The differences between the professional bodies of chartered accountants and cost accountants could delay the amendments to their respective acts, which are necessary for setting up of big and multi-functional professional firms in the country.
The Institute of Chartered Accountants of India, or ICAI, has opposed one of the clauses of the amendment that has mooted a change in the name of cost accountants body to Institute of Cost and Management Accountants of India.
The ICAI has argued that the bulk of the management accounting work is done by the chartered accountants, so addition of the word ‘Management’ to the Institute of Cost and Works Accountants of India, or ICWAI, is misleading and should not be allowed.
The proposal to change the name of the institute, which the cost accountants body feels is more reflective of its scope of work, is included in the draft amendment bill.
The objections of the ICAI as well as the reply of the ICWAI are being looked into by the Parliamentary Standing Committee on Finance.
The ministry of corporate affairs will review the amendments suggested by the committee, but the process of re-drafting will be time consuming, said a ministry official, requesting anonymity.
While the work of a chartered accountant primarily relates to auditing, valuation and taxation, their function has expanded over the time to include management consulting and advisory. The role of a cost accountant has also considerably expanded from its traditional work of costing.
The ICAI has said that a change in the name of ICWAI, a long pending demand, should be kept out of the present set of amendment to quickly get the necessary changes done so that big firms could be set up through the Limited Liability Partnership (LLP) route.
The ministry of corporate affairs had notified LLP rules in April 2009, but this new form of business organisation has not been as successful as expected with just 2,039 firms registered so far.
One of the key reasons for the inability of members from the institute of chartered accountants, cost accountants and company secretaries to form LLPs together is because of their governing acts not allowing such a business format.
The amendments to the governing acts of both these bodies along with that of the institute of company secretaries, as proposed by ministry of corporate affairs, will enable multi-disciplinary firms under the limited liability partnership (LLP) structure.
LLPs are a hybrid form of business organisation that combines features of partnership firm and companies.
I think ICWAI name should be changed to Institute of Certified Cost Accountants of India (ICCAI) and ICAI name should be changed to Institute of Certified Auditors of India (ICAI) and a new institute (Institute of Certified Management Accountants of India) should be set-up by the parliament which caters the need of the industry in the field of mamangement accountancy with the support of ICAI, ICSI and ICWAI. Initially members of these three professional bodies should be allowed to become as Management Accountant and gradually the new institute should work independently in line with CIMA, London.
I think neither the CWA’s nor the CA’s has expert knowledge in the field of management accountancy. Both these proffessional courses covers only general topics but in todays world one should have expertise in the respective field.
So, i urge members of both the proffessional bodies to come forward and make a real institute in the field of management accountancy with legislative backing.
I think its nearly the group work and some great individual performances which may allow u win the game
In the initial ipl auction deccan chargers had been really a good aspect(andrew symonds,gibbs,filchrisht,shahid afridi)…however they truly fail to perform,but obviously correct
now Chennai seems truly good … because they have retained the majority of their players….so team spirits are powerful as before….whereas other people teams will require the rebuild the strength as soon as once more
mumbai indians are also searching great
treeet is ready….lets cheers for ipl4
Great Post! …. Thank you so much, its taken me forever to find this 🙂
The attention of the ICAI is drawn to the following report published in the Sunday Times dated 14th June 2009.
“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. “……
The President of the Institute of Chartered Accountants of India (ICAI) in particular and the members of the Institute of Chartered Accountants of India in general should read the following report published in the Sunday Times dated 14th June 2009 and take a lesson from their Sri Lankan counterpart. Sri Lankan Chartered Accountants played a leading role to bring about ICMA of Sri Lanka even after 50 years of existence of the Institute of Chartered Accountants of Sri Lanka whereas ICAI is the bottleneck in the prcess of renaming ICWAI to ICMAI even after 50 years of glorius existence of ICWAI as the national professional body of Management Accountants.
“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”………….”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 President of the Institute of Chartered Accountants of India (ICAI) in particular and the members of the Institute of Chartered Accountants of India in general should read the following report published in the Sunday Times dated 14th June 2009 and take a lesson from their Sri Lankan counterpart. Sri Lankan Chartered Accountants played a leading role to bring about ICMA of Sri Lanka even after 50 years of existence of the Institute of Chartered Accountants of Sri Lanka whereas ICAI is the bottleneck in the prcess of renaming ICWAI to ICMAI even after 50 years of glorius existence of ICWAI as the national professional body of Management Accountants.
