ICWAI

The expert group constituted by the Ministry of Corporate Affairs has specifically highlighted the need to develop cost accounting standards on the basis of generally accepted cost accounting principles. The cost accounting standards board is working to address the issue. Full Article

Government on 28.04.2010 introduced in the Rajya Sabha three bills to enable CAs, Company Secretaries and Cost Accountants to form limited liability partnership firms in line with global practices. Full Article

The government has asked chartered accountants, cost accountants and company secretaries to directly report to the home ministry cases of suspicious fund movements in an out of companies, as it looks to crack down on money laundering and terror funding. Full Article

Apex cost accountants body ICWAI today said it will set up centres for filing returns and tax-related documents electronically. Under an agreement signed with Central Bureau of Excise and Customs (CBEC), the Institute of Cost and Works Accountants of India (ICWAI) will provide facilitation centres across the country for e-filing of returns and documents to the central excise and service tax assesses. Full Article

The Institute of Cost and Works Accountants of India (ICWAI) and Central Board of Excise & Customs have signed a Memorandum of Understanding (MOU) on 13th April, 2010 to set up ACES Certified Filing Centres (CFCs) across the country. These CFCs can be set up and operated by the Members of ICWAI, who have valid certificate of practice issued by the ICWAI. Full Article

The Council of The Institute of Cost and Works Accountants of India has approved the release of Exposure Draft Cost Accounting Standards on Cost of Service Cost Centres as recommended by the Cost Accounting Standards Board (CASB), the standard-setting body of the Institute on March 27, 2010. Full Article

The Institute of Chartered and Works Accountants of India (ICWAI) southern region saw salary remaining at the same levels as last year, despite an economic recovery. Out of the 450 candidates who appeared for the campus placement, only 100 were selected. Full Article

Ten cost accounting standards have been formulated, six of them are mandatory, which will come into effect from April 1 and three more are likely to be added, according to Mr K. Narasimha Murthy, Director of IDBI and LIC Housing Finance. Full Article