1. Some of CWA works counted by Mr Kataria, with my replies

 

1. Cost Accounting Standards which is new concept in the world, President of International Federation of Accountants has appreciated the work done by ICWAI members, he even uttered India is  leading country in the world in developing the Cost Accounting Standard

Ans Totally new concept , how GOI has accepted , has IFAC has given recognition , no thigns , but move to counter AS  setting activies of ICAI.

1. Developed GACAP – Generally Accepted Cost Accounting Principles it is also unique literature given to world by ICWAI members.

       Ans , very unique , CIMA UK is not competent to issue GACAP , ICWAI has taken this world responsiblty. Next  we will hear International Costing and Managemnent Reporting Standard ,  think better ideai to counter IFRS. How Bidgeting , strategy , decision making should be given unifrom methods, GAAP for this activies will be also issued by ICWAI.

1. Management Accounting Guidelines – Several international management accounting firms and institutions appreciated this.

  Ans. Defination of Managemnet acounting is it self not comimng under acounting , then how guidlines.

IFAC , CIMA UK is required to provide regulation and defination.

1.  Cost Auditing Standards – will introduced soon and are under process.

Ans Sir , Already been issued , waiting to approval from GOI, another move to counter ICAI Audting standard move.

1. Guidance Manual for Audit Quality – Recently released and good for all Auditing professional.

 Ans. Sir I  have already one one Guidance on Risk Basked Audit.

1.   Research papers on Cost and Management Accounting – ICWAI members issued so many research papers on various concepts of Cost and Management Accounting.

     A lot of delibration is first required how to differentiate Accounting course and Managemnent.

If it is not done ,then managemnet body will ask you , is there diffrecne between acounting and Managemnet.

 

Keeping the above wonderfully works done by the ICWAI members ,two year back government of India has taken the decision to change the name of ICWAI to ICMAI and that time minister of corporate affairs( Salman Khurshed)  confirmed that in the press conference ,accordingly Bill to change name of ICWAI was introduced in the parliament. ICAI strongly objected to that bill and put all their energy to reverse the decision of government.  Finally ICAI successfully manage the game by all their ways means.

 

 

No , two year back , GOI asked Three bodies to provide proposals for LLP , not name chnage proposal, but, our ICWAI without discussing the same with ICAI , provided name proposal, it was MCA asked ICAI for meeting.

Thank you

FRANKLY SPEAKING.... MENE CHARTERD WORD SUNN KE HI CHARTERED ACCOUNTANTCY  JOIN KIYA THA.....TOTALLY AGREED WITH RICHANK SIR...

THE WORD CHARTERED IS LIFE OF CHARTERED ACCOUNTANCY PROFESSION...

NO WAY ....ITS NEVER GONNA CHANGE....

BUT WHY BOTH INSTITUTES ARE FIGHTING....

COST ACCOUNTANTS AND CHARTERED ACCOUNTANTS BOTH ARE REQUIRED TO RUN THIS ECONOMY...

ITS VERY SAD WHATEVER IS GOING NOW....

WE EACH N EVERY MEMBER ON CCI HAVE SAME COUTSEY AND WE ALL CCI MEMBER RESPECT CA/CWA/CS EQUALLY...

 

See Maping OF CWA (so called CMA) and MBA Finance Course

 

Sujests Offered for  PGDM in IIM Lucknow	Subjects Offered  in CWA
First Yr	Intermedaite
Bussiness Environment	Financial Accounting
Communication	Commercial and Industrial Laws and Auditing
Decision Sciences	Applied Direct Taxes
Finance And Accounts	Cost & Management Accounting
Information  Technology and Systesm	Operation Management and Information Systems
LegalManagement	Applied Indirect Taxes
Marketing	Final
OperationsManagement	Capital Market Analysis & Corporate Laws
Second Yr	Management Accounting -Strategic Management
Bussiness Environment	Indirect & Direct - Tax Management
BUSINESS ENVIRONMENT	Management Accounting –Enterprize Performance Management
STRATEGICMANAGEMENT	Advanced Financial Accounting & Reporting
MARKETING	Cost Audit & Operational Audit
INFORMATION TECHNOLOGY AND SYSTEMS	Financial Management and International Finance
DECISION SCIENCES	Bussiness Valuation Management

Even in the MBA course , there are less "Management " in the Courses ,Then ICWA should also ask for   giving its deemed to be one IIM , all corporates should give same prefernce to CWA as one gien to IIM

Please, Financial management and International Finance , Bussiness Valuation Mangement  are part of ICWAI course. Just there is arrangemnet problem.

 

How one can say , CWA  is accounting course , Not at all, it is one of the biggest Management course , i think we should proceed court to decide , is it a accouting course? Do ICWAI  need to be regulated? IT should be converted in Management School. Even CIMA UK or CMA US has not somany management subjects.

Thanks Our ICWAI , Whole complete package in one course , Supreme courte can decide what is exaxlty nature of this Mangament Course.PIL is utmost.

 

Conclusion  CWA = CA +CFA +CMA +MBA Finance 

Yes Ganesh , As per CA are only responsible for scams in India as per CWA. They it wants to take responsiblity of CA to eradicate the scams .

i am final student of both institutes but i will say never cwa equal to ca because in my cwa intermeadiate exam in dec2010 in paper no 6 : 'commercial and industrial laws and auditing" asked that 2 mark question 7 (a) (ii) IFRS applies to all entities @ also to non -individual companies. The ICAI has decided to fully coverage with IFRS from Accounting period commencing from 1st january 2012. Do you agree ? give correct reasons. this above questions are all silly questions when compare chartered accountants papers concerned an d also these kind of similar questions are already asked in chartered exams in 2008 may or nov itelf. and icwai exams is egual to university exams like fill up , choose , match the following , true or false consists of 25 marks in all papers of icwai exam. so, from these demand icawi has conformed just like school institute..... never icwai demand this kind statements .... instead that icwai can change their syllabus, ask questions tough manner....

