Now, ICWAI counts on global seminar for name change
September, 20th 2007
In a fresh attempt to push for a change of name, the Institute of Cost and Works Accountants of India (ICWAI) is organising a two-day conference in January, the stated aim of which is to reposition the role of management accountants so as to get them more visibility across the globe. Management accountants in India are called cost accountants.
The conference will be attended by management accountants from across the globe. It will now be for the government to see why professionals in India should be called cost accountants. It will then have to answer questions raised by the delegates and the various stakeholders, said ICWAI President Chandra Wadhwa.
ICWAI has been vigorously pursuing the agenda for a name change since it first made the demand in 1972. In July this year, it presented a memorandum to the Ministry of Corporate Affairs requesting for a change in the name, but nothing happened. The name it sought is Institute of Cost and Management Accountants of India.
According to ICWAI, the change will give their students global recognition. Works accountants are no longer recognised. Even the Institute of Cost and Works Accountants of England and Wales, on which our institute was named, changed its name to Chartered Institute of Management Accountants. In future, if foreign management accountants are allowed to practice in any country, our students will be at a loss, said Dhananjay V Joshi, past president, ICWAI.