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Chartered Institute of Management Accountants (CIMA)
CIMA logo
CIMA's current corporate logo
Predecessor The Institute of Cost and Management Accountants
Formation 18 April 1919; 95 years ago (1919-04-18)
Legal status Chartered body
Headquarters London,  UK
Member's designations ACMA, FCMA and CGMA
Official languages English
Governing body Council
IFAC member since 7 October 1977
Website www.cimaglobal.com

The Chartered Institute of Management Accountants (CIMA) is a United Kingdom-based professional body offering training and qualification in management accountancy and related subjects, focused on accounting for business; together with ongoing support for members.

CIMA is one of a number of professional associations for accountants in Ireland and the UK. Its particular emphasis is on developing the management accounting profession within the UK and worldwide. CIMA is the largest management accounting body in the world, with more than 203,000 members and students in 173 countries.[1] CIMA is also a member of the International Federation of Accountants.

History[edit]

CIMA was founded in 1919 as "The Institute of Cost and Works Accountants" (ICWA). It specialised in the development of accounting techniques for use in the internal control of manufacturing, service and public sector operations. It developed a position as the leading professional body in the areas of product costing, budgeting, management accounting, investment appraisal and business decision making.

In October 1944, the Institute of Cost and Works Accountants organisation in Ireland was formed.[2]

The institute changed its name from ICWA to the "Institute of Cost and Management Accountants" (ICMA) in 1972 and subsequently to the "Chartered Institute of Management Accountants" (CIMA) in 1986, after it was granted a Royal Charter, a globally recognised accounting qualification, based in the UK and particularly honored in Commonwealth countries. Its membership has grown from 15,000 in 1970 to 79,757 members and 92,909 students in 2009.[3] It has played a role in founding fraternal professional bodies such as the Institute of Cost and Management Accountants of Pakistan, the Institute of Cost and Management Accountants of Bangladesh, the Institute of Cost and Works Accountants of India and the Institute of Management Accountants (USA).

Activities[edit]

CIMA operates a Masters degree standard scheme of qualifying examinations for prospective members. It is active in promoting local education, training and management development operations, the promotion of new techniques through its research foundation and the dissemination of management accounting practices through publications and other media related activities. CIMA has been active in recent educational and vocational initiatives in former Eastern bloc countries. It publishes a monthly journal, supplied free to members and registered students, called 'Financial Management'.

CIMA is recognised as a professional accounting body for various statutory purposes by UK and various overseas governments. The institute regulates the activities of its members by a code of practice, a discipline committee and (a recent innovation) a continuing education scheme.

CIMA's governing body is its council, comprising members elected from regional branches. Each of the branches has a committee and is responsible for much of the 'grass roots' activity. Activity such as qualification development is undertaken from the London head office.

The CIMA Global Business Challenge, an annual international business and strategic management competition for undergraduates around the world, is designed to bring out the best in the young business leaders of tomorrow.[4]

In July 2009, CIMA added an online community – CIMAsphere – to its website. The community consists of a range of blogs, discussion boards, groups, community answers, expert Q&A sessions and some social networking features for members, students and also the general audience.

In 2011, CIMA entered into a joint venture with the American Institute of Certified Public Accountants (AICPA) to launch a global management accounting designation called the Chartered Global Management Accountant (CGMA).[5] In the Americas outside the U.S., non-U.S. CPAs can obtain the new designation as an AICPA International Associate, after a rigorous assessment process. In the rest of the world, new designation holders are able to become members of CIMA after the same assessment process.

CIMA is proactive to tie up with American CPA because of the current convergence trend between US-GAAP and IFRS, reinforced following the merger of the iconic New York Stock Exchange with Germany’s Deutsche Boerse AG. "It remains to be seen whether companies listed in a combined exchange would be required to report under IFRS, US GAAP or both, but as the US appears to be moving towards IFRS adoption it is more likely the international standards would be the accounting rules of choice"[6]

Membership[edit]

CIMA has two grades of full membership:

  • Associate – designated by the letters ACMA
  • Fellow – designated by the letters FCMA

To be admitted as an associate a candidate must have:

  • completed a period of qualifying practice of at least three years, documented and signed by appropriate witnesses
  • passed the institute's 15 qualifying examinations
  • been proposed and seconded for membership by two individuals who have direct experience of the candidate's work experience.

