Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: TDS :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: empanelment :: articles on VAT and GST in India :: due date for vat payment :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: list of goods taxed at 4%
 
 
« News Headlines »
 6 important income tax rules for individuals which will change from April 1, 2017
 Key changes in income tax rates individuals need to look at from 1 Apr
 Provisional Enrollment under Goods and Service Tax (GST)
 Ten income tax changes that will come in to effect from April 1
 New income tax provisions you need to be aware of
 8 benefits you must know about this tax-saving mutual fund
 10 most important income-tax changes which will apply from April 1
 Delhi: 54 CAs, company secretaries on radar in I-T crackdown against black money
 10 Income Tax Rules That Will Change From April. See Details Herea
 Looking for last-minute tax planning with Section 80C investments? Here's help
 Aadhaar mandatory for filing income tax return

'Management accountants ensure integrity'
February, 12th 2008

Management accountants are the conscious keepers of an organisation, says Charles Tilley, chief executive officer, Chartered Institute of Management Accountants (CIMA), UK. In conversation with Rayana Pandey, he highlights how the profession of a cost accountant has evolved over the years to be known as management accountancy:

How has the role of a management accountant changed over the years?

We, within CIMA, have devised a series of succinct definitions that describe a management accountant today. The simplest one is one who turns management issues into insight to create sustainable value in a business.

It is expected of a management accountant to be able to provide the company any kind of management information that it needs. They are expected to carve winning strategies, manage risk and set high professional standards, adding to the companys integrity.

How many mutual recognition agreements (MRAs) does CIMA have? Is one with India in the pipeline?

Accounting bodies have pathways into each other and it is very important for them to work together in public interest. CIMA is a large organisation with a global presence in over 160 countries.

As of now, we have one MRA with the Society of Management Accountants of Canada, also known as CMA Canada, meaning, there is parity in training and education of management accountants.

We will be looking at an agreement with India soon. The Institute of Cost and Works Accountants of India (ICWAI) is just launching a new syllabus, benchmarking it with the international pattern. So that should help in formalising the MRA. Even apart from MRAs, CIMA, India works on many research projects where there is scope for partnership with ICWAI.

ICWAI has been asking for a name change of the institute from cost and works to management accountants. You think this will strengthen their position while working out an MRA with other countries?

Yes. We are now talking of cost accountants as management experts. Look at how brands have evolved in todays time. Even Tatas, who would traditionally focus on cost and have many factories by virtue of being an industrial conglomerate, would focus on creating value.

In such a scenario, the concept of works is no longer applicable. Therefore, ICWAI asking for a name change is definitely understandable.

Do you think the International Federation of Accountants (IFAC) is giving sufficient attention to the profession of management accountants or is there a need to come up with a federation of management accountants?

IFAC focusing more on financial accounting is understandable because all over the world, governments and regulators are comfortable in addressing public interest through audit.

But at the same time, our concerns are adequately addressed. We do not need another federation of equal infrastructure but management accounting bodies should definitely work closely. IFAC provides the best standards in education, training and practices for the profession of management accountants and oversees it very well.

Why is it that the profession of management accountants is not as hyped as financial accountants?

As I said, financial accountancy gets much more attention due to audits but when it comes to a company, an expert is needed who can keep the consciousness of the management alive and ensure the companys integrity.

That is where the role of a management accountant comes into play. Organisations that do not have good quality information given by the management accounting, undoubtedly suffer.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Outsourcing Company Offshore Software Outsourcing Software Outsourcing Company India Offshore Outsourcing Company India Software BPO Software Business Process Outsourcing Software Outsourcing India Offsho

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions