Institute of Cost Accountants of India

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),{{cite web|url=http://www.mca.gov.in/Ministry/actsbills/pdf/Cost_and_works_Accountants_Act_1959.pdf |title=ICWAI Act on MCA website |access-date=30 July 2012}} 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.[https://drive.google.com/file/d/1W0HVbgktCdazY1OvtCttzlekr-F26Hi7/view?usp=sharing Official Gazette ICWAI to ICMAI] As of now, there are a total of 98,500 active members of ICMAI.{{Cite web |date=13 June 2023 |title=Official Notification by Institute of Cost Accountants of India to adopt the acronym 'ICMAI'. |url=https://icmai.in/upload/Institute/Notifications/Acronym_ICMAI_1306_23.pdf |website=ICMAI}}

The ICMAI is a Founding Member of the International Federation of Accountants (IFAC),{{cite web|url=http://www.ifac.org/History/founding_member_bodies.php |title=Founding Members of IFAC in 1977 |publisher=Ifac.org |access-date=30 July 2012}} Confederation of Asian and Pacific Accountants (CAPA){{cite web |url=http://www.capa.com.my/section.cfm?id=24 |title=India |publisher=CAPA |access-date=30 July 2012 |url-status=dead |archive-url=https://web.archive.org/web/20120915140531/http://www.capa.com.my/section.cfm?id=24 |archive-date=15 September 2012 }} and South Asian Federation of Accountants (SAFA){{cite web |url=http://www.esafa.org/About/MemberMain.aspx# |title=SAFA Member Institutions |publisher=SAFA|access-date=30 July 2012 |url-status=dead |archive-url=https://web.archive.org/web/20111009141024/http://www.esafa.org/About/MemberMain.aspx |archive-date=9 October 2011 }} and Associate member of ASEAN Federation of Accountants.{{cite web | url=http://www.afa-accountants.org/news-149-AFA%20Welcomes%20ICMAI%20as%20an%20AFA%20Associate%20Member.html | title=ASEAN Federation of Accountants (AFA) }} ICMAI is also a member of the National Foundation of Corporate Governance (NFCG).{{cite web|author=Seemant Ahlawat |url=http://www.nfcgindia.org/aboutus.htm |title=Stakeholder in NFCG |publisher=Nfcgindia.org |date=1 October 2003 |access-date=30 July 2012}}

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This is the primary qualification of the ICMAI following completion of up to three levels (Foundation, Intermediate, and Final) examinations[https://icmai.in/upload/Students/Syllabus2022/Curriculum_2022.pdf Present Syllabus of ICMAI] and three years of practical training[https://icmai.in/studentswebsite/training_prac_train_new.php new practical training scheme] 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).

• The institute has introduced new Syllabus 2022 which fulfills the requirements of the New Education Policy, 2020 and has increased the level of skill development and improved Course Learning objectives{{cite web | url=https://icmai.in/studentswebsite/CMA_Syl_2022.php | title=Studies }}
• The old syllabus was introduced in August 2016 following the International Education Guidelines (IEG) of IFAC to get the advantages in the process of Mutual Recognition Agreement (MRA) among different member countries of the world under GATS in WTO.
• Subjects for examinations include Management Accounting, Financial Accounting, Strategic Management, Taxation, Corporate Law, Financial Management, Business Valuation, and Operations Management, etc.
• Students who have passed the degree examination of any recognized university or equivalent are eligible for admission directly to the Intermediate Level.
• Paper-wise exemptions on the basis of reciprocal arrangement are available to students who have passed Institute of Company Secretaries of India Final Examinations.{{Cite web |url=http://www.icmai.in/student/exemptions/forvariousqualifications |title=Welcome to the Institute of Cost Accountants of India Website ::Students | Exemptions | for Various Qualification |access-date=25 April 2013 |archive-url=https://web.archive.org/web/20130425064233/http://www.icmai.in/student/exemptions/forvariousqualifications |archive-date=25 April 2013 |url-status=dead }}
• Examinations are held twice a year, in June and December, in various examination centers in India and overseas centers. The results are declared in August and February for the June term and December term exams respectively.[http://icmai.in/studentswebsite/exam.php ICMAI Examination]

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Category:Member bodies of the International Federation of Accountants

Category:Accounting in India

Category:Management accounting

Category:Professional associations based in India

Category:Organisations based in Kolkata

Category:Educational boards based in Kolkata

Category:1959 establishments in West Bengal

Category:Organizations established in 1959