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Definition of accountant and ICWAI
« on: October 14, 2012, 01:28:37 PM »
PRESS RELEASE


March  10, 2012



Standing Committee on Finance recommends widening the scope of the definition of ‘accountant”.

Mr. M.Gopalakrishnan, President of The Institute of Cost Accountants of India, announced, that the cost and management accounting profession, is getting its due recognition in the Direct Taxation areas , as accepted by the 49th  Report of the Standing Committee of Finance chaired by Honourable Shri.Yashwant Sinha ji., M.P. The Standing committee has recommended to the Ministry of Finance to “The Ministry may therefore re-consider the suggestion to widen the scope of the definition of “accountant”, in their report. The Committee also observed
that  the  Ministry’s  reasoning  for  non-inclusion  of  related  professionals  in the definition of accountant is a very strict construction of the term.


He also informed that the Standing Committee has also recommended that in case of “special audit for inventory valuation in doubtful cases by the Department is concerned, the same can be done later under the Rules”.


Mr.Gopalakrishnan     said     that     the     Standing     Committee     acknowledges     the representation   received   from  The  Institute   of  Cost   Accountants   of  India demanding  the  changes  in  the  definition  of  Accountant  and  the  request  for inclusion of Cost Accountant in the Accountant definition. The Institute feels this that this is a very important step which will enable the wider inclusion of related professionals   in   the   definition   of   Accountant   as   compared   to   the   strict
 
interpretation as has been done in the past.     The Institute is of the view that members   of  the  Institute   of  Cost  Accountants   of  India  (ICAI)   are  also predominantly engaged in all financial matters, preparation of financial ledgers, books, records and statements of a company or firm and not restricted in their work.  In addition, as per clause 31 of the DTC, while dealing with the “Business when     treated     distinct     and     separate”,     segmental     reporting     including     the ascertainment of cost and profitability ensures the correctness of the product- wise, unit-wise profitability becomes an aspect which is the core domain of the Cost Accountants.     Therefore, it is felt that the Government should accept the recommendations and views of the Standing Committee.

http://www.icwai.org/icwainew/docs/Press_Realease_100312.pdf


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Definition of accountant and ICWAI
« on: October 14, 2012, 01:28:37 PM »

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Definition of accountant and ICWAI
« Reply #1 on: October 14, 2012, 01:28:37 PM »
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Definition of accountant and ICWAI
« Reply #1 on: October 14, 2012, 01:28:37 PM »

 
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