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.