"Respected R K Gupta Ji

If UK and Canada are the bench marks for accounting profession then, ICWAI should have been ICMA about 25 years ago. 

In India 'Generic' terms are not those which the 'First World' understands in strict sense. In the 'First World' Charters are issued by the 'Crown' or a 'Monarch of Royal Descent ruling a realm'. But here it means ' as defined in so and so dictionery' with no special meaning attached to it. Why??, because the soverign of this country is the 'Common Man' who votes the 'Representatives' who in turn vote in 'collegium' the true custodian of soverignity of this country ' The President of Indian Union'.

And

As 'Aam Aadmi' is not an 'Individual or Royal Descent' and more  over there are over a 'billion' of such 'Aam Admis' in this 'Country' - 'Chartered' is an unchartered 'term', which needs to be removed to add 'meaning to an otherwise confused profession' which is hell bent on wasting time on meaningless pursuits like being ' infatuated' with name changing business of other professional bodies, instead of bringing 'crooked accountants' and ' book cookers' to book. 

Analyse that, Manager."

where is this posting ? who has written this ?

   Dear Challapali 

I do aggree with multiples accounting bodies as per different branches of accounts. On the contrary , world is moving towards consolidation of varuis accounting bodies. Better icwai and icai and icsi mab merged into single largest bodies. 

Differences between management accounting and financial accounting  .The structure of accounting as documented by the International Federation of Accountants.

The differences between management accounting and financial accounting include:[1] Management accounting provides information to people within an organisation while financial accounting is mainly for those outside it, such as shareholders .Financial accounting is required by law while management accounting is not. Specific standards and formats may be required for statutory accounts such as International Financial Reporting Standards. Financial accounting covers the entire organisation while management accounting may be concerned with particular products or cost centres.

Managerial accounting(CWA) is used primarily by those within a company or organization. Reports can be generated for any period of time such as daily, weekly or monthly. Reports are considered to be "future looking" and have forecasting value to those within the company.

Financial accounting (CA)is used primarily by those outside of a company or organization. Financial reports are usually created for a set period of time, such as a fiscal year or period. Financial reports are historically factual and have predictive value to those who wish to make financial decisions or investments in a company.

Management Accounting is the branch of Accounting that deals primarily with confidential financial reports for the exclusive use of top management within an organization. These reports are prepared utilizing scientific and statistical methods to arrive at certain monetary values which are then used for decision making. Such reports may include: Sales Forecasting reports Budget analysis and comparative analysis Feasibility studies Merger and consolidation reports.

Financial Accounting, on the other hand, concentrates on the production of financial reports, including the basic reporting requirements of profitability, liquidity, solvency and stability. Reports of this nature can be accessed by internal and external users such as the shareholders, the banks and the creditors.

Dear all.

Please try to be realistic,

reality , you all know , icai is always party to any accounting matters in th country. GOI is always in favour of icai , if it is matter of accounting. You saw the histry and see another 50 years.

Whether Anwar ,Jyoti and even me ,have right to make polow in the day dream.  In the day dream any one of us can say " I am bird , i can fly. Fact is that we can not.

Consolidation of Accounting Bodies happens in countries where the Legislation is simplified and uniformity is being aimed at.  

Where the merged Institute is confident of adding 'value' to all the disciplines at Institutional level by 'Research and Development', such mergers take place. Here, in case of merger no such guarantees are there that Cost and Management Accounting will survive. Every body gets to be a public accountant.

Accounting and other Commercial Research is quite strong at University level in developed world, especially in USA, Canada, UK, EU countries. So, Financial Accounting, Cost and Management Accounting and other emerging Accountancy will survive and developed in merged scenario, because the basic research happens at university level. Only Compliance and customisation to suit legislative and Business Conditions will happen at Professional Institute level - you will find Professor of Accounting of famous universities in boards of 'First World' Accounting bodies. While here the boards are full of self-serving professionals.

India has specific conditions, elsewhere I mentioned that there is no market for voltage stabilisers in other countries, whilst inefficient Electricity distribution created a market for these devices. Inefficient functioning of Accounting Institutes will lead to distribution of disciplines, it is efficiency which will integrate it.

Sir

A Great Idea Starts with a dream. And it is only a matter of time when the dreams come true. Already,

mobilisation is happening towards this direction.

Dear challapali,

There also one reservation against the name of our country . It should be strictly ," Bharat" , not India  becuase it was given by foreinger. It was based on Indus valley , today this vallley is not  in India. but it  is in Afgan and pakistan Border.  We do not have sindh province in India , but there is Sindh bank , you know.

And there thousands of nomunchattuer and designations are still prevailing in India, then why only Chartred .

By the way you should avoid english language , but you can  not , you rename CWA as strictly as Lagat au Pravandhan Lekhar" but you can not.

There is thousands opf such things  we need to cleans all. Let start with Chartered ,.

CPA US is just like CA india , it deals with the public accounting while CMA US is private body , which has no things to do with same.  See the functional and organisaional set up of both Institutes. 

CPA US: CA India ;

Certified Public Accountant (CPA) is the statutory title of qualified accountants in the United States who have passed the Uniform Certified Public Accountant Examination and have met additional state education and experience requirements for certification as a CPA. Individuals who have passed the Exam but have not either accomplished the required on-the-job experience or have previously met it but in the meantime have lapsed their continuing professional education are, in many states, permitted the designation "CPA Inactive" or an equivalent phrase. In most U.S. states, only CPAs who are licensed are able to provide to the public attestation (including auditing) opinions on financial statements. The exceptions to this rule are Arizona, Kansas, North Carolina and Ohio where, although the "CPA" designation is restricted, the practice of auditing is not.

Many states have a lower tier of accountant qualification (below that of CPA), usually entitled "Public Accountant" (with designatory letters "PA"). However the majority of states have closed the designation "Public Accountant" to new entrants, with only about 10 states continuing to offer the designation. Many PAs belong to the National Society of Accountants.

CMA US (ICWAI);

(IMA®) Institute of Management Accountants is a professional organization, set up as private body , headquartered in Montvale, New Jersey more than 60,000 professionals worldwide. The IMA vision is to be the leading resource for developing, certifying, connecting, and supporting the world’s best accountants and financial professionalsworking in business.

IMA is a collective voice for professionals around the world who work in business, distinct from public accounting.

With a network of more than 60,000 professionals, IMA provides best-in-class certification, the Certified Management Accountant (CMA®), for critical internalfinancial management responsibilities, including planning, budgeting, business reporting, decision analysis, and risk management. Members can achieve career development through access to an active professional community, continuing education, valuable information, and resources.

IMA also awards the (CMA) Certified Management Accountant designation. CMA - IMA®'s (Institute of Management Accountants) certification for accountants and financial professionals in business. This globally recognized certification tests mastery of advanced accounting and financial management knowledge in four critical areas: financial planning, analysis, control, and decision support.

The CMA designation differs significantly from the CPA. The CPA targets public accounting and tests the knowledge required for public practice. The CMA focuses on internal requirements and targets corporate financial professionals. It has a broader industry related content.

On the basis of global practices, we moving to GOI to change total organisation set up of ICWAI. It can be transfrred from Ministry of Corporate Affairs to Ministry of Human resourees.

This will help ICWA to develop as independent professional educational body. At the same time ICAI or CPA India shuold focuss more on th public domain. Even Cost Audit should be given to CA or CPA. ICAI is brother of ICWAI, which , we believe to help it mark its standard on global level with respect to management accounting. But total public domain should be handed over ICAI.  Come forward to push this matters to concerned authority.