Accounting Profession in India

I have never seen such nastiest comments in my life about the accounting profession in India where the readers have commented on the article “IFRS: The magnificent obsession of ICAI by P S Prabhakar”

The writer has makes a valid point,

ICAI draws a lot of consolation from the fact that the Standards Advisory Council — another organ of the IASB — has a 1/38th share for India (Sailesh Haribhakti, again not nominated by ICAI) among its members (including 7 representatives from organisations such as World Bank, Basel Committee, IFAC, UNCTAD, International Association of Insurance Supervisors, etc). The EU has 12 members, Africa has 2, Latin America has 3, the United States has 3, even Singapore has 2, while countries like Australia, China, Japan, Korea, Israel & Brazil have one each, like India.

If, in spite of such scant respect shown to the Indian accounting profession and conscious ignoring of India’s premier accounting body, the ICAI, if the IASB is able to make ICAI simply dance to the tunes of IFRS (like cheerleaders), then what could be the motive?

However I believe that adopting IFRS by all the countries in the world will bring about standardisation as well as comparability of financial reporting. No local GAAP… less burden on business.

Amazon.co.uk Widgets

Press Release from MCA, India

Today, in pursuance of the statutory mandate provided under the Companies Act, 1956, the Central Government prescribes accounting standards in consultation with the National Advisory Committee on Accounting Standards (NACAS), also established under the Companies Act, 1956. NACAS, a body of experts including representatives of various regulatory bodies and Government agencies, has been engaged in the exercise of examining Accounting Standards prepared by ICAI for use by Indian corporate entities, since its constitution in 2001. In this exercise, it has adapted the international norms established by the International Financial Reporting Standards issued by the International Accounting Standards Board.

The MCA is moving in right direction where the NACAS with comprehensive mix of people will discuss on Accounting Standards and recommend as necessary. The role of Accounting bodies like ICAI and ICWAI should be primarily to train its professionals / students on accounting and auditing standards. (Judges do not prescribe laws). Globally you will notice that the standards are set by independent bodies FASB, IASB, IRBA, AASB.

Today NACAS is body in India without tooth. MCA should make NACAS proactive or provide more tooth. Similarly all the Audits (apart from External Audits of Companies) areas should be opened to members of ICWAI. More GOI should consider having another financial accounting body similar to ICAI where the training route to obtain the membership should be through employment (similar to ACCA, UK). It should attract more people to Accountancy. A step in this direction will bring competitiveness to the accounting profession in India which is currently dominated by members of ICAI by legal protection.

What about other professions in India where the practising members are more than accountants ? Does the apex bodies regulate the profession in practise. Read the objective they have been set up for. Click below:

• Medical Council of India
• Dental Council of India

The objectives of both the apex bodies mentions more about how they regulate the education standards rather than how it regulates the profession. The apex bodies do not mention how it promote standards in practise (professionals) and how does it protects the customers (patients). If the controlling body lacks tooth, how can the professions its monitors recognised internationally.

I do not feel good to read comments like

• CAs – GLORIFIED CLERKS
• CA is a course which ruins lifes
• CA’s are hopeless – A need for a new accounting regulator?
• Largest Body??

However the bottom line is ICAI (and ICWAI) has been protected statutorily for long enough. Now time to gear their professionals to develop 360 and face the reality of globalisation.

Regards,

Santosh Puthran

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You may also like to read

1. The word “Chartered” hot debate in India
2. Definition of Professional Body
3. Rivalry in Professional Services
4. Accountancy news June 10, 2007
5. Visionary approach of name change of ICWAI – ICAI’s member reactions
6. ICWAI applies for name change – ICAI’s ostrich approach to name change
   
7. ICAI’s new logo for its member
8. Big 4 make big plans for IFRS – www.cfo.com

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Accounting Profession in India

I have never seen such nastiest comments in my life about the accounting profession in India where the readers have commented on the article “IFRS: The magnificent obsession of ICAI by P S Prabhakar”

The writer has makes a valid point,

ICAI draws a lot of consolation from the fact that the Standards Advisory Council — another organ of the IASB — has a 1/38th share for India (Sailesh Haribhakti, again not nominated by ICAI) among its members (including 7 representatives from organisations such as World Bank, Basel Committee, IFAC, UNCTAD, International Association of Insurance Supervisors, etc). The EU has 12 members, Africa has 2, Latin America has 3, the United States has 3, even Singapore has 2, while countries like Australia, China, Japan, Korea, Israel & Brazil have one each, like India.

