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Professional Body & Professionalism - 3

This is part 3 of the topic Professional Body and Professionalism by CMA B V Prabhakar. He discusses on how accounting bodies IMA-USA, ICWAI-INDIA & ICSI-INDIA apply the above principles.

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IMA has an online Professional Learning Center with access to Programs designed for Continuing education courses for Certified Management Accountants (CMAs) and professional development programs designed to help management accountants and finance professionals build their careers.

All IMA professional development programs relate to one or more of the five core competencies of management accounting:


Webinars are designed to actively engage members in the latest trends and thinking in the profession without having to leave the office or home. IMA conducts webinars session at least a month on latest topics conducted by experts in the field.


IMA regularly conducts seminars, get-togethers, and conventions, with educational sessions, speakers, workshops and valuable networking opportunities to build members skills and capabilities to become a valuable, strategic business partner, and a champion to their company's bottom line.


i) Foundation for Applied Research

The IMA Foundation for Applied Research, Inc. (FAR) was formed to ensure sufficient resources, both human and financial, to sustain and augment IMA's role as a valued center of research on the most important practice issues of the day while also identifying financial management trends to meet the challenges of the next millennium.

The Trustees who oversee FAR's research activities represent management accountants and financial professionals from Corporate America to academe. Collectively, they have established research priorities to address the following questions:

  1. How can management accounting and finance best contribute to improving competitiveness and achieving continuous improvement in the enterprise?
  2. How does management accounting affect management behavior?
  3. What are important emerging cost management and performance measurement techniques and issues?
  4. How is globalization affecting management accounting and finance?
  5. How is emerging technology being used to improve the effectiveness of management accounting?

FAR's Mission

FAR's mission is to develop and disseminate timely management accounting and financial management research findings that can be applied to current and emerging business issues.

Research Process

Topics are identified with input from FAR's constituency base. A call for research is issued to the research community. FAR trustees select the research team and establish a project committee of subject matter experts to work with the researchers in developing FAR's research. Representatives of FAR maintain relationships with various standard-setting and regulatory bodies as well as other professional accounting organizations to monitor and influence proposals and participate in cooperative studies. Findings are presented at conferences and seminars and are published as monographs or books.

IMA's Foundation for Applied Research goal is to create discussion papers, Statements on Management Accounting and practitioner-oriented articles based on complete research for publication in Strategic Finance magazine and/or Management Accounting Quarterly.

ii) The IMA Research Center of Excellence

The IMA Research Center of Excellence (COE) is focused on delivering research, best practices, and tools for practitioners in accounting and finance who are involved in decision support, planning, budgeting, forecasting, risk management, and internal control over financial reporting.

In addition to the Foundation for Applied Research (FAR), the CoE is composed of five research practices:

  • Leadership Strategies and Ethics
  • Technology Enablement
  • Strategic Cost Management
  • Business Performance Management
  • Finance Governance, Risk, and Compliance

The COE is dedicated to advancing the management accounting and finance profession and the careers of practitioners, enabling them to build sustainable value within their operations.

iii) Ventana Research Studies

IMA has signed a cross-marketing and research agreement with Ventana Research, a research and advisory services firm focused on performance management and the integration of finance and IT. Under the agreement, IMA members will have access to Ventana Research syndicated research reports, publications and research analysts. IMA members can participate in research studies and receive the results of those studies on topics like performance management and technology.

iv) Research Library

The McLeod information Center covers the fields of Management Accounting and Financial Management.

Custom Bibliographies

If Members need information on a specific topic, a tailor-made reading list can be prepared , based upon key concepts provided by E-mail, Regular mail, or Fax.

Full-text Articles

Copies of articles published in IMA or non-IMA periodicals can be sent to the members by E-mail, Regular mail, or Fax on request.

Internet Research

Should members need research services, the Center can scout Internet databases for journal & news articles, case studies, and other research of the Business and Management resources, producing up-to-date, austive bibliographies, as well as full-text-article sets, to meet the member’s specifications.


i) Strategic Finance is the flagship publication of the Institute of Management Accountants (IMA®). An award-winning monthly magazine, it provides the latest information about practices and trends in finance, accounting, and information management that will impact members (mostly controllers, CFOs, and their staffs) and their jobs. The thought-provoking articles offer advice that will help financial professionals perform their jobs more effectively, advance their careers, grow personally and professionally, and make their organizations more profitable.

ii) Management Accounting Quarterly is a quarterly, refereed online journal that contains in-depth articles by and for academics and practitioners of corporate (management) accounting and financial management.

Some of the subjects covered are cost/management accounting techniques, ABC/ABM, RCA, GPK, statistical process controls, target costing, theory of constraints, methods of calculating stock options, techniques to improve accounting and finance education, new theories in finance and accounting, and much more.

iii) Statements on Management Accounting (SMAs) present the views of IMA regarding management accounting and financial management issues. In their development, the Statements are subjected to a rigorous exposure process.

SMAs are classified based on the following IMA research practice areas:

  • Leadership Strategies and Ethics
  • Technology Enablement
  • Strategic Cost Management
  • Business Performance Management
  • Finance Governance, Risk, and Compliance (FGRC)
  • Practice of Management Accounting

iv) IMA Educational Case Journal (IECJ®),

IMA® launched the IMA Educational Case Journal (IECJ®), a quarterly, on-line journal. The mission of the Journal is to publish teaching cases and research related to case writing or teaching with cases in management accounting and related fields.

The journal accepts cases covering a wide range of topics, reflecting the diverse skill set required of management accountants today. International submissions are welcome and encouraged. The IECJ is listed in the Cabell's Directory of Publishing Opportunities.

Continued... Part 4

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