The differences between financial and managerial accounting

Statement of Ethical Professional Practice: The IMA strongly emphasizes ethics and requires members and CMAs to adhere to its detailed statement, which covers principles of honesty, fairness, objectivity, and responsibility, and outlines standards for competence, confidentiality, integrity, and credibility.

Research and Publications: The IMA publishes high-quality research, including its flagship magazine, Strategic Finance, and academic journals like the Journal of Management Accounting Research. These publications focus on current trends, best practices in corporate finance, technology applications (like AI and blockchain), and performance management.

Career Resources and Continuing Education (CPE): The site provides tools for professional development, including continuing professional education (CPE) credits necessary to maintain the CMA credential, and extensive career guides for management accounting roles.

Global Advocacy and Standards: The IMA advocates for the profession globally, working to advance the principles of sound internal financial management and risk management across different industries and countries. It promotes the idea that management accountants are crucial partners in strategic decision-making, moving beyond mere historical cost reporting.

Sample Answer

Institute of Management Accountants (IMA)

Visiting the Institute of Management Accountants (IMA) site reveals extensive resources related to the management accounting profession, particularly its emphasis on strategic value creation within organizations.

Key information found on the IMA site includes:

The Certified Management Accountant (CMA) Certification: The CMA is the IMA's flagship certification, designed specifically for managerial accountants and financial professionals who work within organizations. It signifies expertise in financial planning, analysis, control, decision support, and professional ethics.