Kolkata: The Institute of Cost and Works Accountants of India (ICWAI), Kolkata, will soon be renamed as The Institute of Cost Accountants of India (ICAI). The news was confirmed by Mr. M. Gopalakrishnan, President of ICWAI, during a press meet on the sidelines of the Regional Conferences, held at Bengaluru, recently.
While addressing the press meet, Gopalakrishnan said that the change is a sequel to the passing of ICWAI Amendment Act 2011, in order to enable its members to use the designation ACMA and FCMA denoting Associate and Fellow membership of the Institute respectively.
He further explained that this change will enable the members, working in India and abroad, to be recognized by a common designation by which similar members are known across the globe.
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.