President of Institute of Cost Accountants of India (ICAI), Biswarup Basu said here on Sunday that Union Finance Minister Nirmala Sitaraman has been requested to rename the institute as the Institute of Cost and Management Accountants as its professionals all over the world had come to be known as cost and management accountants.
The cost accountants had proved that they had expertise in cost and management accountancy, Goods and Services Tax and taxation matters. Many of the institute members also held senior positions in the industry. For instance, the managing director of Shipping Corporation of India was a cost accountant, Mr. Basu said inaugurating the renovated buildings of the institute at Himayatnagar and Sanatnagar.
Mr. Basu dwelt on the vast opportunities available for cost and management accountants in today’s world of financial operations. To keep abreast with the changing professional demands, the institute will include in the curriculum courses like Artificial Intelligence, block chain, cyber security and data analytics.
S. Papa Rao, chairman, Southern Indian Regional Council of ICAI, said the institute had been pursuing with the Central government to change its name to ICMAI but experienced bureaucratic delays.
Christened by British
He said ICAI was the name given by British rulers as they too had the same name for the profession in their country.
They changed the name of the institute twice to Institute of Cost and Management Accountants and later Chartered Institute of Management Accountants, London.
M. Venkateswarlu, chairman, Hyderabad chapter of ICAI, also spoke.