If, in spite of such scant respect shown to the Indian accounting profession and conscious ignoring of India’s premier accounting body, the ICAI, if the IASB is able to make ICAI simply dance to the tunes of IFRS (like cheerleaders), then what could be the motive?

However I believe that adopting IFRS by all the countries in the world will bring about standardisation as well as comparability of financial reporting. No local GAAP… less burden on business.

Amazon.co.uk Widgets

Press Release from MCA, India

Today, in pursuance of the statutory mandate provided under the Companies Act, 1956, the Central Government prescribes accounting standards in consultation with the National Advisory Committee on Accounting Standards (NACAS), also established under the Companies Act, 1956. NACAS, a body of experts including representatives of various regulatory bodies and Government agencies, has been engaged in the exercise of examining Accounting Standards prepared by ICAI for use by Indian corporate entities, since its constitution in 2001. In this exercise, it has adapted the international norms established by the International Financial Reporting Standards issued by the International Accounting Standards Board.

The MCA is moving in right direction where the NACAS with comprehensive mix of people will discuss on Accounting Standards and recommend as necessary. The role of Accounting bodies like ICAI and ICWAI should be primarily to train its professionals / students on accounting and auditing standards. (Judges do not prescribe laws). Globally you will notice that the standards are set by independent bodies FASB, IASB, IRBA, AASB.

Today NACAS is body in India without tooth. MCA should make NACAS proactive or provide more tooth. Similarly all the Audits (apart from External Audits of Companies) areas should be opened to members of ICWAI. More GOI should consider having another financial accounting body similar to ICAI where the training route to obtain the membership should be through employment (similar to ACCA, UK). It should attract more people to Accountancy. A step in this direction will bring competitiveness to the accounting profession in India which is currently dominated by members of ICAI by legal protection.

What about other professions in India where the practising members are more than accountants ? Does the apex bodies regulate the profession in practise. Read the objective they have been set up for. Click below:

• Medical Council of India
• Dental Council of India

The objectives of both the apex bodies mentions more about how they regulate the education standards rather than how it regulates the profession. The apex bodies do not mention how it promote standards in practise (professionals) and how does it protects the customers (patients). If the controlling body lacks tooth, how can the professions its monitors recognised internationally.

I do not feel good to read comments like

• CAs – GLORIFIED CLERKS
• CA is a course which ruins lifes
• CA’s are hopeless – A need for a new accounting regulator?
• Largest Body??

However the bottom line is ICAI (and ICWAI) has been protected statutorily for long enough. Now time to gear their professionals to develop 360 and face the reality of globalisation.

Regards,

Santosh Puthran

Do you like to be updated in Accountancy ?

Subscribe to Management Accountant by Email

Or

Subscribe in a reader

Visit MA Stores ? You will find something you are look for ….

MA Stores, US – Powered by Amazon
MA Stores, UK Stores – Powered by Amazon, UK
Digital Stores, US

You may also like to read

1. The word “Chartered” hot debate in India
2. Definition of Professional Body
3. Rivalry in Professional Services
4. Accountancy news June 10, 2007
5. Visionary approach of name change of ICWAI – ICAI’s member reactions
6. ICWAI applies for name change – ICAI’s ostrich approach to name change
   
7. ICAI’s new logo for its member
8. Big 4 make big plans for IFRS – www.cfo.com

Amazon.com Widgets

RSS Feeds to keep you alive and up-to-date

1. Management Accountant
2. Accountancy News
3. My Favorite Blogs that I track
4. SAP Jobs & Opportunities

Read Full Post »

Membership of Accounting Body Value Proposition

ACCA, UK claims “The world largest and fastest growing global accountancy body.”

