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Post Independence, the Institute got statutory recognition when the Parliament of India enacted "The Cost and Works Accountants Act, 1959" (Act No.23rd of 1959), [1] a special act, on 28 May 1959 to accord statutory recognition to ICMAI (previously ICWAI) as an autonomous professional Institute.
The Institute of Cost Accountants of India (formerly known as The Institute of Cost and Works Accountants of India) was established in 1944 as a registered company under the Companies Act. On May 28, 1959, the Institute gained statutory recognition through a special act of Parliament—the Cost and Works Accountants Act, 1959.
CIMA was formed in March 1919, as the Institute of Cost and Works Accountants, by a group of legal professionals and businessmen who wanted to develop an approach to accounting that would meet the demands of a rapidly changing business world.
One member each nominated by The Institute of Chartered Accountants of India constituted under the Chartered Accountants Act, 1949, The Institute of Cost and Work Accountants Act, 1959 and The Institute of Company Secretaries of India constituted under the Company secretaries Act 1980. 3.
Parliament (Prevention of Disqualification) Act: 1959: 10 Cost and Works Accountants Act: 1959: 23 Employment Exchanges (Compulsory Notification of Vacancies) Act: 1959: 31 Rajasthan and Madhya Pradesh (Transfer of Territories) Act: 1959: 47 Miscellaneous Personal Laws (Extension) Act: 1959: 48 Arms Act: 1959: 54 Andhra Pradesh and Madras ...
It is located at ICAI's office in Noida.A Cost and Management Accountant is registered as a member under the Institute of Cost Accountants of India(ICMAI) previously known as (ICWAI) which is a statutory body constituted under the Cost and Works Accountants Act 1959 enacted by the Parliament of India, it is also the second largest Management ...
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