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The Institute of Cost and Works Accountants of India (ICWAI) will now be known as The Institute of Cost Accountants of India (ICAI), President of ICWAI Mr. M. Gopalakrishnan has said. Passing of of ICWAI Amendment Act 2011 will enable its members to use the designation ACMA and FCMA denoting Associate and Fellow membership of the Institute respectively in place of AICWA and FICWA used earlier making it internationally recognised.

"This is a major boost to the members of the Institute who serve in various countries across the world and were facing discrimination due to their earlier designation AICWA and FICWA", Mr. M. Gopalakrishnan explained.

ICWAI is a Statutory Professional Body constituted under the special act of Parliament, namely, the Cost and Works Accountant Act, 1959. It acts with the objectives of promoting, regulating, and developing the profession of Cost Accountancy.