Kerala - Thrissur   

ICWAI plans to go for a name change

— Photo: K. K. Najeeb

Accountants’ meet: Additional Secretary of Industrial Department K. S. Srinivas inaugurates the All Kerala Cost Convention in Thrissur on Friday.

Thrissur: The Institute of Cost and Works Accountants of India (ICWAI) has urged the Union government to use the services of management accountants for certifying the value of inventory.

While interacting with mediapersons, president of the institute G. N. Venkataraman said that the certification by management accountant would increase government’s revenue by checking malpractices.

A representation in this regard had been given to the Union Finance Minister, he added. Mr. Venkataraman was here to participate in a two-day All Kerala Cost Convention that began here on Friday.

He said change in the name of the Institute of Cost and Works Accounts of India to Cost and Management Accountants of India was in the offing. “Change in name is essential, as the present name does not reflect the nature of work of cost accountants. As a result, despite being cost and management accountants, the Institute members are being treated as mere works accountants,” he said.

Chairman of the Institute A.V.N.S. Nageswara Rao said that unique rules for dispute resolution mechanism, common tribunals for both Central Goods and Services Tax (CGST) and State Goods and Services Tax (SGST), unique registration number for both Central and State GSTs with a sub number for State Goods and Services Tax, were some of the suggestions that the institute had made for the consideration of the government.

The suggestions also included compulsory audit and bringing salaried employment as a service under GST from the purview of income tax with suitable mechanism for revenue-neutralisation so that a lot of non-value added work can be eliminated.

Additional Secretary of Industrial Department K. S. Srinivas inaugurated the All Kerala Cost Convention 2009.

Technical sessions including Enterprise Governance and Management Accountants, Management Accounting and Issues in Financial Services sector, Management Accounting in Projects and Integrated Management System are being conducted as part of the convention. A seminar on Cost Management for Social causes also would be held.

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