Bill renames cost accountants to cost and management accountants
This Bill amends the Cost and Works Accountants Act, 1959 to allow cost accountants to form Limited Liability Partnerships (LLPs) and partnerships with other recognized professions. It also renames the profession and the governing institute to reflect a broader scope of 'cost and management accountancy'.
Members of the Institute of Cost and Works Accountants of India (now renamed Institute of Cost and Management Accountants of India), firms of cost accountants, and companies engaging in cost accountancy.
- Substitutes the term 'cost accountant' with 'cost and management accountant' throughout the Act.
- Renames the 'Institute of Cost and Works Accountants of India' to the 'Institute of Cost and Management Accountants of India'.
- Changes the professional designation letters from 'AICWA' to 'ACMA' and 'FICWA' to 'FCMA'.
- Inserts new definitions for 'firm', 'partner', 'partnership', and 'sole proprietorship' to include Limited Liability Partnerships (LLPs) and sole proprietorships registered with the Institute.
- Allows members of the Institute to form partnerships with members of other recognized professions as prescribed by the Council.
- Clarifies that for the purpose of penalties regarding companies practicing as cost accountants, an LLP with a company as a partner is included in the definition of 'company'.
- Empowers the Council of the Institute to make regulations for recognizing other professions eligible for partnership.
Written from the document by AI, and checked against it. The original below is authoritative.
Where this law is now — Became law (Act)
The original document
Bill passed rs
2011-12-12
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Document details
| Official title | THE COST AND WORKS ACCOUNTANTS (AMENDMENT) BILL, 2011 |
| Source body | Parliament of India — Bills (Lok Sabha & Rajya Sabha) |
| Reference number | XXVI |
| Status | closed (bill) |
| Year | 2010 |
| Closing date | — |
| Documents | 3 |