About Institute Of Cost Accountants Of India:
- It is a statutory body established by an act of Parliament, the Cost and Works Accountants Act, 1959.
- Mandate: Regulation of the profession of cost and management accountancy.
- It is the only recognised statutory professional organisation and licensing body in India specialising exclusively in Cost and Management Accountancy.
- It is under the administrative control of the Ministry of Corporate Affairs.
What is Cost Accounting?
- It is the reporting and analysis of a company's cost structure.
- It is a process of assigning costs to cost objects that typically include a company's products, services, and any other activities that involve the company.
- Cost accounting can identify where a company is spending its money, how much it earns, and where money is being lost.
- It aims to report, analyze, and lead to the improvement of internal cost controls and efficiency.
Key facts about the Institute of Chartered Accountants of India (ICAI):
- It is a statutory body established under the Chartered Accountants Act 1949.
- Mandate: Regulating the profession of Chartered Accountancy in the country; Formulation of Accounting Standards; and Prescription of Standard Auditing Procedures.
- It functions under the administrative control of the Ministry of Corporate Affairs, Government of India.
