Institute of Cost and Management Accountants of Pakistan
|Institute of Cost and Management Accountants of Pakistan (ICMAP)
|Formation||July 14, 1966|
|Legal status||Statutory body corporate, established under the Cost and Management Accountants Act, 1966 passed by the National Assembly of Pakistan|
|Member's designations||ACMA and FCMA|
|Official languages||English language|
|President||Zia Ul Mustafa Awan|
|Governing body||National Council|
|IFAC member since||October 7, 1977|
|Former name||Pakistan Institute of Industrial Accountants|
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 institute was established with the name 'Pakistan Institute of Industrial Accountants (PIIA)' which was changed to ICMAP in 1976. It is considered as the oldest professional accountancy institute of Pakistan.
ICMAP is the sole provider of cost and management accounting education, training and professional certification in Pakistan.
ICMAP has over 3000 members, who hold positions in trade, commerce, industry and government in Pakistan and abroad. The active registered students number around 15000, which makes ICMAP one of the largest professional institutions in Pakistan. The institute has its head office in Karachi.
- 1 International Association
- 2 International and National Recognition
- 3 Role of the Members of ICMAP
- 4 Role as Cost Auditors, Financial, Business and Management Consultants
- 5 Role of Management Accountants as defined by ICMAP
- 6 Publication
- 7 See also
- 8 External links
The Institute is a 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)
- 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
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 as Cost Auditors, Financial, Business and Management Consultants
The practicing members of ICMA Pakistan provide valuable services to Government, Public and Private Sector organizations including Financial Audit, Cost Audit, Financial Systems & ERP, Business Plans & Feasibility Study, Corporate Reporting and Analysis, Internal Controls and Financial Policies, Business & Management Consulting, Tax Consulting, Corporate Laws Consulting and other allied areas.
ICMA Pakistan has established "Technical Support and Practice Development Committee" to provide technical support to practicing members of the Institute.
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 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 a management information system.
- Contributing to Total Quality Management (TQM).
- Assisting in decision-making process.
- Providing Strategic Decision Makers.
Cost accounting and audit
- Cost Accounting Guideline 1 (the first cost accounting standard issued by the Institute)
- Cost Audit Handbook
The ICMAP publishes a bi-monthly journal Management Accountant which has a circulation of around 14,000 copies. The Institute has published research-based articles on each sector of the economy. Research & Publications Activities of ICMA Pakistan
One of the core objectives of ICMA Pakistan, as defined in its 'Mission statement' is to Conduct Research". The core activities of the Research & Publications Department are to identify potential areas of research and carry out research studies on topics of professional Interest. The Research Department carries out its functions on the directives of the Research & Publications Committee.
(1) History of Management Accounting Profession in Pakistan
This book has been published by the Institute to pay lasting homage and glowing tributes to the founders of our Institute. This historical document depicts the evolution of Management Accounting Profession and pivotal role played by our Institute in developing and strengthening the profession.
(2) Cost Audit Handbook
This handbook provides useful information for the practicing cost and management accountant to carry out cost audit in those industries where the government has made mandatory cost audit.
(3) Glossary of Management Accounting Terms
This concise dictionary contains most important and common terms and definitions, currently in use in Cost and Management accounting. It attempts to provide a convenient reference source, especially for the qualified members and students of our Institute, and generally for all other persons who wish to have better understanding of management accounting subject.
(4) Shareholding Pattern of Corporate Sector in Pakistan
This book is based on research on ownership structures of 44 companies from manufacturing and services sectors. The manufacturing segment covers seven sectors viz. sugar, cement, textile, refinery, fertilizer, pharmaceuticals and automobiles, whereas the services sector include banks and insurance companies. ICMAP study concludes that around 64 percent (32 companies) of the 44 selected companies are controlled by the prominent business groups and families of Pakistan.
(5) Capacity Utilization of Sugar Mills in SAARC Countries
This exclusive comparative review of the sugar industry in Pakistan and India has been undertaken with special focus on installed and utilized capacities of sugar mills in two countries. The report also provides useful data and statistics on other SAARC countries viz. Bangladesh, Nepal and Sri Lanka.
