2 Jan :The Institute of Cost & Works Accountants of India (ICWAI) set-up under the Cost & Works Accountants Act, 1959 to regulate the profession of Cost & Management Accountancy has been taking various proactive measures from time to time, aligned with the changing facets of the Indian economy. The Institute has taken a major initiative of launching the Accounting Technician Course.
The Indian corporate has been looking for middle and junior level accounting staff to work at various levels. As per the newly launched scheme, a 12th pass student can join the Accounting Technician Course. He needs to pass 6 papers after undergoing study course with the Board of Studies of the Institute and completing computer training. To ensure that the students have adequate practical exposure, they will be required to undergo practical training of six months, before the Accounting Technician certificate is awarded. The Accounting Technician produced by the Institute will be the best as a result of high quality education and development of appropriate skills necessary for Accounting Technicians, said Mr. Kunal Banerjee, President of The Institute of Cost & Works Accountants of India on his First Visit to City Beautiful – Chandigarh on 2nd January, 2009
The Institute has also signed an agreement for mutual recognition of Indian ICWA Course with CIMA, UK, the leading management accountancy institute in the world.
The formal announcements / launching for both these shall be made by Hon’ble Union Minister of Corporate Affairs, Sh. Prem Chand Gupta at a grand function to be held at New Delhi on 9th January, 2009, said Sh. Kunal Banerjee, President ICWAI
Recently, The Institute continuing its efforts in the Management Accounting field has introduced Management Accounting Guidelines in India in copllaboration with CMA Canada. The Institute has already issued guidelines on Implementing Benchmarking, Implementing Corporate Environmental strategies, Tools and techniques of Environmental accounting for business and Valuation Management-A tool of Management Accountant. These guidelines will be an excellent tool in the hands of Management Accountant and Corporates in the present economic scenario.
Recently, The Institute has achieved another milestone by signing of MOU with Indira Gandhi National Open University (IGNOU). The MOU provides for recognition of ICWAI examination by IGNOU where by student of ICWAI shall be eligible for IGNOU B.Com degree by passing of four exams. Similarly, for M.Com degree an ICWAI student shall be required to pass in four exams. This recognition of ICWAI (set up under an Act of Parliament) with another statutory body set up under an Act of Parliament (IGNOU) shall be boon to a student as he can parallel complete dual course-professional course with mandatory training of ICWAI and academic course of IGNOU.
The Institute’s Cost Accounting Standard Board, which has representatives from various professional bodies, Govt and Industry, has been doing yomen work in bringing our cost accounting standards for the use of corporates. The CASB has identified 39 areas in which Cost Accounting Standards are to be introduced in near future. The CASB has already issued 7 Standards and 4 Exposure Drafts were released in this month. This will further harmonise the Cost Accounting practices all over the Country.
The Institute has introduced new syllabus with effect from 1st January, 2008, which is the best amongst all the Management Accounting bodies worldwide. Worldwide, the syllabus is based on on three pillars of competencies. In India, ICWAI syllabus is based on four pillars of competencies, i.e., Financial Reporting. Regulatory, Management & Strategy.
The Institute has been entrusted with a responsibility to help Govt. of Oman in setting up an Institute of Management Accountants at Oman. This responsibility is a feather in a cap as ICWAI is the only Cost & Management Institute in the Country and the leading Institute in this region, said Mr. Kunal Banerjee, President ICWAI