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ICWAI name Changed
« on: January 18, 2012, 05:25:56 PM »
Finally the name of ICWAI is changed to "INSTITUTE OF COST ACCOUNTANT OF INDIA'

See the attachment for the same...
here i m attaching the attachement  of the offical gazette of the ICWAI name changed

sorry i cnt upload the attachment in written form becoz it is in pdf form...

here is the copy of it and you can downlaod from the below attachement

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Respected Members,
 
Please find the Gazette of India ICAI THE COST AND WORKS ACCOUNTANTS
(AMENDMENT) ACT, 2011 (No. 10 of 2012) [12th January, 2012.] An Act
further to amend the Cost and Works Accountants Act, 1959.
 
THE COST AND WORKS ACCOUNTANTS (AMENDMENT) ACT, 2011
 
(No. 10 of 2012)
 
[12th January, 2012.]
 
An Act further to amend the Cost and Works Accountants Act, 1959.
 
BE it enacted by Parliament in the Sixty-second Year of the Republic
of India as follows:—
 
Short tide and commencement
 
1. (1) This Act may be called the Cost and Works Accountants
(Amendment) Act, 2011.
 
(2) It shall come into force on such date as the Central Government
may, by notification in the Official Gazette, appoint.
 
Amendment of section 2 -
 
2. In section 2 of the Cost and Works Accountants Act, 1959
(hereinafter referred to as the principal Act),—
 
(i) in sub-section (1),—
 
(I) after clause (e), the following clause shall be inserted. namely:
 
‘(ea) “firm” shall have the meaning assigned to it in section 4 of the
Indian Partnership Act, 1932, and includes,—
 
(i) the limited liability partnership as defined in clause (n) of
sub-section ( I) of section 2 of the Limited Liability Partnership
Act, 2008; or
 
(ii) the sole proprietorship,
 
registered with the Institute;;
 
(II) in clause (ft for the words “Institute of Cost and Works
Accountants of India”, the words “Institute of Cost Accountants of
India” shall be substituted;
 
(Ill) after clause (fa), the following clauses, shall be inserted, namely:—
 
‘(fb) “partner” shall have the meaning assigned to it in section 4 of
the Indian Partnership Act, 1932 or in clause (q) of sub-section (1)
of section 2 of the Limited Liability Partnership Act, 2008, as the
case may be;
 
(fc) “partnership” means
 
(A) a partnership as defined in section 4 of the Indian Partnership
Act, 1932; or
 
(B) a limited liability partnership which has no company as its Partner;;
 
(IV) after clause (i a), the following clause shall be inserted, namely:—
 
‘(iaa) “sole proprietorship” means an individual who engages himself
in the practice of cost accountancy or offers to perform services
referred to in clauses (ii) to (iv) of sub-section (2);;
 
(ii) in sub-section (2),
 
(a) after the words “in partnership with one or more members of the
Institute in practice”, the words “or in partnership with members of
such other recognised professions as may be prescribed” shall be
inserted;
 
(b) in clause (1), for the words “cost and works accountancy”, the
words “cost accountancy” shall be substituted;
 
(c) in clause (it), for the words “certification of cost accounting
and related statements or holds himself out to the public as a cost
accountant in practice”, the words “certification or auditing of cost
accounting and related statements or holds himself out to the public
as a cost accountant in practice” shall be substituted.
 
Amendment of section 3
 
3. In section 3 of the principal Act, in sub-section (1), for the
words “Institute of Cost and Works Accountants of India”, the words
“Institute of Cost Accountants of India” shall be substituted.
 
Amendment of section 5.
 
4. In section 5 of the principal Act,
 
(a) in sub-section (2),—
 
(i) for the letters “AICWA”, the letters “ACMA” shall be substituted;
 
(ii) for the words “Institute of Cost and Works Accountants”, the
words “Institute of Cost Accountants of India” shall be substituted;
 
(b) in sub-section (5),—
 
(1) for the letters “FICWA”, the letters “ECMA” shall be substituted:
 
(ii) for the words “Institute of Cost and Works Accountants”, the
words “Institute of Cost Accountants of India” shall be substituted.
 
Amendment of section 22A
 
5. In section 22A of the principal Act, for the words “Institute of
Cost and Works Accountants of India”. the words “Institute of Cost
Accountants of India” shall be substituted.
 
Amendment of section 25
 
6. In section 25 of the principal Act, in sub-section (1), in clause
(iii), for the words “cost and works accountants”, the words “cost
accountants” shall be substituted.
 
Amendment of section 26
 
7. In section 26 of the principal Act, in sub-section (1), the
following Explanation shall be inserted, namely:
 
‘Explanation.—For the removal of doubts, it is hereby declared that
the “company” shall include any limited liability partnership which
has company as its partner for the purposes of this section:.
 
Amendment of First Schedule.
 
8. In the First Schedule to the principal Act, in Part I, in item (7),
for the words “Institute of Cost Accountants of India”, the words
“Institute of Cost Accountants of India” shall be substituted.
 
V. K. BHASIN,
 
Secy. to the Govt. of India.
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ICWAI name Changed
« on: January 18, 2012, 05:25:56 PM »

 
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