“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”………….
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
Dear All
President of ICWAI Mr. B M Sharma in his message September 2010 has made clear about every thing , please read the extract about name change of ICWAI , I think now ICAI does not have any reply,
President’s Message
President’s Communique – September 2010
“Kaun Kehta hai, soorakh aasman mein nahin ho sakta, Ek patthar to tabiyat se uchhalo yaron.”
An Urdu Couplet
(Who says it is impossible to pierce even the sky, all you require is a spirited effort.)
Dear Professional Colleagues,
My Greetings to all fellow Indians on the 64th Independence Day. I had the privilege of hoisting the National Flag at the ICWAI, H.Q, Kolkata in the presence of Council Members and officials of Kolkata Office. I am also happy to note that similar celebrations took place in our regions and chapter offices.
The Companies Bill 2009
We compliment the Standing Committee on Finance for paving the way for smooth passage of one of the most important pieces of legislation for corporate governance in the country by giving its recommendations to the Parliament on The Companies Bill, 2009. In its forward looking approach, the Committee has concurred with many of the proposals given by the Institute. New Clause 122A has provided for appointment of internal auditor for certain class or description of companies to be prescribed who shall be a Chartered Accountant or a Cost Accountant.
The Committee has also recommended to the Ministry of Corporate Affairs to consider favourably the suggestions of the ICWAI for appropriate coverage of corporate sector for mandatory maintenance of cost records, bringing within its ambit exploration, mining, processing, manufacturing, infrastructure and utilities, keeping in view the significance of cost control for industry. The Committee has also recommended changes in the methodology of appointment of cost auditors.
The Committee has expressed their concern to make the process of statutory audit and functioning of financial auditors truly independent, especially in view of the recent instances of corporate fraud committed in respect of Satyam. Constitution of National Advisory Committee for Auditing and Accounting Standards (NACAAS) to oversee the auditing standards is a right step towards achieving right standards of auditing.
Name Change
As you are aware, The Cost and Works Accountants (Amendment) Bill, 2010, which was introduced to the Rajya Sabha, on April 28, 2010 was under consideration of the Parliamentary Standing Committee on Finance. The Committee submitted their report on August 31, 2010. It may not be out of place to mention that the same Committee in 2004 had recommended to the Government to change the name of our Institute to “The Institute of Cost and Management Accountants of India” after considering the objections of ICAI to the proposal of change of name of ICWAI. They supported the necessity of the change in the name in the context of positive leverage in Mutual Recognition Agreements, enhanced image of the Institute in the international platform strengthening prospects of professional members and in the national interest in having the due share in trade of Management Accountancy services in the world in open competition. In the present report, the Committee has noted that due to the “vehement opposition expressed by ICAI to the proposal in particular” has “prompted a rethink in the matter” and have indicated that “upon considering the matter, the Committee are of the view that as proposed in the Companies Bill 2009, it would be preferable to term the designation attached to the profession “cost accountant”; and rename the Institute as the “Institute of Cost Accountants”.
It is unfortunate that the Institute of Chartered Accountants of India, which we have always considered as a sister professional body, took such a stand by virtue of their larger number and having members in influential positions. It may be noted that the objections of ICAI to our proposed name change is no different from the grounds that were taken by them in 2004, which was not found to have any merit. We from ICWAI made strong representation to the Standing Committee, refuting the concerns expressed by the ICAI, supported by references to national as well as global international practices.
It appears that the Committee considered the function of our members as defined under Section 2 of the CWA Act in its present form and has proposed to drop the word “Works” from the designation of a Cost Accountant. With due respect, I would like to submit that the Committee should on the same logic propose to change the name of the ICAI to “The Institute of Financial Accountants of India” since section 2 of the ICA Act states the function of its members as auditing and verification of “financial” transactions. In any case, the word “Chartered” is a legacy of the British Raj and the name itself was borrowed from the English Institute which had a Royal Charter. Our legislators should seriously consider whether we should continue with such a designation after celebrating the 64th year of Independence. I call upon our members and right thinking people of the society to impress upon the Legislators, Regulators and the Government of India to seriously consider whether an autonomous body constituted under an Act of Parliament of a sovereign country should be allowed to continue the word and designation “Chartered”.
