The Institute of Cost Accountants of India (ICMAI), which was also known as The Institute of Cost & Works Accountants of India (ICWAI) is a professional accountancy body in India. It is under the ownership of 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. 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" (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. More information...
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