This paper presents an area-time efficient CORDIC algorithm that completely eliminates the scale-factor. By suitable selection of the order of approximation of Taylor series the proposed CORDIC circuit meets the accuracy requirement, and attains the desired range of convergence. Besides we have proposed an algorithm to redefine the elementary angles for reducing the number of CORDIC iterations. A generalized micro-rotation selection technique based on high speed most-significant-1-detection obviates the complex search algorithms for identifying the micro-rotations. The proposed CORDIC processor provides the flexibility to manipulate the number of iterations depending on the accuracy, area and latency requirements. Compared to the existing recursive architectures the proposed one has 17% lower slice-delay product on Xilinx Spartan XC2S200E device.