Institute of Cost and Management Accountants of Pakistan


Institute of Cost and Management Accountants of Pakistan

Infobox_University
name =Institute of Cost and Management Accountants of Pakistan
native_name =
latin_name =


motto =
established =1951
type =Professional institute
endowment =
staff =
faculty =
president =Sher Afghan Malik
students =>15,000
members =>3,000
postgrad =
doctoral =
profess =
city =Karachi
province =
country =Pakistanflagicon|Pakistan
campus =Karachi Head Office, Karachi Camp Office, Dubai, Lahore, Islamabad, Peshawar, Quetta and others
affiliations =International Federation of Accountants and 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 Pakistan.

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, industry and government in Pakistan as 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.

International Association

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:

* The Chartered Institute of Management Accountants (CIMA), UK
* The Society of Management Accountants (SMA), Canada
* Institute of Management Accountants (IMA), USA
* The Association of Chartered Certified Accountants (ACCA), UK
* The 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
* The Institute of Internal Auditors (IIA), USA
* Pakistan Institute of Public Finance Accountants (PIPFA)
* The 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.

Publication

"Management Accountant"

The ICMAP takes out a bi-monthly journal 'Management Accountant' which is one of the leading professional journals in Pakistan having 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.

"Other Publications"

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

ee also

*IFACnet
*Institute of Chartered Accountants of Pakistan
*Pakistan Institute of Public Finance Accountants

External links

* [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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