Revamp of ICWAI

CMA. Rakesh Kataria (Practising Cost Accountant)   (531 Points)

30 May 2011  

Recently ICWAI has been in process to revamp the profession of Cost and Management Accounting in new shape, following steps is taken:

For students

1)     Revised syllabus introduced from 2008 onwards in line with International federation of Accountant's Guidelines.

2)     Revised Study materials as per international standards, now one of the best study materials in India.

3)     Article ship of 3 years becomes compulsory in CMA course.

4)     Computer training now compulsory

5)     Campus recruitment for recently passed students organised by regional councils.

6)     New Chapters opened in new places

7)     Proposal  of name change of the institute is accepted by government and now bill is in parliament,

8)     ICWAI qualification is recognised for the P.HD. courses in the universities

9)     Online classes will be introduced shortly process already started.

10)  Online  admit card available to students for the examination

11)  Inline Examination form facility introduced.

For members

12)  Issuing of Cost accounting standards

13)  Guidance  notes issued on  implementation CAS4

14)  Issuing of Identity Cards to Qualified members

15)  Signatures of the members registered with Institute

16)  Cost audit become mandatory in 14 industries

17)  Cost Accountants are eligible for Vat audit

18)  Minimum professional fess is prescribed by the institute

19)  Mutual recognition agreement signed with various international bodies

20)  Members of the institute are allowed to certify various documents in MCA requirements.

21)  Members login ID facility on ICWAI website

22)  Membership fees can be paid online.

23)  Introduction of IFRS course for the members

Process of improvement is continuous, so please advice if anybody has new suggestion.