CIMA UK – “is a leading membership body that offers an internationally recognised professional qualification in management accountancy, which focuses on accounting for business.”

ICAEW, UK – “As a world leading professional accountancy body, the Institute of Chartered Accountants in England and Wales (ICAEW) provides leadership and practical support to over 130,000 members in more then 160 countries, working with government, regulators and industry in order to maintain the highest standards.”

Source : Australian Superbikes

ICAI, India – “The Institute of Chartered Accountants of India (ICAI) is a statutory body established under the Chartered Accountants Act, 1949 (Act No. XXXVIII of 1949) for the regulation of the profession of Chartered Accountants in India. During its more than five decades of existence, ICAI has achieved recognition as a premier accounting body not only in the country but also globally, for its contribution in the fields of education,….

ICWAI, India: “We are a premier, dynamic, vibrant professional institution actively associating itself in the industrial and economic development of the nation. The profession places itself at the service of the nation, government, industry, and the society to realise the objectives of a welfare state resulting in the prosperity and the well being of its people – a fact increasingly realised with the opening up of the country’s economy and change in the economic scenario of the world.”

The real test lies is “What is the benefit of being a member of a particular accounting body ?” Or to rephrase “What is the added value of being a member of premier accounting body ?”

I looked at the membership section on the website of each of the professional body and analysed what each institute offers their members in promoting the profession. Of course, it is difficult to make a judgement looking at the website but it gives a fair view what an Institute can do for its members and profession.

ACCA, UK : Offers CPD, learning opportunities and Job portal for members. Access to publication, booklet and fact sheet for the members. Online resource providing free access to UK and international Accounting and Auditing Standards. Global support to the members who are spread across 80 countries.

CIMA, UK: The members section does not have much details. The section which states, “As a student, member or one of our business partners, you will already have a unique Contact ID. You can use this to create your own My CIMA sign in and access our wide range of personalised services and resources that are all tailored to your needs.”

ICAEW, UK: The member section has a wealth of information. This ranges from Members News and Event, Branding the Profession, Online library with collection of over 40,000 books, Business Essentials, Practise Information, Resources and Support, Products and Services, Special Interest Groups and much more. The Institute also has Press and Policy comments. Also see Service Standards.

ICAI, India: Members section focussed on what services Chartered Accountant can provide rather what the institute can offer. However Resource section is very impressive with list of Accounting Standards, Guidelines and circular which is useful for the members as well as the general public.

ICWAI, India: Membership section has resources and download section with Cost Accounting Standards and few other items.

The best institute to reckon is ICAEW, UK with maturity it displays on the website in all matters concerning the profession. The depth of information contained in the website demonstrates its leadership in the profession and the other accounting bodies are bound to follow. The cross recognition with the other accounting bodies will help the mobility of members globally. The service standard section acknowledges the Institute has a strong infrastructure to respond.

ICAI, India website is not focussed for its members but the contents are available to general public, which is really a plus. Although ICAI is the only accounting body (without any parallel in India), it has made a lot of progress in past one year. Thanks to Mr. Sunil Talati. The members of ICAI are bound to gain from the statutory protection for assignments in the country and as professionals they will never be out of work. Outside the country…. they will face a uphill task.

ACCA, UK has been forefront in promoting itself globally with a membership base in 80 countries. They have recognition arrangements with lot of accounting bodies in the world and actively pursing to cover all the accounting bodies in the world. The reason ACCA, UK does not have full recognition arrangements with the other Chartered bodies (recognised under Royal Charter) primarily they have recognition arrangement with ICAEW, UK.

CIMA, UK has been promoting as ‘Accountant for the Business’. Practise areas very limited but their members are positioned as backbone of business. Competing with MBAs.

So far the best value for membership is : – ICAEW, UK. Share your thoughts and comments on this topic.