To become a Fellow, a candidate ACMA must, in addition, have appropriate experience at a senior level.

In the past, CIMA has offered forms of association which do not amount to full membership, for example an "Affiliate" membership class was promoted in the 1970s.

Strategic alliances[edit]

CIMA members have access to a number of strategic alliances, including:

Development[edit]

In recent years, CIMA has been party to merger talks with other professional accounting bodies including the ICAEW in 1995 and again in 2005.

See also[edit]

References[edit]

  1. ^ CIMA, CIMA About Us, 1 Feb 2014
  2. ^ Our History – CIMA – History of the CIMA in Ireland
  3. ^ CIMA Annual Report 2009 – History of the CIMA in Ireland
  4. ^ http://www.cimaglobal.com/Events-and-cpd-courses/globalbusinesschallenge/
  5. ^ AICPA, AICPA Press Release Published 23 May 2011, 1 Feb 2014
  6. ^ The Accountant-online, Bloomberg talks up US GAAP as merger talks continue Published 14 February 2011 by TA editorial, 14 February 2011
  7. ^ ACT route
  8. ^ CMA Canada agreement (pdf)
  9. ^ Pathway for CIMA members to CPA Australia membership (htm)
  10. ^ ICA-Australia alliance
  11. ^ New Zealand joint qualification on CIMA website
  12. ^ CIMA recognition

External links[edit]


Original courtesy of Wikipedia: http://en.wikipedia.org/wiki/Chartered_Institute_of_Management_Accountants — Please support Wikipedia.
This page uses Creative Commons Licensed content from Wikipedia. A portion of the proceeds from advertising on Digplanet goes to supporting Wikipedia.
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1186 news items

Bella Naija

Bella Naija
Fri, 07 Nov 2014 09:16:15 -0800

CIMA, the Chartered Institute of Management Accountants has a launched a special limited offer of 45% off its standard registration fee for MBAs, M.Sc in Accounting holders and qualified accountants. The offer closes on Wednesday 31st December 2014.
 
Accountingweb.com
Thu, 20 Nov 2014 11:41:15 -0800

But, according to the American Institute of CPAs (AICPA) and the Chartered Institute of Management Accountants (CIMA), management accounting has lacked the same level of guidance as financial accounting to ensure that these practices are consistently ...
 
AllAfrica.com
Wed, 19 Nov 2014 23:41:15 -0800

THE Chartered Institute of Management Accountants (CIMA) has donated books to the University of Lusaka (UNILUS) worth K9,350. CIMA country manager Gordian Bowa presented the books to School of Business Dean Ronald Kaulule in Lusaka on ...
 
Bath Chronicle
Sun, 16 Nov 2014 21:26:15 -0800

Author Stefan Thomas gave the advice at a seminar organised by the Chartered Institute of Management Accountants (CIMA) at Bath Racecourse. Mr Thomas, who wrote Business Networking for Dummies, said: "Any business person can generate more ...
 
Property Week
Wed, 19 Nov 2014 04:56:15 -0800

The Chartered Institute of Management Accountants has signed a deal for a new office at The Helicon, South Place, London. CIMA has signed a 10-year lease for 23,456 sq ft on the third floor of the building, moving from its current home in the West End ...
 
The HR Director Magazine
Tue, 11 Nov 2014 07:00:00 -0800

New report from Chartered Institute of Management Accountants and American Institute of CPAs reveals need for new measures and structures as companies reinvent their workforces for agility. Organisations around the world are rapidly reshaping their ...
 
Nasdaq
Fri, 14 Nov 2014 11:18:45 -0800

... Chartered Certified Accountants (ACCA), Chartered Institute of Management Accountants (CIMA) to mention a few. Becker already offers CPA training in India in partnership wuth EduPristine, India's largest financial certifications review provider ...
 
AllAfrica.com
Mon, 17 Nov 2014 05:52:30 -0800

The Vice-Chancellor further stated that the University emerged second in the 2013 Global Business Challenge (GBC), organized by the Chartered Institute of Management Accountants (CIMA), Ghana. The Chief Executive Officer of Reroy Cables and the ...
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