In management accounting or managerial accounting, managers use accounting information in decision-making and to assist in the management and performance of their control functions.
An accountant is a practitioner of accounting or accountancy. Accountants who have demonstrated competency through their professional associations' certification exams are certified to use titles such as Chartered Accountant, Chartered Certified Accountant or Certified Public Accountant, or Registered Public Accountant. Such professionals are granted certain responsibilities by statute, such as the ability to certify an organization's financial statements, and may be held liable for professional misconduct. Non-qualified accountants may be employed by a qualified accountant, or may work independently without statutory privileges and obligations.
Certified Public Accountant (CPA) is the title of qualified accountants in numerous countries in the English-speaking world. It is generally equivalent to the title of chartered accountant in other English-speaking countries. In the United States, the CPA is a license to provide accounting services to the public. It is awarded by each of the 50 states for practice in that state. Additionally, all states except Hawaii have passed mobility laws to allow CPAs from other states to practice in their state. State licensing requirements vary, but the minimum standard requirements include passing the Uniform Certified Public Accountant Examination, 150 semester units of college education, and one year of accounting-related experience.
Certified Management Accountant (CMA) is a professional certification credential in the management accounting and financial management fields. The certification signifies that the person possesses knowledge in the areas of financial planning, analysis, control, decision support, and professional ethics. There are many professional bodies globally that have management accounting professional qualifications. The main bodies that offer the CMA certification are:
- Institute of Cost Accountants of India;
- Institute of Management Accountants USA;
- Institute of Certified Management Accountants (Australia);
- Certified Management Accountants of Canada.
The Chartered Institute of Management Accountants (CIMA) is the global professional management accounting body, based in the United Kingdom. CIMA offers training and qualification in management accountancy and related subjects. It is focused on accountants working in industry and provides ongoing support and training for members.
The Institute of Chartered Accountants in England and Wales (ICAEW) is a professional membership organisation that promotes, develops and supports chartered accountants and students around the world. As of December 2023, it has over 208,000 members and students in 146 countries. ICAEW was established by royal charter in 1880.
Chartered accountants were the first accountants to form a professional accounting body, initially established in Scotland in 1854. The Edinburgh Society of Accountants (1854), the Glasgow Institute of Accountants and Actuaries (1854) and the Aberdeen Society of Accountants (1867) were each granted a royal charter almost from their inception. The title is an internationally recognised professional designation; the certified public accountant designation is generally equivalent to it. Women were able to become chartered accountants only following the Sex Disqualification (Removal) Act 1919 after which, in 1920, Mary Harris Smith was recognised by the Institute of Chartered Accountants in England and Wales and became the first woman chartered accountant in the world.
The Institute of Management Accountants (IMA), formerly known as the National Association of Cost Accountants (NACA), is a professional organization of accountants.
Founded in 1904, the Association of Chartered Certified Accountants (ACCA) is the global professional accounting body offering the Chartered Certified Accountant qualification (ACCA). It is the fourth-largest professional accounting body in the world, with 252,500 members and 526,000 future members. ACCA's headquarters are in London with principal administrative office in Glasgow. ACCA works through a network of over 110 offices and centres in 51 countries - with 346 Approved Learning Partners (ALP) and more than 7,600 Approved Employers worldwide, who provide employee development.
The Institute of Chartered Accountants of India, abbreviated as ICAI, is India's largest professional accounting body under the administrative control of Ministry of Corporate Affairs, Government of India. It was established on 1 July 1949 as a statutory body under the Chartered Accountants Act, 1949 enacted by the Parliament for promotion, development and regulation of the profession of Chartered Accountancy in India.
The Institute of Financial Analysts of India (IFAI) was established in 1984 as a non-profit educational society in Hyderabad, Telangana, India. The institution has been offering education to students across India through its various programs in the field of higher education. The institution was founded by N. J. Yasaswy, Besant C. Raj and Dr. Prasanna Chandra, the Director of Centre for Financial Management.
The Canadian Institute of Chartered Accountants (CICA) was incorporated by an Act of the Parliament of Canada in 1902, which later became known as the Canadian Institute of Chartered Accountants Act.
The Institute of Cost Accountants of India (ICMAI), which was previously known as The Institute of Cost & Works Accountants of India (ICWAI) is a professional accountancy body in India. It is under the ownership of the Ministry of Corporate Affairs of the Government of India. It has as its prime responsibility to contribute to the cost and management accounting profession at the global level.
The Society of Management Accountants of Canada, also known as Certified Management Accountants of Canada and CMA Canada, awards the Certified Management Accountant designation in Canada.
The Association of International Accountants (AIA) is a professional accountancy body. It was founded in the UK in 1928 and since that date has promoted the concept of ‘international accounting’ to create a global network of accountants in over 85 countries worldwide.
In Bangladesh, the profession of accountancy was developed during the British colonial period. The basic requirements for financial reporting by all companies in Bangladesh were provided by the Companies Act of 1994. Today, it is represented by two professional bodies, the Institute of Cost & Management Accountants of Bangladesh (ICMAB) and the Institute of Chartered Accountants of Bangladesh (ICAB).
Chartered Professional Accountant is the professional designation which united the three Canadian accounting designations that previously existed:
CPA Ireland, formerly the Institute of Certified Public Accountants in Ireland, is one of the main Irish accountancy bodies, with 5,000 members and students.
The Institute of Certified Management Accountants of Sri Lanka, is a professional body offering qualification in management accountancy in Sri Lanka.
In India, a Chartered Accountant is a qualified accountant of the Institute of Chartered Accountants of India. Chartered Accountants have knowledge of various subjects like accounting, auditing, corporate laws, costing and various aspects of direct and indirect taxation.
