In an earlier issue of On Target I foreshadowed that I will be reporting on the deliberations of the internal committees that was formed to explore the possibility of joining with other management accounting bodies to set up a global body with similar objectives to IFAC, but with a focus only on management accounting.
The ICMA is now proud to announce the formation of The International Management Accounting Collaborative (IMAC). IMAC’s vision is that the global management accountancy profession be recognized as a valued leader in the development of strong and sustainable organizations, financial markets, and economies. See www.imacglobal.org
IMAC is the global organization for the management accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IMAC is particularly committed to enhancing the decision making capabilities of organisations; and in promoting good governance, risk management and sustainability, which are the key elements in achieving long term social, environmental and economic performance, and in enhancing investor and other stakeholder confidence. Professional management accountants have an important role to play in these areas, and IMAC is uniquely positioned to support member bodies in enhancing the competence and expertise of their members.
IMAC’s mission is to serve the public interest by supporting the development of all sectors of the management profession around the world; by contributing to the development of strong professional management accountancy organizations; by supporting high-quality practices by professional management accountants, by promoting the value of professional management accountants worldwide; and by speaking out on public interest issues affecting industry and commerce.
IMAC members are professional management accountancy organizations recognized by law or general consensus within their countries and often internationally as substantial professional organizations. Professional management accounting bodies may apply to become an IMAC member once completing 5 years of existence. All financial members of IMAC member bodies will be entitled to describe themselves as an International Management Accounting Professional, and use the post-nominals IMAP, in addition to their own organisation’s post-nominals.
IMAC will initiate a number of Research Interest Groups, in areas such as: (1) The Management Accounting Profession; (2) Management Control Systems; (3) Lean Manufacturing and Quality Control; (4) Life Cycle Costing Systems; (5) Benchmarking; (6) Activity Based Cost Allocation Systems; (7) Customer Profitability Analysis; (8) Activity Based Management; (9) Strategic Performance Management Systems; (10) Environmental and Social Management Accounting (ESMA); (11) Strategic Governance and the Strategic Audit: (12) Strategic Thinking; (13) Strategic Marketing Analysis; (14) Product Portfolio Management (15) Pricing Methods and Strategies; (16) International Business Strategies; (17) Integrated Marketing Communication; (18) Supply Chain Management; (19) Strategic Valuation; (20) Strategic Risk Management: (21) Strategic Scorecards and (22) Case Study Research.
Ultimate governance of IMAC rests with the IMAC Council, which comprises one representative from each member body.
Best Wishes to all members in their professional life
Professor Janek Ratnatunga, CMA, IMAP
CEO, ICMA Australia
