ICAI requests govt to change its name to Institute of Cost and Management Accountants NewsFunda

HYDERABAD: The Institute of Cost Accountants of India (ICAI) on Sunday urged the government to rename the institute as The Institute of Cost and Management Accountants as per the global norm.

“All over the world our profession is known as cost and management accountants, therefore we request the government to change it to The Institute of Cost and Management Accountants of India,” ICAI president Biswarup Basu said during the inauguration of a new ICAI facility in Hyderabad.

Even S Papa Rao, chairman-SIRC (South Indian Regional Council) & central council member, ICAI, pointed out that the name ICAI was given by Britishers. “But they too have changed the name of their institute twice – firstly to the Institute of Cost and Management Accountants and later Chartered institute of Management Accountants. We have been pursuing the government to change our name to Institute of Cost and Management Accountants but are experiencing bureaucratic delays,” he rued.

Besides, Basu also pointed out that ICAI has started incorporating emerging technologies such as Artificial Intelligence, Blockchain, Cyber Security and Data analytics in its curriculum.

ICAI has 111 chapters all over India and eleven overseas centres and it has over 5 lakh students.