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{{short description|National Professional Cost and Management Accounting body in India}}
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{{Use Indian English|date=January 2022}}
{{Infobox organization {{Infobox organization
| name = The Institute of Cost Accountants of India | name = Institute of Cost Accountants of India
| pronounce = | pronounce =
| nickname =
| native_name = भारतीय लागत लेखाकार संस्थान
| native_name_lang = | named_after =
| nickname = | image =
| named_after = | image_size =
| alt = ICWAI
| image = Institute of Cost Accountants of India logo.png
| image_size = | caption =
| logo =
| alt = ICMAI
| logo_alt =
| caption = ICMAI ]
| logo = | logo_caption =
| abbreviation = ICMAI
| logo_size =
| logo_alt = | predecessor =
| logo_caption = | merged =
| successor =
| abbreviation = ICMAI
| formation = {{Start date and age|df=yes|1959|05|28}}
| motto = तमसो मा ज्योतिर्गमय
| predecessor = | founding_location =
| merged = | merger =
| successor = | vat_id =
| registration_id = <!-- for non-profit org -->
| formation = {{Start date and years ago|df=yes|1959|05|28}}
| status = Active
| founder =
| founding_location = | purpose =
| headquarters = CMA Bhawan, 12 Sudder Street, Kolkata – 700016 India Kolkata, India
| extinction = <!-- use {{end date and age|df=yes|YYYY|MM|DD}} -->
| coordinates = {{Coord|22.558103|88.353672|display=inline}}
| merger =
| region = India
| type =
| services =
| tax_id = <!-- or | vat_id = (for European organizations) -->
| products =
| registration_id = <!-- for non-profit org -->
| methods =
| status = Recognised statutory professional organisation established by a special ] of the ]
| purpose = | fields =
| membership =
| headquarters = CMA Bhawan, 12 Sudder Street, Kolkata - 700016 India ], ]
| membership_year =
| location = CMA Bhawan, 3 Institutional Area, Lodhi Road, New Delhi - 110003 India ] = WIRC - Mumbai, SIRC - Chennai, EIRC - Kolkatta, NIRC - New Delhi
| owner = <!-- or | owners = -->
| coords = {{Coord|22.558103|88.353672|display=inline}}
| sec_gen = <!-- or | gen_sec for General Secretary -->
| region = ]
| leader_title = President
| services =
| leader_name = CMA Ashwinkumar G. Dalwadi
| products =
| leader_title2 = Vice President
| methods =
| leader_name2 = CMA Bibhuti Bhusan Nayak
| fields =
| leader_title3 = Secretary
| membership =
| leader_name3 = CMA Kaushik Banerjee
| membership_year =
| language = | leader_title4 =
| owner = <!-- or | owners = --> | leader_name4 =
| board_of_directors =
| sec_gen = <!-- or | gen_sec for General Secretary -->
| main_organ =
| leader_title = President
| parent_organization = ], ]
| leader_name = CMA Balwinder Singh
| subsidiaries =
| leader_title2 = Vice President
| secessions =
| leader_name2 = CMA Biswarup Basu
| affiliations =
| leader_title3 = Immediate Past President
| budget =
| leader_name3 = CMA Amit Apte
| leader_title4 = | budget_year =
| leader_name4 = | revenue =
| board_of_directors = | revenue_year =
| key_people = | disbursements =
| main_organ = | expenses =
| parent_organization = | expenses_year =
| subsidiaries = | endowment =
| secessions = | endowment_year =
| affiliations = | staff =
| budget = | staff_year =
| budget_year = | volunteers =
| revenue = | volunteers_year =
| members = 98,500
| revenue_year =
| students = 7,50,000 (Approx)
| disbursements =
| website = {{URL|https://www.icmai.in}}
| expenses =
| expenses_year = | remarks =
| formerly = The Institute of Cost & Works Accountants of India
| endowment =
| endowment_year = | footnotes =
| staff =
| staff_year =
| volunteers =
| volunteers_year =
| members = 80,000
| students_year = 6,50,000
| website = https://www.icmai.in
| remarks = Recognised statutory professional organisation and licensing body in India specialising exclusively in Cost and Management Accountancy
| formerly = The Institute of Cost Accountants of India
| footnotes =
}} }}
'''The Institute of Cost Accountants of India''' ('''ICMAI'''), previously known as '''The Institute of Cost & Works Accountants of India''' ('''ICWAI'''), is a premier statutory ] in India with the objects of promoting, regulating and developing the profession of Cost & Management Accountancy. It is the only licensing cum ] of ] profession in India. It recommends the Cost Accounting Standards to be followed by companies in India to which statutory maintenance of cost records applicable. ICMAI is solely responsible for setting the auditing and assurance standards for statutory Cost Audit to be followed in the ] of ] in India. It also issues other technical guidelines on several aspects like ], ] etc. to be followed by practising Cost Accountants while discharging their services. It works closely with the industries, various departments of ], ] and other Regulating Authorities in India e.g. ], ], ] etc. on several aspects of performance, cost optimisation and reporting.


