What is the Full form of ICWAI?
The full form of ICWAI is Institute of Cost and Works Accountants of India. The ICWAI is also recognized as ICAI (Institutes of Cost Accountants of India) or ICMAI. The institute is a professional and certified organization that also regulates the Indian profession of cost & accountancy management.
The primary purpose of ICWAI is to control, promote, support & improve the management accountancy & cost profession in India by providing guidelines through training and practice through cost and management accountancy activity.
A brief history of ICWAI
- The ICAI was first established in 1944 as a registered limited company under the provisions of the then company law of 1913 with the initial aim of promoting, controlling and improving the cost accounting field.
- Both Houses of the Indian Parliament, viz Lok Sabha & Rajya Sabha, approved the CWA Amendment Act 2011 on 12 December 2011 and passed on 12 January 2012 by the Honorable President of India. The amendments were released on 13 January 2012 in the Legal Gazette of India.