- Institute of Cost and Management Accountants of Pakistan
name =Institute of Cost and Management Accountants of Pakistan
type =Professional institute
president =Sher Afghan Malik
KarachiHead Office, KarachiCamp Office, Dubai, Lahore, Islamabad, Peshawar, Quettaand others
International Federation of Accountantsand International Accounting Standards Board
website = [http://www.icmap.com.pk/ Official Website of ICMAP]
[http://www.icmaplibrary.com.pk/main_page.htm ICMAP Islamabad Library]
The Institute of Cost and Management Accountants of Pakistan was established in 1951 and was granted statutory status under the Cost and Management Accountants Act, 1966 for the regulation of the profession of Cost and Management Accounting. The said institute was originally established with the name 'Pakistan Institute of Industrial Accountants (PIIA)' which was changed to ICMAP in 1976. It is considered as the oldest professionial accountancy institute of
ICMAP is the sole provider of cost and management accounting education, training and professional certification in
Pakistan. The institute has earned reputation both nationally and internationally for its high standard in imparting education and testing. The Institute has been meeting an important national human resource need through a steady flow of professional management accountants to occupy leading positions in the corporate world.
ICMAP has over 3000 members, who hold senior positions in
trade, commerce, industryand governmentin Pakistanas well as abroad. The number of active registered students is around 15000, which makes ICMAP one of the largest professional institutions in Pakistan. The institute has its head office in Karachi.
The Institute is member of the following international accounting bodies:
International Federation of Accountants(IFAC)
International Accounting Standards Board(IASB)
* Confederation of Asian and Pacific Accountants (CAPA)
* South Asian Federation of Accountants (SAFA)
International and National Recognition
The accounting bodies that have recognised ICMAP qualification and granted exemptions to ICMAP Members or Qualified Students in different papers are:
Chartered Institute of Management Accountants(CIMA), UK
* The Society of Management Accountants (SMA), Canada
Institute of Management Accountants(IMA), USA
Association of Chartered Certified Accountants(ACCA), UK
Institute of Chartered Accountants of Pakistan(ICAP)
Institute of Chartered Accountants of Australia(ICA- Australia)
* Certified General Accountants Association (CGA), Canada
National Institute of Accountants, Australia
Association of International Accountants, UK
Institute of Internal Auditors(IIA), USA
Pakistan Institute of Public Finance Accountants(PIPFA)
Institute of Corporate Secretaries of Pakistan(ICSP)
Role of the Members of ICMAP
The 'Management Accountants' produced by the Institute, have met the requirements of the industry over the years and performed creditably in the assigned roles. Today, more than 60% ICMAP Members occupy top to middle management positions in industry, financial institutions, consultancy firms etc., as
Chief Executive Officers, Managing Directors, Chairpersons, General Managers, Controllers, Directors of Finance, Company Secretaries, etc.
Role of Management Accountants as defined by ICMAP
* Breaking down of cost/expenditure into functions and processes to facilitate cost control at each operational level.
* Developing standards for all operating areas and evaluating actuals with the standards.
* Analysing overall business and operational data.
* Suggesting alternatives to improve productivity.
* Identifying areas of wastages, leakages and inefficiencies or invisible losses.
* Ensuring optimum utilisation of available resources.
* Deploying informatic tools for an efficient
management information system.
* Contributing to
Total Quality Management(TQM).
* Assisting in decision-making process at all cadres of management.
The ICMAP takes out a bi-monthly journal 'Management Accountant' which is one of the leading professional journals in
Pakistanhaving circulation around 14,000. It has become the only professional journal of the country having widest circulation. The Institute has published research based articles on each sector of the economy.
Vegetable Ghee and Cooking Oil Companies(Cost Accounting Records) Order, 1990
Cement Industry (Cost Accounting Records) Order, 1994
Sugar Industry (Cost Accounting Records) Order, 2001
[http://www.icmap.com.pk/costaudithandbook.pdf] Cost Audit Handbook
Institute of Chartered Accountants of Pakistan
Pakistan Institute of Public Finance Accountants
* [http://www.icmap.com.pk/ The Official Website of ICMAP]
* [http://www.icmaplibrary.com.pk/main_page.htm The Official Website of ICMAP Islamabad Library]
* [http://www.iasb.org International Accounting Standards Board]
* [http://www.ifac.org/ International Federation of Accountants (official)]
* [http://www.ifacnet.com/ IFACnet - A KnowledgeNet for Professional Accountants]
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