CMAs play a vital role in the growth of any company/organization as well growth of our country. During recession when other professionals were retrenched/terminated,CMAs were in heavy demand and they were offered very attractive salary even during recession. CMAs have played a vital role in the growth of India amd revival of our economy.Apart from the management accounting,factory management, operations management,profit planning,budgeting,cost reduction,ROI,profitabiltity improvement,CMAs are expert in finanacial management,financial accounting. The members of ICWAI are holding high positions in private and public sector companies. CAs may be expert only in financial accounting. The name of ICAI should be changed to The Institute of Financail accountants of India.CAs in India are fully supported by The Govt.In case Govt. withdraw all the mandatory field from the CAs. No company/organization would like to avail services of a CA, CMA will be preferred to avail service due to better funds management,better profitability,better ROI,neat and clean financial accounting sytem,professional honesty etc. CMAs are not only at par with CAs, they are much more than a CA.
    Hence The name of ICWAI must be changed to ICMAI immediatelly.

  85. Gurmeet Singh says:

    The name of ICWAI must be changed to ICMAI.

  86. Lokesh Kaushik, Grad CWA says:

    what is ICAI’s problem ? I can’t understand. why they feel insecure if ICWAI changes its name as ICMAI.
    I just want to say one thing to ICAI that the talent belongs to Individuals, its not something where you belong to.(ICWAI or ICAI)
    when ICWAI has the same study pattern what they(ICAI)do.even better and tough enough.
    than why can’t we have a chance to grow up internationally ?
    why can’t we have chance to be recognized internationally ?
    when ICWAI has its own act under the parliament and if ICWAI wants to amend something, what the F… ICAI has to do with that ?
    why ICAI trying to put a bone inside the egg ?
    and for the instance i need to tell that we are also chartered.
    chartered means what exactly ?
    chartered (शासन पत्रित)
    we are also awarded by Govt. law, so this word is not something that only relates to ICAI. We can also use this word before our name even ICSI can also do the same
    and by the way i must say to ICAI that CWAs don’t want to compete you in the market because we are not interested in to filling a IT return in Rs. 200
    so you guys don’t have to be insecure,better you back off

  87. s sen says:

    Dear Mr VINAY KUMAR SRIVASTAVA, COST ACCOUNTANT –
    You are right in saying that QUOTE CONSTITUTION OF INDIA GIVES EQUAL RIGHTS TO ALL FOR GROWTH. WE REQUEST TO THE GOVERNMENT TO RECOGNISE COST ACCOUNTANTS UNDER THE DEFINITION OF ‘ACCOUNTANTS’ UNDER SECTION 288 OF THE INCOME TAX ACT UNQOTE, But you forgotten many things, you forgotton the constitution itself and remedy under Articles, 15 and 19(g)and you or any professional friend of yours is free to seek remedy by way of Mandamus at any HC or SC.

  88. majhi says:

    ICWAI may please opt to change it’s name to “Institute of Chartered Cost & Management Accountants of India” and it should be marked as Regulator of Cost and Management Accountancy practice in India. As in the coming era Cost & Management Accounatncy would have a very vital role to play where entrire trend is shifting emphasis to fair value approach rather than true value approach ( In the context of IFRS structure, new Direct Tax and Indirect Tax (GST), new thoughts on Corporate Governence). In other way further exploration and developemnet of Cost & Management Accountancy profession is bare necessity of the nation now.ICWAI may please respond to it . Name plays a very vital role hence ICWAI may please give importance to it . Showing concern on name change by ICAI is an unprofessional act.

  89. s sen says:

    Dear Mr. CA. Shwetank Kumar,
    While I endorse your view about the comments made by Mr.Arif, but you probably generalised the comments by saying QUOTE It shows how professional you guys are? UNQUOTE
    I sincerly look forward a respectful dialogue from both CA and ICWAs, while let this battle of survival for the fittest be continue……

  90. P Saraf says:

    Yes ICWAI may opt to change it’s name to “INDIAN INSTITUTE OF CHARTERED COST AND MANAGEMENT ACCOUNTANTS” , ICAI has no right to fix up domain of other institute . By showing concern on such name change ICAI has given overall Finance Profession a degraded image.

