Shri Salman Khurshid says the Cost and Management Accounting professionals to play a major role in ensuring reasonable pricing of essential goods and services – Dated:- 11-9-2009 – ICWAI URGES GOVERNMENT FOR MORE REGULATORY POWERS Shri Salman Khurshid, Minister for Corporate Affairs, has expressed confidence that under the present scenario, the Cost and Management Accounting professionals can play a major role in government initiative to control the inflation and make essential goods and services available to the public at a reasonable price. Addressing the Council of Institute of Cost and Works Accountants of India ( ICWAI ) here today at ICWAI Bhawan, Shri Khurshid said that the Expert Group constituted by the Ministry of Corporate Affair
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of cost & management accounting, ICWAI suggested for acceptance and implementation of some of the recommendations of the Expert Group. The Institute also suggested the following: • Redraft the proposed provisions for cost accounting and cost audit to remove the anomalies under proposed clause 131 of the new Companies Bill, 2009 vis-a-vis Section 209 (1) (d) and 233 (b) of the Companies Act 1956• Cost Accountants be allowed to attest and certify statement under Revised Schedule VI. • Inclusion of ICWAI representative in the Expert Group for IFRS constituted by MCA. • Inclusion of Cost Accountant in the audit of LLP Accounts. • Inclusion of Cost Accountants within the definition of Accountants of the Direct Tax Code Bill 2009, Clause 284
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