The Cost and Management Accountants (Amendment) Act, 2013 was introduced in the National Assembly

The Cost and Management Accountants (Amendment) Act, 2013 was introduced in the National Assembly here on Thursday. The Bill was presented by Federal Minister for Defence Syed Naveed Qamar on behalf of the Minister for Finance Dr Abdul Hafeez Shaikh. 

The proposed Bill is meant to amend the Cost and Management Accounts Act, 1966 so as to change the designation of Cost and Management Accounts to Chartered Management Accountant and to enable the institute (Cost and Management Accountants of Pakistan) with the objective to provide optional specialised certification in cost accounting in specific sectors of the economy. 

The statement of Objects and reasons of the Bill reads: The Cost and Management Accounts Act, 1966 created the institute Cost and Management Accountants of Pakistan ("the Institute") whose members are designated as "Cost and Management Accounts" as per Section 7 of the Act. However, since 1966, internationally the accountancy profession standards have changed and the accountants formerly known as "Cost and Management Accounts" are today recognised as "Chartered Management Accountants". As a result, Pakistani expertise and skill faces hindrances and a recognition problem because the accountants continue to be designated as "Cost and Management Accounts". 

The Bill further reads that the expertise of the members of the institute in cost accounting can be utilised by allowing sector/ industry specific specialisation in cost accounting and therefore provision should be made under the Act for the institute to offer certification in cost accounting for specific sectors of the economy/ industry.  (Business Recorder January 25,2013)