Professional management accounting association IMA® (Institute of Management Accountants) has been named a member of the International Federation of Accountants (IFAC), reflecting the increasing importance that management accountants – those professionals working in business – play in the global economy.
The announcement was made this week during the IFAC Council Meeting in Seoul, South Korea. Currently, IMA and the American Institute of CPAs (AICPA) are the only US-based members of IFAC.
As a member of IFAC, IMA will contribute to the organization's mission of strengthening the accounting profession through global initiatives, including IFAC's Professional Accountants in Business (PAIB) Committee. IMA will also offer technical guidance on international accountancy programs and standards issued by independent standard setting boards supported by IFAC and the International Accounting Standards Board (IASB).
"Throughout its ninety-four-year history, IMA has set extremely high standards for management accounting certification, continuing education, and ethical business practices for its members and the profession as a whole", said Jeff Thomson, CMA®, CAE, IMA president and CEO, who attended the IFAC meeting. "We look forward to working with IFAC to address significant challenges facing the profession globally, including financial reporting standards, the talent shortage, and the needs of emerging economies."
IMA's IFAC membership reflects the organization's increasing global influence and the demand for the CMA (Certified Management Accountant) certification. The CMA program is one of the fastest-growing accounting credentials in the world, with notable growth in the Middle East and China markets. IMA operates a global portfolio of four regional offices to support its members and expects to open additional offices in the year ahead.
IMA was granted IFAC membership following a thorough review of its governance and internal operating structures. To learn more about IMA's mission, visit the IMA website.
Source: November 19, 2013, IMA Press Release