Institute of Cost Accountants of India

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The Institute of Cost Accountants of India
भारत लागत और प्रबंधन लेखाकार संस्थान
ICMAI Logo.png
AbbreviationICMAI
Formation28 May 1959; 62 years ago (1959-05-28)
Legal statusActive
HeadquartersKolkata, India
Coordinates22°33′29″N 88°21′13″E / 22.558103°N 88.353672°E / 22.558103; 88.353672
Region
India
President
CMA Biswarup Basu
Parent organization
Ministry of Corporate Affairs , Government of India
Websitewww.icmai.in
Formerly called
The Institute of Cost & Works Accountants of India, The Institute of Cost Accountants of India (ICAoI)

The Institute of Cost and Management Accountants of India (ICMAI), which was previously known as The Institute of Cost & Works Accountants of India (ICWAI), is a statutory professional accountancy body in India under the jurisdiction of Ministry of Corporate Affairs, Government of India. The ICMAI envisages to become the Global Leader in Certified Management Accountancy and become a truly global professional accounting body. It has been given a very important and noble task by the Government of India under New Education Policy, 2020 to contribute in accounting education and general business and management education in the country.

The ICMAI is a Founder Member of the International Federation of Accountants (IFAC),[1] Confederation of Asian and Pacific Accountants (CAPA)[2] and South Asian Federation of Accountants (SAFA).[3] ICMAI is a member of the National Foundation of Corporate Governance (NFCG).[4]

History[edit]

The Institute of Cost and Management Accountants of India (ICMAI) was first formed as a registered limited company in 1944 (14 June 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 Parliament of India enacted "The Cost and Works Accountants Act" (Act No.23rd of 1959),[5] a special act, on 28 May 1959 to accord statutory recognition to ICMAI/ICoAI (then ICWAI) as an autonomous professional Institute with the objectives of promoting, regulating, and developing the profession of Cost and Management Accountancy.

The CWA Amendment bill, 2011 was passed by both the Houses of Indian Parliament viz. Lok Sabha and the Rajya Sabha 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 2012.[6] total as of now 85000 active members in ICMAI.

The Institute performs high standard research and development in the field of accounting. And recently Indian Certified Management Accountants (CMA) are eligible for PHD in any Indian University as notified by the University Grants Commission (UGC) of India.

Also the ICMAI/ICoAI's Certified Management Accountancy (CMA), also known as Cost and Management Accountancy (earlier known as Cost and Work Accountancy (CWA)) course is recognized by the UK NARIC as equivalent to UK Post Graduation Programme.

ICoAI/ICMAI has offices all around the world, to name a few are the USA (Washington office), the UK (London office).

Qualification and syllabus[edit]

CMA Logo for exclusive use by Indian CMAs

This is the primary qualification of the ICMAI and following completion of up to three levels (Foundation, Intermediate and Final) examinations[7] and three years of practical training[8] in areas like Management Accounting, Cost Accounting, Financial Accounting, Taxation, Audits, Corporate Laws etc. enables an individual to become a Cost & Management Accountant.

  • The new syllabus has been 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, financial reporting and cost & management audit etc.
  • Students who have passed degree examination of any recognised university or equivalent are eligible for admission directly to Intermediate level.
  • Paperwise exemptions on the basis of reciprocal arrangement are available to students who have passed Institute of Company Secretaries of India Final Examinations.[9]
  • 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.[10]
  • ICMAI/ ICAI-CMA/ ICoAI has currently introduced modern Computer Based Examinations for all its course levels.
  • Also the Institute has started its footsteps in becoming a global institute of Accountancy.
  • It has MOUs with many high profile global institutes of accounting like the Association of Chartered Certified Accountants (ACCA), the Chartered Institute of Public Finance and Accountancy (CIPFA), the CISI UK etc.

Membership[edit]

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[11]

Associate Member (ACMA)[edit]

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’.[12]

However, for general convenience, institute has established online membership application mechanism.[13] 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(Institute of Cost accountants of India) or ICMAI

Fellow Member (FCMA)[edit]

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 (Institute of cost accountants of India) or ICMAI.[14]

Notable alumni[edit]

References[edit]

  1. ^ "Founding Members of IFAC in 1977". Ifac.org. Retrieved 30 July 2012.
  2. ^ "ICWAI Membership of CAPA". Capa.com.my. 1 July 1949. Archived from the original on 15 September 2012. Retrieved 30 July 2012.
  3. ^ "ICMAI membership of SAFA". Esafa.org. Archived from the original on 9 October 2011. Retrieved 30 July 2012.
  4. ^ Seemant Ahlawat (1 October 2003). "Stakeholder in NFCG". Nfcgindia.org. Retrieved 30 July 2012.
  5. ^ "ICWAI Act on MCA website" (PDF). Retrieved 30 July 2012.
  6. ^ Official Gazette ICWAI to ICAI
  7. ^ Present Syllabus of ICMAI
  8. ^ new practical training scheme
  9. ^ "Archived copy". Archived from the original on 25 April 2013. Retrieved 25 April 2013.CS1 maint: archived copy as title (link)
  10. ^ ICMAI Examination
  11. ^ Guidelines for enrollment to membership
  12. ^ Guidelines for associate membership
  13. ^ online membership application
  14. ^ Guidelines for Fellow Membership
  15. ^ https://supremo.nic.in/ERSheetHtml.aspx?OffIDErhtml=14436&PageId=