'''The Institute of Cost Accountants of India''' ('''ICMAI'''), which was previously known as '''The Institute of Cost & Works Accountants of India''' ('''ICWAI''') is a ] in India. It is under the ] of the ] of the ]. 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 ICMAI is a Founder Member of the ] (IFAC),<ref>{{cite web|url=http://www.ifac.org/History/founding_member_bodies.php |title=Founding Members of IFAC in 1977 |publisher=Ifac.org |date= |accessdate=2012-07-30}}</ref> ] (CAPA)<ref>{{cite web |url=http://www.capa.com.my/section.cfm?id=24 |title=ICWAI Membership of CAPA |publisher=Capa.com.my |date=1 July 1949 |accessdate=2012-07-30 |url-status=dead |archiveurl=https://web.archive.org/web/20120915140531/http://www.capa.com.my/section.cfm?id=24 |archivedate=15 September 2012 |df=dmy-all }}</ref> and ] (SAFA).<ref>{{cite web |url=http://www.esafa.org/About/MemberMain.aspx# |title=ICMAI membership of SAFA |publisher=Esafa.org |accessdate=2012-07-30 |url-status=dead |archiveurl=https://web.archive.org/web/20111009141024/http://www.esafa.org/About/MemberMain.aspx |archivedate=9 October 2011 |df=dmy-all }}</ref> ICAI is a member of the National Foundation of Corporate Governance(NFCG).<ref>{{cite web|author=Seemant Ahlawat |url=http://www.nfcgindia.org/aboutus.htm |title=Stakeholder in NFCG |publisher=Nfcgindia.org |date=1 October 2003 |accessdate=2012-07-30}}</ref> The headquarters of ICMAI is situated in Kolkata (CMA Bhawan, Sudder Street, Kolkata) and one office at Delhi. The institute operates through its four regional councils located at Kolkata, Chennai, Delhi and Mumbai, 94 chapters in India and 78 chapters abroad. The practicing professionals are also known as C.M.A.


== History == == History ==


The Institute of Cost Accountants of India (ICAI) was first formed as a registered limited company in the year 1944 (14.6.1944) as per the provisions of the then companies Act, 1913 with the initial objective of promoting, regulating and developing the profession of Cost Accountancy. Post Independence, the institute got statutory recognition when the ] enacted "The Cost and Works Accountants Act" (Act No.23rd of 1959),<ref>{{cite web|url=http://www.mca.gov.in/Ministry/actsbills/pdf/Cost_and_works_Accountants_Act_1959.pdf |title=ICWAI Act on MCA website |format=PDF |date= |accessdate=2012-07-30}}</ref> a special act, on 28 May 1959 to accord statutory recognition to ICAI (then ICWAI) as an autonomous professional Institute with the objectives of promoting, regulating, and developing the profession of Cost and Management Accountancy. 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 ] enacted "The Cost and Works Accountants Act, 1959" (Act No.23rd of 1959),<ref>{{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}}</ref> a special act, on 28 May 1959 to accord statutory recognition to ICMAI (previously ICWAI) as an autonomous professional Institute.


The CWA Amendment bill, 2011 was passed by both the Houses of Indian Parliament viz. ] and the ] on 12 December 2011 and assented by the Honorable President of India on 12 January 2012. The changes were published in the Official Gazette of India on 13 January 2011. The CWA Amendment bill of 2011 was passed by both the Houses of Indian Parliament. ] and the ] 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.<ref></ref> As of now, there are a total of 98,500 active members of ICMAI.<ref>{{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}}</ref>


== International affiliations ==
Due to the continuous opposition from sister concern ], ] denied the name change of Institute<ref>{{http://archive.indianexpress.com/news/what-s-in-a-name--ca-lobby-not-letting-icwai-change/656813}}</ref>, Along with this many legislative changes are put on hold. Due to the deliberate attempts to suppress Costing Institute by ] CMA profession is put on stake.

