Cost and Works Accountants will now only be known as Cost Accountants, with Parliament approving amendments to the existing legislation earlier today.

Also, there will be some brand confusion as the Institute of Cost and Works Accountants of India will now be called the Institute of Cost Accounts of India.  As a consequence, the Chartered Accounts Institute and the Cost Accounts Institute will share the same acronym – ICAI.

The approved amendments to three separate acts – the Cost Accountants, Chartered Accountants and Company Secretary acts will also enable professionals to form limited liability partnerships and offer multidisciplinary services.

Members of both the profession are requested to give their comment on the move by way of comment below the post so that we can make a memorandum the Government.

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0 responses to “Now Cost and Works Accountants will be known as Cost Accountants, Cost accounting body will share the same acronym – ICAI”

  1. chandan says:

    I am very sad to know that the decision of taking cwa as a tax auditor has been declined by the Government. The reason behind it is only the power and skill of Cwa qualified person to dominate in the competitive environment. We know actually the whole conspiracy of ACA’ s member behind the declining decision. But if we have talent nobody will stop us to capture that position in future. We people fight for it ……………………………to change the government decision upto end.
    thanks & regards
    chandan

  2. Ravinder Kumar says:

    For all Financial accountant,

    Costing is the base of all financial report.

  3. Ravinder Kumar says:

    For all Financial account,

    Costing is the base of all financial report. 

  4. Ravinder Kumar says:

    I am agree with Mr. Anwar and I hope that all the Financial accountant understand  this truth.

  5. CMA Kali PrasadPrasad says:

    We CMAs are also not happy with icai, but u CA peoples were opposing our name change to ICMAI and forced us to take the same name for our institute as of you. but we will not use CA as we are having professional dignity.We are cost and management acountants not CA an Auditor (watch DOG). If you will try to stop us in our growth you yourself will be in looser side, as now in the case of name change. Your monopoly will no longer last you have to compete. so dont be affraid of competetion.

    Dont think much of us, u just try to employ your 20000 berojgar CAs first.

  6. Raj Kumar Gupta says:

    The Cost Accountants seems to be unique in the context of its evolution from early history. They never accepted themselves as mere accountant, but at the same they were never accepted as equal to any professionally qualified accountants in the world. In accountancy , Costing has no role to play directly.The main issue is related with the identity crisis of cost accounting. Western  world gave its different identity over the period of time like ” Industrial Accountants ,Works Accountants , Management Accountants or newly discovered” strategist”.CIMA UK and IMA US have to be credited for all these evolution of cost accounting. But issue is that Costing is still in its evolutionary phase and I am sure it will be the same in its whole life because Business needs costing , and business is now days ruled by ” management “.Not only costing , but the whole finance domain including over all accounting is a  part of management . Simply , a mere part of a body can not be bigger than the whole body.By the nature “management” has turned into hundred percent “strategy” due to complexities in changes in the form of business entity from sole proprietor to corporate. Therefore , cost accountants being accepted as strategist by management  is always in a day dreams for them .General people never understand much more than CA/CPA or say  simply accountant because the domain of accounting is part of finance ,and  finance  is again part of management.IMA US says ” Management Accounting is partnering with management for decision making and strategy” . This is not  a static definition of costing as management accounting. Definition of management accounting  always changes as it truly shows  its nature as not being  natural science.On the global level , management accounting is changing very fast, some where it has merged or sub merged with general accounting loosing its complete uniqueness. At the same time , it has increased its largeness by being over inclusiveness. All these events have happened due to compulsion or pressure of not having separate identity for costing . Cost accounting is always struggling for its identity . In the early history , its unique identity was messed up with accounting.  On the other hand,accounting have gone to the climax of its highness as separate discipline ,which is well accepted by general people ,whereas  costing  lost all its unique identity with accounting.Now a days, costing is directly fighting with the  ” management “for its  unique identity . But ” management is so unique and widespread that costing has no chance to win the case of being accepted as strategist. ” management is its self a big strategist in the world. “Management “is rulers in the today’s corporate worlds. The rulers can never share its power because the power is only uniqueness of rulers.Why costing has never been accepted as different domain or why it has always been taken as  sub- domain or branch of accounting. Why it has not been accepted as strategist or decision maker. The main bottleneck behind all these issues is broadness of  accounting profession. As for example , we can see some evolution of accounting termologies. “Accounting” is done by an ” Accountant” , but costing is done not by “costant’ or Costian orcostist . Hence , costing is only done by a cost” accountant” This is the point , where costing got married with ” Accounting ‘ and its surname becomes ” “accounting “. Hence, we always call costing as cost “accounting”.Though costing was said to  be  of very superior class domain , but due to its marriage with an accountant , its identity was lost . The tag ” Accountant “with costing can never gives any separate identity . After passage of time , costing changed its name so many times so as to differentiate its identity from a mere accountant. But costing has not achieved any benefit yet  to set up any unique domain.The Institute of Cost Accountants of India was recently realized by Indian cost Accountants ,which was dreamed to equate the positions of  Indian cost accountants with general accountants of India i.e. Indian Chartered Accountants(CA) . Indian CA  were  statuted as public accountants and having large identity in the world. Though cost accountants did not accept their identity as mere cost accountants instead of management accountant as well. But Indian Govt forced the same on them . Hence they went to follow the policy of ” Die and let CA die and demanded drop  word ” chartered ” from Indian CA on the ground of Indian being republic . But CPA USA being in  another republic country embraced ” Chartered’ in the form og CGMA hurt Indian cost Accountants and their policy.Eventually , all gone messed up with accountants to whom they are fighting.Decision makers have two options ; one ;let have patch between cost accountants and chartered accountants and second; complete divorce of costing from accounting ,which will result as “strategy ” .The Indian Institute of Strategy (IIS)  may be good option to replace the Institute of Cost Accountants of India. This may solve all problems of identity crisis of cost accounting or management accountant.By this name ,costing will get divorce from ” Accounting”. There will not be any tag behind costing . Cost accountants will be called as” Strategist”, which is creamy layer in the management. And an accountant (CA or CPA ) is never comparable with a certified strategist. Moreover , India being largest democracy  in the world can set an example of providing solution to century long pending issue of identity crisis of costing.

