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Richa Mishra

New Delhi , April 8

IT may be a while before the Institute of Cost and Works Accountants of India (ICWAI) can call themselves as Institute of Cost and Management Accountants of India (ICMAI).

The recommendation of the Institute to change its nomenclature is unlikely to be part of the amendments being proposed in the Cost and Works Accountants Act.

"Any decision on the subject will be taken only after consulting the other professional Institutes as well," official sources told Business Line. The Institute of Chartered Accountants of India (ICAI) has been opposed to the change in nomenclature, as the use of word `management' would have created confusion.

In fact, the Standing Committee on Finance in its report on the Cost and Works Accountants (Amendment) Bill, 2003 has recommended the name of the Institute be changed to ICMAI. It had also noted that the Chartered Accountants Institute was opposed to the change.

ICWAI has been pressing for a name change, as it would boost the service potential of their professionals abroad. They felt that the name of Cost and Works Accountants could hinder the professional members of management accounting in India from having a level playing field to negotiate in mutual recognition agreements.

The Institute has been making a case before the Ministry of Company Affairs, arguing that the services of the modern cost accountants are closely linked to performance improvement of different kinds of management groups in an organisation.

According to official sources, the Ministry is set to move the Cabinet shortly with the proposed amendments to the three professional Bills - chartered accountants, cost & works accountants and company secretaries.

The move to bring in amendments in the Acts governing the three professions was in keeping with the changing scenario, which called for constantly raising the standards of education and training, accounting and auditing on the one hand, and capacity building measures on the other.

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