  91. Shrikant says:

    Once again ICAI has become obstacle in the name change endeavor of ICWAI. A professional body like ICAI, never, supposes to Act like Hindrance in the growth of other Educational bodies. It’s Been Black history of ICAI to suppress other Professional bodies like ICWAI, ICSI, ICFAI & many more to maintain its supremacy in India. Yes, indeed, its right of ICAI to protect its own interest but rather than protecting own interest its not allowing other bodies to develop in their own area. In case of Cost Record maintenance & Cost Audit of such records it has always expressed negative support. This unethical approach of ICAI damaging to Indian industry severely. Indian Industry is facing tough competition from China. As we know China’s biggest strength is the Lowest Cost of their products. Now, if Cost Audit is mandatory for all companies i.e. both Service & Manufacturing, in India all the companies will maintain the cost records it means they will have Substantial cost data of the product. By analyzing the cost data they will come to know their exact cost of product or service, Opportunity area to reduce the Cost & Correct pricing of the Products or services. By doing this Indian Companies & Industry will become very competitive. India is very lucky that it has separate body for Costing & management accounting; government should utilize this for making Indian industry Competitive.
    By keeping all the Cards in ICAI’s hand, it’s creating monopoly & not allowing to foster healthy competition in the field of accounting. ICAI should focus on their own development recent Saytam scam its an alarm that it’s members are following unethical practice. Being barrier in the Name change effort of ICWAI it’s proven that how much ICAI afraid of Cost accountants. It shows ICAI has no confidence on their members’ intellectual skills therefore they are feeling vulnerable & following inferior way to curb competition from other Professional bodies. Indian corporate should take cue from this, should hire Costing based accountant for their own corporate benefit as they are equally knowledgeable & competitive.

  92. umakant says:

    icwai should move to the sc under art 32 becaus its already has the statury status as icai so cwa has right to do work in same area as the course contents r also similer.once icwai must go to sc

  93. Prof. D. Mukhopadhyay says:

    This is to bring to surface that ICMAI is in no way identical to ICAI. The ICWAI should opt for a name like “The Chartered Institute of Cost and Management Accountants of India or simply the Chartered Institute of Management Accountants of India”. Recently, Nigeria has formed an Institute namely, “Chartered Institute of Cost & Management Accountants, Negeria” and this has been incorporated by an Act of Parliament. This Institute is in addition to the Institute of Chartered Accountants of Nigeria as they felt necessity for constitutional codification of Cost & Management Accountancy Profession besides Chartered Accountancy for economic development of the countery. Furthermore, Institute of Certified Management Accountants of Sri Lanka came into being even after fifty years of existence of the Institute of Chartered Accountants of Sri Lanka and Sri Lankan Chartered Accountants played a leading role in the process of codification of the profession of the Management Accountants in Sri Lanka. The ICAI should take a lesson from these instances. ICAI shuld mind its own business only. The stand taken by ICAI in connection with name change of ICWAI is unprofessional, unethical and detrimental to national interest. Hope, Indian parliament would do justice to the cause of ICMAI and ignore the petition of ICAI. ICAI also disputed against ICFAI in connection with use of the term “Chartered” in the nomenclature of ICFAI and ICAI lost the battle in the court of Law of the Land. In this case too, ICWAI may think of taking legal shelter and it is the law of the land which would decide the domain of specialization of ICWAI AND ICAI. This is the second time, ICAI is blocing the name change agenda of ICWAI to ICMAI.

  94. Ratul says:

    Regarding name change , ICWAI very much deserves it and may be allowed to change it’s name to ICMAI and may be given recognition in related fields.

  95. Raha A S says:

    ICWAI very much deserves it.It appears ICAI is concern about that because it lacs focus , broadness on professional perspective and is concerned about competition.

  96. ATUL says:

    Where is the monopolies and restrictive trade practises department. why does ICAI insecure. Last 60 years, ICAI has been protecting its interest by downgrading ICWAI and not let it rise. Take any country there are more than two bodies of accounting. My question is that if ICAI is saying that Management accountancy is their’s , then where is the question of Financial accounting being only their domain.

  97. VN Mani says:

    If we nevigate , we will find so many incidents of fraud in audit related issues, if we invesigate the reason behind the sizable amount of NPAs, we will surely come to a conclusion , obviously for welfare of public / nation , that the statutory recognition should not be given to any particular profession , rather other institutes in similar decipline should be given such mandate to bring healthy atmosphere , minimise fraud ,ensure development by bringing competition in the fields.
    Regarding name change , ICWAI very much deserves it.It appears ICAI is concern about that because it lacs focus , broadness on professional perspective and is concerned about competition.

