IMA's "Costing Methodologies and Cost Management Practices in the People's Republic of China (PRC)" is a two-year study created to understand the development of Chinese accounting standards and accounting systems, as well as the cost accounting system and cost management practices of Chinese enterprises. The study examines the costing practices of a variety of Chinese enterprises, more than 200 Chinese state-owned enterprises, listed companies, and privately-owned companies.
Click here to download IMA's China Costing Study (in English)
Click here to download IMA's China Costing Study Report Summary (in English and Simplified Chinese)
Financial restatements are of critical concern to businesses and regulators because they impact investor protections, a firm’s cost of capital and ability to preserve/grow shareholder wealth, and U.S. global competitiveness. Yet much of the attention being paid to solve the root causes of the financial restatement problem are overlooking a “missing piece”: the lack of effective Generally Accepted Control Assessment Standards (GACAS).
This paper draws on over three years of research to examine how a lack of effective control standards with an explicit objective of reducing “error rates” may be a more significant root cause of material financial restatements than the complexity of accounting standards and regulations. Intended to promote further discussion and research into the issue, the paper also proposes several potential solutions to help reduce the need for financial restatements in the long term.
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"There is little doubt that the current content of professional accounting education, which has remained substantially the same over the past 50 years, is generally inadequate for the future Accounting professional. A growing gap exists between what accountants do and what accounting educators teach …. Accountants who remain narrowly educated will find it more difficult to compete in an expanding profession …".
Can you guess the year of this quote? The year was 1986 (Bedford Report), and fast forwarding 20+ years, has much changed in closing this gap? Many, including the IMA, believe that a significant gap still exists between what is taught in typical undergraduate accounting curricula, and what the CFO team needs to meet its challenges and expectations. Various studies of CFOs around the world strongly suggest that the CFO team must move beyond transaction processing, cost accounting, compliance cop and counter of wealth to strategic business partner, performance management, enterprise risk management, and creator of wealth.
IMA has developed a stream of primary research since 1994 to help close this gap, aiming to evolve the roles and activities of financial professionals working within organizations to become "full service" business partners.
What Corporate America Wants- 1994
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The Practice Analysis of Management Accounting Report– 1996
Full Report The Practice Analysis of Management Accounting, Management Accounting, April 1996
Management Accountants’ Role on Cross Functional Teams, March 2000
What Do Management Accountants Do?, Strategic Finance, July 2000
Skills Needed for Entry Level Management, Strategic Finance, April 2000
The Changing World of Management Accounting and Financial Management- 1997
The Changing World of Management Accounting and Financial Management. Management Accounting. October 1997
Counting More, Counting Less, Transformations in the Management Accounting Profession, The 1999 Practice Analysis of Management Accounting- 1999
Counting More, Counting Less, Transformations in the Management Accounting Profession, Fall 1999
Counting More, Counting Less, Management Accounting Quarterly, Fall 1999
A Position Statement for the New Millennium, Executive Summary, Fall 1999
Where is the Profession Headed?, Strategic Finance, March 2001
Accounting Education Series, Volume No. 16, Accounting Education: Charting the Course through a Perilous Future, 2000
How to become a Business Partner – 2002 -2003
Are You a Business Partner? Part 1, Strategic Finance, September 2003
Becoming a Business Partner, Part 2, Strategic Finance, October 2003
How Intel Finance Uses Business Partnerships to Supercharge Results, Strategic Finance October 2005
2003 Survey of Management Accountants, IMA and Ernst & Young Survey
Roles and practices in management accounting today, Strategic Finance, July 2003
The State Of Management Accounting – The Ernst and Young and IMA Survey
The Ongoing Preparation Gap in Accounting Education: A Call to Action, Spring 2010
The Ongoing Preparation Gap in Accounting Education: A Guide for Change
CFO Business Partner Executive Edge
What are CFOs Saying they Need?, Implications* for Certification??? Key Findings from Primary and Secondary Research