Complex sentence: The Institute of Cost & Management Accountants of Pakistan was established in 1951 and was granted statutory status under the Cost and Management Accountants Act, 1966 for the regulation of the profession of Cost and Management Accounting.
Split into simpler sentences: The Institute of Cost & Management Accountants of Pakistan is a professional accountancy body in Pakistan. It was established in 1951 and was granted statutory status under the Cost and Management Accountants Act, 1966 for the regulation of the profession of Cost and Management Accounting.