THRISSUR: The Institute of Cost and Works Accountants of India may soon be renamed Institute of Cost and Management Accountants of India, ICWAI president G N Venkataraman told reporters here on Friday. The minister concerned has given an assurance to ICWAI in this regard, he said.
"Changing the name is essential, as the present name does not really reflect the professional work done by the cost accountants. As a result, despite being cost and management accountants, ICWAI members are being treated as works accountants abroad," Venkataraman said.
Suggestions on a discussion paper submitted to the chairman of the Empowered Committee on GST by the institute had been wellreceived.
"On the Direct Tax Code, the institute has urged the Union Finance Minister to use the services of management accountants (MCs), particularly in respect of utilisation of raw materials and valuation of inventory. The certification on valuation and use of resources by MCs will boost the government's revenue," he said.
ICWAI chairman A V N S Nageswara Rao said on the occasion that specific rules to govern dispute resolution mechanism, common tribunals for both CGST and SGST, unique registration number for Central and State GSTs with a sub-number for state goods and services tax, were among the Institute's proposals made to the Government.
Earlier, the two-day 'All-Kerala Cost Convention -2009' was inaugurated by Additional Secretary (Industries) K S Srinivas.