The Institute of Cost and Works Accountants of India (ICWAI) has been rechristened as The Institute of Cost Accountants of India (ICAI).

Addressing mediapersons, a senior office-bearer of ICAI, Rakesh Bhalla, said the reason for change of name is that India is now not just a manufacturing hub, but an international business centre.

Hence in the new business environment, financial professionals are also involved in enhancing productivity, working out the marketing strategy ensuring better corporate governance. Anil Sharma of ICAI added that institute has played a pivotal role in the corporate world and imparts training to accountants from various countries. Balwinder Singh of ICAI added that the institute has revised its academic and practical training scheme from six months to three years.

Bhalla told mediapersons that the name of the institute has been changed after the ICWAI (Amendment) Act 2011 was passed by the Rajya Sabha and the Lok Sabha, and was approved by the President.

A gazette notification was then issued by Ministry of Law and Justice in this regard, and members of the institute have been re-designated as ACMA and FCMA.

The institute is a member of the International Federation of Accountants (IFAC), the Confederation of Asian and Pacific Accountants (CAPA) and The South Asian Federation of Accountants (SAFA).

Bhalla said ICAI is a leader in its field in the South Asian region, since it also imparts training to accountants from overseas countries. The institute has also signed Memorandums of Understanding (MOUs) with sister institutes in USA, UK, Australia and Russia.