The Institute of Cost and Works Accountants of India (ICWAI) plans to come out with a new cost management and accounting system for the BPO industry as well as for the power and telecom sectors.
The institute will also introduce new syllabus for its various courses by the end of April.
ICWAI had prepared the draft of the new cost management system, which is now under the consideration of industry experts. "We will be able to introduce the system by April this year," said M Gopalakrishnan, central council member of ICWAI.
He told reporters here today that the introduction of new cost management system was part of the institute's efforts to bring out best practices in the industry. "As of now separate entities have their own systems. In the changed globalised scenario, it is very important to have an effective system to reduce cost. Outsourcing is happening in the healthcare sector also, which necessitates the need of a new system," he said.
The new system for the power sector will have separate management practices for generation, transmission and distribution."We are closely liaisoning with the power sector experts," Gopalakrishnan said.
{{/usCountry}}The new system for the power sector will have separate management practices for generation, transmission and distribution."We are closely liaisoning with the power sector experts," Gopalakrishnan said.
{{/usCountry}}It was through an amendment in the recently concluded Parliament session, that ICWAI got the power to decide on the syllabus for its various courses. "With the opening up of the services sector, there is a need to prepare students according to the industry requirement. By the end of April, we will introduce new syllabus for our various courses," said AS Durga Prasad, chairman of training, educational facilities and computerisation committee of ICWAI.