ICWAI 2011 bill becomes an Act from today

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Guest

The ICWAI amendment Bills got passed and published and become an act. Now Cost Accountants can legally use ACMA/FCMA and Instiutes name is amended as The Institute of Cost Accountanst of India. Link https://www.icwai.org/icwainew/docs/Name-change.pdf

I think gOI tried its best to solve name change issue and inferior/superir feeling amongst the accounting bodies. Now both Institutes are ICAI . CWA can use global pre fix ACMAFCMA , which wil help boost brand image of cost accountants india.

I think it is govt policy to make ICWAI a full fleged cost accounting body ,which our counrt needs much more than any develped country. So both purpose was solved by this ways

Congratulations our CWA to go next world class pre fix . and equal ancrym with ICAI.

Thanks

Replies (4)

Guest

NOW two ICAI

1. ICAI(Outdated) - INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA.

2.ICAI (New) - INSTITUTE OF COST ACCOUNTANTS OF INDIA.

But still i feel that ICAI(new) name should be changed to ICMAI, since the brand name "ICAI " has already started losing its value in the market.

shubho

Professor

23 Points Joined December 2011

We need to go many a miles before we sleep. So far we have achieved victory over half battle by obtaining ACMA(Associate Cost & Management Accountant) and FCMA(Fellow Cost & Management Accountant) being at par with international counterparts of the Cost Accountants as has been provided in the Cost & Works Accountants (Amendment) Act 2011. We must not cease fire till the name of our Institute (ICAI) changes to the Institute of Cost & Management Accountants of India(ICMAI). Ministry of Corporate Affairs has name us as the Institute of Cost Accountants of India(ICAI) which we never want. We want to excel with our own identity as the Management Accountants or Cost & Management Accountants with accronym "ICMAI" and not "ICAI" which is associated with the name of the Institute of Chartered Accountants of India (ICAI). Many Chartered Accountant friends are campaigning against the Cost Accountants that they have opted for "ICAI" which is totally a false allegation and I thus request them to desist from such negative canvasing against the ACMAs/FCMAs.It is indeed unfortuante that both the Institute of Chartered Accountants of India and the Institute of Cost Accountants of India have to share the same accronym (ICAI) till the Institute of Cost Accountants of India becames ICMAI.

Guest

It isGOI policy to decide how long it needs Cost Accountant or Management Accountants or Merge all accounting bodiies.

We can just google here and there so that our frastrattion can be decresed .

Guest

Capital shifted from Kolkata to New Delhi , what worse kolkata is now , where new delhi, NCR hag gone. No body can now think to shift capital to kolkata again.

Same things happened with Management Accounting ,English discovred it and dismantled it. See th thousands joint ventures with collages and schools and Institutes to offer MBA (MA) . Free DDegree inMA to CPA US is lates version on dismanlte program by CIMA , IFAC also advocates dismanling program. How alone we can sustain t. But Accountancy (CA/CPA) was not discovred by english alone ,but it wasby mixed society UK,US Italy and so many , hence no body can dismantle it.