Do you like to be updated in Accountancy ?
Subscribe to Management Accountant by Email

Or

Subscribe in a reader

Regards,

Santosh Puthran

You may also like to read

1. Protecting the term “Accountant”
2. The word “Chartered” – debate in India
3. Definition of Professional Body
4. Cost Audit Awareness in India

Read Full Post »

Membership of Accounting Body – Value Proposition

ACCA, UK claims “The world largest and fastest growing global accountancy body.”

CIMA UK – “is a leading membership body that offers an internationally recognised professional qualification in management accountancy, which focuses on accounting for business.”

ICAEW, UK – “As a world leading professional accountancy body, the Institute of Chartered Accountants in England and Wales (ICAEW) provides leadership and practical support to over 130,000 members in more then 160 countries, working with government, regulators and industry in order to maintain the highest standards.”

Source : Australian Superbikes

ICAI, India – “The Institute of Chartered Accountants of India (ICAI) is a statutory body established under the Chartered Accountants Act, 1949 (Act No. XXXVIII of 1949) for the regulation of the profession of Chartered Accountants in India. During its more than five decades of existence, ICAI has achieved recognition as a premier accounting body not only in the country but also globally, for its contribution in the fields of education,….

ICWAI, India: “We are a premier, dynamic, vibrant professional institution actively associating itself in the industrial and economic development of the nation. The profession places itself at the service of the nation, government, industry, and the society to realise the objectives of a welfare state resulting in the prosperity and the well being of its people – a fact increasingly realised with the opening up of the country’s economy and change in the economic scenario of the world.”

The real test lies is “What is the benefit of being a member of a particular accounting body ?” Or to rephrase “What is the added value of being a member of premier accounting body ?”

I looked at the membership section on the website of each of the professional body and analysed what each institute offers their members in promoting the profession. Of course, it is difficult to make a judgement looking at the website but it gives a fair view what an Institute can do for its members and profession.

ACCA, UK : Offers CPD, learning opportunities and Job portal for members. Access to publication, booklet and fact sheet for the members. Online resource providing free access to UK and international Accounting and Auditing Standards. Global support to the members who are spread across 80 countries.

CIMA, UK: The members section does not have much details. The section which states, “As a student, member or one of our business partners, you will already have a unique Contact ID. You can use this to create your own My CIMA sign in and access our wide range of personalised services and resources that are all tailored to your needs.”

ICAEW, UK: The member section has a wealth of information. This ranges from Members News and Event, Branding the Profession, Online library with collection of over 40,000 books, Business Essentials, Practise Information, Resources and Support, Products and Services, Special Interest Groups and much more. The Institute also has Press and Policy comments. Also see Service Standards.

ICAI, India: Members section focussed on what services Chartered Accountant can provide rather what the institute can offer. However Resource section is very impressive with list of Accounting Standards, Guidelines and circular which is useful for the members as well as the general public.

ICWAI, India: Membership section has resources and download section with Cost Accounting Standards and few other items.

The best institute to reckon is ICAEW, UK with maturity it displays on the website in all matters concerning the profession. The depth of information contained in the website demonstrates its leadership in the profession and the other accounting bodies are bound to follow. The cross recognition with the other accounting bodies will help the mobility of members globally. The service standard section acknowledges the Institute has a strong infrastructure to respond.

ICAI, India website is not focussed for its members but the contents are available to general public, which is really a plus. Although ICAI is the only accounting body (without any parallel in India), it has made a lot of progress in past one year. Thanks to Mr. Sunil Talati. The members of ICAI are bound to gain from the statutory protection for assignments in the country and as professionals they will never be out of work. Outside the country…. they will face a uphill task.

ACCA, UK has been forefront in promoting itself globally with a membership base in 80 countries. They have recognition arrangements with lot of accounting bodies in the world and actively pursing to cover all the accounting bodies in the world. The reason ACCA, UK does not have full recognition arrangements with the other Chartered bodies (recognised under Royal Charter) primarily they have recognition arrangement with ICAEW, UK.

CIMA, UK has been promoting as ‘Accountant for the Business’. Practise areas very limited but their members are positioned as backbone of business. Competing with MBAs.

So far the best value for membership is : – ICAEW, UK. Share your thoughts and comments on this topic.

