The Institute of Cost and Works Accountants of India (ICWAI) is
on a mission to build the image of management accounting (MA) in
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 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
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.