The ICMAI is a Founding Member of the ] (IFAC),<ref>{{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}}</ref> ] (CAPA)<ref>{{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 }}</ref> and ] (SAFA)<ref>{{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 }}</ref> and Associate member of ASEAN Federation of Accountants.<ref>{{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) }}</ref> ICMAI is also a member of the National Foundation of Corporate Governance (NFCG).<ref>{{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}}</ref>


== Qualification and syllabus == == Qualification and syllabus ==


=== Cost & Management Accountants (CMAs) ===
] ]
This is the primary qualification of the ICMAI and following completion of up to three levels (Foundation, Intermediate and Final) examinations<ref></ref> and three years of practical training<ref></ref> in areas like Management Accounting, Cost Accounting, Financial Accounting, Taxation, Audits, Corporate Laws etc. enables an individual to become a Cost & Management Accountant. This is the primary qualification of the ICMAI following completion of up to three levels (Foundation, Intermediate, and Final) examinations<ref></ref> and three years of practical training<ref></ref> 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<ref>{{cite web | url=https://icmai.in/studentswebsite/CMA_Syl_2022.php | title=Studies }}</ref>
* The new syllabus has been introduced in August 2016 following the International Education Guidelines (IEG) of ] to get the advantages in the process of Mutual Recognition Agreement ( MRA) among /different member countries of the world under GATS in ].
* The old syllabus was introduced in August 2016 following the International Education Guidelines (IEG) of ] to get the advantages in the process of Mutual Recognition Agreement (MRA) among different member countries of the world under GATS in ].
* Subjects for examinations include ], ], ], taxation, ], ], ], ] and cost & management audit etc.
* Subjects for examinations include ], ], ], ], ], ], ], ], etc.
* Students who have passed degree examination of any recognised university or equivalent are eligible for admission directly to Intermediate level.
* Students who have passed the degree examination of any recognized university or equivalent are eligible for admission directly to the Intermediate Level.
* Paperwise exemptions on the basis of reciprocal arrangement are available to students who have passed ] Final Examination.<ref></ref>
* Paper-wise exemptions on the basis of reciprocal arrangement are available to students who have passed ] Final Examinations.<ref>{{Cite web |url=http://www.icmai.in/student/exemptions/forvariousqualifications |title=Welcome to the Institute of Cost Accountants of India Website ::Students &#124; Exemptions &#124; 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 }}</ref>
* Examinations are held twice a year in June and December in various examination centres in India and overseas centres. And Results are declared in the month of August and February for June term and December term exams respectively.<ref></ref>
* 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.<ref></ref>