I think Statutory Audit & Cost Audit  should be open for both ICWA & CA. It should be open to any company to conduct Statutory Audit or by Cost audit by a qualified cost accountant or chartered accountant. If chartered accountant would not fear to be defeated by a cost accountant they should take the challange.

I think enmity between two institute could be minimise by giveing scope to member of both institute to appear only some uncommon paper & be a member of other institute.

 

There are other important things to do ---but people are involved in these useless kinds of things----thats why India is a developing country instead of being developed--

 

 

think about that....................

Originally posted by : S.V.C.Sekhar
	We still dont understand as to why CA institute is opposing thre name change.Are they feaing that the market for CA's will come down due to name change.

If nothing happens after a name change then why ICWAI proposes for that??
 

Cost accounting has evolved as an extension of financial accounting, and no need of two seperate accounting bodies. Both should be merged, and if possible CS also. Members can decide which area they will be specialising in, like Accounting, Auditing, Corporate Law etc at final level after completing basic and intermediate level. Interestingly, none of these subjects cannot stand independently in an economy.

Simply, Together We Work Together We Achieve.

Jai Hind.

Mr Chndra Nath , whole ramayan was over . But you are still trying to know who is  Sita. First you updateds your knowledge , atleast read  whole discusssion.

There is no fear point in CA or ICAI . If there is fear , it should be, because all over the world , accounting regulation is given to CA or CPA , Not  to CWA or CMA . IF CWA and ca are uqual , no country needs , two diffrent bodies. Merger should be required. ICAI can easly take over ICWAI

Then you requiest ICWAI tto move merger proposal not name chnage proposal.

 

Daer Freinds,

some of freinds are talking about percentage of  CA  Passouts. If a student write right answers , it is fundamental right to pass students.

ICAI is already issiung answers sheet to its Students, can we ask ICWAI to provide the same. WE are appraching CWA to should how they are passing studenst. Still ICWAI has not started to provide answer sheet to its students.

NoW ,  quality of Pass % of ICWAI, You know  IGNOU has vey low pass percenatage than ICWAI in MCA (amlost 5 % regular) or BCA or evn B .com . 

dose Igoun course is better than ICWAI ? Of course yes , as per ICWA . 

B.com SRRC has 90 % pass percenatege than IGNOU B.com , then as per CWA B.com Passout from Ignou should be given much more package than b.COM SRRC.

Please quality of Servises is most immortant  , Quality is not subjected to namr change or brand, What ever its name ,gali no. peaple are compelled to that services

 

Originally posted by : Chandranath Banerjee
	I think Statutory Audit & Cost Audit  should be open for both ICWA & CA. It should be open to any company to conduct Statutory Audit or by Cost audit by a qualified cost accountant or chartered accountant. If chartered accountant would not fear to be defeated by a cost accountant they should take the challange. I think enmity between two institute could be minimise by giveing scope to member of both institute to appear only some uncommon paper & be a member of other institute.

TRUTH COME FROM THE MOUTH!!!!!That icwa peoples wants Statutory Audit and Cost Audit!!While in the same disscussion earlier a cwa member had told that he had no shortage of work!!!!Then why this double standard!!!!!
 

See Across thw whole globe , definining management Accounting and its regulation like accounting has become point of controversy , But it si only our ICWA has taken responsiblty to regulate it and break the controversy?

 

 

Financial Accounting	Management Accounting
Mandatory for most companies. Financial reporting is required by U.S. securities laws for public companies. Private companies with debt are often required by lenders to prepare audited financial statements in accordance with GAAP.	Mostly optional. However, it is inconceivable that a large company could operate without sophisticated management accounting systems. Also, legislation such as the Sarbanes-Oxley Act of 2002 sets minimum standards for public companies for their internal reporting systems.
Follows Generally Accepted Accounting Principles (GAAP) in the U.S., and other uniform standards in other countries.	No general principles. Companies often develop management accounting systems and measurement rules that are unique and company-specific.
Backward-looking: focuses mostly on reporting past performance.	Forward-looking: includes estimates and predictions of future events and transactions.
Emphasis on reliability of the information	Can include many subjective estimates.
Provides general purpose information. Investors, stock analysts, and regulators use the same information (one size fits all).	Provides many reports tailored to specific users.
Provides a high-level summary of the business	Can provide a great deal of detail.
Reports almost exclusively in dollar-denominated amounts. A recent exception is the increasing (but still infrequent) use of the Triple Bottom Line.	Communicates many nonfinancial measures of performance, particularly operational data such as units produced and sold by product type.

 

 

These differences are generalizations, and are not universally true. For example, GAAP allows some important choices, such as the FIFO or LIFO inventory flow assumption. Also, GAAP uses predictions of future events and transactions to value assets and liabilities under certain circumstances. Nevertheless, the differences between financial accounting and management accounting shown above reveal important attributes of financial accounting that are driven by the goal of providing reliable and understandable information to investors and regulators. These individuals are often far removed from the companies in which they are interested, so a regulatory and self-regulatory institutional structure exists to ensure the quality of the information provided to them.

 

Joshi Ji ,

World  Over , it has been controversy to define and redine Management Accounting . It is subjective domain , taloired made functions , some keeps , some dose not , it is not public domain, so that it needs to be regulated.

Better , we can suggest Transfer ICWAI from MCA to HRD mininstry and set up Institite like IIM for promoting Managemnet. But there is no question of regulation Management accounting like cost accounting.