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Inside IMA

IMA’s Global Voice – Advocating For You

As the worldwide association of accountants and financial professionals in business, IMA® (Institute of Management Accountants) advocates on a variety of issues on behalf of our 85,000+ members, as well as everyone involved in the accountancy profession.

One of the primary goals of the advocacy program is to help produce accurate and robust accounting from the beginning, which will ideally prevent the need for cumbersome or costly regulations. “IMA’s advocacy efforts prepare and inform members with the information needed to be successful with the implementation of rules and regulations on a variety of issues. We look to speak on behalf of members and find convergence between the US and international rules and regulations,” said IMA’s director of technical accounting activities, Linda Devonish-Mills, CMA, CPA, CAE.

IMA advocates globally through numerous committees and organizations, including:

Small Business Financial and Regulatory Affairs Committee
IMA's Small Business Financial and Regulatory Affairs Committee represents IMA members when interacting with standard-setting bodies that propose rules and regulations impacting small- and medium-sized entities. The Small Business Committee is an advisory committee whose objective is to enhance the overall quality, usefulness and cost effectiveness of financial reporting for small businesses. This objective will be met through its influence in the development of standards, interpretations and other requirements by providing input to proposals, research studies, and pending legislation promulgated by domestic and international regulatory and legislative organizations. They monitor FASB, IASB, the SEC, the IRS, and a number of other committees and government agencies and respond to, and on behalf of, IMA members representing small businesses.

Committee on Ethics

The IMA Committee on Ethics (CoE) encourages IMA members, their organizations, and other professionals to adopt, promote, and execute the highest ethical business practices. The CoE maintains IMA’s policies, thought leadership, and intellectual property related to ethics, including IMA’s Statement of Ethical Professional Practice. The CoE provides input on ethical issues in professional development and provides commentary on draft pronouncements of regulatory bodies and other organizations, as appropriate.

The International Federation of Accountants® – IFAC®
IMA’s membership in IFAC reflects the organization’s increasing global influence and the demand for the CMA® (Certified Management Accountant) certification. As one of only two U.S. based members in IFAC, IMA strengthens the accounting profession through global initiatives, including IFAC’s Professional Accountants in Business (PAIB) Committee. IMA also offers technical guidance on international accountancy programs and standards issued by independent standard setting boards supported by IFAC and the International Accounting Standards Board (IASB).

Committee of Sponsoring Organizations of the Treadway Commission (COSO)
IMA is a founding sponsor of the Committee of Sponsoring Organizations (COSO). This consortium is a joint initiative of five accounting associations and is dedicated to providing thought leadership through the development of frameworks and guidance on enterprise risk management, internal control, and fraud deterrence. One recent project includes an update to the 2004 Enterprise Risk Management — Integrated Framework, one of the most widely recognized and applied risk management frameworks in the world. The updated framework, Enterprise Risk Management — Aligning Risk with Strategy and Performance, will be released later this year.

In addition to these affiliations, IMA has created strategic alliances with countless organizations and committees to expand our reach. Our constant outreach helps ensure that IMA’s message—the collective voice of our members—is heard by important decision makers and leaders on a national, state, and local level, as well as by global organizations. IMA’s other standing advisory Committees are the Financial Reporting Committee, the Technology Solutions and Practices Committee, and the Diversity and Inclusion Committee.

IMA also recognizes the importance of nonfinancial reporting disclosures that are important to stakeholders. As a result, IMA is a member of the International Integrated Reporting Council (IIRC) and has a strategic alliance with the The Sustainability Accounting Standards Board™ (SASB™).

The issues where IMA voices an opinion will always have a vital impact on our profession and the work you do every day. Looking ahead, we will continue to focus on accounting topics that affect your career and your organization’s bottom line. For more information on IMA’s global advocacy efforts, please visit https://www.imanet.org/about-ima/advocacy.