Special Correspondent

VISAKHAPATNAM: The memorandum of understanding reached between the Institute of Cost and Works Accountants of India (ICWAI) with the Institute of Management Accountants (IMA), USA, would enable mutual recognition and cooperation between the two institutions to develop the profession of management accountancy, according to vice-president of ICWAI A.S. Durga Prasad.

Addressing the members seminar organiSed by the Visakhapatnam chapter of cost accountants here on Tuesday, he said the development of management accountancy would be for the benefit of their members and students in their pursuit of excellence in education, training and continuing professional development in management accountancy. “The MoU will enable recognition of the professional qualification of the respective institutes. A member of ICWAI can get enrolled as member of IMA USA and vice versa. However, an IMA member enrolling as member of ICWAI will not be allowed to hold a certificate of practice to undertake any statutory work in India,” he explained.

Global cooperation

The MoU, singed a couple of months ago, would bring mutual recognition and global cooperation between members of ICWAI and IMA USA. Mr. Durga Prasad also said to facilitate students, who were pursuing ICWAI, the institute had signed MoU with IGNOU for awarding degree and PG degrees for its Intermediate and final students. Chairman of the southern India Regional Council of ICWAI A. Om Prakash, Vice-chairman of SIRC AVNS Nageswara Rao, chairman of the chapter S. Satyananda Rao, and secretary D. Ramana Murthy spoke. Prominent among those who attended the meeting were General Manager (Finance) SALPG and General Manager (Finance) of BHPV ISSS Ganesh.