Institute of Cost and Works Accounts of India (ICWAI), an apex body to regulate the profession of cost and management accountancy in India,
in association with the other Cost and Management Accounting (CMA) bodies of the SAARC region, organized an international seminar on Role of Cost and Management Accountants in Regional Economic Development here. Mr. Salman Khurshid, Union Minister for Corporate Affairs (MCA), inaugurated the seminar.
As a part of the event, ICWAI has proposed for the first time a joint address by the heads of the administrative ministries of the CMA profession. Bangladesh, India, Pakistan and Sri Lanka all have incorporated the CMA bodies through the Act of Parliament. All the CMA bodies come under the administrative control of relevant ministries of their respective countries.
Addressing the gathering, Mr Salman Khurshid, Union Minister for Corporate Affairs, said: I am happy to know that the heads of the CMA Profession from Bangladesh, Pakistan, Sri Lanka, Nepal and India will be sharing their vision and expectation of the CMA profession in the regional economic development. I extend a warm welcome to representatives of the CMA bodies. Since all these countries have a bond of culture and homogeneity of cultural environment, the brainstorming session will help to understand the role that CMA bodies can play to achieve the desired economic development.
The minister further added: The MCA has taken number of steps to create investors awareness all over the country. Accordingly all the three professional institutes –ICWAI, ICAI and ICSI have been asked to conduct at least 100 programs each in the near future to create awareness among the investors.
Mr GN Venkataraman, President, ICWAI during his speech highlighted the increasing visibility of the institute in the global scenario. Referring to the launch of CMA institute in Oman on November 15th, 2009 by the Ambassador of India to Oman, he said: ICWAI will be a strategic partner in promoting the spread of cost and management accounting in the gulf region.
He also added: ICWAI would be driving the adoption of cost accounting standards in the SAARC countries as the socio-economic problems of the region are similar and the cost accounting standards being developed can be adapted by the entire region for the benefit of common man.
Prof. Lakshman R Watawala, Mr. V Kalyanaraman, Mr KRS Sastry, Past Presidents, SAFA, Mr. KB Chitracar, Vice President, SAFA and Mr. BM
Sharma, Vice President, ICWAI, Presidents of the Cost and Management bodies of Bangladesh, Pakistan and Sri Lanka and delegates from industry and profession, were also present at the international seminar.