The ICAI in its argument has stated that the change in the name of ICWAI to ICMAI would create confusion about the role and scope of the members of the two Institutes. As per the proposal of the Committee, if our name is changed to “The Institute of Cost Accountants of India” (aka ICAI), we should then logically be allowed to use the abbreviations “ACA” and “FCA”. I leave it to the judgment of the members of our Institute, members of the ICAI and the Government to decide which will be more confusing – the proposed name change as per original bill or as expressed in the Standing Committee Report.
The ICAI, which got constituted under an Act of Parliament before ICWAI, have had the advantage of statutory and regulatory backing from the beginning which unfortunately ICWAI never had. As a true professional body, our Institute has always supported the cause of professionalism even during the period when the profession of Chartered Accountants faced the crisis of public confidence in their profession recently. We have always been of the opinion that all the three professional bodies should work hand in hand for the development of the country and improving the competitiveness and corporate governance of the economy. In the country’s economic growth each profession has a vital role to play within the space which are clearly distinct and have been earmarked by the respective Acts of Parliament. The power that lies with the professionals should be harnessed to the country’s development and not bent upon trying to stifle and suppress the growth of fellow professions.
I am sure that the Ministry of Corporate Affairs headed by an intellectual par excellence Hon’ble Minister of Corporate Affairs Shri Salman Khurshid ji with able support from team of experts led by Shri R Bandyopadhyay, Secretary, MCA will take into consideration all the issues and I am sure the Institute will get justice.
The Report provides in detail the arguments by the ICWAI and the solid and logical grounds put forward by the Ministry of Corporate Affairs, for the name change. The report is available on the website http://www.loksabha.nic.in.
Direct Tax Code Bill 2010
The Ministry of Finance tabled the Direct Tax Code Bill 2010 in the Lok Sabha on August 30, 2010. The new Code aims to replace current Income-tax Act, 1961 and Wealth tax Act, 1957. It is proposed to be made effective from April 1, 2012, if enacted. The DTC will pave way for the Indian corporate and taxpayers to rethink on the existing structure and mode of conducting business.
The bill has been referred to Parliamentary Standing Committee on Finance and ICWAI will be making its representation before the Committee for recognition of its due role in the DTC and various other provisions.
Goods and Services Tax
All of you are aware that despite the best efforts put in by Hon’ble Finance Minister Shri Pranab Mukherjee to bring reforms in commodity taxation from April 1, 2011, this is getting deferred. The Constitutional amendment required and agreement of all the State Governments on various issues is the basic hurdle in the implementation of GST. In this connection, ICWAI has brought out a publication on “Guidance Note on GST” which has been widely appreciated by the Regulators and other professionals.
Other Activities
I along with the Vice-president Shri M. Gopalakrishnan met Shri Salman Khurshid ji, Hon’ble Minister of State (I/C) for Corporate Affairs and Minority Affairs on July 26, 2010. We apprised him of the developments and challenges being faced by the profession and offered all assistance from the Institute for undertaking various programmes of Government. We also met Shri R. Bandyopadhyay, Secretary, MCA, and thanked him for his constant guidance and cooperation from the Ministry. We apprised him the various relevant developments in the Institute also.
We called upon Shri P.D. Sudhakar, Special Secretary, MCA and Smt. Renuka Kumar, Joint Secretary, MCA on July 26, 2010. We also met Shri T.V. Somanathan, a member of our Institute, appointed recently as Joint Secretary, MCA and apprised him about the activities of the Institute.
It is my pleasure to share with you that Cost Accounting Standards issued by ICWAI are getting recognised in the corporate world. ICWAI and Standing Conference on Public Enterprise (SCOPE), a representative body having all Central Public Sector Undertakings as its members, jointly organised a Seminar on Cost Accounting Standards on July 30, 2010 at New Delhi. Shri Jitesh Khosla, Additional Secretary and OSD, IICA was the Chief Guest. I had the privilege to participate in this forum and exchange the views with senior officers of Central PSUs some of which are one of the largest employers for our members. I am happy to inform you that the Cost Accounting Standards is already having wide acceptability and the application of the standards, made mandatory for all cost certifications from April 1, 2010, is going to help the economy and the society at large in taking informed decision about matters related to cost and management accounting.
