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ICWAI - Name change, impact of IFRS, Mandatory Training & CAS

Name change
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September 11 may be a worst day for the world and especially US. But, for ICWAI, Sep 11 was a great day..YES...Cost accounting body 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 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 11-Sep-2009.

"We are born out of the Chartered Institute of Management Accountants, London, formerly they were cost accountants, all subsidiaries have changed their names, in Bangladesh, in Pakistan... In Indian for the last several years it was stuck," Mr.G.N.Venkataraman (President of ICWAI) said.

For further reading...CLICK HERE

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Cost accounting norms to be in tune with IFRS
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Cost accounting norms prescribe Historical Cost and IFRS prescribe Fair Value. If IFRS is implemented in India, there will be a dual accounting for IFRS and the Cost Accounting records. Keeping in line with the International standards, ICWAI is gearing up in tuning their norms to bring in the necessary changes.

“IFRS would affect the structure of cost of product and hence the Institute bringing in necessary changes and preparing its members,” said ICWAI President GN Venkataraman. IFRS are interpretations and the framework for the preparation and presentation of financial statements adopted by the International Accounting Standards Board (IASB).

The ICWAI has taken this initiative at the behest of the International Federation of Accountants (IFAC), the global organisation for the accountancy profession, which is for the first time addressing costing and has come out with guidelines on the impact of IFRS on costing principles.

For further reading...CLICK HERE

Cost Accountants - This is a good news for us! Also, with the IFRS on its way, let us gear up and grab the opportunity!!!

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Mandatory training for all members of ICWAI under Continuing Education
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For Members in Practice

(i) The member should undergo minimum mandatory training of 10 hours per year w.e.f. 2009-10.
(ii) The certificate of attendance for training will have to be enclosed with the application for renewal of Certificate of Practice.

For Members in Service

(i) The member should undergo minimum mandatory training of 6 hours per year w.e.f. 2009-10.
(ii) The certificate of attendance for training will have to be enclosed with the application for renewal of membership.

The attendance of members in National Cost Convention, Regional Cost Convention, Seminars/Workshops conducted by the Institute/Regional Councils/Chapters (both paid/unpaid programme) will be reckoned against the requirement of mandatory training period under this scheme.

The requirement specified above will not apply to a member who has attained the age of 65 years.

So, guys..start attending the Institute programs.

For full guidelines, CLICK HERE

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Request for Comments on the Exposure Draft on Cost Accounting Standards
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The Council of the Institute in its meeting held on September 12, 2009 has approved the release of the Exposure Drafts on Administrative Overheads and Repairs & Maintenance Cost, as recommended by the Cost Accounting Standards Board (CASB), the standard-setting body of the Institute. The CASB’s proposed standards may be modified in light of comments received before being issued as a standard in final form.

1. Download Exposure Draft on Administrative Overheads.
2. Download Exposure Draft on Repair and Maintenance Cost.


Please submit your comments preferably by email, latest by November 13, 2009. Comments should be addressed to:

The Secretary,
Cost Accounting Standards Board
The Institute of Cost and Works Accountants of India,
ICWAI Bhawan, 3rd Floor
3, Institutional Area, Lodi Road,
New Delhi


Email responses should be sent to: casb@icwai.org

Cheers,
Gopal

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