It is learned that with the passing of the Cost Accountants (Amendment) Bill, 2011 on 12th December 2011 by the Rajya Sabha the Cost Accountants apex body of India will soon be known as “Institute of Cost Accountants of India”. It is not known whether the Chartered Accountants Institute and the Cost Accountants Institute will share the same acronym – “ICAI”.

The relevant portion of the Bill is reproduced below:

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),—

(i) for the letters "FICWA", the letters "FCMA" shall be substituted;

(ii) for the words "Institute of Cost and Works Accountants",  the words

"Institute of Cost   Accountants of India" shall be substituted.