I was invited at AGM followed by the felicitation function for the newly elected President of ICWAI by NIRC on July 31, 2010 at New Delhi. During this widely attended function, as a Chief Guest, I interacted with senior members of the Institute who were presented with mementos and other awardees of the various programmes of the Regional Council. It was an opportunity to share and receive various suggestions from the members in respect of students’ services, increasing the areas and scope of members in practice and opportunities for updating the knowledge of members in employment and practice.
I was also invited by WIRC to attend the felicitation function organised by them on July 31, 2010 in Mumbai. I have noted the suggestions and expectations of the members and I would like to inform that we are taking necessary steps in this regard.
Cuttack Bhubaneswar Chapter organized a seminar on August 27, 2010 on “The Role of Management Accountants in the inclusive growth of Indian economy”. I participated in the seminar where Shri R. Bandyopadhyay, Secretary, MCA was the Chief Guest and Shri Saurabh Garg, Commissioner-cum Secretary, Department of Public Enterprises, Government of Orissa, was the Guest of Honour.
Government of Orissa celebrated “Investor Day” on August 28, 2010 and organised “Investor Awareness Programme”. This programme was graced by Shri Salman Khurshid ji, Hon’ble Minister for State (I/C), Corporate Affairs and Minority Affairs, Government of India; Shri Navin Patnaik ji, Hon’ble Chief Minister, Government of Orissa; Shri R Bandyopadhyay, Secretary, Ministry of Corporate Affairs, Government of India and other senior state government officials. A guide for Investors, which is translated and printed by ICWAI in Odiya language, was released. I had the privilege to attend the panel discussion with Mr. J K Mohapatra, Secretary, Finance Department who was the Chairman of the Session.
The SAFA meeting was held on August 8 & 9, 2010 at Dhaka and I attended it along with Shri G.N. Venkataraman, Immediate Past President and Shri A.N. Raman, CCM and Vice-president SAFA. The meeting addressed various issues confronting the profession in our region.
I am glad to inform members that UGC has recognized CWA Qualification for appointment as teaching faculty in universities and colleges in the area of Management/Business Administration as Assistant Professor, Associate Professor and Professor and Principal/Director/Head of Institution subject to fulfillment of other requirements. The relevant extract and full text of the Notification is available at the websites of the Institute and the UGC respectively.
The results of the June 2010 Examinations of the Institute have been declared. I congratulate all the students who have passed the examination and urge others to work harder for their future efforts. The Campus Placement initiative by the Training and Placement Directorate at New Delhi has been doing a commendable job and there is good response from the Corporates to participate in the Campus placement. They are also continuously approaching other corporates for more and more participation in the campus. The passed finalists are requested to upload their resume in the Institute website, so that they can participate in the Campus Placements to be held throughout the country.
We have proactively contacted many organizations within the Government and outside, for due recognition for our profession, wherever it has been brought to our notice. We assure our members that we will continue to take up all issues with the Government and other bodies, either proactively or as and when it is brought to our notice.
With the onset of festival season my best wishes for Janmashtami, Vinayak Chaturthi and Eid-ul-Fitr to all of you,
Yours Sincerely,
B.M. SHARMA
PRESIDENT
Sep 01, 2010
hai All,
I don’t understand why CA people are objecting name change proposed by ICWAI. Do they afraid of something. I think so, otherwise there is no need for these sort of low standard behavior. If any CA have doubt on the standard of CWA pls ask somebody with CA, CWA and CS tag about the course and whether they passed the qualification easily. No doubt CA are enjoying their statutory power as well as their more member strength. But slowly this monopoly will comes to an end. what ever be the qualification, people with real talent and caliber are going to perform. Try to give and take respect each other. Because of the MOU between ICWAI and foreign institutions members could have the CMA tag even CA’s object for it.
Dear All ,
As we all know that The Cost & Works Accountants Bill 2010 was introduced to Rajya Sabha – parliamentary Committee on Finance for much awaited and desired Amendment to change the Name of ICWAI to ICMAI and The Parliamentary Committee on Finance had denied our legitimate and genuine demand to be named as The Institute of Cost & Management Accountants of India and in fact Recomended to be named as The Institute of Cost Accountants of India , In year 2003 the same committee favoured the name Change inspite of opposition for such name changed by ICAI on the same grounds which they had made this time it shows how ICAI use its political clout to manipulate decisions in its favour and suppress the growth and development of other sister Institutes (ICWAI & ICSI)
The name change of ICWAI TO ICMAI is a Right of every Member and Student of the Institute as we are known as Cost & Management Accountants or Management Accountants in other Patrs of the World and because of Manupulative tactics and Narrow mindedness of ICAI we have been denied our legitimate and true Identity , for the last 40 years which is very long period we had been denied our Right and now when it seems that under the able leadership of Hon’ble Minister of Corporate Affairs Shri salman Khurshid ji we will be given our legitimete Right to be Named as Cost & Management Accountants the ICAI used its clout to influnce the Committee Members .
