ICWAI going truely Global !!!Kudos members Yes We can.

http://www.hindu.com/edu/2009/02/16/stories/2009021650440100.htm

Going global, ICWAI way






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The institute is exploring possibilities of tie-ups with counterparts in developed countries


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The fast-paced changes that are sweeping across the world in financial and accounting professions are posing new challenges to accountants in managerial and senior positions in the corporate world in the country. This has placed a new responsibility on the professional bodies that produce accountants to update the curriculum and bring it on a par with international standards.

The Institute of Cost and Works Accountants of India (ICWAI), which has sensed an urgency in this direction, has not only updated its curriculum with effect from January, 2008 and brought it on a par with the standards prescribed by the International Federation of Accountants (IFAC), but also started exploring the possibilities of entering into tie-ups with its counterparts in developed countries. This is mainly to ensure that the Indian accountants find acceptance by global business players like multinational companies.

CIMA tie-up

One such tie-up of great significance the ICWAI has entered into recently is with the Chartered Institute of Management Accountants (CIMA) of the United Kingdom, one of the oldest accounting bodies .

“The MoU with CIMA, UK heralds an era of opening-up for the Indian students. Never before did Indian students have an opportunity to attain international accounting recognition at such a fast pace,” says ICWAI president Kunal Banerjee.

The MoU, he explains, has provided for exemption of 11 of the total 14 papers in the CIMA examination for those who have qualified in the ICWAI examination. In what is called the ‘Gateway Scheme’, Indian students who have completed the ICWAI final examination can straightaway join the last level, of the CIMA examination.

“All they have to do is appear for a proficiency test called CIMA Professional Gateway Assessment (CPGA) by paying a fee of £40, which is half of what the CIMA charges for its own students,” Mr. Banerjee says.

He points out that the arrangement is also a great money-saver for Indian students, as they will have to pay a fee of £80 for each appearance of each of these three papers only. In normal course, Indian students desiring to complete the CIMA examination will have to pay £80 for each appearance of each of the 14 papers.

As a token of reciprocity, ICWAI has exempted CIMA-qualified persons from appearing for 12 of the total 18 papers. However, six papers dealing mainly with Indian corporate laws and related aspects, will have to be cleared.

Mr. Banerjee says there have been fruitful discussions with the Institute of Management Accountants (IMA), USA and the Certified Management Accountants (CMA), Canada for entering into ‘mutual recognition agreements’.

“The pact we propose to enter into with the IMA has been cleared by the Ministry of Corporate Affairs. The one with the CMA will be finalised by end of March,” he adds. The MoU will pave the way for direct reciprocal arrangement of granting membership.




K. SRIMALI



in Vijayawada