Section 2: Definitions

Plain-Language Summary

A general explanation to aid understanding. The official statutory text appears below.

This section defines the following terms used in The Cost and Management Accountants Act, 1966: • associate — an associate member of the Institute; 6[ • cost and management accountant — a person who is an associate or a fellow member of the Institute;] • Council — the Council of the Institute: • dissolved company — the company registered under the Companies Act, 1913, as the Pakistan Institute of Industrial Accountants; 1Subs. by the Cost and Industrial Accountants (Amdt.) Act, 1976 (70 of 1976), s. 2, for “industrial”. 2For Statement of Objects and Reasons, see Gaz. of P. 1966, Ext., p.331 (R). 3Subs. ibid., s. 3, for “Cost and Industrial Accountants Act, 1966”. 4i.e. the 20th day of August, 1966, see, Gaz., of P. 1966, Ext., dated the 18th August, 1966, p.557. 5Subs. by F.A.O., 1975, Art. 2 and Table for “Central Government”. 6New cl. (aa) ins. by Act 70 of 1976, s.4 • fellow — a fellow member of the Institute; (e) 1* * * * * * * • Institute — the 2[Institute of Cost and Management Accountants of Pakistan] constituted under this Act; • prescribed — prescribed by regulations made under this Act; • President — the President of the Council; • Register — the Register of members of the Institute maintained under this Act; • Vice­President — the Vice­President of the Council; • year — the financial year. (2) Save as otherwise provided in this Act, a member of the Institute shall be deemed “to be in practice” when, individually or in partnership with one or more members of the Institute in practice, he, in consideration of remuneration received or to be received,__ (a) engages himself in the practice of cost and 3[management] accounting; or (b) offers to perform service involving the costing or pricing of goods or services, or the preparation, verification or certification of cost accounting and related statements, or holds himself out to the public as a cost and 3[management] accountant; or (c) renders professional service or assistance in or about matter of principles or detail relating to the cost and 3[management] accounting procedures, or the recording, presentation or the certification of costing facts or data; or (d) renders such other services as, in the opinion of the Council, are or may be rendered by [a cost and management] accountant; and the expression “to be in practice”, with its grammatical variations and cognate expressions, shall be construed accordingly. Explanation.__ A member of the Institute who is a whole­time salaried employee of any person shall not be deemed “to be in practise” within the meaning of this sub­section. CHAPTER II 4[INSTITUTE OF COST AND MANAGEMENT ACCOUNTANTS OF PAKISTAN]. 1Cl (e) omitted by the Cost and Industrial Accountants (Amdt.) Act, 1976 (70 of 1976), s.4. 2Subs. ibid., for “Pakistan Institute of Industrial Accountants”. 3Subs.ibid. for “Industrial”. 4Subs. by the Cost and Industrial Accountants (Amdt.) Act 1976 (70 of 1976) s. 5, for heading “Pakistan Institute of Industrial Accountants.” This is the official statutory text, shown as written — it is not a paraphrase or a legal opinion. Consult a verified lawyer to see how it applies to your specific situation.

2. Definitions.__ (1) In this Act, unless there is anything repugnant in the subject or context,__ (a) “associate” means an associate member of the Institute; 6[(aa) “cost and management accountant” means a person who is an associate or a fellow member of the Institute;] (b) “Council” means the Council of the Institute: (c) “dissolved company” means the company registered under the Companies Act, 1913, as the Pakistan Institute of Industrial Accountants; 1Subs. by the Cost and Industrial Accountants (Amdt.) Act, 1976 (70 of 1976), s. 2, for “industrial”. 2For Statement of Objects and Reasons, see Gaz. of P. 1966, Ext., p.331 (R). 3Subs. ibid., s. 3, for “Cost and Industrial Accountants Act, 1966”. 4i.e. the 20th day of August, 1966, see, Gaz., of P. 1966, Ext., dated the 18th August, 1966, p.557. 5Subs. by F.A.O., 1975, Art. 2 and Table for “Central Government”. 6New cl. (aa) ins. by Act 70 of 1976, s.4. (d) “fellow” means a fellow member of the Institute; (e) 1* * * * * * * (f) “Institute” means the 2[Institute of Cost and Management Accountants of Pakistan] constituted under this Act; (g) “prescribed” means prescribed by regulations made under this Act; (h) “President” means the President of the Council; (i) “Register” means the Register of members of the Institute maintained under this Act; (j) “Vice­President” means the Vice­President of the Council; (k) “year” means the financial year. (2) Save as otherwise provided in this Act, a member of the Institute shall be deemed “to be in practice” when, individually or in partnership with one or more members of the Institute in practice, he, in consideration of remuneration received or to be received,__ (a) engages himself in the practice of cost and 3[management] accounting; or (b) offers to perform service involving the costing or pricing of goods or services, or the preparation, verification or certification of cost accounting and related statements, or holds himself out to the public as a cost and 3[management] accountant; or (c) renders professional service or assistance in or about matter of principles or detail relating to the cost and 3[management] accounting procedures, or the recording, presentation or the certification of costing facts or data; or (d) renders such other services as, in the opinion of the Council, are or may be rendered by [a cost and management] accountant; and the expression “to be in practice”, with its grammatical variations and cognate expressions, shall be construed accordingly. Explanation.__ A member of the Institute who is a whole­time salaried employee of any person shall not be deemed “to be in practise” within the meaning of this sub­section. CHAPTER II 4[INSTITUTE OF COST AND MANAGEMENT ACCOUNTANTS OF PAKISTAN]. 1Cl (e) omitted by the Cost and Industrial Accountants (Amdt.) Act, 1976 (70 of 1976), s.4. 2Subs. ibid., for “Pakistan Institute of Industrial Accountants”. 3Subs.ibid. for “Industrial”. 4Subs. by the Cost and Industrial Accountants (Amdt.) Act 1976 (70 of 1976) s. 5, for heading “Pakistan Institute of Industrial Accountants.”

Effective date: 1966-01-01

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