  7. Raj Kumar Gupta says:

    The Institute of Cost Accountants is very much suitable to current CWA’s. They are just suffering from inferiority comples a said Hon’ MCA minister.
    Thier syllabus is just like academic B.Com/M.Com Standards, their examination is just tru and false.
    There is no thing  like professional standards in Cost Accountants. GOvt has done very wel to change their name as cost Accountants.  GOI gives them loly pop of ACMA/FCMA.
    Now days CWA are competeting with world second largest accounting Body ,ICAI 
    by
    distributing CWA certification to some  working professionals freely
    Planing to give CWA certifications IIM/IIT without any exams just to be recogniesd bt them/
    what a irony , an organisation needs recognition by individuals like;
    IIMIIT/CA gives recognitions to individual members.

    The results of CWA are never known to any body.
    some says any commerce students just appear in the CWA exam , you will pass it defenalty,
    CWA results is almost 100%.

    Now days , any one working in accounts and finance with graduation can easily get cwa.

    CWA qaulity is so low , companies never prefer to go its csmpus, hence no campus placement reords you will find.

    An appeal to any person deserious og getting CWA, simpply enroll in it , you will be CWA.
    because exam is juist formalty.
    Syllabus is just publicty
    competion is drived by quality ,but feeling of inferirity.
    Thanks

  8. Amit says:

    I am CA but i am not Cost Accountant !!

  9. Sudhir says:

    Yes dhruv…
    Members of ICAI (Old)  donot have that competency level as members of ICAI (new) and thus cannot equate CMAs at all, though they live in dream otherwise…. CAs just know one rule “practice if not academic filtration makes a man perfect”………… Only difference that till now ICAI due to fear of business loss, has not given proper space to CMAs to show their competency and to outperform CAs.

  10. CA Dhruv Goel says:

    It is undoubtedly unjustified to equate CA with CWA………………!!!!

  11. CMA Kshitij says:

    Dusaron ke liye khadda kholnewaala khud bhi kabhi us khadde mein gir saktaa hai…! CA Institute deserved this lesson…..They were interrupting the name change of ICWAI to ICMAI & now they are suffering with their Brand Identity problem…! Now the bill has been passed in Loksabha as well as Rajya Sabha. And this can be stopped only if President of India rejects it. And in the 64 years of History of Independence only one bill has been rejected till date. So if this has to be rejected, another History needs to be created for the same !

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