Do you like to be updated in Accountancy ?
Subscribe to Management Accountant by Email

Or

Subscribe in a reader

Regards,

Santosh Puthran

You may also like to read

1. Protecting the term “Accountant”
2. The word “Chartered” – debate in India
3. Definition of Professional Body
4. Cost Audit Awareness in India

Read Full Post »

Membership of Accounting Body Value Proposition

ACCA, UK claims “The world largest and fastest growing global accountancy body.”

CIMA UK – “is a leading membership body that offers an internationally recognised professional qualification in management accountancy, which focuses on accounting for business.”

ICAEW, UK – “As a world leading professional accountancy body, the Institute of Chartered Accountants in England and Wales (ICAEW) provides leadership and practical support to over 130,000 members in more then 160 countries, working with government, regulators and industry in order to maintain the highest standards.”

Source : Australian Superbikes

ICAI, India – “The Institute of Chartered Accountants of India (ICAI) is a statutory body established under the Chartered Accountants Act, 1949 (Act No. XXXVIII of 1949) for the regulation of the profession of Chartered Accountants in India. During its more than five decades of existence, ICAI has achieved recognition as a premier accounting body not only in the country but also globally, for its contribution in the fields of education,….

ICWAI, India: “We are a premier, dynamic, vibrant professional institution actively associating itself in the industrial and economic development of the nation. The profession places itself at the service of the nation, government, industry, and the society to realise the objectives of a welfare state resulting in the prosperity and the well being of its people – a fact increasingly realised with the opening up of the country’s economy and change in the economic scenario of the world.”

The real test lies is “What is the benefit of being a member of a particular accounting body ?” Or to rephrase “What is the added value of being a member of premier accounting body ?”

I looked at the membership section on the website of each of the professional body and analysed what each institute offers their members in promoting the profession. Of course, it is difficult to make a judgement looking at the website but it gives a fair view what an Institute can do for its members and profession.

ACCA, UK : Offers CPD, learning opportunities and Job portal for members. Access to publication, booklet and fact sheet for the members. Online resource providing free access to UK and international Accounting and Auditing Standards. Global support to the members who are spread across 80 countries.

CIMA, UK: The members section does not have much details. The section which states, “As a student, member or one of our business partners, you will already have a unique Contact ID. You can use this to create your own My CIMA sign in and access our wide range of personalised services and resources that are all tailored to your needs.”

ICAEW, UK: The member section has a wealth of information. This ranges from Members News and Event, Branding the Profession, Online library with collection of over 40,000 books, Business Essentials, Practise Information, Resources and Support, Products and Services, Special Interest Groups and much more. The Institute also has Press and Policy comments. Also see Service Standards.

ICAI, India: Members section focussed on what services Chartered Accountant can provide rather what the institute can offer. However Resource section is very impressive with list of Accounting Standards, Guidelines and circular which is useful for the members as well as the general public.

ICWAI, India: Membership section has resources and download section with Cost Accounting Standards and few other items.

The best institute to reckon is ICAEW, UK with maturity it displays on the website in all matters concerning the profession. The depth of information contained in the website demonstrates its leadership in the profession and the other accounting bodies are bound to follow. The cross recognition with the other accounting bodies will help the mobility of members globally. The service standard section acknowledges the Institute has a strong infrastructure to respond.

ICAI, India website is not focussed for its members but the contents are available to general public, which is really a plus. Although ICAI is the only accounting body (without any parallel in India), it has made a lot of progress in past one year. Thanks to Mr. Sunil Talati. The members of ICAI are bound to gain from the statutory protection for assignments in the country and as professionals they will never be out of work. Outside the country…. they will face a uphill task.

ACCA, UK has been forefront in promoting itself globally with a membership base in 80 countries. They have recognition arrangements with lot of accounting bodies in the world and actively pursing to cover all the accounting bodies in the world. The reason ACCA, UK does not have full recognition arrangements with the other Chartered bodies (recognised under Royal Charter) primarily they have recognition arrangement with ICAEW, UK.

