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Nilanjan Dey

Kolkata , Sept. 8

THE Department of Company Affairs (DCA) has sought representation from the Institute of Cost and Works Accountants of India (ICWAI), requesting it to justify the proposal for a change in the institute's name.

The DCA move may be viewed in the context of a long-standing demand, informally voiced on many earlier occasions, to change the name of ICWAI into Institute of Cost and Management Accountants of India. The issue of name-change had cropped up during a meeting (attended by, among others, Mr K.L. Jaisingh, President of ICWAI) held in Hyderabad last week. Those who attended the meet were informed that the Government was "serious" about the demand and that a favourable response could be expected on this front.

The institute authorities submitted their views to the DCA a few days ago, it was pointed out. The name-change debate gained momentum in recent years, partly because of the new trends witnessed in the arena of accounting. ICWAI, which has to a large extent followed CIMA of the UK, is limiting itself as a body for cost accountants, according to sources. It is felt that `cost' is just one of the many elements of business and financial management. In a number of other places in the world, counterparts of ICWAI members are known as `management accountants'. CIMA itself has a major presence because of its international image, it is maintained.

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