Good copy , first ICWAI from ICAI

Now you from me,

Then why ICWAI is not allowed for such thnigs, MCA ministry was in favor of ICWAI.

Then what happaned to such regulation. Why you faced huge injustice no MP objected the issue within Parliament.

Small countries like Uk and Australia are having multiple accounting Institute. These are  must also for fair play and growth and alternative to consumers. In India also we must have 10 to 12 Financial Accounting Institute like advanced countries.  ICWAI must make this demand from government along with “delete chartered” immediately in Industry and consumer interest. Monopolies are bad for themselves also.

"Good copy , first ICWAI from ICAI

Now you from me,

Then why ICWAI is not allowed for such thnigs, MCA ministry was in favor of ICWAI.

Then what happaned to such regulation. Why you faced huge injustice no MP objected the issue within Parliament."

AICWA becomes ACMA , and works drop from Institute name what else ICWAI demanded ?  Parliament has certainly supported us. However with NFRA contained in Company Bill.  ICAI should think about their declining stage. Their decay will come when government will form many more CPA /NIA type bodies in India also.

  Good going  Jyoti !

For those who are not conversaant how International professional accountancy bodies are run please read on :

Most of the accountancy bodies are not education service providers, which means they have either outsourced or depend on University qualification for membership-AICPA,CPA au,IMA form this block.

Most of them do not believe that Articleship is the only source of training in accountancy,Including the ICAEW,which means they either have accredited training provider or accept demonstrable experience by the membership seeker.Infact Articleship in India is used as a restraining tool for communities to enter the profession.With the caste focus in India it is important for the republic to recognise the emerging cartelisation of the profession defeates the preamble of social equlaity in the country.Unfortunate it happens under the umbrella of the statute.

Many advanced countries rely on skill set demonstration, for recognition in the regulation- rather than monopoly enjoyed by ICAI in India.  -Australia-South Africa,European Union, UK form the prime group in this category(skill-set recognised in regulation),which means they do not attest that Chartered accountants, can only perform compliance functions.

Many bodies have testing module based on pre-determined knowledge recognition _IMA usa and AICPA falls in this category.

IFAC recognises that training can be prior to, during the course of or after completion of course, as a scheme of IPD for membership.

Many countries do not statutory recognition for Institutes-Such as UK Australia USA canada etc.

CIMA is not restrained by the secretary of state of UK but believes in staying away from Compliance zone voluntarily,(though UK has audit exmption form the regulation for many companies and CIMA professionals act as reporting accountants) so it is wrong to believe that ICAEW crushes CIMA growth in UK, EU or world wide.Cima beleives in management accounting under its umbrealla but do not restrain ICAEW from propagating the same.

ICAI and ICWAI are statutory bodies with a specific goal of " Chartered accountancy" and "cost accountancy"

Management accountancy is an evloving science out  of cost accounting and hence the domain specific to cost accountants.

"Chartered accounting" as the act prescribes is neither a recognised body of knowledge nor a subject of delivery in the curriculam of ICAI.

The word chartered is derived from royal charter which no longer is applicable to independant India .Charter is neither a function nor a science or art.Chartered accountants were earlier registered accountants of the princely states.

However , despite the above paradox, the ICAI act goes on to elaborate chartered accountancy as drawing and certifying financial statement and hence the name for financial accountancy in India is chartered accountancy and simply that.

Financial accountancy and audit is severely critiqued the world over and has been the subject of accusation for world economic downfall.

Management accountancy is blooming under the ethical domain of ICWAI and its members will bring in silent revolution to world economics.

ICAI can and is welcome to partner with ICWAI in this travel towards better tommorrow under the leadership of ICWAI.

Often it is observed that why ICWAI do not adopt CIMA model and restrain from Public practice, as stated earlier CIMA has its own strategy to run its business of management accountancy,while ICWAI believes in social obligation under the constitution of India.

Cost and management accountancy is evolving in its dimension and there is a paradigm shift in the thinking and governance that financial accounts is deficient to address the needs of all the stakeholder classes and is also deficient in addressing each class in a holistic manner, this is partially due to inherent deficiency in financial statement and partially due to the needs of governance world-over to look beyond balance and introspect where we had messed and missed heavily, resulting in the current economic affairs of the world.