==Notable Alumni==
A student has to pass three levels of examination and complete three years of practical training to be eligible to apply for Associate membership of the Institute.
{| class="wikitable"
|+
|-
! Name!! Position !! Organization
|-
| ]|| Former ]|| ]
|-
| ]|| Former CEO || ]
|-
| ]|| Professor || ]
|-
| ]|| ], Management Advisor ||
|-
| ]|| Executive Director || ]
|-
| ]|| ], Entrepreneur || ]
|-
| rowspan="2" | ]|| Professor, Ex-Director ||]
|-
|Professor
|]
]
|-
| ]|| Musician ||
|-
| ], || ]|| ]
|-
| ] (])|| Director General || ]
|-
|P. Vasudevan
|Executive Director
|]
|-
|Sundararaman Ramamurthy
|Managing Director & Chief Executive Officer
|]
|-
| Pradip Kumar Das || Chairman & Managing Director || ]
|-
| Pomila Jaspal || Director(Finance) || ]
|-
| Jaikumar Srinivasan || Director (Finance & HR) || ]
|-
| Rajendra Prasad Goyal || Chairman & Managing Director and Director (Finance) || ]
|-
| Parminder Chopra || Chairman & Managing Director
|]
|-
| Prasanna Tantri || Independent Director || ]
|-
| G Ravisankar || Director (Finance) || ]
|-
| Mukesh Agrawal || Director (Finance) || ]
|-
| Anil Kumar Tulsiani || Director (Finance) || ]
|-
| C.B. Ananthakrishnan || Director (Finance) & CFO with Addl. Charge of Chairman and Managing Director || ]
|-
| Anil Jerath || Director (Finance) || ]
|-
| Rajendra Kumar Parakh || Director (Finance) || ]
|-
| Sanjeev Singhal || Chairman & Managing Director and Director (Finance) || ]
|-
| Rakesh Kumar Jain || Director (Finance) || ]
|-
| Sanjay Jindal || Director (Finance) || ]
|-
| Baldev kaur Sokhey || Director (Finance) || ]
|-
| D Guhan || Director (Finance) || ]
|-
| Amitava Mukherjee || Chairman & Managing Director and Director (Finance) || ]
|-
| Krishna Gopal Agarwal || Director (Finance) || ]
|-
| Ragini Advani || Director (Finance) || ]
|-
| Ramesh Chandra Joshi || Director (Finance) || ]
|-
| Anuj Kumar || Director (Finance) || ]
|-
| R.K Dash || Director (Finance) || ]
|-
| Sunil Shivaling Bagi || Director (Finance) || ]
|-
| Lokesh Kumar Aggarwal || Director (Finance) || ]
|-
| Rajeev Shrivastava || Director (Finance) || ]
|-
| Hira Nand || Director (Finance) || ]
|-
| Gaurav Gulati || Director (Finance) || ]
|-
| Prasanna Kumar Acharya || Director (Finance) || ]
|-
| Anupam Agarwal || Director (Finance) || ]
|-
| Ajay Agarwal || Director (Finance) || ]
|-
| C I Acharya || Director (Finance) || ]
|-
| G Srinivasan || Director (Finance) || ]
|-
| Sarada Bhusham Mohanty || Director (Finance) || ]
|-
| Rajneesh Jain || Chief Financial Officer || ]
|-
| R. Shankar Raman || President, Whole-time Director & CFO || ]
|-
| Vasudeva Maipady || Chief Financial Officer || ]
|-
| Dr. Devesh Prakash || Financial Accounting & Advisory Services Partner || ]
|-
|Sujata Guhathakurta
|Senior Executive Vice President & Head Debt Capital Market
|]
|-
|Santosh Dalvi
|Partner & Deputy Head of Indirect Taxes
|]
|-
|Suresh Manglani
|Chief Executive Officer
|Adani Gas Ltd
|-
|Subhasri Sriram
|Director
|]
|-
|Srividya Gopal
|Managing Director & Southeast Asia Leader, Valuation Advisory Services
|] Singapore
|-
|Pawan Kumar (])
|Chief Advisor Cost
|], ]
|-
|Manikumar S
|Director
|]
|-
|Arun Ramnathan
|Part time Chairman
|]
|-
|Parag Sharma
|Joint Managing Director & Chief Financial Officer
|]
|-
|Jyoti Saraph
|Director (Finance)
|] India
|-
|Sanjay Mehrotra
|Director (Finance)
|]
|-
|Shilpa Joshi
|Whole-Time Director & Chief Financial Officer
|]
|-
|Sanjay Kallapur
|Professor
|]
|-
|Geeta Sharma
|Director (Finance)
|]
|-
|Kedar Upadhye
|Chief Financial Office
|]
|-
|Biranchi Narayan Sahoo
|Executive Director
|]
|-
|Sanjeev Mantri
|Managing Director & Chief Executive Officer
|]
|-
|Ashok Patra
|Director (Finance)
|]
|-
|Monaz Noble
|Non-Executive & Non-Independent Director
|]
|-
| rowspan="2" |D. Sundaram
|Lead Independent Director
|]
|-
|Vice Chairman & Managing Director
|TVS Capital Funds Ltd
|-
|VN Iyer
|Group CFO
|]
]
|-
|Sudha Pai
|CFO
|]
|-
|Shyam Bhartia
|Founder & Chairman
|]
|-
|Anil Sardana
|Managing Director & Chief Executive Officer
|]
|}


== References ==
The members of the Institute of Cost Accountants of India carry the designation ACMA (Associate Cost and Management Accountant) and FCMA (Fellow Cost and Management Accountant), as applicable based on their type of membership of the institute.
{{reflist}}

== Membership ==

A person who has passed the Final Examination of the Institute and has obtained for a period of not less than three years of practical experience in the field of Cost & Management Accountancy and other related areas can apply for Associate Membership. The practical experience as above may be acquired prior to or after passing the Final Examination or partly before and partly after passing the said examination. The applicant has to produce evidence to the satisfaction of the Council<ref></ref>

According to Sec 2(b) of CWA Act 1959, "Cost Accountant" means a person who is a member of the Institute. Sec 5(1)provides that the members of the Institute shall be divided into two classes designated respectively as Associates and Fellows.