CIMA, UK has been promoting as ‘Accountant for the Business’. Practise areas very limited but their members are positioned as backbone of business. Competing with MBAs.

So far the best value for membership is : – ICAEW, UK. Share your thoughts and comments on this topic.

Do you like to be updated in Accountancy ?
Subscribe to Management Accountant by Email

Or

Subscribe in a reader

Regards,

Santosh Puthran

You may also like to read

1. MOU With CIMA ICWAI a historic agreement 12-Jan-09
2. Profession v/s Professionalism – What is the difference ?
3. Protecting the term “Accountant”
4. The word “Chartered” – debate in India
5. Definition of Professional Body
6. Cost Audit Awareness in India

Read Full Post »

Celebrity Accountant – Mr. Praveen Kadle

Yesterday I was browsing Management Accountants on Spock to know whether there any celebrity accountant in the list. I found Mr. Praveen Kadle, Managing Director of Tata Capital Ltd, a newly formed company of Tata Group.

Tata Capital, undertakes a host of financial activities like capital market services, merchant banking, housing finance, private equity, and vehicle and retail finance. That covers virtually everything in the financial domain of the Tatas – except Tata AIG Insurance, Tata Asset Management Co and Tata Investment Corporation.

Mr. Praveen Kadle, 48, as on 12-Dec-07 had following

Currently a director of Concorde Motors Limited, Sheba Properties Limited, Tata Cummins Limited, Tata Holset Limited, Tata Motors Limited, Tata Services Limited, Tata Technologies Limited and Telco Construction Equipment Co. Ltd. In the past five years, he also has been a director of, Concorde Motors (India) Limited, HV Axles Limited, HV Transmissions Limited, TAL Manufacturing Solutions Limited (formerly Telco Automation Limited), Tata Finance Limited, Tata Share Registry Limited and Telco Dadajee Dhackjee Limited.

Education: Bachelors of Commerce, Cost Accountant, Chartered Accountant and Company Secretary.

Best CFO of the Year 2004 awarded by IMA for excellence in Cost Optimisation.
Best CFO of the Year 2005 awarded by Business Today

I met Mr. Praveen Kadle once when the Top Management of the Tata Motors had come on the Go-Live of SAP 4.6C implementation in year 2003 at Pune. He congratulated everyone involved in the implementation and business for success of the project.

Some of my colleagues had not seen Mr. Kadle before, so I asked few of them to identify who is Mr. Kadle. Most of them pointed to the tall guy on the podium. They were surprised when Mr. Kadle spoke, only to find out he is just over 5′ 2″ feet.

Height does not matter…. it is the deeds.

Regards,

Santosh Puthran

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You may also like to read

1. 100 most influential people in the business
2. Gerald Russel, next VP of ICAEW
3. Successful Cost & Management Accountants
4. Profile of Mr. Praveen Kadle on Spock
5. My 200th Blog post

PS: I have added related links and information on Mr. Kadle’s profile on spock to know more about him. If you know more, please add the links. Please vote and add links of prominent Management Accountants on Spock.

Read Full Post »

Celebrity Accountant – Mr. Praveen Kadle

Yesterday I was browsing Management Accountants on Spock to know whether there any celebrity accountant in the list. I found Mr. Praveen Kadle, Managing Director of Tata Capital Ltd, a newly formed company of Tata Group.

Tata Capital, undertakes a host of financial activities like capital market services, merchant banking, housing finance, private equity, and vehicle and retail finance. That covers virtually everything in the financial domain of the Tatas – except Tata AIG Insurance, Tata Asset Management Co and Tata Investment Corporation.

Mr. Praveen Kadle, 48, as on 12-Dec-07 had following

Currently a director of Concorde Motors Limited, Sheba Properties Limited, Tata Cummins Limited, Tata Holset Limited, Tata Motors Limited, Tata Services Limited, Tata Technologies Limited and Telco Construction Equipment Co. Ltd. In the past five years, he also has been a director of, Concorde Motors (India) Limited, HV Axles Limited, HV Transmissions Limited, TAL Manufacturing Solutions Limited (formerly Telco Automation Limited), Tata Finance Limited, Tata Share Registry Limited and Telco Dadajee Dhackjee Limited.

