Please save icai acronym !!!!!

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CA Ayush Agarwal

Kolkata-Pune-Mumbai

27349 Points Joined October 2007

ICWAI will get new name as “Institute of Cost Accountants of India” – Members will get “ACMA” and “FCMA”

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.

Replies (21)

CA Ayush Agarwal

Kolkata-Pune-Mumbai

27349 Points Joined October 2007

i m totally against this move of government. We respect CWA profession. But both the courses & their values are totally different. Having same acronym as that of our institute will create confusion among people & our institute will loose its indentity.

But its good they are not allowed to use CA. as prefix to their name.

They will be called as cost accountant & preifx they can use is CMA.

A Good suggetion By: CA. Tanvi Joshi

Guest

Please unite 10.75 lacs CA students and CA to save the glorious profesiion.

COme forward to meet ICAI for the same

AnKiT

57 Points Joined February 2010

Dear mr. Ayush & Raj,

Both profession has its own glory & respect. so please not neglect or underestimate any profession .

I m already Cost accountant & in ca(final). Gov. had taken decision only after consider all prons. & cons.

So them do their work & we do our. once u get ur degree, after it doesn't matter for u that , what its callled or change name.

Guest

Dear Ankit,

We do want to promote CWA globally , but not by beating CA, You take examples of CIMA UK< they them selves are not allowed to do any type of audit under Companies Acts UK 2006. They fully respect CA UK to regulate Accounting and Audit. They are not allowed to do even cost audit.

See the case of US as well.

CA Ayush Agarwal

Kolkata-Pune-Mumbai

27349 Points Joined October 2007

Dear Ankit,

Its Not underestimation to CWA.

Its Just a Confusion That May happen in Future.

and U Also Can see My Second Comment in This thread Only.

Vijay Kumar ACA,ACS

Member in Service

197 Points Joined February 2010

With due respect to both the institutes;

In my opinion ICWAI should change their name as "Institute of Cost & Management accountants Of India"(ICMAI).. In order to differntiate the identity with Institute Of Chartered Accountants Of India"(ICAI)..

Vijay.

Guest

Originally posted by : CA Vijay Kumar
	With due respect to both the institutes; In my opinion ICWAI should change their name as "Institute of Cost & Management accountants Of India"(ICMAI).. In order to differntiate the identity with Institute Of Chartered Accountants Of India"(ICAI).. Vijay.

i totally agree

Guest

" Management " is broader term than Accounting , There are so many managemnet schools , they do not claim on the same. ICWAI is regulatory body , Management ca not be regulated by any institute.

Name may be suggested as

Indian Institute of Cost Managmeent

Indian Institute of Cost Accountants

CA Ayush Agarwal

Kolkata-Pune-Mumbai

27349 Points Joined October 2007

Dear CA Vijay Kumar , Your Suggestion is Most welcome.

Tony John

Chartered Accountant

6085 Points Joined November 2011

Indian Institute of Cost Accountants will be a good one. It will remove all confusions and at the same time give a new name altogether.

Guest

Dear Ayush,

I am not against ICMAI to ICWAI , but there area of management is so broader than accounting , it alway overlaps function of both members.

Vijay Kumar ACA,ACS

Member in Service

197 Points Joined February 2010

Dear friends, If we see our neibearing countries they are having the name of "Institute of Cost & Management Accountants of___________" In India also same practice may be adoped because it will differentiate both the institutes.. otherwise confusion may arise in future.. agreed with Ayush Agrawal's point.. Vijay

Guest

Vijay ,

Neibhoring conutries have copied from Uk USA and canada See the case of Us and canada,

CMA Institute are not statutory body , it is private society . WE cant not ICWAI to be a priavte body, can we?

In UK, CIMA is chartered body , but no any role in accounting and auding under UK companies Acts.

Can we suggest cost audit to be taken back from ICWA.

CIMA is promoting Management Accounting as MBA course acroos the whole world.

IF our CWA Goes global , we have no problem but similarly like CIMA UK.

Guest

See the Role CIMA UK in Conpanies Act UK.

The British Government's Department for Business, Innovation and Skills, implementing the Companies Acts 1989 and 2006, allows members of six bodies to act as auditor to a limited company. These are the member bodies of CCAB excluding CIMA, and the AIA. In the European Union, under the EU mutual recognition directive, members of these six bodies may practise auditing in other EU member states, with 'absolute equal status'. In addition, there are other non-CCAB bodies whose members also provide accountancy and related services

CCAB is Consultative Comitte of Accounting Bodies

Refer CIMA website