The Institute of Cost Accountants of India (ICMAI), which was previously known as The Institute of Cost & Works Accountants of India (ICWAI) is a professional accountancy body in India. It is under the ownership of the Ministry of Corporate Affairs of the Government of India. It has as its prime responsibility (by the Ministry of Corporate Affairs) to contribute to the cost and management accounting profession at the global level.

History

The Institute of Cost Accountants of India was first formed as a registered limited company on 14 June 1944 as per the provisions of the Companies Act of 1913. Post Independence, the Institute got statutory recognition when the Parliament of India enacted "The Cost and Works Accountants Act, 1959" (Act No.23rd of 1959), a special act, on 28 May 1959 to accord statutory recognition to ICMAI (previously ICWAI) as an autonomous professional Institute. The CWA Amendment bill of 2011 was passed by both the Houses of Indian Parliament. Lok Sabha and the Rajya Sabha on 12 December 2011 and assented by the president of India on 12 January 2012. The changes were published in the Official Gazette of India on 13 January 2012. As of now, there are a total of 98,500 active members of ICMAI.

International affiliations

The ICMAI is a Founding Member of the International Federation of Accountants (IFAC), Confederation of Asian and Pacific Accountants (CAPA) and South Asian Federation of Accountants (SAFA) and Associate member of ASEAN Federation of Accountants. ICMAI is also a member of the National Foundation of Corporate Governance (NFCG).

Qualification and syllabus

This is the primary qualification of the ICMAI following completion of up to three levels (Foundation, Intermediate, and Final) examinations and three years of practical training in areas like Management Accounting, Cost Accounting, Financial Accounting, Taxation, Cost audits, GST audits, Internal audit, Corporate laws, etc. and enables an individual to become a CMA (Cost & Management Accountant).

Notable Alumni