Skip to main content

What is ICMAI ? It’s History and the primary qualification of the ICMAI

What is ICMAI? Its History and the primary qualification of the ICMAI


History of ICMAI

The Institute of Cost and Management Accountants of India (ICMAI) was established in 1944 as a registered limited liability company (LLC) under the terms of the Companies Act of 1913. ICMAI's goals include regulating, promoting, and growing the field of value accounting. This law was passed to give ICWAI statutory registration as an independent professional institute. On December 12, 2011, the CWA Amendment Bill was introduced in both houses of parliament — the Lok Sabha and the Rajya Sabha. The CWA Amendment law was approved by the Honorable President of India on January 12, 2012. The amendments were published in India's Official Gazette on January 13, 2012.

 

ICMAI qualifications and curriculum

 CMA completion is the ICMAI's primary qualification, which entails passing up to three levels of examinations – Foundation, Intermediate, and Final – as well as three years of practical training in areas such as Management Accounting, accountancy, Financial Accounting, Taxation, Audits, Corporate Laws, and so on, allowing an individual to become a perfect Management Accountant.

 

  • The new syllabus has been introduced in August 2016 following the International Education Guidelines (IEG) of IFAC to urge the benefits within the standards of Mutual Recognition Agreement (MRA) among various countries of the world under GATS in WTO.
  • Subjects for examinations include Management Accounting, Financial Accounting, strategic management, taxation, corporate law, financial management, business valuation, financial reporting, and price & management audit, etc.
  • Students who have passed the degree examination of any recognized university or equivalent are eligible for admission to the Intermediate level.
  • Paper-wise exemptions on the thought of reciprocal arrangement are available to students who have passed the Institute of Company Secretaries of India Final Examinations.
  • Examinations are held twice a year – June and December in various examination centers in India and also overseas centers. The Results are declared in between the months of August and February for the June term and the December term exams respectively.

 

Membership

Associate Membership is available to anyone who has passed the Institute's final examination and has gained membership for a period of not more than three years of practical experience in the field of cost and management accounting and other relevant fields. The above-mentioned appropriate experience could be obtained before or after passing the final stage of the Examination, or partially before and partly after passing the above-mentioned examination. Continue reading this article History and the primary qualification Here.  

 

Must Read: Scope of CMA in the Government Sector

 

We hope you found the information presented in this article to be helpful. Wishing you the best of success with your next examinations! For the more related topic on CMA Foundation Study Material Subscribe to our Youtube Channel.


Takshila Learning provides online classes for CMA foundation. CMA Online Classes, CMA Pen drive Classes, CMA Video Lectures offered by Takshila Learning have been designed by the expert faculty covering the entire syllabus embraced by ICMAI for the CMA Exam for June / Dec Session. Book Free Demo Now, Visit Takshila Learning  OR Call Us @ 8800999280/83/84

 

Labels:

Comments

Post a Comment

Thank you we will contact ASAP.

Popular posts from this blog

Allotment of DIN (Director Identification Number)

Allotment of DIN (Director Identification Number) CS professional course :  Section 153 of the Companies Act, 2013 read with Rule 9 of the Companies (Appointment and Qualification of Directors) Rules, 2014 Every individual intending to be appointed as a director as a director of a company shall make an application for allotment of Director Identification Number (DIN) to the Central Government in such form and manner and along with such fees as may be prescribed. Rule 9 of Companies (Appointment and Qualification of Directors) Rules, 2014 (1) Every Individual, who is to be appointed as a director of a company shall make an application electronically in Form DIR 3, to the Central Government for the allotment of a DIN along with such fees as provided in the Companies (Registration Offices and Fees) Rules, 2014. (2) The Central Government shall provide an electronic system to facilitate submission of an application for the allotment of DIN through the portal on the MCA21...
Post a Comment
Read more

PURCHASED GOODWILL METHOD UNDER IND AS 103

The acquisition of subsidiaries results in  Goodwill calculation  and also records net assets of the subsidiary at fair value on the date of acquisition. Let’s get answers to all the questions related to Goodwill, valuation of NCI, and impairment relating to them. Q1 – What are the ways in which an entity can make payment for purchase consideration? ANS: – Cash – Share exchange – Deferred payment – Contingent consideration Q2 – How is deferred payment dealt, when it forms part of purchase consideration? ANS:  The deferred payment is discounted to present value and included in the cost of consideration. At the end of each year, the liability is increased by unwinding the discount, until the payment is settled. For example, An amount of Rs. 108,000 was deferred to be paid after 2 years. The discount rate applicable is 8%. The net present value today of Rs. 108,000 is equal to (108,000 * 1) / (1.08) ^2)= Rs. 92,593 included in purchase consideration. A liability of Rs. 92,59...
Post a Comment
Read more

Contract of Guarantee important topic for CS Professionals

Contract of Guarantee important topic for CS Professionals For  CS Course  , Takshila Learning is offering CS Professional online classes for students in an easy, convenient, and simple way through our portal  www.takshilalearning.com .  It helps students to grab the conceptual knowledge in a different but simple way. CS online classes for CS preparation are a collection of HD-quality recorded lectures with the detailed explanation of the content by experienced and well-known faculties. An interesting topic from Drafting – ‘ Guarantees ’ is discussed below: Guarantees Contract of Guarantee A “ contract of Guarantee ” is a contract to perform the promise, or discharge the liability, of a third person in case of his default. A Guarantee may be either oral or written. Parties involved in the Contract Surety:  The person who gives the guarantee is called the  “surety”. Principal debtor:  The person in respect of whose default the gua...
Post a Comment
Read more