 | This article contains content that is written like an advertisement .(April 2024) |
| Abbreviation | CMA Australia |
|---|---|
| Formation | 1996 |
| Legal status | Professional Society |
| Headquarters | Melbourne, Victoria, Australia |
Region | |
| Website | cmaaustralia |
The Institute of Certified Management Accountants, abbreviated as ICMA, [1] is an Australian professional accounting body operating globally, focused on management accounting.
The ICMA became a legal reality when its first Constitution [2] was adopted on 11 October 1996; and subsequently incorporated under the Associations Incorporation Act 1981 (Victoria) on 12 November 1996. [3]
In March 1997, at a meeting of the Founding Members, it was decided that Leon Duval (a practicing chartered accountant and management accountant of some 25 years standing) be elected as Interim-President. A room in Duval's office at Suite 6, 242 Hawthorn Road, Caulfield, was the first address and secretariat of ICMA. [4]
Under Duval's name, letters of invitation were sent to over 150 leading professionals and academics in the field of management accounting, to join the new institute as Foundation Members. Almost immediately 75 individuals accepted the invitation. The initial Executive Committee of the Institute was drawn from its Foundation Members.
Today, ICMA is a full-service institute for its members and other stakeholders. The services provided by ICMA Secretariat [5] include maintaining the corporate website that is in keeping with the international profile of ICMA; which includes the designing and maintaining a Members Only area [6] on the website. ICMA publishes 6 copies of the On Target eNewsletter [7] annually, and has a bi-annual research journal, Management Accounting Frontiers (MAF) [8] . It maintains a Library by over 12,000 texts and professional and academic publications.
ICMA also provides the training and conducts examinations for its education program [9] in all of its Regional and Branch locations [10] and in over 20 other countries where students undertake the CMA program by online and via distance education. ICMA maintains the CEO Blog, [11] with links to LinkedIn and Twitter. For those members who already possess the CMA, ICMA provides Continuing Professional Development (CPD) [12] opportunities to members via its Certificates of Proficiency. [13]
The ICMA is accredited by the Commonwealth of Nations under the category of Civic Organisations.
The flagship CMA Preparatory Program [14] consists of two subjects, Strategic Cost Management and Strategic Business Analysis for which the entry criterion [15] is either a degree in accounting or a recognised professional qualification in accounting. The CMA Preparatory Program was only open to those with a university degree in accounting; or a recognised professional qualification in accounting. In addition to passing the two subjects, one needed to have 5-years of business experience to qualify as a Certified Management Accountant (CMA). [14] Thus, ICMA designed the first post-graduate level management accounting qualification in the world. There were other unique aspects to ICMA's Education program. It was the first professional body in the world to embed its CMA subjects within master's degree programs in accredited universities; and allow those universities to examine students internally. Today, many other professional bodies have followed this lead.
The Institute has the following grades of membership: [16]
Each of these membership levels follows the ICMA Education program requiring different educational achievements and experience.
Individuals can obtain ICMA membership via a number of possible pathways. There are different education and experience requirements for: (a) University Graduates in Accounting/Finance; (b) MBA Degree Holders; (c) University Graduates with Non-Accounting Degrees; (d) Diploma and Advanced Diploma Holders in Accounting; (e) Members of Other Professional Accounting Bodies; (f) Members of Other Professional Non-Accounting Bodies; (g) Part Qualified Students of Other Professional Accounting Bodies: (h) School Leavers and (i) Academics. [17]
The On Target newsletter (bi-monthly) was mailed to members from September 1997 to February 2011. ICMA decided to stop the print format of a magazine to members and launched an electronic Newsletter that could be downloaded in pdf form in February 2011. Today, the articles for On Target Direct are uploaded continuously in the Members’ Area of the Institute's website. The contents are also sent as an e-journal on a monthly basis to financial members; and a pdf version of On Target is emailed to them bi-monthly.