=== Associate Member (ACMA) ===
This is the basic membership of the institute. Application for Associate Membership should be made in prescribed Form 'M2' available at the Headquarters of the Institute in Kolkata and the offices of Regional Councils and Chapters. The application should be accompanied with prescribed fees mentioned in the Form ‘M-2’, experience certificate(s) duly attested by the employer(s) in original and photocopy of certificates of date of birth and highest academic qualification of the applicant. The experience can also be certified by the employer(s) in Form ‘M-2’.<ref></ref>

However, for general convenience, institute has established online membership application mechanism.<ref></ref> After admission to membership, members are entitled to use the letter "ACMA" after his name to indicate that he or she is an Associate Member of the ICAI.

=== Fellow Member (FCMA) ===
An Associate Member who has been in continuous practice in India for at least five years or a member who has been an Associate for a continuous period of not less than five years and who possesses such qualifications and experience as the Council may prescribe apply for Fellow Membership of ICAI.<ref></ref>

Any person whose name is entered in the Register as a fellow of the Institute and so long as his name remains so entered, shall be entitled to use the letters "FCMA" after his name to indicate that he is a Fellow of the ICAI.

The Council of the Institute has mandated that the members of the Institute should use "CMA" as the prefix before their names to signify that he/she is a professional "Cost & Management Accountant".

=== Mandatory Continuing Education Programme (CEP) for members ===
In line with the recommendations of the International Federation of Accountants and feeling the need to have compulsory and continued training of the members of the Institute, the institute has made training mandatory for all members to ensure constant updating of knowledge and skills of members. The institute has also framed certain guidelines covering the requirement of eligible training, awarding and recording of credit hours as well as features for considering programmes eligible to award credit hours. The objective of Continuing Education Programme is to assist the members in widening their knowledge base and in improving their skills to be at the cutting edge of technology by providing training and expertise in critical areas.<ref></ref>

== Cost Accounting Standards (CASs) and Management Accounting Guidelines (MAGs) issued by ICAI ==

=== Cost Accounting Standards (CASs) ===

The Institute of Cost Accountants of India (ICAI), recognizing the need for structured approach to the measurement of cost in manufacture or service sector and to provide guidance to the user organizations, government bodies, regulators, research agencies and academic institutions to achieve uniformity and consistency in classification, measurement and assignment of cost to product and services, has constituted Cost Accounting Standards Board (CASB) in the year 2001 with the objective of formulating the Cost Accounting Standards (CASs).<ref>{{cite web|url=http://casbicwai.org/CASB/casb-about.asp |title=About CASB}}</ref>

The structure of Cost Accounting Standard consists of Introduction, Objectives of issuing standards, Scope of standard, Definitions and explanations of the terms used in the standard, Principles of Measurement, Assignment of Cost, Presentation and Disclosure.

The CASB has primarily identified 39 areas/items on which CASs are to be developed.

On visit to India during the month of May, 2010, the then President of IFAC, Mr. Robert Bunting praised the role of ICAI by saying that "In cost accounting standards, perhaps India is the global leader. Its role is limited to select sectors and is closely linked to public accounting in most countries. We are discussing about the possibilities to make this system acceptable in more regions."<ref>{{cite web|url=http://www.business-standard.com/article/economy-policy/q-a-robert-bunting-president-ifa-110060200101_1.html |title=Q&A: Robert Bunting, President, IFA |publisher=Business Standard |date= |accessdate=2010-06-02}}</ref><ref>{{cite web|url=http://www.smartinvestor.in/common/srchoutdet-30315-Auto-QA_Robert_Bunting_President_IFA.htm |title=Q&A: Robert Bunting, President, IFA |publisher=smartinvestor.in |date= |accessdate=2010-06-02}}</ref>

The Council of the ICAI at its 251th Meeting held on 12–13 February 2009 and 258th Meeting held on 14 December 2009 decided on Mandatory application of Cost Accounting Standards (CASs). The CASs shall be mandatory with effect from period commencing on or after 1 April 2010 for being applied for the preparation and certification of General Purpose Cost Accounting Statements. So far ever 22 Cost Accounting Standards and 4 Management Accounting Guidelines have been issued by the Institute. The effective date of the standards are also mentioned in respective standards.

