At IMA, members always come first. Everything we do is designed to set members on a path to build knowledge, develop professionally, and play valued roles in their organizations. CFOs and their teams are playing an increasingly critical role in the strategic direction and development of their organizations, and IMA supports their needs with a focus on timely research and effective advocacy. Our relevance to members is why IMA is growing rapidly around the world.
Committed to Relevant Research
Staying ahead of changes and challenges in the profession is mission-critical for IMA members. We help them by delivering timely, topical, and in-depth research. IMA provides leading-edge research on professional practices and strategies in management accounting and finance. The
IMA’s Research Center of Excellence delivers actionable, relevant research in such critical practice areas as Business Performance Management; Governance, Risk, and Compliance; Leadership Strategies and Ethics; Strategic Cost Management; and Technology Enablement. In addition, publications such as the IMA Educational Case Journal and Statements on Management Accounting (SMAs) delve into important practice issues and trends.
The IMA Research Foundation and ACCA also launched a joint program that offers a total of $100,000 in grant funding to support research on vital management accounting topics.
The IMA Research Foundation provides funding for timely, in-depth studies on accounting and financial management topics that can be applied to current and emerging business and practice issues. Together with our partners at ACCA, the IMA Research Foundation also launched a joint program offering a total of $100,000 in grant funding to support research on vital management accounting topics. This year’s call for proposals attracted nearly 40 submissions from scholars around the world. Winning submissions covered such topics as the use of business intelligence systems, managing capital investment processes, managing profit centers, and integrated reporting.
Partners in Providing Insight
Our strategic partnership with ACCA has expanded the scope of our research efforts. In 2013 we collaborated on a report, Future Pathways to Financial Leadership, that highlighted the broader strategic and business management skills that CFOs and other top financial executives will need for successful careers.
This quarterly survey on economic conditions is one of the largest of its kind, typically with 2,000 or more respondents, and soon will be expanded to focus on the unique economic trends facing SMEs (small and medium-sized enterprises) around the world.
Another joint research study, 100 Drivers of Change for the Global Accountancy Profession, conducted by ACCA with input from IMA, examines the forces that are reshaping the profession. IMA and ACCA jointly publish a quarterly Global Economic Conditions Survey reflecting the views of professional accountants and senior executives on the state of the global economy. This quarterly survey on economic conditions is one of the largest of its kind, typically with 2,000 or more respondents, and soon will be expanded to focus on the unique economic trends facing SMEs (small and medium-sized enterprises) around the world.
A Strong Voice through Advocacy
IMA serves as a strong voice for the interests of our members and the profession through our advocacy efforts. We work with standards-setting bodies and other organizations to ensure that the views of our members are heard with respect to developments in legislation, regulation, or financial accounting practices. IMA’s advocacy efforts are conducted primarily through four bodies: the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and the IMA Financial Reporting Committee, Small Business Financial and Regulatory Affairs Committee, and the Technology Solutions and Practices Committee (formerly the XBRL Committee).
As a member of COSO, we played an important role in calling for and releasing an updated Internal Control—Integrated Framework. The revised Framework is intended to help organizations design and implement internal control in response to changes in business and operating environments, broaden the application of internal control in addressing operations and reporting objectives, and clarify the requirements for determining what constitutes effective internal control.
IMA’s Financial Reporting Committee (FRC) has commented extensively on proposals by the SEC, the FASB, and other accounting standards-setting authorities such as the IASB (International Accounting Standards Board). The FRC continued to address major developments in the Convergence project monitored by the FASB (Financial Accounting Standards Board) and IASB, covering areas such as revenue recognition, financial instruments, leases, and insurance. The objective of the Convergence project is to develop a consistent global set of accounting standards.
A comment letter was submitted by IMA to the FASB regarding the proposed Disclosure Framework. The letter was a milestone for IMA, as it was the first comment letter to be endorsed by all of IMA’s technical committees.
Our Small Business Financial and Regulatory Affairs Committee (SBFRC) addresses accounting issues that affect small and medium-sized organizations. In the past year, the SBFRC submitted a letter to the FASB to express views on the Private Company Decision-Making Framework. The SBFRC also submitted its first-ever letter to the Internal Revenue Service, commenting on the proposed Additional Medicare Tax and its impact on small businesses.
And the XBRL Committee actively supported legislation and education to help members implement and realize the benefits of structured data for improving the effectiveness and efficiency of business reporting.