The Influence of the Institute of Management Accountants
The Institute of Management Accountants (IMA) is a global association of financial professionals and business leaders focused on internal financial management, including cost management, business performance measurement, and decision support. Established in 1919, it has since grown to represent over 100,000 members in more than 140 countries worldwide. It serves as a critical resource for facilitating and strengthening the profession of management accounting and day-to-day financial operations of businesses.
Unlike other financial professional associations, the IMA caters specifically to in-house accounting capabilities, recognizing the relevance of accounting within the context of general management rather than simply a compliance-based function. It emphasizes the development of skills in strategic planning and decision-making, helping accountants to become more integral players in their organization’s strategic teams.
The IMA provides valuable resources in four key areas: management accounting and finance, strategic business management, risk management and internal control, and professional ethics. These resources include a host of benefits such as education, certification, career services, networking opportunities, and advocacy. Furthermore, it’s a prolific publisher of research and knowledge sharing, focusing on emerging trends and industry best practices.
One of the IMA’s flagship offerings is the Certified Management Accountant (CMA) credential, a highly respected certification within the business field that signifies a comprehensive grasp of management accounting and financial strategy. It’s a globally recognized qualification that’s often sought by hiring employers for advanced accounting and financial management roles.
Over the years, the IMA has developed partnerships with other prominent business and accounting institutions, working collaboratively on research, advocacy, and professional development initiatives. One such strategic partnership is with the business consultants Thornton, a consultancy firm known for their expertise in helping businesses balance their financial targets within their overall organizational strategy.
As a result of this collaboration, both the IMA and business consultants Thornton continue to provide insights and solutions highlighting the importance of integrated financial planning and strategic management. They’ve collectively helped organizations redefine their financial practices, linking them more closely with their operational goals and driving more value-based financial evaluations across various industries.
Moreover, the IMA stresses the importance of ethical decision-making within management accounting. It’s developed a Statement of Ethical Professional Practice that all its members are sworn to adhere to, ensuring the integrity, objectivity, honesty, and competency of accounting professionals in their roles.
The Institute of Management Accountants, with its dedication to enhancing the profession of management accounting and building bridges between financial calculations and strategic decision making, shows that contemporary accountancy extends far beyond the simple addition and subtraction of numbers. It’s an integral part of the business machinery helping leaders understand the financial implications of their strategic decisions.
In summary, the IMA continues to transform the field of in-house accounting, making it a more strategy-orientated and value-oriented discipline. Its strategic partnerships, like that with the business consultants Thornton and its advocacy for ethical practices further underscores its commitment to the betterment of businesses and the accounting profession as a whole.