In addition to the Newsletters, a Yearbook [18] with a report to members and significant articles has been sent out since 2011.
The Journal of Applied Management Accounting Research (JAMAR) [19] was launched in 2002, with the joint-editors being (at the time of launch) Professor Garry Marchant of the University of Melbourne and Professor Janek Ratnatunga, the Chair of Business Accounting at Monash University. The journal was published both in print form and online. It was published bi-annually in both print and electronic formats. JAMAR is catalogued by the ProQuest and Cabell's Research publication directories. In 2018, Management Accounting Frontiers(MAF) [8] replaced the Journal of Applied Management Accounting Research as the research journal of the Institute of Certified Management Accountants, Australia. The primary aim of the MAF is to advance research and practice of management accounting by providing a forum for disseminating knowledge and insight of the discipline. In addition, the journal aims to facilitate the developments of management accounting education by encouraging communication between researchers and practitioners.
The Library now has over 12,000 texts and professional and academic publications, and has now one of the best libraries in Australia in the professional areas of management accounting and risk management.
In 2009 the institute established two non-profit companies. The Institute of Certified Carbon Analysts and Auditors (ICCAA) was established to undertake research into the emerging area of carbonomics; and to develop an education program to train an individual to qualify as a Certified Carbon Analyst and Auditor (CCAA).
The second research and training body was the Institute for the Advancement of Corporate Reporting and Assurance (IACRA); established to undertake research into integrated reporting and assurance; and to develop an education program to train an individual to qualify as a Certified Reporting and Assurance Analyst (CRAA).
Both these qualifications are registered ICMA trademarks.
In November 2012, the ICCAA got full admission as an observer organisation [20] of the United Nations Framework Convention on Climate Change (UNFCCC).This was a significant achievement in terms of global recognition.
ICMA has over 10,000 qualified professionals worldwide, with members in 50-countries. Its CMA postgraduate education program now is firmly established in 19 overseas markets, namely Bangladesh, Cambodia, China, Cyprus, the Emirate of Dubai, Hong Kong, India, Indonesia, Iran, Japan, Lebanon, Malaysia, Nepal, New Zealand, Papua New Guinea, Philippines, Singapore, Sri Lanka, Thailand and Vietnam. [21]
To facilitate its educational objectives, the Institute has accredited a number of universities which have master's degree subjects that are equivalent to the CMA program. Some of these universities also provide in-house training and examinations of the CMA program. Accounting graduates can do CMA accredited units at these universities to qualify for CMA status. The ICMA also has a number of Recognised Provider Institutions (RPIs) [21] that run the CMA program in Australia and overseas. The CMA program is also available online [22] in regions where the face-to-face delivery of the program is not possible.
ICMA also has global activities in the following markets:
In 2014, ICMA launched of the International Management Accounting Collaborative (IMAC) [24] . ICMA was the founder charter member of the IMAC, which is now the global organization for the management accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IMAC is particularly committed to enhancing the decision-making capabilities of organisations; and in promoting good governance, risk management and sustainability, which are the key elements in achieving long term social, environmental and economic performance, and in enhancing investor and other stakeholder confidence. Professional management accountants have an important role to play in these areas, and IMAC is uniquely positioned to support member bodies in enhancing the competence and expertise of their members.
To commemorate its 20th anniversary, ICMA established the Global Accounting Hall of Fame and the Management Accounting Hall of Fame in Australia and each of the regions ICMA operated in. [25]
The Accounting Hall of Fame is a general award open to all accountants, CFOs etc., Financial and Managerial. There will be an academic and practitioner award in this category.
The Management Accounting Hall of Fame.is an award open only to managerial accountants, CFOs, Strategy Analysts etc. (i.e. those not doing compliance work). There will be an academic and practitioner award in this category.
ICMA has Strategic Alliances [26] with the following organisations:
Professional certification, trade certification, or professional designation, often called simply certification or qualification, is a designation earned by a person to assure qualification to perform a job or task. Not all certifications that use post-nominal letters are an acknowledgement of educational achievement, or an agency appointed to safeguard the public interest.
