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 defense 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, 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 industrialization. The end of colonialism meant that many nations gained their independence, and this process increased rapidly. The late forties and fifties can be termed the golden era of industrialization. The importance of cost accounting as being central to the formation of government policies provided the foundation of the rapid growth of the profession. What began as a mere exercise in estimating the cost later developed into a movement for efficiency and optimum utilization of scarce resources.
“Behind every successful business decision, there is always a CMA“
“The cost-cutter of a product/service is none but a CMA“
“The CMA Professionals would ethically drive enterprises globally by creating value to stakeholders in the socio-economic context through competencies drawn from the integration of strategy, management and accounting“
“If we have to succeed in the globalized world, we have to enlarge the scope of Cost Audit to cover all aspects of manufacturing and service sector activities including Health Care and Education “ – Dr. APJ. Kalam, Former President of India.
“Without Cost Accountancy, one works rather in a vague undefined way without knowing where an industry exactly stands but in cases where there are Cost Accountants, correct assessment of its proper growth & working can easily be made.” – Mr. Lal Bahadur Sastry, Former PM of India