Press Information Bureau

Government of India

Ministry of Corporate Affairs

19-January-2012 17:57 IST

ICWAI gets its Name Changed to ICAI and its Members to use ACMA and FCMA

The Institute of Cost and Works Accountants of India (ICWAI) will be henceforth be known as The Institute of Cost Accountants of India (ICAI). The change is a sequel to the passing of of ICWAI Amendment Act 2011, to enable their members to use the designation ACMA and FCMA denoting Associate and Fellow membership of the Institute respectively. This will enable the members working in India and abroad, being recognized by a common designation by which similar members are known throughout the globe. This is a major boost to the members of the Institute who serve in various countries across the world and were facing discrimination due to their earlier designation AICWA and FICWA. This was stated by the President of ICWAI Mr. M.Gopalakrishnan in the press meet on the sidelines of the Regional Conference being held at Bangalore today.

ICWAI is a Statutory Professional Body constituted under the special act of Parliament, namely, the Cost and Works Accountant Act, 1959. It acts with the objectives of promoting, regulating, and developing the profession of Cost Accountancy.

******

ST/-

Professional institute name change enables uniform designations for members, allowing use of ACMA and FCMA for global recognition. The institute's statutory identity has been amended to the Institute of Cost Accountants of India and the legislation now authorises members to use the designation ACMA and FCMA as Associate and Fellow membership titles, creating uniform professional titles for members in India and abroad to address prior differential treatment.