Tuesday, September 22, 2009

ICWAI to be renamed as Institute of Cost and Management Accountants of India (ICMAI)

Cost accounting body The Institute of Cost and Works Accountants of India (ICWAI) will soon be known as “Institute of Cost and Management Accountants of India (ICMAI)” with the government agreeing for a change of name of the body.
“The request for the name change to Institute of Cost and Management Accountants of India has been accepted in principle. It will require amendment in the ICWAI Act. We are working on it, hopefully in the near future it will be done,” Corporate Affairs Minister Salman Khurshid said on Friday.


Prof.(Dr.) D. Mukhopadhyay said...

The ICWAI is the professional body of Cost and Management Accountants in India and therefore ICWAI must be renamed as the ICMAI. This needs to be done in national interest. All the Managememt Accounting Bodies across the glbobe are known either  as ICMA, or  as CIMA OR CMA except India. I fail to understand why the Govt. of India would pay attention to ICAI in connection with legitimate demand of ICWAI. Thanks goes to Mr. Salman Khurshid, the Honourable Minister of Corporate Affairs who has acceted the proposal of ICWAI to rename  it as ICMAI. I have only a sincere request to the Honourable Minister not to make anymore delay to pass the name change(ICWAI to ICMAI) Bill since this issue is being hanging for last thirty five years.Thanks also go to the Central COuncil of ICWAI for its marvalleous deed in connection with rechristening ICWAI as ICMAI.
Prof. (Dr.) D. Mukhopadhyay, Kolkata

Anonymous said...

It is a very good news that Mr. Salman Khurshid, the Honourable Minister of Corporate Affairs, has accepted the request of ICWAI to change it to ICMAI in principle. Thus only necessary formalities are left to give a statutory status to ICWAI as ICMAI. Let us hope that rest of the formalities shall also be completed duly and Govt of India would do the same in national interest. So far ICWA is only found in India and nowhere else across the globe. Thanks also go to the Central Council of the ICWAI who has been pusuing the case of rechristening ICWAI as ICMAI for last thirty five years and Honourable Minister of Corpoate Affairs has solved such old problem with his rationale and judgment.
Let us hope that ICWAI shall statutorily become as ICMAI within a short span of time.
Prof.(Dr.) D. Mukherjee, Kolkata

dinabandhu said...

The president and the Central Council of the ICWAI are requested to take care of the anomalies in Section 5(2) and 5(5) of CWA Act 2006 in coneection with Pofessional Designations of the Indian CMAs as AICWA and FICWA for the Associates and Fellows of the Institute in the fortcoming amendment of CWA Act 2006 while recristening ICWAI as ICMAI. It is worth mentioning that the Professional Designations of CA & CS are not AICA/FICA and AICS/FICS but the same are ACA/FCA and ACS/FCS.Indian CMAs' Professional Designations must be in tune with our counterparts in Bangladesh, Pakistan, Sri Lanka and UK etc. and that must be as ACMA/FCMA and not AICMA/FICMA and the same may please be taken into consideration in the CMA Act 2009 which is right now in the form of Bill awaiting for enactment.
Prof (Dr.) D. Mukherjee, Kolkata