(6) Brochure on ‘Cost Audit Benefits to Industry’
This brochure is designed specifically to enlighten the Industry about the benefits and necessity of cost audit in terms of cost-competitiveness; effective decision-making; better control; and its multi-dimensional application globally. Success stories in cement and sugar industries are also provided.
(7) Federal Budget 2012-13 Memorandum
A booklet was printed on ‘Federal Budget 2012-13 – Memorandum’ which include the amendments made by the government through the Finance Act 2012.
(1) Capacity Utilization of Listed and Non-Listed Sugar Mills in Pakistan
This study covers data analysis of 80 Pakistani sugar mills in the Listed and Non-Listed sectors. The cane crushing capacities of these mills were analyzed to determine their efficiency in capacity utilization. The main data sources used were annual reports, cost audit reports, PSMA data, etc.
(2) Capacity Utilization in Cement Industry of Pakistan
This analytical research was carried out on the basis of information collected from the published annual accounts of cement companies. This in-depth research has brought forth some interesting facts, especially on industry capacity utilization.
(3) Impact of IFRS Application on Management Accounting Concepts
A Survey was conducted to seek professional input from members, especially those working in business and industry, on “Impact of IFRS Application on Management Accounting Concepts/ Principles”. The Survey consists of ten questions related to the subject. It was posted on the Institute’s website for members’ feedback.
(4) Comparative Review of Fiscal and Tariff Regimes in SAFA Countries
A comparative research / review of Fiscal and Tariff structures in the SAFA countries viz. Pakistan, India, Bangladesh, Nepal and Sri Lanka was undertaken, which covered information such as types of taxes and taxation procedures, mode of tax payment, tax rates on companies and non-residents, Sales tax/VAT/GST, Federal Excise Duty, Custom duty, Social security taxes, property tax, double taxation agreements, foreign ownership and regulations for setting up foreign company etc.
(5) Comparative Review of IFAC Codes
A mapping / comparative review of the IFAC Revised Code of Ethics, 2009 with the SAFA Code of Ethics for Professional Accountants, 2004 was carried out, after examining both the documents. The review covered the changes, additions and deletions made in Part A, B and C of the Codes, related to Professional Accountants in Public Practice and Professional Accountants in Business.
(6) Action Plan for IFAC Member Body Compliance Program
An SMO Action Plan was developed earlier under the Member Body Compliance Program of IFAC. As required by the IFAC, this Action Plan was revised and updated, under the guidance of Director Secretariat, and sent to IFAC. These revisions were made with respect to ICMAP’s further initiatives in the areas of quality assurance (SMO 1), International Education Standards (SMO 2), International Auditing and Assurance Standard (SMO 3), Code of Ethics (SMO 4), International Public Sector Accounting Standards (SMO 5), Investigation and Discipline (SMO 6), and IFRS (SMO 7).
Research Papers for Management Accountant Journal
(1) Government – ICMAP Partnership Proposal
A paper was developed on “Proposal for Government-ICMAP Partnership focusing on Cost Efficiency for Economic Stability” which was published in the special Budget Issue of Management Accountant Journal. This paper indicated the possible role of Management Accountants to help the government in achieving economic stability, cost efficiency, better utilization of public funds, revival of inefficient organizations, checking inflation and unfair business practices.
(2) Role of Management Accountants in Developing Corporate Ethical Culture
This paper provided different role that could be played by Management accountants in development corporate ethical culture and ethical policies and guidelines for the corporate sector.
(3) An Insight on ‘Business Process Re-engineering Initiatives in Industries”
This Research paper provides an insight on the initiatives taken by selected companies in different industry sectors of Pakistan to re-design and re-structure their business processes with a view to improve their operational efficiencies and performance and achieve market competitiveness.
(4) A Comparative Review of Budget Making Process in SAARC Countries
This Research paper provides a comparative review of budget making process in SAARC countries viz. Pakistan, Bangladesh, India, Nepal and Sri Lanka.
- Institute of Chartered Accountants of Pakistan
- Pakistan Institute of Public Finance Accountants
- Official website ICMAP
- Official website of ICMAP Islamabad Library
- International Accounting Standards Board
- International Federation of Accountants (official)
- IFACnet - A KnowledgeNet for Professional Accountants