The Institute of Cost and Works Accountants of India (ICWAI) is on a mission to build the image of management accounting (MA) in Asia
The institute’s president, Chandra Wadhwa, said MA “in its new manifestation” includes accounting, strategy and management of enterprises. “This statement would [once] have been considered most outrageous and a sacrilege for the accounting profession, which has always claimed an overarching presence over management accounting,” Wadhwa said.
Wadhwa said MA bodies in Western countries, such as the Chartered Institute of Management Accountants (CIMA), CMA Canada and the US Institute of Management Accountants (IMA), “are tuned” to the new context, however, “the sister bodies in the Asian region are not fully transformed”.
In keeping with this theme, Wadhwa told TA the ICWAI name is going to change to reflect the management focus.
The institute is also taking the lead in raising the profile of MA in Asia through initiating a global summit in January next year. Co-hosts will be the institutes of cost and management accountants of Bangladesh and Pakistan and the Society of Certified Management Accountants of Sri Lanka. Wadhwa said about 1,000 delegates are expected. At the summit, institute leaders will begin to formulate a global strategy for branding.