Institute of Cost and Management Accountants of Bangladesh
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|Type||The national body of the professional Cost and Management Accountants of Bangladesh|
|Affiliation||International Federation of Accountants and International Accounting Standards Board|
|President||Jamal Ahmed Chowdhury, FCMA|
|Vice-president||Momtaz Uddin Ahmed, FCMA and Mohammad Selim, FCMA|
|Campus||Dhaka (main), Chittagong, Khulna, Rajshahi, Comilla|
The Institute of Cost and Management Accountants of Bangladesh (ICMAB) at Nilkhet, Dhaka, Bangladesh is the only institution in the country dedicated to Cost and Management Accounting education and research. It is managed as an autonomous professional body under the Ministry of Commerce.
As well as education, it is also engaged in regulating and promoting the profession of cost and management accountant in Bangladesh. The Institute is managed by a National Council of 16 members. It is a member of the International Federation of Accountants (IFAC), Confederation of Asian and Pacific Accountants (CAPA), and South Asian Federation of Accountants (SAFA). In 1972, the Institute was re-established in the name of Bangladesh Institute of Industrial Accountants (BIIA) again With the changing need of time the Government of Bangladesh renamed it as The Institute of Cost and Management Accountants of Bangladesh (ICMAB) through promulgation of The Cost and Management Accountants Ordinance 1977 (Ordinance No LIII of 1977).
ICMAB members are known as CMAs with their designatory title ACMA and FCMA. They play leading roles in the accountancy and finance profession in Bangladesh. 30% of members live and work in UK, USA, Canada, Australia and Gulf Countries. ICMAB UK Chapter is a lively forum for members working in the UK.
The major objectives of the Institute are to:
- Regulate and develop the Cost and Management Accounting (CMA) profession in Bangladesh
- Provide and confer the highest professional degree in Cost and Management Accounting
- Impart education and training to the members, corporate managers and intending students of CMA for enhancing their capability in the fields of Cost and Management Accounting
- Develop knowledge, skills and competence of the CMAs needed to support economic development of the country and, thus, to prepare capable manpower needed for various national and international development activities according to the requirements of the millennium
- Help development, adoption and implementation of International Financial Reporting Standards (IFRS) in Bangladesh
- Formulate, adopt and implement Cost Accounting and Auditing Standards (CAAS) in Bangladesh and international arena.
- Implement statutory Cost Audit as provided in the Companies Act, 1994
- Conduct research in the field of Cost and Management Accounting to promote and develop the profession to meet the requirement of the time.
ICMAB is a member of the following international accounting bodies:
- International Federation of Accountants (IFAC)
- Confederation of Asia Pacific Accountants (CAPA)
- South Asian Federation of Accountants (SAFA)
- International Accounting Standard Board (IASB)
Syllabus and training
ICMAB's syllabus and training is one of the toughest in Bangladesh which is updated regularly to adapt with the changing business environment. A student required to complete 20 courses and an internship to qualify as a Cost & Management Accountant. The current syllabus includes Principles of Accounting, Business Communication and Office Management, Quantitative Techniques (Business Mathematics & Statistics),Business Economics And International Business,Intermediate Financial Accounting,Cost Accounting,Management And Marketing Management,Information Technology,Advanced Financial Accounting-I,Management Accounting,Commercial & Industrial Laws, Taxation, Advanced Financial Accounting-II,Advanced Cost Accounting,Corporate Laws, Governance & Secretarial Practice,Corporate Governance & Secretarial Practice,Auditing,Financial Management, Strategic Management Accounting,Strategic Management and Organizational Behavior,Cost & Management Auditing and Internship.
National and international recognition
The ICMAB qualification is recognised by many professional bodies nationally and internationally. The bodies that have granted exemption to ICMAB members or qualified students are:
- Chartered Institute of Management Accountants (CIMA), UK
- Association of Chartered Certified Accountants (ACCA), UK
- Institute of Management Accountants (IMA), USA
- Society of Management Accountants of Canada (CMA Canada)
- Certified General Accountants Association of Canada (CGA-Canada)
- Institute of Certified Financial Consultants (IFC), USA & Canada
- Institute of Certified Public Accountants (ACPA), USA
- Institute of Public Accountants (IPA), Australia
- Institute of Chartered Accountants of Bangladesh (ICAB)
The Institute publishes a bi-monthly journal Cost and Management and a bi-monthly newsletter. Various regional chapters e.g. Dhaka and Chittagong also produce regular newsletters.
Around 20% of ICMAB members are working outside Bangladesh. Currently there are ICMAB chapters in Canada, UK, USA, Australia and Saudi Arabia where members regularly exchange professional views and ideas.