Page 2 - BFSI CHRONICLE 10 th Issue (2nd Annual Issue ) 23062 COPY.indd

BFSI Chronicle, 2 Annual Issue, 10 Edition July 2022
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th
Mission Statement Vision Statement

"The CMA professionals would "The institute of Cost Accountants
ethically drive enterprise globally of India would be the preferred
by creating value to stakeholders source of resources and
in the socio-economic context professionals for the financial
through competencies drawn leadership of enterprise globally."
from the integration of strategy,
management and accounting."

About The Institute
The institute of Cost Accountants of India is a the Institute is now renamed as "The Institute of Cost
statutory body set up under Act of Parliament Accountants of India" from "The Institute of Cost
in the year 1959. The institute as a part of its and Works Accountants of India". This step is aimed
obligations, regulates the profession of Cost and towards synergising with the global management
Management Accountancy,enrolls students for its accounting bodies, sharing the best practices which
courses, provides coaching facilities to the students, will be useful to large number of trans-national
oragnises professional development programmes Indian companies operating from India and abroad
for the members and undertakes research to remain competitive. With the current emphasis
programmes in the fi eld of Cost and Management on management of resources , the specialized
Accountancy. The Institute pursues the vision of knowledge of evaluating operating effi ciency and
Cost competitiveness, cost management, effi cient strategic management the professionals are known
use of resources and structured approach to cost as "Cost and Management Accountants (CMAs)".
accounting as the key drivers of the profession. The Institute is the 2nd largest Cost & Management
In today's world, the profession of conventional Accounting body in the world and the largest in
accounting and auditing has taken a back seat and Asia , having approximately 5,00,000 students and
cost and management accountants are increasingly 85,000 members all over the globe. The Institution
contributing towards the management of scarce headquartered at Kolkata operates through four
resources apply strategic decisions. This has opened regional councils at Kolkata, Delhi, Mumbai and
up further scope and tremendous opportunities for Chennai and 114 Chapters situated at important
cost accountants in India and abroad. cities in the country as well as 11 overseas Centres.
It is under the administrative control of Ministry of
After an amendment passed by Parliament of India, Corporate Affairs , Government of India.

Disclaimer:

This publication does not constitute professional advice. The information in this publication has been obtained
or derived from sources believed by The Institute of Cost Accountants of India (ICAI) to be reliable. Any
opinions or estimates contained in this publication represent the judgment of ICAI at this time. Readers of this
publication are advised to seek, their own professional advice before taking any course of action or decision,
for which they are entirely responsible, based on the contents of this publication. ICAI neither accepts nor
assumes any responsibility or liability to any reader of this publication including third party products in respect
of the information contained within it or for any decisions readers may take or decide not to or fail to take.
@2022 The Institute of Cost Accountants of India. All Rights reserved. The Institute Of Cost Accountants Of India

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