ICAI had a long history of Manipulating tactics to hinder the Growth and Development of ICWAI & ICSI .
ICAI had given Representation that the Word Management will create Confusion and therefore Name of ICWAI should not be changed to ICMAI .
I ask the President of ICAI that there are countries where there are two or more than two Institutes , I give a brief details of those Institutes :
UK INSTITUTES :
1 ) Chartered Institute of Management Accountants (CIMA).
2 ) Institute of Chartered Accountants of England & Wales .
3 ) Institute of Chartered Accountants of Ierland .
4 ) Institute of Chartered Accountants of Scotland.
5 ) Association of Chartered Certified Accountants (ACCA).
USA INSTITUTES :
1 )The Institute of Management Accountants (IMA)
2) American Institute of Certified Public Accountants .
CANADA INSTITUTES :
1 ) Society of Certified Management Accountants of Canada (CMA)
2 ) Certified General Accountants of Canada (CGA)
3 ) Canadian Institute of Chartered Accountants .
PAKISTAN :
1 ) THE Institute of Cost and Management Accountants of Pakistan (ICMA)
2 ) The Institute of Chartered Accountants of Pakistan .
BANGALADESH :
1 ) The Institute of Cost and Management Accountants of Bangadesh (ICMA)
2 ) The Institute of Chartered Accountants of Bangaladesh .
SRILANKA :
1 ) The Institute of Certified Management Accountants of Srilaka (CMA)
2 ) The Institute of Chartered Accountants of Srilanka.
AUSTRALIA :
1 ) The Institute of Certified Management Accountants of Australia (ICMAI)
2 ) The Institute of Chartered Accountants of Australia .
3 ) Institute of Certified Public Accountants of Australia .
4 ) The National Institute of Accountants .
NIGERIA :
1 ) The Institute of Cost and Management Accountants Nigeria .
2 ) The Institute of Chartered Accountants of Nigeria .
Thus, both Cost & Management Accountancy and Finacial Accounting Institutes are providing services to the Society without any sort of Confusion and why only in INDIA ICAI is opposing the Name Change of ICWAI to ICMAI on such pretext that Management word will create confusion is baseless and it is only a Rigid and Manupulative tectics by ICAI to block Name change of ICWAI Which is a RIGHT of every Member and Student of ICWAI .
In fact the Name of ICAI should be changed to The Institute of Financial Accountants of India (IFAI) as Rightly Said by the President of ICWAI that why ICAI Should be allowed the borrowed Name from British Institute even after celebrating 64th Independence Day.
INDIA is a SOVEREIGN COUNTRY and using CHARTERED in the name of Institute by ICAI Which is a Royal Charted given by Privy Council of UK Must not be Allowed by ICAI as it came to Existance by the ACT of Parliament of a SOVEREIGN COUNTRY , INDIA similar to ICWAI & ICSI and thus the name of ICAI Should be changed to INSTITUTE OF FINANCIAL ACCOUNTANTS OF INDIA by Making required Amendments to the ICA ACT 1949.
Now I like like to highlight some of the POINTS Why ICAI is opposing the Name Change of ICWAI .
1 ) GLOBAL IMPORTANCE OF COST & MANAGEMENT ACCOUNTING – ICAI WANTS BACKDOOR ENTRY :
INDIA is signatory to GATS Under WTO and the Governmaent had to Open Service sector now ICAI is afraid of Competition from Professional from other Nations having Internation Qualifications and more uptodate and more skillful than India Charted Accountants ICAI Know this and thus want to manipulate the decision makers by virtue of their political clout to grab the work of other Sister Institutes in which ICAI Members had No Expertise their motive is to grab work of Company Secretaries and Cost and Management Accountants which should not be allowed other wise again Scams such as Satayam and GTB will take place and the Distribution of Work among Professional Institutes must be made on the basis of the CORE Expertise.
