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Govt allows ICWAI to change its name to ICMAI
Press Trust of India / New Delhi Sep 11, 2009, 15:32 IST

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 today.     

Set up in 1959 through an Act of Parliament, ICWAI has over 47,000 members and two lakh students. It has been requesting for the change of name for long.     

There is a growing importance for cost accountants for improving production, Khurshid said, adding the new name will make it more compatible with the job ICWAI members perform.      

"It (the name change) will be a true representation of what we stand for. We are not merely cost accountants, helping companies keep record of things, we go beyond it," ICWAI President G N Venkatraman said.     

The world over, he said, cost and works practitioners are being known and as cost management accountants.     

"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," he said.

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Sorry, comments to this story are closed
Latest Messages
Posted by: m pradeepkumar
i am very happy to hear that cwa has changed to cma
Posted by: Rovin Rastogi
It is very very great news, the name of ICWAI to change ICMAI.So i m very happy.
Posted by: Sanjay Chaturwedi
It is great news, the name of ICWAI to change ICMAI. In early soon I'm also take addmision in this Institute. In my opinion, the name of management is better than work because all type of work are includes in the management.
Posted by: Rathijit
Its very good to hear about the name change to ICMAI. But we also need to to emphasize on the upcoming Direct Tax Code(DTC) and Goods and Service Tax(GST)ie we must ensure a important role in both the acts so that our scope of practice get enhanced and we will be able to strengthen our footing as practicing CMA. Especially in GST, which is really our domain, and not of those of CAs.
Posted by: Kishore
The name sounds better Management Accountant the name sounds better than the name Works Accountant. Thats we hoped since long last. Now happened is a very good step taken. (CIMA- USA, ICMA- INDIA}
Posted by: PRASHANT
I AM VERY HAPPY ABOUT THIS, ITS REALY GREAT. BEING A ICWA STUDENT I AM REALY VERY HAPPY
Posted by: Mukherjee
It is indeed a grEat news that name change request of ICWAI to ICMAI has been accepted in principle by Government of India. Now Amendment in the CWA Act 2006 to make it the CMA Act 2009 is desired to be done immediately without any further delay. Thanks Honourable Minister of Corporate Affairs! Thanks President ICWAI and the Central Council of ICWAI! Prof. D. Mukherjee.
Posted by: DRISHTIJHA
The name show the work and work bear the responsablity. It is realy a first good a step and hope second step infuture soon.
Posted by: VISHAL
BY THIS, CN WE BOOM IN THE MARKET?
Posted by: nitin
i m in icwai student in 2nd semester
Posted by: CMAbipin
Congratulation to members n students but require to keep pace with it
Posted by: ysrinivas
it will not extend the scope of the professional and profession but it helps to easily understandale and represents the exact nature of profession
Posted by: Sourav
Finally... what every CWA/CMA deserves not underhand tactics to keep it down but a level playing field.
Posted by: Nikesh
Name and frame which institute has change and it is better for to review each year.
Posted by: anujdhingra
it is good. but i want to know the benefit of changing the name of icwa to cma.always when i applying for a job. everyone say that why would u not join ca.wahy u hve choosen cwa. i m final year student. i am so much puzzle.but hoping that change of name will give me more importance. kya ca ki value kum hogi isse.to hamare liye bahut better hai.
    Posted by: Brajesh
I'm a final student of ICWAI. one thing I would like to tell u that, when CMA will get tax audit & gov. make maitenance of cost accouting record compulsary, the value of CMA will sudenly rise in market.
Posted by: CMARAKESH
YA ITS GREAT NEWS FOR ALL ICWAI STUDENT FINALLY OUR EFFORT CONVERTED IN TO THE SUCCSS SO NOW WE HAVE THE RESPONSIBILITY TO LEAD WHOLE WORLD WE ARE READY.......................
Posted by: Sarath
we are very happy to here that name Change of ICWAI to ICMAI, finally CMA's got what they deserved.
Posted by: AAcharya
Excellent achievement with able leadership of Mr. Venkataraman. Our regards to Hon'ble minister Dr. Khursid. An educationist could really understand value of education and demand of profession. For better management of scarce resources, hon'ble minister may kindly consider for mandatory cost audit of all manufacturing sectors.We are not tick marked accountants. we go deep into the cost reduction measures and give suggestions to management for increasing bottom line.
Posted by: NKN
Thanks to President and his team members and also the Ministry of Corporate Affairs for acknowledging our request. Specially thanks to Sh Salman Khurshid as a Minister of corporate affairs.
Posted by: Nayana
yah It is good . It is good for global recognition.
Posted by: sameer
Its really great news for all cma members . really it will reflect our exact role in the industry .... thanks
Posted by: Himanshi_Parekh
Hey this is indeed a great news. ICWAI has been trying this for long. At last they got the name change. In today 's global scenario of recession and scams like satyam n fall of major financial institutions, this will help the society. A CMA will be get the due recognition which they derserve, at last.
Posted by: Harish
It is really great to know that CWA will be known as CMA. It really gives a lot of weightage as I also being a final year student of CWA feels that our role is not merely as Cost Accountant but also helping the management in important decision making. I wish we CMA get a lot of scope in the practice also. Thanks to the new President and his team members and also the Ministry of Corporate Affairs for acknowledging our request.
Posted by: Abhijeet
Gr8 news....encouraging hope things get still better for the institute n its members and also the practice....Hope things don't stop here the management of the institute should strive hard and improve the profession still more and encourage young blood to enter the professional practice.
Posted by: Jiten
It is great news.Better late than never. ICWA-UK changed its name to ICMA(Institute of Cost & Management Accountant in 1972 & then to CIMA(Chartered Institute of Management Accountants) in 1984. So,Technically the govt dicision is nearly 37 years late.We were always "Management Accountant",its only that now we can legally call ourself so.
Posted by: swarup
We are very much happy. Thanks to Minister Krushidji.
Posted by: AK
OUR governmnet has taken 2 decades to conclude .. should we term this as CA lobbying against the interestes of CMA's????
Posted by: Ramshiva
This was longterm demand for Indian CMAs. thanks to Minister to realise the need for Indian CMAs. I hope minister will also taking same decision on formation of "INDEPENDENT REGULATORY BODY"/Increase TAX AUDIT(U/S 44AB) Exemption limit(From Rs 40 Lakhs to Rs 2 Crs in proposed Direct Tax Code Bill.I am confident about sucess of Sh Salman Khurshid as a Minister of corporate affairs.
Posted by: Susant
Iam very much encourage when i saw the news that icwai changes to icmai
Posted by: NARAYANA PADHI
Its more compatible icmai than icwai
    Posted by: Naresh
Excellent...it's Good news that CWA name change to CMA.Thank u Mr.president and Mr.Kaushil Shah.
Posted by: kaushil
Finally it is going to happen for which india is seeking from last many years, i assure & Expect from our respacted govt, to proper streamline delegation distribution)of accounting & financial role to its two major institutes ICAI & ICWA (now ICMAI). it will help for proper load on each institute & will take country ahead. Thanks & Regards / Kaushil Shah ACMA-60961
Posted by: Globalanalyst
This move was long overdue for more than 2 decades. Anyhow, better late than never. All over the world, Cost Accountants are known as CMAs and only India was the exception. This anomaly will be removed now. This will enhances job opportunites for the members of ICWAI abroad.
    Posted by: srinin
good news! waiting for last 20 yrs for this!
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