The Institute of Cost Accountants of India (erstwhile The Institute of Cost and Works
Accountants of India) was first established in 1944 as a registered company under the
Companies Act with the objects of promoting, regulating and developing the profession of
Cost Accountancy. On 28th May, 1959, the Institute was established by a special act of
Parliament, namely, the Cost and Works Accountants Act, 1959 as a statutory professional
body for the regulation of the profession of cost and management accountancy. It has since
been continuously contributing to the growth of the industrial and economic climate of the
country. The Institute of Cost Accountants of India is the only recognised statutory
professional organisation and licensing body in India specialising exclusively in Cost and
Management Accountancy.