ICWAI Members are Experts in Costing , Management Accounting , Direct and Indirect Taxation , Valuation , Accounting , Financial Management and Analysis , Startegic management and Strategic Decision Making , Budgeting , Tresury ect and these are our CORE COMETENCIES and CA’s are Experts in Financial Accounting , Direct & Indirect Taxation , External Financial Audit as most part of their Sylabus covers Financia Accounting , Direct Taxation , and Auditing .
ICAI Recently announced that they had developed Secretarial Standards this shows that they want to grab Work of COMPANY SECRETARIES .
Thus , ICAI had Vested Intrest as they want to Grab Work of Other Professional in Which they had No Expertise that’s Why They oppose Name Change of ICWAI TO ICMAI so that their Members who have no Expertise in Cost & Management Accounting get a Back Door Entry into the profession of Cost & Management Accountants .
LIMITED LIABILITY PARTENERSHIP FIRMS :
Once the LLP Bill is Passed by Parliament the Members of ICWAI , ICSI , ICAI can st up LLP Firm on their own and can invite other professionals to join such firms to provide Mutidisciplinary Services to society at large and Business Community so once the LLP Bill is passed then Members of all the Three Institutes had the Equal opportunity to Establish LLP Firm on their own or with Members of other Institutes Whereas the PRESIDENT of ICAI is giving Interviews in Varoious Newspapers that CA’s will Establish LLP Firms and that Firm can have Company Secretaries their can be Cost Accountants & MBA’s it Seems that the PRESIDENT of ICAI is under FALSE ILLUSION that LLP Firms will be Established by CA’s and other Professionals are Compelled to join such LLP Firms . I Want to awake the PRESIDENT OF ICAI FROM SUCH FALSE ILLUSION that both COMPANY SECRETARIES AND COST & MANAGEMENT ACCOUNTANTS are capable of Establishing LLP Firms and CA’s cam Join such FIRMS as both Company Secretaries and Cost & Management Accountants are more Skillful , Knowladgeable , Ethical and professional than Chartered Accountants .
In recent Scams such as SATAYAM and GTB it had beeen proved that what kind of Ethical practices are followed by Members of ICAI When performing Audit of Companies , people lost their Jobs , Investors lost their Hard Earned Money because Auditors are doing Audits only for Money and Name sake Financial Auditors are STAMP AUDITORS thus the Government should allow Financial Audit to be Done By other Professionals so that Competition serve as a Deterance to such Malpractices By Statutory Auditors.
I appeal to Every Member and Student of ICWAI to come forward raise Voice against this Unjustice to our Members , Students and Appeal the Decision Makers to change Name of our Institute to ‘The Institute of Cost and Management Accountants of India’ ICMAI as we are COST & MANAGEMENT ACCOUNTANTS and it is our TRUE RIGHT to be named as THE INSTITUTE OF COST AND MANAGEMENT ACCOUNTANTS OF INDIA .
Thanks All ,
This shows the lack of maturity & old school of thoughts on the part of ICAI. Actually speaking, through the introduction of advanced technology, their requirement of expertise is thinning down other than regulatory compulsion of attestation, on the other hand, requirement of ICWAI expertise expanding due to fast growing competitive world inspite of lack of recognition by the Ministry. Time when the entire world is looking us for our economic progress, premier institutes of the country should help each other to further consolidate the profession and carry forward the progress . There is a limit to patience for waiting for long years to the genuine change of name which is well deserved & acknowledged by the world bodies. Instead of pleading with MCA which is always biased with ICAI, let ICWAI should try to get their recognition through direct intervention of PMO or Court of Law or some form of Joint Members’ action.
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 how 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.
Hi,
Samll clarification with regards to above post”
Reason you have to put as much effort as for CWA’a frankly speaking more than CWA’S”
Please read CA insteed of CWA’S
I request CWA officials to take this matter seriously and ensure that CWA’S get their long waited due’s.Otherwise that day is not far away when no body would like to pursue CWA’S. Reason you have to put as much effort as for CWA’a frankly speaking more than CWA’S but when it come to recognition they are far behind then CWA’S despite having all the skills and willingness to do well they have to suffer because of common understanding in the market is that ca’s are better than CWA’S in all the field.I request ICWA official to please do something as the time is running out.
