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Thursday, July 16, 2009

Fifty Years of Institute of Cost and Management Accountants of Pakistan. (2000-6)

The Institute of Cost and Management Accountants of Pakistan was established in 1951 by (Late) Muhammad Shoaib, who himself was Cost & Works Accountant from UK and founder of Institute of Cost and Works Accountants, India. He envisioned a powerful contributory role for Cost and Management Accountancy in the growth of national economy, which the members of this Institute have played credibly. Mr. Shoaib later rose to become the Finance Minister of Pakistan. The Institute was granted statutory status in 1966 under the Cost and Management Accountants Act, 1966. It has maintained high standard, both in imparting education and testing and has been meeting an important national human resource need through a steady flow of professional management accountants in the economy. Continuous improvement in its programs is an important part of its philosophy. The objective is to produce high caliber business managers by equipping them with specialized skills of management accountancy to meet emerging challenges of an increasingly competitive and demanding business world.
To promote efficiency and effectiveness by providing competent and high caliber professionals in the area of Management Accountancy.
ICMAP has over 1,600 members, who hold senior positions in trade, commerce, industry and government. A good number of them are employed abroad, viz, Middle East, UK, Australia, USA, Canada, etc. The number of registered students is over 25,000 which makes ICMAP one of the largest professional institutions in Pakistan.
The Institute is member of the following International Accounting bodies:
a)International Federation of Accountants (IFAC)
b)International Accounting Standards Committee (IASC)
c)Confederations of Asian Pacific Accountants (CAPA)
d)South Asian Federation of Accountants (SAFA)
The ICMAP takes out bi-monthly journal \"Management Accountant\" which is one of the leading professional journals in Pakistan having circulation of over 10,000. A Research newsletter is also issued every month.
The new millennium is of Management Accountants. The prominent accounting bodies of the world agree on the point that bookkeeping and taxation services are now withering away and accountants, for their survival and growth, will have to become business managers:
communicative and productive users of information technology. ICMAP has already planned to prepare its students on these lines. In the United Kingdom, 58% of accounting jobs are filled by management accountants and ICMAP also plans to follow.
Members of the Institute who are known as Management Accountants offer quality services in the following areas:
a)Management Accounting
b)Cost Audit
c)Financial Audit d)Sales Tax Audit/Advisory Services
e)Certification under Prudential Regulations
f)Corporate Advisor
g)Management Consultancy
h)Withholding Tax Audit
i)Other Services
The Institute is represented on the advisory Council of the Finance Division of the Government of Pakistan. It provides opinion on matters of financial policy to the Government from time to time on request. The Institute has been assisting Securities and Exchange Commission of Pakistan for a long time in the task of introduction of Cost Accounting Records/Audit for manufacturing industries under the Companies Ordinance 1984.
Year 2000-2001 is the Golden Jubilee Year of the Institute. It will hold a number of Seminars and Conferences during this span of time to give an educational touch to the celebrations. To recognize the meritorious service of the members, teachers and employees of the Institute, who contributed in a significant manner in furthering the cause of the Institute, befitting awards will be given to them.
To celebrate the Golden Jubilee of the Institution Pakistan Post Office is issuing a set of 2 commemorative Postage Stamps of Rs. 2/- and Rs.15/- denomination on June 23, 2000.