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History of ICAI (ICWAI) : Every Commerce Student Should Know.
Today, when I was surfing on www.icmai.in I found some interesting facts or you can say history of Institute of Cost Accountants of India (ICAI) formarly known as Institute of Cost & Works Accountants of India (ICWAI). History of the Profession It was during the early years of World War II, that the concept of cost as an independent entity made its beginning in the industrial circles of the world. Due to the prohibitive cost of defense operations, the then governments at war found it difficult to ascertain the price of defence purchases and thus evolved the concept of cost + contracts. This forced the contractors to submit the cost of the work to be undertaken by them, in order to be awarded the contract. 1945 brought the end of the war, and the nations ravaged by the effects of war began large-scale reconstruction of their economies through industrialisation. The end of colonialism meant that many nations gained their independence, and this process increased rapi...
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