'''List of CASs issued by ICAI till date'''<ref>{{cite web|url=http://casbicwai.org/CASB/casb-resources.asp |title=Cost Accounting Standards}}</ref>

'''CAS-1 (Final) on Classification of Cost'''

'''CAS-2 (Final, Revised 2012) on Capacity Determination'''

'''CAS-3 (Final, Revised 2011) on Overheads'''

'''CAS-4 (Final) on Cost of Production for Captive Consumption'''

'''CAS-5 (Final) on Average (equalized) Cost of Transportation'''

'''CAS-6 (Final) on Material Cost'''

'''CAS-7 (Final) on Employee Cost'''

'''CAS-8 (Final) on Cost of Utilities'''

'''CAS-9 (Final) on Packing Material Cost'''

'''CAS-10 (Final) on Direct Expenses'''

'''CAS-11 (Final) on Administrative Overheads'''

'''CAS-12 (Final) on Repairs And Maintenance Cost'''

'''CAS-13 (Final) on Cost of Service Cost Centre'''

'''CAS-14 (Final) on Pollution Control Cost'''

'''CAS-15 (Final) on Selling & Distribution Overhead'''

'''CAS-16 (Final) on Depreciation & Amortisation'''

'''CAS-17 (Final) on Interest and Financing Charges'''

'''CAS-18 (Final) on Research & Development Expenses'''

'''CAS-19 (Final) on Joint Costs'''

'''CAS-20 (Final) on Royalty and Technical Know-How Fee'''

'''CAS-21 (Final) on Quality Control'''

'''CAS-22 (Final) on Manufacturing Cost'''

'''CAS-23 (Final) on Overburden Removal Cost'''

'''CAS-24 (Final) on Treatment of Revenue in Cost Statements'''

Besides issuing standards, ICAI is also issuing Guidance Notes to each important standards in more detail and with practical examples for better understanding & proper implementation of each standard to achieve the right objectives set out in each standard.

=== Management Accounting Guidelines ===

'''MAG-1 on Implementing Benchmarking'''

'''MAG-2 on Valuations Management a Tool of Management Accountant'''

'''MAG-3 on Implementing Corporate Environmental Strategies'''

'''MAG-4 on Tools and Techniques of Environmental Accounting for Business'''

== Cost Audit & Assurance Standards (CAASs) ==

With the introduction of "The Companies (Cost Audit Report) Rules, 2011" by ] (MCA), Govt. of India, the scope & application of Statutory Cost Audit (u/s 233B of the Companies Act, 1956) has been widened manifold. The said rule also introduces a new concept named as 'Performance Appraisal Report' (PAR) which needs to be submitted by the Statutory Cost Auditor to the company along with the Cost Audit Report. This PAR is only meant for the company & it is not required to submit the same to the MCA like the Cost Audit Report.

In this changed context, the institute, addressing the needs of separate standards of auditing & assurance of cost records, has constituted the Cost Audit and Assurance Standards Board (CAASB) entrusting the responsibility to formulate standards and develop guidance notes in the areas of auditing, assurance, related services and quality control keeping in mind the special sophisticated structure & objectives of Statutory Cost Audit.<ref>{{cite web|url=http://icmai.in/~icmai/caasb/aboutcaasb |title=About CAASB}}</ref>

The sub-section (3) of section 148 of the Companies Act, 2013 gave the statutory mandate for separate auditing standards for audit of cost records as distinct from auditing standards applicable for audit of financial records. It stipulates that the auditor conducting the cost audit shall comply with the cost auditing standards which are issued by the ICAI, with the approval of the ].

'''Till date, the CAASB has issued four standards:'''<ref>{{cite web|url=http://icmai.in/~icmai/caasb/download |title=CAAS}}</ref>

'''CAAS-101 on Planning an Audit of Cost Statements'''

'''CAAS-102 on Cost Audit Documentation'''

'''CAAS-103 on Overall Objectives of the Independent Cost Auditor and the Conduct of an Audit in Accordance with Standards on Auditing'''

'''CAAS-104 on Knowledge of Business, its Processes and the Business Environment'''

== International partnerships ==

The Institute of Cost Accountants of India (ICAI) has entered into a Memorandum of Understanding (MoU) with the leading Professional Accounting Bodies to enable Mutual Recognition and co-operation among the Institutes to develop the Profession of Management Accountancy for the benefit of their members in the pursuit of excellence in education and training and continuing professional development in Cost & Management Accountancy.

