Cost accounting body The Institute of Cost and Works Accountants of India (ICWAI) will soon be known as “Institute of Cost and Management Accountants of India (ICMAI)” with the government agreeing for a change of name of the body.
“The request for the name change to Institute of Cost and Management Accountants of India has been accepted in principle. It will require amendment in the ICWAI Act. We are working on it, hopefully in the near future it will be done,” Corporate Affairs Minister Salman Khurshid said on Friday.
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The name of ICWAI has been changed to ICAI i.e. the Institute of Cost Accountants of India and AICWA(Associate Incorporated Cost & Works Accountant)/FICWA(Fellow Incorporated Cost & Works Accountant) has been changed to ACMA(Associate Cost & Management Accountant)/FCMA(Fellow Cost & Management Accountant) by virtue of CWA(Amendment) Act 2011 (Act No. 10 of 2012). Therefore government of India recognised Cost Accountants as Cost & Management Accountant. Now we should ask the Government to Change formally ICAI either to ICMAI (the Institute of Cost & Management Accountants of India) or IMAI(the Institute of Management Accountants of India) without any further delay. This would help in removing confusion with regard to acronym”ICAI” of both the Institute of Cost Accountants of India (ICAI) and the Institute of Chartered Accountants of India(ICAI).
Globally recognised professional bodies like CIMA and CMA,USA have accepted ICWAI in par with their qualification. But, ICAI feels very insecure that they would further lose their position in the market. There is no valid reason why CWA’s should become CMA’s.
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.