  98. Ashok Jha BIHARI BABU says:

    Dear Himalendu Bose we always respect to CA Athority those are rspect to our Institute but I think they are always playing Currupt & Froud Management,Like Enron,Satyam, and strategy make against to CS ,ICWA, the passing ratio is lower than CA of both Institute. Goverment Athority are wel Qualified .MCA has no objection, then why always CA instititute obstacle to ICWAI and CS.

    Regards
    Jay Hind

  99. Manas says:

    Hi All,
    What i belive if all the rights will be given to one institute then it will not be good for the country as the chances of Corruption & fraud will get increased.If ICAI doesn’t have any issue regarding Management Accountant then why these things happened.Gov should not give all the rights to one institute.as we see in the past abut the big satyam scam ,at the end of the there books doesn’t reflect the true picture to the shareholders which happens bcoz of powers given to only one institute.All three institutes are equal and there is no big brother among them.Government should delegate the authority and gives equal rights and authority to all three institue bcoz in that case the chances of fraud will be decreased.I think CWA deserves to be management accountant as they shown in Global Recession which was not shown by CA.So CWA should be ideally be the Management Accountants of the country and no institute should make any interupution in it.I hope these messages will be conveyed by someone to Government.

    I truly hope this addressed in right spirit.

  100. Himalendu Bose says:

    Respected Ashok Jha,

    Please don’t use such bad language.

    There are outstanding CA’s and they are supportive to all professionals. Such people appreciate and respect quality in individuals irrespective of their professional back ground.

    My concern is ICAI council which believes in Monopoly and is not ready for competition.

    This is unfortunate and only happens in India

  101. MUKESH JAIN says:

    ICWAI HAS ALWAYS SUPPORTED ICAI WHETHER IN THE TIME OF AUDIT SCAM OF GTB OR SATYAM OR SOME OTHER TIME. BUT ALL IN VAIN.
    I THINK ICAI DOES NOT FAITH OR HAVE CONFIDANCE IN ITS MEMBERS ABILITY AND QUALITY . THIS MUST BE A REASON IN THEIR MIND THAT THIER MEMBERS HAVE ALWAYS WORKED IN MONOPOLISE CONDITIONS WHETHER THEY WOULD BE ABLE TO DO FURTHER ? IT IS A MATTER OF SHAME THAT COUNTRIES LIKE PAKISTHAN & BANGLADESH CAN GIVE NAME AS ICMAI BUT IN OUR COUNTRY, OUR GOVT. IS NOT ABLE TO GIVE ICWAI IT’S PROPER NOMENCLATURE AS ICMAI YET, MAY BE DUE TO NEGATIVE ATTITUDE OF ICAI.
    ICWAI HAS ALWAYS REGARDS ICAI AS BIG BROTHER. NOW ITS TURN OF BIG BORTHER i.e.ICAI SHOULD GIVE FULL HEARTILY SUPPORT TO ICWAI TO CHANGE ITS NAME AS ICMAI AND PLAY SPORTSMANSHIP ALSO. MUKESH JAIN

  102. Ashok Jha BIHARI BABU says:

    My Adcice to ICAI change His name ICAI (INDAIN CORRUPTION ACOUNTANT OF INDIA)

    Regards

  103. VINAY KUMAR SRIVASTAVA COST ACCOUNTANT says:

    YES CONSTITUTION OF INDIA GIVES EQUAL RIGHTS TO ALL FOR GROWTH. WE REQUEST TO THE GOVERNMENT TO RECOGNISE COST ACCOUNTANTS UNDER THE DEFINITION OF ‘ACCOUNTANTS’ UNDER SECTION 288 OF THE INCOME TAX ACT. BECAUSE OF WE ARE EQUALLY QUALIFIED AND COMPETENT. AGAIN THANKS TO HONOURABLE MINISTER OF CORPORATE AFFAIRS! THANKS PRESIDENT ICWAI AND THE CENTRAL COUNCIL OF ICWAI. ON BEHALF OF THE MANAGEMENT COMMITTEE OF LUCKNOW CHAPTER OF ICWAI. VINAY KUMAR SRIVASTAVA
    COST ACCOUNTANT

  104. VINAY KUMAR SRIVASTAVA, COST ACCOUNTANT says:

    YES CONSTITUTION OF INDIA GIVES EQUAL RIGHTS TO ALL FOR GROWTH. WE REQUEST TO THE GOVERNMENT TO RECOGNISE COST ACCOUNTANTS UNDER THE DEFINITION OF ‘ACCOUNTANTS’ UNDER SECTION 288 OF THE INCOME TAX ACT. BECAUSE OF WE ARE EQUALLY QUALIFIED AND COMPETENT. AGAIN THANKS TO HONOURABLE MINISTER OF CORPORATE AFFAIRS! THANKS PRESIDENT ICWAI AND THE CENTRAL COUNCIL OF ICWAI.