The answers found were well entrenched in the insights of cost accounting, which focusses on operations to enable strategy for sustenance rather than simple keeping books and recording transactiona and drawing statements.

Cost and management accounting as perceived in India and various other parts of the world involves reporting aspect both to internal and external stakeholders similar to financial accounts-else how could one explain chartered accountants working inside the organisations,and also how ICAi will expalin 16 subject education Vis-a-vis 4 papers of AICPA and many other accounting bodies.

To know how worth is cost and management accounting it would be better for critics to take to ICWAI exams.

Nether MCA nor ICAI (both ICAI, Financial as well as Cost) are listhening. why we all wasting our enery here.

CIMA is not restrained by the secretary of state of UK but believes in staying away from Compliance zone voluntarily,

It is fact and at the same time  in subcontinent they are doing including India . 

Financial vs. Managerial Accounting

Although financial accounting and managerial accounting are closely related and work side by side but they are different on following aspects:

• Users: Users of financial accounting information are people outside the organization such as stockholders, government, investors, etc. The users of managerial accounting information are people inside the organization for example managers and entrepreneurs.
• Time: Financial accounting is mainly concerned with past business activities. Financial accounting is used to record the actual facts and figures of financial transactions. Although managerial accounting does involve the analysis of past business activities to evaluate departmental performance, it is also concerned with future planning and budgeting.
• Regulation: Financial accounting practices are governed by GAAP and IFRS etc. Since financial accountants have to report about the financial performance of the business to external users therefore it is very necessary to enforce such regulations to provide correct information to people outside the organization. Managerial accounting is not governed by such rules and regulations.
• Requirement by Law: Registered companies are required by law to produce and publish financial accounting information. But managerial accounting is not mandatory by law. It is only required internally.

Mr Raj Kumar Gupta,

What you have written is often heard story , there isnt anything significant about it.

In effect, what you have told is Cost and Management Accounting takes off where Financial Accounting stops. The end users may be different but, fact is the way the data is viewed is something that really matters. 

Mere Financial Statements are recitations wiithout 'debates or analysis'. This is the fundamental difference, it is now a practice to apply Cost and Management Accounting Techniques, when analysing a firms' long term perspective - especially when contemplating mergers and acquisitions, Investment Banking, Private Equity Placements, Book Building Processes etc.

As we advance into Trans-national Investments, listings in foreign markets and de-regulation of capital   movements, the significance of Cost and Management Accounting backed by prudent Financial Accounting is necessary for safe guarding capital

It is in the perspective that India should have a Unique  Institution which specialises on Corporate Financial Accounting and Auditing. It is hightime GOI now concentrates on building such Institute., ICAI may be relagated to issueing standards and auditing the financial accounts of all kinds of business constitution except MNCs and Listed Companies.

We are looking at development of Key Competency :  

1) ICWAI for Cost and Management Accounting.

2) ICSI for Company Secretary Secretaryship.

3) ICAI for  of Financial Accounting and Auditing of all business concerns and other entities except Companies (Private, Listed, MNCs and PSUs).

4) The new corporate accounting Institute for Corporates including Private, Listed, MNCs and PSUs.

5) A Tax Research and Accounting to deal with Taxation.

Already such proposal has been mooted and intlligentia from Economics/Finance & Accounting and  Corporate Law Streams have made such a suggestion to MCA and in future there is hope that 'ICAI' will be out of its self-possessed 'CONFUSION'.

Mr. Challapaali,

I do agree with this.

Let GOI to decide role of ICAI in commimg development.

But at the same time , there is often heard story that varuous accounting bodies in Uk and canada are on the edge of mering in one entity. Please digest other often heard story of Accounting profession.

Even UK accountig bodies  has started to  resolution of merging  all accounting bodies. Try the same.

Thank you

MR.Kaplesh ,

there should be awareness of the even samll things. But professionalism should be there for such nonline debate as well. 

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.

"Even UK accountig bodies  has started to  resolution of merging  all accounting bodies".

Then   CMA Jyoti was absolutely  correct , first we should make number of Accounting bodies like CPA and then ICAI (old) will merge with that after 50 years .
Monopolies are  bad  for economies .