* Institute of Management Accountants (IMA), USA<ref></ref>
* Chartered Institute of Management Accountants, UK<ref></ref>
* The Institute of Cost and Management Accountants of Oman<ref></ref>
* Institute of Public Accountants (IPA) Australia<ref></ref>
* An MoU is also in existence with CMA Sri Lanka.
* Chartered Institute For Securities & Investments, UK<ref></ref>
* Institute of Professional Accountants and Auditors of Russia (IPAR)<ref></ref>
* Association of Chartered Certified Accountants (ACCA)<ref></ref>


==Notable members==
<!--People listed here MUST be notable. If they do not have an article written about them on Misplaced Pages, they are not sufficiently notable to be listed here.-->

===Finance and accounting ===
]</nowiki>, ]</nowiki>, Finance Secretary]

==See also==

Some of the management accounting bodies worldwide besides the Institute of Cost Accountants of India (ICAI-CMA):

*], UK
*], US
*], Australia
*]
*]
*]
*], Nigeria
*]

==References==
{{Reflist|2}}

==External links==
*
* ICMAI Registered Valuers Organisation (RVO ICMAI) http://www.rvoicmai.in
* Insolvency Professional Agency of The Institute of Cost Accountants of India (IPA ICMAI) http://www.ipaicmai.in


{{IFAC Members}} {{IFAC Members}}

{{Indian Professional Regulators}} {{Indian Professional Regulators}}


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] ]
] ]
]
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Latest revision as of 07:07, 19 August 2024

National Professional Cost and Management Accounting body in India
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Institute of Cost Accountants of India
AbbreviationICMAI
Formation28 May 1959; 65 years ago (1959-05-28)
Legal statusActive
HeadquartersCMA Bhawan, 12 Sudder Street, Kolkata – 700016 India Kolkata, India
Coordinates22°33′29″N 88°21′13″E / 22.558103°N 88.353672°E / 22.558103; 88.353672
Region India
Members98,500
PresidentCMA Ashwinkumar G. Dalwadi
Vice PresidentCMA Bibhuti Bhusan Nayak
SecretaryCMA Kaushik Banerjee
Parent organizationMinistry of Corporate Affairs, Government of India
Students7,50,000 (Approx)
Websitewww.icmai.in
Formerly calledThe Institute of Cost & Works Accountants of India

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

CMA Logo for exclusive use by Indian CMAs

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).

  • 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
  • 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.
  • 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.

Notable Alumni

Name Position Organization
Subhash Chandra Garg Former Finance Secretary Government of India
Chanda Kochhar Former CEO ICICI Bank
J Ramachandran Professor IIMB
Mrityunjay Athreya Padma Bhushan, Management Advisor
P. K. Mukherjee Executive Director Sesa Sterlite Limited
Kailasam Raghavendra Rao Padma Shri, Entrepreneur Orchid Chemicals & Pharmaceuticals Limited
B. B. Chakrabarti Professor, Ex-Director Indian Institute of Management Ranchi
Professor Indian Institute of Management Calcutta

