CURRENT AFFAIRS

2021

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

The Union Cabinet has granted ex-post facto approval to the MoUs entered into by the Institute of Cost Accountants of India and which other institute with various foreign countries and Organizations?

A	ICSE
B	ISC
C	ICSI
D	IFCI

Explanation:

Detailed explanation-1: -The ICAI-CMA, formerly the Institute of Cost and Works Accountants of India, was established in 1944 as a registered company under the Companies Act, and is the only recognized statutory professional organization and licensing body in India specializing exclusively in Cost and Management Accountancy.

Detailed explanation-2: -The institute was formed with the objectives of promoting, regulating and developing the profession of Cost Accountancy and is under the administrative control of Ministry of Corporate Affairs.

Detailed explanation-3: -The full form of ICWAI is Institute of Cost and Works Accountants of India. The ICWAI is also recognized as ICAI (Institutes of Cost Accountants of India) or ICMAI.

Detailed explanation-4: -The Institute of Cost Accountants of India was first formed as a registered limited company on 14 June 1944 as per the provisions of the Companies Act of 1913. Post Independence, the institute got statutory recognition when the Parliament of India enacted “The Cost and Works Accountants Act” (Act No.

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