Education: Bachelors of Commerce, Cost Accountant, Chartered Accountant and Company Secretary.

Best CFO of the Year 2004 awarded by IMA for excellence in Cost Optimisation.
Best CFO of the Year 2005 awarded by Business Today

I met Mr. Praveen Kadle once when the Top Management of the Tata Motors had come on the Go-Live of SAP 4.6C implementation in year 2003 at Pune. He congratulated everyone involved in the implementation and business for success of the project.

Some of my colleagues had not seen Mr. Kadle before, so I asked few of them to identify who is Mr. Kadle. Most of them pointed to the tall guy on the podium. They were surprised when Mr. Kadle spoke, only to find out he is just over 5′ 2″ feet.

Height does not matter…. it is the deeds.

Regards,

Santosh Puthran

Did you like the post ?
Subscribe to Management Accountant by Email

You may also like to read

1. 100 most influential people in the business
2. Gerald Russel, next VP of ICAEW
3. Successful Cost & Management Accountants
4. Profile of Mr. Praveen Kadle on Spock
5. My 200th Blog post

PS: I have added related links and information on Mr. Kadle’s profile on spock to know more about him. If you know more, please add the links. Please vote and add links of prominent Management Accountants on Spock.

Read Full Post »

India ready to have its own E&Ys and PwCs

NEW DELHI: India can soon boast of its own homegrown multidisciplinary majors like Ernst & Young and PwC, comprising professionals like Chartered Accountants, Company Secretaries, engineers, architects and MBAs under one roof, to cater to the rapidly-globalising corporate sector.

Professional institutes like Institute of Chartered Accountants of India (ICAI), Institute of Company Secretaries (ICSI) and Institite of Cost and and Works Accountants (ICWAI) have initiated steps to work out arrangements to form multi-disciplinary partnerships (MDPs), though the big booster would be a formal go-ahead to limited liability partnerships (LLPs), the bill for which is likely to be cleared in the budget session of parliament.

Read More

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Subscribe to Management Accountant by Email

Regards,

Santosh Puthran

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India ready to have its own E&Ys and PwCs

NEW DELHI: India can soon boast of its own homegrown multidisciplinary majors like Ernst & Young and PwC, comprising professionals like Chartered Accountants, Company Secretaries, engineers, architects and MBAs under one roof, to cater to the rapidly-globalising corporate sector.

Professional institutes like Institute of Chartered Accountants of India (ICAI), Institute of Company Secretaries (ICSI) and Institite of Cost and and Works Accountants (ICWAI) have initiated steps to work out arrangements to form multi-disciplinary partnerships (MDPs), though the big booster would be a formal go-ahead to limited liability partnerships (LLPs), the bill for which is likely to be cleared in the budget session of parliament.

Read More

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Subscribe to Management Accountant by Email

Regards,

Santosh Puthran

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Now Company Secretaries want to be known as "Chartered"

Recent interview of Preeti Malhotra, President, Institute of Company Secretaries of India (ICSI) in Business Standard.

To the question “Why are you seeking a name change of the institute?”

In the changing international context, our members are destined to play a much larger role in public practice as well as in service.

The executive council of the institute decided that to reflect the ICSI’s changing agenda and image, it should change its name to “The Institute of Chartered Secretaries of India”.

This will also eliminate the dichotomy between its brand name “chartered secretary” propagated through its corporate journal and its formal name The Institute of Company Secretaries of India.

I wonder changing the name by affixing the word “Chartered” would enhance the brand image, then India has around 50 specialised institutions who should not be discriminated. See GOI directory for list of specialised institutions. Presently there is only one institute formed under Act of Parliament of Republic of India that has the word “Chartered” in its name. And now there is another chasing for it.

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Santosh Puthran
Management Accountant Blog

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1. The word “Chartered” hot debate in India
2. Definition of Professional Body
3. ICWAI applies for name change
4. ICAI’s logo

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