THE COST AND WORKS ACCOUNTANTS (AMENDMENT) BILL, 2011

The Cost and Works Accountants (Amendment) Bill, 2010 aims to amend the Cost and Works Accountants Act, 1959. The proposed amendments include extending the benefits of the Limited Liability Partnership Act, 2008 to the firms of cost and works accountants under the Cost and Works Accountants Act, 1959. This will allow members of the Institute of Cost and Management Accountants of India to form limited liability partnerships and offer multi-professional services in a competitive and commercial manner. The Bill also seeks to change the name of the "Institute of Cost and Works Accountants of India" to "Institute of Cost and Management Accountants of India" and replace the term "cost accountants" with "cost and management accountants". The provisions of the Bill will not involve any expenditure from the Consolidated Fund of India.