PROSPECTUS AND PROGRAMME GUIDE - IGNOU
PROSPECTUS AND PROGRAMME GUIDE - IGNOU
PROSPECTUS AND PROGRAMME GUIDE - IGNOU
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THE INSTITUTE OF COST ACCOUNTANTS OF INDIA (ICAI)<br />
About the Institute<br />
It was during the early years of World War II, that the concept of cost as an independent entity made its beginning in the<br />
industrial circles of the world. Due to the prohibitive cost of defense operations, the then governments at war found it<br />
difficult to ascertain the price of defence purchases and thus evolved the concept of cost + contracts. This forced the<br />
contractors to submit the cost of the work to be undertaken by them, in order to be awarded the contract.<br />
1945 brought the end of the war, and the nations ravaged by the effects of war began large-scale reconstruction of their<br />
economies through industrialisation. The end of colonialism meant that many nations gained their independence, and<br />
this process increased rapidly. The late forties and fifties can really be termed the golden era of industrialisation. The<br />
importance of cost accounting as being central to the formation of government policies provided the foundation of the<br />
rapid growth of the profession. What began as a mere exercise in estimating the cost later developed into a movement<br />
for efficiency and optimum utilisation of scarce resources.<br />
The Institute of Cost Accountants of India (erstwhile The Institute of Cost and Works Accountants of India) was first<br />
established in 1944 as a registered company under the Companies Act with the objects of promoting, regulating and<br />
developing the profession of Cost Accountancy.<br />
On 28th May, 1959, the Institute was established by a special act of Parliament, namely, the Cost and Works Accountants<br />
Act, 1959 as a statutory professional body for the regulation of the profession of cost and management accountancy.<br />
It has since been continuously contributing to the growth of the industrial and economic climate of the country.<br />
The Institute of Cost and Works Accountants of India is the only recognised statutory professional organisation and<br />
licensing body in India specialising exclusively in Cost and Management Accountancy.<br />
A Cost Accountant is a person who offers to perform or perform services involving the costing or pricing of goods and<br />
services or the preparation, verification or certification of cost accounting and related statements.<br />
The head office is situated at 12, Sudder Street, Kolkata 700 016 and operates through four regional councils are Kolkata,<br />
Chennai, Delhi and Mumbai as well as through a number of important chapters situated elsewhere in India and abroad.<br />
Vision Statement<br />
“The Institute of Cost Accountants of India would be the preferred source of resources and professionals for the<br />
financial leadership of enterprises globally.”<br />
Mission Statement<br />
“The Cost and Management Accountant professionals would ethically drive enterprises globally by creating value to<br />
stakeholders in the socio-economic context through competencies drawn from the integration of strategy, management<br />
and accounting.”<br />
Objectives of the Institute<br />
● To develop the Cost and Management Accountancy function as a powerful tool of management control in all<br />
spheres of economic activities.<br />
● To promote and develop the adoption of scientific methods in cost and management accountancy.<br />
● To develop the professional body of members and equip them fully to discharge their functions and fulfill the<br />
objectives of the Institute in the context of the developing economy.<br />
● To keep abreast of the latest developments in the cost and management accounting principles and practices, to<br />
incorporate such changes are essential for sustained vitality of the industry and other economic activities.<br />
● To exercise supervision for the entrants to the profession and to ensure strict adherence to the best ethical<br />
standards by the profession.<br />
● To organise seminars and conferences on subjects of professional interest in different parts of the country for<br />
cross-fertilisation of ideas for professional growth.<br />
● To carry out research and publication activities covering various economic spheres and the publishing of books<br />
and booklets for spreading information of professional interest to members in industrial, education and commercial<br />
units in India and abroad.<br />
ICAI-<strong>IGNOU</strong> MOU<br />
Under this MOU, <strong>IGNOU</strong> will offer specialized B.Com Course with major in Financial & Cost Accounting and specialized<br />
M.Com Course in Management Accounting & Financial Strategies for ICAI students and Members of the Institute. 10+2<br />
students can take admission in Foundation Course of ICAI and specialized B.Com course of <strong>IGNOU</strong> simultaneously.<br />
Similarly, Intermediate examination passed students of ICAI and graduates can pursue Final course of ICAI and M.Com<br />
simultaneously. Common papers studied by a student in ICAI course will be exempted in the respective specialized<br />
course designed by <strong>IGNOU</strong> exclusively for ICAI students. These courses will enable students to improve their learning<br />
process by acquiring knowledge in new areas rather than concentrating in the same subjects, which are covered in the<br />
education scheme of the ICAI Course. Both specialized B.Com and M.Com would be offered by <strong>IGNOU</strong> in Hindi and<br />
English. <strong>IGNOU</strong> will recognize membership of ICAI for the purpose of pursuing their Ph.D course in Commerce,<br />
Management and Law disciplines. <strong>IGNOU</strong> will also recognize ICAI as centre for Research in subjects such as Corporate<br />
Finance, Management, Financial and Management Accounting.