I think CAs are lobbying very hard to get each & everything in their favour. In my opinion Chartered Accountant name should be replaced by Chartered Financial Accountant & Cost & Management Accountant name should be replaced by Chartered Management Accountant. The main role of CFAs should be helping in Filing Income Tax Returns, doing tax audit whereas CMAs should be doing Cost & Management Audit, Audit related to Indirect Taxation. Rest remains Finance part, it should be mainly done by MBAs. Chartered Financial Accountant & Chartered Management Accountant should be treated at par. Actually members of ICMAI and those who are sitting on top, should take-up this matter with the government and ICAI should not interfer in this. It is very shameful on part of ICAI to do politics in this. As we all know that ICSI has never objected either.
this is very shocking and shame ful news that a institute like ICAI is taking such type of cheap and worth less step by opposing the change of name by ICWAI to ICMAI an another premier institute now days though both are enacted by the special Act of parliament for development of professionalisim in india. now a days it is well known to every body that what a CMA can do.it my honest request to ICAI that to mind his own business insteade of beind interviening another and try to work for betterment of accountancy profession by uniting all the premier institutes like ICAI,ICWAI and ICSI.
The behaviour of ICAI is very shameful.They always behave selfish. ICWA is more tough than CA.passing % is also very low .but then also ICWAs find it very much difficuly in finding any job.They are always paid less compared to CA.CAs are nothing but the people of proud and arrogant nature.they consider themselves god in the filed od accounts and audit.What they say is true is their attitude.But reality is icwa are far better than
cas in terms of knowledge,usefullnes, productivity etc.The real problem is ICWAI is very slow in every activity.They are not as advanced is ICAi.ICWAs are not given publicity as ICAI does. now time ha come ,though it is also very late , but to change the name of ICWA to ICMA so that its students members all get due justice which they have right for.now ICAi has to go backward. ICWAs are ready to give them a shot this time.
Lets show the forum and people verdicts and thinking on the issue. Its really offending fro the CMA ofinida who work harder than ICAi to attain the degree.
Show me the way to reach the MCA.
profession of chrtered accountants is not only demanding also admirable due to body of knowledge they aquire during their course.The brand emage of the ICAI is the result of their professional exellence.But I am greatly surprised to see ICAI wants to play this kind of ‘cheap trick’ I repeat ‘cheap trick’ to keep their position.before the chartered accountants around the world feel shame about their mother institutes silly mentality ICAI should with draw their concern about ICWAI name change.The corporate world knows who is tallented and who is not and they know their requirement, and nothing going to change just because of name chnge,I hope ICAI will change its silly mentality developed over years with the grace of the god
We welcome the proposal of Prof D Muhapadhyay. All CMAs raise your voice at least through this media. ICWAI Central Council & Regional Council, ICWAI Chapters at various part of Country please organise meeting and form a overall concensus to adoption of suitable strategy at the earliest.
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.
Dear Friends,
Anybody can understand a CMA’s concern as to why ICWAI is deprived of by the regulatory authorities every now and then. But it cannot fight for all the causes at a time and “ICWAI to ICMAI” should get top most priority since it has been fighting for last forty years on this particular issue.It is necessary to make a point clearly as to who is ICAI to decide the name/renaming of ICWAI to ICMAI. Please see the report of the Parliamentary Panel on the Cost & Works Accountants (Amendment) Bill 2010 where the proposal for name change of ICWAI to ICMAI has been incorporated by Ministry of Corporate Affairs. ICWAI needs to ask MCA as to why it has changed its name from Ministry of Company Affairs to Ministry of Corporate Affairs. Lastly ICWAI is required to take the shelter of Court (High Court/Supreme Court)who would decide as to whether management tag should be attached to ICWAI or not and how ICAI is a factor here. The learned court would decide the core competency of ICWAI and ICAI.It is the need of the hour to walk along the road of ICFAI. Moreover each and every member(CMAs) need to be united for the life and death question of the Institute. It should be prepared to ‘go for hunger strike’ if the situation so demands but the CMAs should not keep quite nay more. It is the need of the hour to frame a policy for ICWAI’s strategic actions.I think that ICWAI Central Council is definitely taking up the Issues raised here to the decision makers in Central Government.