Indian Institute of Management Sirmaur

G. J. R. Krishnan Musician
T. V. Somanathan, Finance Secretary Government of India
Sadanand Date (IPS) Director General National Investigation Agency
P. Vasudevan Executive Director Reserve Bank of India
Sundararaman Ramamurthy Managing Director & Chief Executive Officer Bombay Stock Exchange
Pradip Kumar Das Chairman & Managing Director Indian Renewable Energy Development Agency
Pomila Jaspal Director(Finance) Oil and Natural Gas Corporation
Jaikumar Srinivasan Director (Finance & HR) NTPC Limited
Rajendra Prasad Goyal Chairman & Managing Director and Director (Finance) NHPC
Parminder Chopra Chairman & Managing Director Power Finance Corporation
Prasanna Tantri Independent Director Power Finance Corporation
G Ravisankar Director (Finance) Power Grid Corporation of India
Mukesh Agrawal Director (Finance) Coal India Limited
Anil Kumar Tulsiani Director (Finance) Steel Authority of India Limited
C.B. Ananthakrishnan Director (Finance) & CFO with Addl. Charge of Chairman and Managing Director Hindustan Aeronautics Limited
Anil Jerath Director (Finance) BEML
Rajendra Kumar Parakh Director (Finance) Electronics Corporation of India Limited
Sanjeev Singhal Chairman & Managing Director and Director (Finance) Mazagon Dock Shipbuilders
Rakesh Kumar Jain Director (Finance) GAIL
Sanjay Jindal Director (Finance) Engineers India
Baldev kaur Sokhey Director (Finance) NBCC (India) Limited
D Guhan Director (Finance) Housing and Urban Development Corporation
Amitava Mukherjee Chairman & Managing Director and Director (Finance) National Mineral Development Corporation
Krishna Gopal Agarwal Director (Finance) Rail India Technical and Economic Service
Ragini Advani Director (Finance) Ircon International
Ramesh Chandra Joshi Director (Finance) National Aluminium Company
Anuj Kumar Director (Finance) Central Warehousing Corporation
R.K Dash Director (Finance) Garden Reach Shipbuilders & Engineers
Sunil Shivaling Bagi Director (Finance) Goa Shipyard
Lokesh Kumar Aggarwal Director (Finance) India Tourism Development Corporation
Rajeev Shrivastava Director (Finance) Indian Telephone Industries Limited
Hira Nand Director (Finance) National Fertilizers Limited
Gaurav Gulati Director (Finance) National Small Industries Corporation
Prasanna Kumar Acharya Director (Finance) NLC India Limited
Anupam Agarwal Director (Finance) Ongc Videsh
Ajay Agarwal Director (Finance) Security Printing and Minting Corporation of India
C I Acharya Director (Finance) Shipping Corporation of India
G Srinivasan Director (Finance) South Eastern Coalfields
Sarada Bhusham Mohanty Director (Finance) Uranium Corporation of India
Rajneesh Jain Chief Financial Officer Reliance Jio Infocomm Limited
R. Shankar Raman President, Whole-time Director & CFO Larsen & Toubro
Vasudeva Maipady Chief Financial Officer Infosys BPM
Dr. Devesh Prakash Financial Accounting & Advisory Services Partner EY India
Sujata Guhathakurta Senior Executive Vice President & Head Debt Capital Market Kotak Mahindra Bank
Santosh Dalvi Partner & Deputy Head of Indirect Taxes KPMG India
Suresh Manglani Chief Executive Officer Adani Gas Ltd
Subhasri Sriram Director Shriram Life Insurance
Srividya Gopal Managing Director & Southeast Asia Leader, Valuation Advisory Services Kroll Singapore
Pawan Kumar (ICoAS) Chief Advisor Cost Ministry of Finance, Government of India
Manikumar S Director SIDBI
Arun Ramnathan Part time Chairman Equitas Small Finance Bank
Parag Sharma Joint Managing Director & Chief Financial Officer Shriram Finance
Jyoti Saraph Director (Finance) Abbott India
Sanjay Mehrotra Director (Finance) Power System Operation Corporation
Shilpa Joshi Whole-Time Director & Chief Financial Officer Novartis India
Sanjay Kallapur Professor Indian School of Business
Geeta Sharma Director (Finance) HLL Lifecare
Kedar Upadhye Chief Financial Office Biocon Biologics
Biranchi Narayan Sahoo Executive Director Securities and Exchange Board of India
Sanjeev Mantri Managing Director & Chief Executive Officer ICICI Lombard
Ashok Patra Director (Finance) Projects and Development India Limited
Monaz Noble Non-Executive & Non-Independent Director Novartis India
D. Sundaram Lead Independent Director Infosys
Vice Chairman & Managing Director TVS Capital Funds Ltd
VN Iyer Group CFO Blue Dart Express Ltd

Blue Dart Aviation Ltd

Sudha Pai CFO Blue Dart Express Ltd
Shyam Bhartia Founder & Chairman Jubilant Bhartia Group
Anil Sardana Managing Director & Chief Executive Officer Adani Transmission Ltd

References

  1. "ICWAI Act on MCA website" (PDF). Retrieved 30 July 2012.
  2. Official Gazette ICWAI to ICMAI
  3. "Official Notification by Institute of Cost Accountants of India to adopt the acronym 'ICMAI'" (PDF). ICMAI. 13 June 2023.
  4. "Founding Members of IFAC in 1977". Ifac.org. Retrieved 30 July 2012.
  5. "India". CAPA. Archived from the original on 15 September 2012. Retrieved 30 July 2012.
  6. "SAFA Member Institutions". SAFA. Archived from the original on 9 October 2011. Retrieved 30 July 2012.
  7. "ASEAN Federation of Accountants (AFA)".
  8. Seemant Ahlawat (1 October 2003). "Stakeholder in NFCG". Nfcgindia.org. Retrieved 30 July 2012.
  9. Present Syllabus of ICMAI
  10. new practical training scheme
  11. "Studies".
  12. "Welcome to the Institute of Cost Accountants of India Website ::Students | Exemptions | for Various Qualification". Archived from the original on 25 April 2013. Retrieved 25 April 2013.
  13. ICMAI Examination
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