Parliament passes bills on CAs, company secys and cost accountants

Updated on: Tuesday, December 20, 2011

Three significant bills on Chartered Accountants, Company Secretaries and Cost and Works Accountants, were passed by Parliament today within minutes amid din without discussion.

The three bills amending laws governing the Institute of Chartered Accountants of India (ICAI), Institute of Company Secretaries of India (ICSI) and the Institute of Cost and Work Accountants of India (ICWAI) were passed by the Lok Sabha.

The Rajya Sabha has already passed the three bills. The three amendment bills allowing CA, company secretaries and cost and work accountants to have a choice to shift to Limited Liability Partnership (LLP) business model would help the professionals and thereby the country achieve a leadership position in the services sector.

The LLP Act was enacted in 2008 and as on September-end, 6,439 LLPs have been registered in the country mainly in the business service, trading, real estate, rentals, construction and so on.

The three bills are - the Chartered Accountants (Amendment), Bill, 2010, which was introduced in Upper House in April 2010, the Company Secretaries (Amendment) Bill, 2010 to amend the relevant Act of 1980 and the Cost and Works Accountants (Amendment) Bill, 2010 to amend related Act of 1959.

The bills add definitions of "firm", "partner", "partnership" and "sole proprietorship" in the original Act.

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