AUBSP Description

Exemption to CA Intermediate passed students from foundation Course of ICWAI

Exemption to the Intermediate Examination qualified candidates of the Institute of Chartered Accountants of India from passing the Foundation Course Examination of the Institute of Cost Accountants of India.

ICAI Exemption Foundation Course
Institute of Cost Accountants of India (ICAI) has granted exemption to the Intermediate Examination ( PE-II/ PCC/ IPCC by whatever name called) qualified candidates of the Institute of Chartered Accountants of India (ICAI) from passing the Foundation Course Examination of the Institute of Cost Accountants of India.

This good news was announced by ICAI (Cost) in a press released on the date when ICAI had announced their results of IPCC/ PCC i.e. 7th August, 2012.


Actually this reciprocal or mutual exemption has been granted in view of grant of exemption by the ICAI to the Intermediate qualified candidates of the ICAI (Cost) from passing their Common Proficiency Test (CPT) with effect from 1st August, 2012.

The Institute of Cost and Works Accountants of India (ICWAI) was established by a special act of Parliament, namely, the Cost and Works Accountant Act, 1959. Presently the Institute through its 4 Regional Councils and around 95 Chapters throughout the country, caters to around 50,000 members and 4.50 lac students. More than 70 centres conduct examinations twice a year in which around 1,40,000 students appear.

On 12th January, 2012, the Institute has been given a New Year gift by the Government of India, by virtue of the passing the ICWAI Amendment Act 2011, to enable their members to use the designation ACMA and FCMA denoting Associate and Fellow membership of the Institute respectively. Additionally the name of the institute has also been changed to The Institute of Cost Accountants of India (ICAI).

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. Therefore you may say that a Cost Accountant is a person who offers to perform or perform services involving the costing or pricing of goods and services or the preparation, verification or certification of cost accounting and related statements.
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