About ICMAI

 

About The Institute

ABOUT THE INSTITUTE OF COST ACCOUNTANTS OF INDIA (ICMAI)

The Institute of Cost Accountants of India (ICMAI) is a Statutory Body established under an Act of Parliament for regulation of the Profession of Cost and Management Accountancy in India in the year 1959.

  • The Institute functions directly under the administrative control of Ministry of Corporate Affairs, Govt. of India to discharge its responsibility in an effective manner.
  • It is the largest Management Accounting body in Asia and 2nd largest Management Accounting Body in the Globe. It has contributed substantially for the growth of the Industrial and economic climate of this country.
  • The main mission of the Institute is to drive the enterprises globally by creating value to stakeholders in the socio-economic context through competencies drawn from the integration of Strategy, Management and Accounting.
  • It’s head Quarters situated at Kolkata with Delhi Office and 4 Regional Council Offices, 115 Chapters & 3 Center of Excellence spread all over India and 9 Overseas Centers.
  • The Institute is a member of the International Federation of Accountants (IFAC), the Confederation of Asian & Pacific Accountants (CAPA) and the South Asian Federation of Accountants (SAFA)
  • The Institute is the only recognised statutory professional organisation and licensing body in India specializing exclusively in Cost and Management Accountancy.
  • There are more than 80,000 Cost and Management Accountants both in employment & practice and about 6, 00,000 students pursuing this CMA course.

The Institute was established with the objective of developing the Cost and Management Accountancy function as a powerful tool of management control in all spheres of economic activities, promoting the adoption of scientific methods in cost and management accountancy, developing the professional body of members and equip them fully to discharge their functions and fulfil the objectives of the Institute in the context of the developing economy, keeping abreast of the latest developments in the cost and management accounting principles and practices, to incorporate such changes are essential for sustained vitality of the industry and other economic activities, exercising supervision for the entrants to the profession and to ensure strict adherence to the best ethical standards by the profession, organising seminars and conferences on subjects of professional interest in different parts of the country for cross-fertilization of ideas for professional growth, carrying out research and publication activities covering various economic spheres and publishing of books and booklets for spreading information of professional interest to members in industrial, education and commercial units in India and abroad. 

The role of CMAs in Indian Economy:

  • Develop an appropriate costing model for primary, Secondary, Degree and Professional levels of education.
  • Study and suggest Cost effective and Green Waste Management System and help in implementing Accrual system of Accounting.
  • Assist the government organizations in moving towards and adopting Accrual Accounting concept so as to truly reflect the Operational Performance of the Organization.
  • Assisting Panchayat to create financial literacy among the people & guide in preparing socially relevant, Cost Effective and Sustainable Schemes for the welfare of the rural people.
  • Study and arrive at the true cost of delivering Health Services under CGHS, Primary Health care centers and Government Hospitals.
  • Conducting Social Audit of various Social Sector Schemes by looking at Cost – Benefits involved.
  • Assisting in arriving at the true cost of goods and services and then working out appropriate fees / Prices for Goods and Services.
  • Monitoring the Operational Efficiency of PSUs through analysis of capacity, wastages, men-machine-material productivity and operational Cost structure.
  • Analyzing the Cost structure, suggesting proper accumulation and assignment of costs and arriving at the appropriate price of the Utilities and Public Services.
  • Assisting in arriving at proper Tariff for Water Supply and Transport Services by looking at the various elements of relevant cost and their built up in the overall cost of providing the service.
  • Evaluating various Government Schemes / Projects by linking Physical and Financial parameters. This will help in improving the transparency and accountability of all concerned.
  • Study the Government Procurement Process and suggest measures for Cost efficient and Time effective Procurement System without impairing quality.
  • Assisting in appropriate drafting of the various contracts from costing and pricing points of view. Working out the feasible Revenue Sharing model in PPP Projects.

 Development of Employable skills among the youth of the country through an innovative course named Certificate in Accounting Technicians (CAT) course.

  • To exercise supervision for the entrants to the profession and to ensure strict adherence to the best ethical standards by the profession.
  • To organise seminars and conferences on subjects of professional interest in different parts of the country for cross-fertilisation of ideas for professional growth.
  • To carry out research and publication activities covering various economic spheres and the publishing of books and booklets for spreading information of professional interest to members in industrial, education and commercial units in India and abroad.

Vision Statement

“The Institute of Cost Accountants of India would be the preferred source of resources and professionals for the financial leadership of enterprises globally.”

Mission Statement

“CMA professionals would ethically drive enterprises globally by creating value to stakeholders in the socio-economic context through competencies drawn from the integration of strategy, management and accounting.”