    ON BEHALF OF THE MANAGEMENT COMMITTEE OF LUCKNOW CHAPTER OF ICWAI.

    VINAY KUMAR SRIVASTAVA
    COST ACCOUNTANT

  105. GD Sinha says:

    Cost Accountancy is other wise named as Management Accountancy, which is a visual tools for Management of an organisation for decision making.If ICAI has no objection for term “Cost Accountancy” used in the name, rationally there should not be any reason to express concern over the name change to include Management Accountancy in it. In india there are three premire institutes formed by the Act passed by Parliament majorly in the field of Commerce & Management viz ICWAI, ICAI and ICSI, There must be clear and distinct vision and mission and areas of exploration of experties . ICWAI , from it’s inception has been in the fileld of Cost & Management Accountancy in different field and different industries and is not concerned about , ICSI setting up its vision or mission on regulatory and compliance issues on Corporate governence. ICAI is focused on Financial Accounting from it’s inception may explore on the same with out being concerned on other areas. If we do not change our out look , it would create blocage in over all development and creat an un healthy atmosphere in the profession. MCA may please look into the matter.ICWAI may be allowed to change it’s name and may be given recognition in related field.

  106. CA. Shwetank Kumar says:

    Dear Mr. Arif,

    I am really surprised with your comment. perhaps you didn’t read the above article. otherwise you could understand how supportive we are for the growth of other institute.

    Second thing the way you commented upon ICAI is not allowed professionally. It shows how professional you guys are? you should express your concern along with the logic and your thought instead of straight blame.

    hope you guys could understand the same.

    good luck…

  107. Himalendu Bose says:

    If ICAI wants then it could as well include Management Accounting in its name.

    ICWAI will welcome the move since Management Accounting and Auditing has become a complex and important area for both the Accounting Institutes.

    ICWAI members are facing serious threat in the international and national job market due to their Nomenclature; therefore changing name is a must for ICWAI.

    All over the world CA’s are either known as CA’s or CPA’s therefore this is not a problem for ICAI members.

    ICAI infact wants’ to maintain its monopoly in the market, therefore it wishes to kill the competition in the form of ICWAI ,ICSI, CFA etc

    This is quite a contradicting stand since ICAI is looking for level playing ground in international market.

    ICAI has been against establishment of Institute of Corporate Valuers by MCA in India

    ICAI has been against the establishment of PCAOB like body in India.

    ICAI has been against the establishment of Multiple Accounting Institutes in India.

    You could see multiple Public Accounting bodies all over the world but then these have healthy competition among themselves.

    Should ICWAI rename itself to CPA India or CA India if not to ICMAI?

    ICAI has to give up on Hitler like approach towards its sister Institutes.

    This is India and it’s a democracy giving equal rights to all for growth

  108. s sen says:

    ICAI having lot of difficulties ahead of changing economy, globalisation and WTO impact. In many a cases professional organisations will be
    Allowed to work in India, more so direct tax is also going to change it’s shape not only next year but also in comming time due to changed economic circumstances.
    Accounting standard of ICA is also going to change in view of IFRC. Unique identification, new rupee symbol having far reaching impact in comming times. Spread of service tax, market
    Competition and cause of servival will stop all routes for honney in tax areas.
    Reamins only analytical area and hard work to be a partner in business and that’s ICWA is doing since
    Inception. However, due to early set up of institute in india and due to the fact
    Protection under 44AB actually ICA has enjoyed MRTP.
    Now due to sheer fear of incapability comming up with plea on one or other
    Pre etxts. But they can only delay the process, as the call is from economic change
    It has to come today or tomorrow.
    It has been observed ICWA has shown high resilience in the past, actually
    A writ by institute to either HC or SC to allow under 44AB by proving eligibility
    Will not leave any oppertunity under the Act but to call for the desired change.
    Any way ICAI is making themselve a laughing stock in the eyes of public
    By such act.

  109. CMA Arif Farooqui says:

    ICAI has a history to make obstacle in growth of ICWAI. it was expected from them. i am not surprised.

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