The Hindu : Tamil Nadu / Chennai News : Role of CAs in protecting Asians from exploitation stressed

Online edition of India's National Newspaper
Sunday, Oct 01, 2006
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Tamil Nadu

Tamil Nadu - Chennai

Role of CAs in protecting Asians from exploitation stressed

Staff Reporter

Challenges of globalisation dominate SAFA meet

CHENNAI: The challenges and opportunities presented by globalisation dominated the South Asian Federation of Accountants (SAFA) Convention at the Chennai Trade Centre on Saturday.

"We are confident that given the knowledge of the intelligentsia in the region, we are bound to prosperity and success," said Sunil Goyer, SAFA president.

The convention, organised by the Institute of Chartered Accountants of India (ICAI) and co-hosted by the Institute of Cost and Works Accountants of India (ICWAI), hosted approximately 600 persons, including delegates from member countries of SAFA.

The event was inaugurated by Union Minister for Overseas Affairs Vayalar Ravi, who stressed the role of chartered accountants in protecting Asians from further exploitation.

Mr. Goyal said SAFA hoped to complete drafts in four areas: accounting standards for SMEs, accounting standards for non-governmental organisations, ensure better networking throughout SAFA member countries and detail a study of accounting at the municipal level.

The latter comprised a large portion of the discussion, with many speakers discussing the excess of funds and lack of information on their distribution. As for improved networking, the hammer of curricular reform continued to strike.

Dhananjay V. Joshi, president of ICWAI, said cost and management accountants would now have their own special professional acronym: CMA. "These people can become branded ambassadors to sell the importance of cost management," he said of the ICWAI's 30,000 members.

At a separate press conference on Saturday, ICWAI detailed its own initiatives, including pending mutual recognition agreements with educational facilities in other countries and a new award for excellence.

The convention decided to standardise the cost of cement across seven countries and send the format to other countries. ICWAI would be in charge of producing the format.

ICWAI vice-president Chandra Wadhwa said a subordinate legislative committee had recommended that the scope of cost accounting in various service and manufacturing sectors needed to be enlarged, so the need for cost management was recognised. The institute's newest plan was to look at education costs, particularly in private schools.

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