September 25, 2020, 03:02:48 am

ICWAI to change its name to ICMAI

Started by TechShristi, September 11, 2011, 08:11:22 am

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TechShristi

September 11, 2011, 08:11:22 am Last Edit: January 01, 1970, 05:30:00 am by Guest
Govt allows ICWAI to change its name to ICMAI

New delhi: Cost accounting body 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 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 Affair s Minister
Salman Khurshid said. Set up in 1959 through an Act of Parliament,
ICWAI has over 47,000 members and two lakh students. It has been
requesting for the change of name for long. There is a growing
importance for cost accountants for improving production, Mr Khurshid
said, adding the new name will make it more compatible with the job
ICWAI members perform.

"It (the name change) will be a true representation of what we stand
for. We are not merely cost accountants, helping companies keep record
of things, we go beyond it,'' ICWAI President G N Venkatraman said.

The world over, he said, cost and works practitioners are being known
and as cost management accountants. "We are born out of the Chartered
Institute of Management Accountants, London, formerly they were cost
accountants, all subsidiaries have changed t heir names, in
Bangladesh, in Pakistan... In India for the last several years it was
stuck,'' he said. - PTI

Sources: http://www.business-standard.com/india/ ... -to-chan...

TechShristi

September 11, 2011, 08:11:22 am Last Edit: January 01, 1970, 05:30:00 am by Guest

TechShristi

September 15, 2011, 03:33:51 pm #1 Last Edit: January 01, 1970, 05:30:00 am by Guest
Trouble seems to be brewing between the apex accounting body of chartered accountants, the Indian Chartered Accountants Institute (ICAI) and the Institute of Costs and Works accountants of India (ICWAI). The ICAI has declared an open war against the proposal of name change of ICWAI to Institute of Costs and Management Accountants of India (ICMAI).

In a meeting called by the Parliamentary Standing Committee on finance recently, the ICAI opposed the ICWAI's move to change the name on the grounds that the name change would create confusion among the industry people and common man.

Further, ICAI has raised the issue in its August journal as well. It says: "It is pertinent to mention that the Cost and Works Accountants (Amendment) Bill, 2010, contained a proposal regarding change of its name from the ICWAI to the ICMAI. We have expressed our concerns over the proposal for change of name of ICWAI to ICMAI. We are following up on the matter".

TechShristi

September 15, 2011, 03:33:51 pm #1 Last Edit: January 01, 1970, 05:30:00 am by Guest

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