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.
The American Institute of Certified Public Accountants (AICPA) is the national professional organization of Certified Public Accountants (CPAs) in the United States, with more than 428,000 members in 130 countries. Founded in 1887 as the American Association of Public Accountants (AAPA), the organization sets ethical standards and U.S. auditing standards. It also develops and grades the Uniform CPA Examination. AICPA is headquartered in Durham, North Carolina, and maintains additional offices in New York City, Washington, D.C., and Ewing, New Jersey.
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:
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 has 240,952 members and 541,930 future members worldwide. 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.
Founded in 1908, the Certified General Accountants Association of Canada (CGA-Canada) serves Certified General Accountants and students in Canada and nearly 100 countries. CGA-Canada established the designation's certification requirements and professional standards, offers professional development, conducts research and advocacy, and represents CGAs nationally and internationally. CGA-Canada joined the Chartered Professional Accountants of Canada to integrate operations under the CPA banner in 2015. CPA Canada is the new national accounting body formed by the merger of the Canadian Institute of Chartered Accountants (CICA) and the Society of Certified Management Accountants (CMA) in 2013, and now Certified General Accountants.
The Institute of Public Accountants (IPA) is one of the three legally recognised professional bodies for accountants in Australia. The IPA represents more than 25,000 voting members working in industry, commerce, government, academia and professional practice.
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 Institute of Cost and Management Accountants of Bangladesh (ICMAB) is an institution dedicated to Cost and Management Accounting education and research in Bangladesh. It is managed as an autonomous professional body under the Ministry of Commerce. As well as education, it is also engaged in regulating and promoting the profession of cost and management accountant in Bangladesh.
The Pakistan Institute of Public Finance Accountants (PIPFA) is an autonomous body recognized mainly in the government sector and established under license from the Securities and Exchange Commission of Pakistan by the authority given under section 42 of the Companies Ordinance, 1984.
The State University of Malang, formerly the Institute of Teacher Education and Educational Sciences of Malang, is one of the state universities in Indonesia. Located in Malang and Blitar, East Java, UM was established in October 18, 1954 as PTPG Malang, as School of Education of Airlangga University, making it one of the oldest teaching institutes in Indonesia. UM was separated from Airlangga University on 20 May 1964 to become IKIP Malang. In 1999, IKIP Malang formally changed its status from an institute to a state university.
IPMI International Business School is a business school located in Jl. Rawajati Timur I/1, Kalibata, South of Jakarta, Indonesia. It offers both bachelor's and master's degrees in business administration, along with some other business programs, all delivered in English. Starting in 2012, IPMI International Business School is also focusing on business research to improve business in Indonesia.
The University of Professional Studies, Accra (UPSA) formerly known as the Institute of Professional Studies (IPS), is a public university in Ghana. The main campus is located in Accra. UPSA is the first university in Ghana to provide both academic and business professional education. The University of Professional Studies Act, 2012 (Act 850) changed the name of the Institute of Professional Studies to University of Professional Studies, Accra. UPSA is nationally and internationally accredited by the National Accreditation Board (Ghana) and the Accreditation Council for Business Schools and Programs (ACBSP), respectively.
The Institute of Cost and Management Accountants of Pakistan (ICMAP) is a professional accounting body offering qualification and training in management accountancy.
The Institute of Certified Management Accountants of Sri Lanka, is a professional body offering qualification in management accountancy in Sri Lanka.
Chartered Professional Accountants of Canada is the national organization representing the Canadian accounting profession through the unification of the three largest accounting organizations: the Canadian Institute of Chartered Accountants (CICA), the Society of Management Accountants of Canada and Certified General Accountants of Canada (CGA-Canada), as well as the 40 national and provincial accounting bodies. It is one of the largest organizations of its type in the world, with over 217,000 Chartered Professional Accountants in Canada and around the world.