Both the institute ICWAI and ICAI are set up with separate acts of parliament. Why so big brother attitude of ICAI in always obstructing the ways of ICWAI profession? Are they afraid that their pie which is safely & statutorily protected is going to be taken away by the more efficient and effective cost & management accountants who have maintained their recognition in the industry even without statutory protection. Every industry knows how the financial audit reports are easily managed to be obtained. Had they been able to do justice to their statutory back up and protected job, scams like harshad mehta share scam, satyam, enron would not have taken place. In the current scenario, cost and management audit is the most effective technique to bring better profitability to any organisation. Let MCA give a clear thought on the useless allegation of ICAI and allow the name change of ICWAI to ICMAI like other countries.
It appears that ICWAI members are very much angry with the objection of ICAI. They have gone to the extent saying that ICAI fears that its existence will be in danger. In one of the forum they are talking about their course content. They are also of the view that they are already doing the job of Management Accountant.
If all these are true, why ICWAI members are becoming furious over ICAI’s objection and keen to change their name.
They are comparing ICWAI with CIMA. This is grossly wrong as CIMA persuade students (particularly overseas as from India) to take up their course. For this they even send the mail stating that “There is a scheme where they will be charged less fee for a certain period”. But ICWAI maintains it’s professional ethics and don’t go for such cheap act to increase it’s membership.
Thanks & Regards
Rather, the name should have been “Chartered Management Accountant” for the professionals qualified from current ICWAI, and “Chartered Financial Accountant” for the professionals qualified from current ICAI as both the Institues were establisted under Acts of Parliament. otherwise the current name name “Chartered Accountant” creates confusion in the minds of people as if it is the only group which has staturory recognisition.
ICAI fears that their credibility will be gone due to changing the name of ICWAI.
ICAI should not come up with this type of attitudes towards fellow institutes .This shows thier inability & lack of confidence in their profession
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”.
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 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”.
The real and big confusion is there in the name of ICAI, the term “Charter” borrowed from the then British Raj creates confusion whether ICAI is working as agent of British distorting febric of Republic of India .
Its surprise in the site why ICAI members are not participating in discussion-ICAI failed to mobilise their 1.5 lacs members???
ICAI WHY OPPOSE .MCA ACTION AGAINST ICAI.
Appart from statutory audit / tax audit , as ICAI got mandate through it’s negative lobbying politics, bulk of Financial Accounting and audit jobs are also done by Cost & Management Accountants in industry , does it mean that ICWAI (ICMAI)would give objection to name & scope of work of ICAI? World wide the term “works” has been replaced by term “Management” by similar institute e.g. CIMA, CMA etc their counter part in Financial Accounting did not give any objection.This shows the lack of clear vision of ICAI.
We strongly object to such negative dominating attitude of ICAI and it’s members.
It is not in the best interest of the nation
All over world Cost accountants are known as Management accountants…..then why ICAI is worrying ??
Don’t forget satyam scam and IPL
Because of fear in industry and corrupt politics ICAI is opposing the name change of ICWAI
Monpolies & Restrictive Trade Practices ACT (MRTP) should be made applicable to The ICAI…. they are ristricting other Institutes way too much from very long
IT IS UNNECESSARY FIGHT BETWEEN THE BODIES. POLITICS SHOULD NOT BE BROUGHT IN SUCH INSTITUTIONS WHICH IN FACT HAMPER THEIR WORK AND GROWTH. LET BOTH THE INSTITUTIONS BE ALLOWED TO DO BOTH THE SETS OF WORK BY EACH ONE OF THEM WITHOUT RESTRICTING AUDIT WORK TO CHARTERD ACCOUNTANTS AND COSTING WORK TO THE COST ACCOUNTANTS. LET THE INSTITUTIONS GROW UNIFORMLY.THE SUCCESS OF EACH ONE DEPENDS UPON ITS WORK WHETHER HE IS A C.A OR I.C.W.A.. IN FACT MANY PROFESSIONALS HAVE BOTH THE QUALIFICATIONS, IT DOES NOT MAKE ANY DIFFERENCE TO THEM. LET LLP BE IMPLIMENTED
To administrator,
Considering growth of economy ,
I think management accounting role is more suited to ICWAI, reasoning
1. internal reporting – which is in line of cost audit.
2. focus monitoring of company & its growth, (perception differance of minds)
which recognised all developed, developing economy and created two differant institite for two differant balancing work for effective growth of economy as a whole.
3. not only for only focused efficiency &
responsiveness but for innovation also in which our economy is poor.
thanks,
To administrator,
Please explain if name change will not make any effect to ICWAI or ICAI, why ICAI is opposing that way since 1972.