Indian cost accountants may soon practise in US, Canada

NEW DELHI, JANUARY 7: Indian management accounting may soon go global. The Institute of Cost and Works Accountants of India (ICWAI) is planning a tie-up with US-based Institute of Management Accountants (IMA) and Canada-based Certified Management Accountants (CMA), according to which Indian cost accountants would be able to practise in these countries — and vice versa. Under this arrangement, ICWAI members would be able to become CMAs without appearing for any of their examinations. They would straightaway get valid certification in these two countries.

“The negotiations are at an advanced stage,” said a senior official with ICWAI. “We may achieve a breakthrough on the occasion of the first Global Summit of Management Accounting (GSMA).” The Summit is scheduled to be held in New Delhi from January 10 to 12. Today, while IMA gives exemption to ICWAI members if they wish to pursue a CMA programme in the US (members have to appear for a few papers), Canada does not give any such exemption. However, a provincial associate, Certified General Accountants Association of Ontario, gives exemption from some papers.

“But that hardly serves any purpose,” pointed out the official. “We want an arrangement for professionals of all these three countries under which they would not be required to go through any further academic courses to get certification,” said GSMA chairman A N Raman.

However, to practice in the US, it is not a statutory requirement to be a CMA from IMA. A CMA gets 25-30 per cent more remuneration compared to uncertified professionals. In Canada, member of CMA’s provincial associates in Alberta and Manitoba can certify balance sheets like those of chartered accountants.

In India, Section 233 (B) of the Companies Act requires the appointment of a cost account who is a member of ICWAI, for cost audits. An ICWAI member can give certificates under the Export and Import Policy. He can take up consultancy assignments. “We are expecting to reach a consensus on the matter with the IMA and CMA during the Summit,” said Raman.

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