IMA® (Institute of Management Accountants) celebrated International Management Accounting Day® on May 6. According to the IMA website: “This global day of recognition commemorates the important role management accountants play within their organizations. Around the world, finance and accounting professionals work to bring insights and help their organizations realize untapped opportunities and operate more effectively. While this work happens every day of the year, on May 6 management accountants are publicly recognized by IMA.”
This year, IMA honored this special day through a variety of initiatives:
Announcing the Century Scholarship Award
International Management Accounting Day served as the backdrop for IMA bestowing its inaugural Century Scholarship Award, which recognizes an IMA student member who has demonstrated volunteerism as part of their college journey and who is passionate about being a leader in the management accounting profession.
Ryan Miggin, a junior studying accounting at Dixie State University in Washington, is this year’s scholarship recipient. He will receive an award of $7,500 as well as a CMA® (Certified Management Accountant) scholarship, which enables a student to complete the CMA program at no cost. Ryan was among the five participants in this year’s Student Leadership Experience, which took place in Austin in February. Congratulations, Ryan!
Special columns in Forbes.com and Accounting Today
In a special edition of his CFO Insights column in Forbes.com, IMA CEO and President Jeff Thomson, CMA, CSCA, CAE, discussed enterprise risk management (ERM) and its implications for the current global situation.
In the column, titled “How Management Accountants Migitate Risk in an Uncertain World,” Thomson noted, “As we observe International Management Accounting Day against the backdrop of a global health and economic crisis, it’s worth reflecting on both the enormously important contributions made by today’s management accountants toward ERM – and the work that still needs to be done in aligning ERM with strategy across every function of the organization, with the finance function at its core.”
Thomson is a regular contributor to CFO Insights. Visit the Forbes.com website to check out his other columns.
Thomson also penned an opinion piece for Accounting Today, “Management Accountants Are Creating Value Out of Uncertainty,” similarly focused on the topic of ERM and observing, “During the COVID-19 crisis, management accountants have stepped up to allow for business processes to continue and ensure the well-being of employees, thanks to their ERM knowledge and roles as leaders in their organizations.”
Inside Talk Webinar on ERM
Also on the topic of ERM, Thomson and IMA Incoming Chair-Elect Steve McNally, CMA, CPA, on May 7 hosted a special Inside Talk webinar, titled “Enterprise Risk Management: Essential to Organizational Success.”
Thomson and McNally discussed how aligning risk with strategy and performance through the adoption of the COSO ERM Framework can help an organization achieve its strategic goals and grow with confidence and integrity. They also described best practices that allow organizations to be more anticipatory, agile, and adaptive in managing disruptive or sudden events, such as COVID-19.
A recorded version of the webinar (not eligible for CPE credit) is available at this link.
IMA regional offices around the world also celebrated International Management Accounting Day in their own special ways.
In the Middle East, for example, the team created a short video from Hanadi Khalife, IMA senior director, Middle East/India operations. They also posted blogs on their website, daily testimonials of proud CMAs, an archived EY/IMA webinar, a group video of staff and chapter leaders discussing the importance of the profession, and bylines and interviews for local spokespeople. And in China, the team participated in several online forums and arranged for 10 CFO bylines to publish both in WeChat and China Accounting News.
Special Podcast with Jeff Thomson and Latest IMA Blog
In a bonus episode of IMA’s Count Me In podcast series, guest host Rouba Zeidan interviewed Thomson in a segment titled “Creating Value in Critical Times.” Thomson discussed what the day means to him and how important it is for management accountants to continuously create value, particularly in light of today's business circumstances.
And finally, in the latest entry to the IMA blog, Margaret Michaels, IMA manager of brand content and storytelling, explored the themes of the day in “Celebrating Resilience on International Management Accounting Day.”
Happy International Management Accounting Day!