Question

Question 1:

1. Provide brief information about the IMA(Institute Of Management Accountants) , its history , mission , vision , core values , conditions for membership …etc.( not more than 200 words) ( 10 marks)
2. Identify the ethical principles & standards that should guide the work of a Management accountant. (Refer to the Statement of Ethical Professional Practice) ( 10 marks)

Answer 1

(a)

Management Accountants are vital to the financial health of the organisations. They make critical decisions,safeguard of a compan's integrity and plan for business sustainability. Management accountants belong at IMA. IMA (Institute of Management Accountants) is the worldwide association of accountants and financial professionals in business.

History

Founded in 1919, it is one of the largest and most respected asscoiations focused exclusively on advancing the management accounting profession. IMA is committedto empowering 125000+ members and those throughout the rest of the profession - to strengthen on-the-job-skills, better management companies,and accelerate carrers.

Mission

IMA's mission is to provide to forum for research, practice development, education, knowledge sharing, and advocacy of the highest ethical and best business practices in management accounting and finance.

Institute of Management Accountants do this by:-

• Offering prestigious credential with a proven return on investment.
• Building a professional network that provides career resources and contact to last a lifetime.
• Creating CPE -eligible education programs that improve industry knowledge and leadership potential.
• Giving voice to the profession with insightful and timely journals and newsletters.
• Serving as a thought leader in cutting-edge research and industry best practices.
• Advocating for the profession in a challenging regulatory environment.

Vision

To be the leading resource for developing, certifying, connecting and supporting the world's best accountants and financial professionals in business. To achieve this, we endeavor to:-

• provide best-in-class certification- the CMA-for critical internal financial management responsibilities, including planning,budgeting, business reporting, decision analysis and risk management.
• Support members' career development through access to an active professional community, continuing education, valuable information and resources
• Support members and their organizations in driving business performance by promoting the highest ethical standards for internal financial management practices.

Building successful carrers and organizations requires the ability to rise above shifting business landscapes.

Core Values

To carry out the mission, we align our organization along with these five Global Core Values:-

• Respect for the Individual
• Passion for Serving members
• Highest Standards of Integrity and trust
• Innovation and Continuous Improvement
• Teaming to Achieve.

Conditions of Membership

To become a life members there are different forms and fees prescribed which has to be deposited with the Honorary Secretary of the IMA of branch by complying certain conditions as inserted therin the form.

(b)

Members of IMA shall behave ethically. A commitment to ethical professional practice includes overarching principles that express our values and standards that guide member conduct.

Principles:- IMA's overarching ethical principles include:- Honesty, fairness, Objectivity, and Responsibility. Members shall act in accordance with these principles and shall encourage others within their organizations to adhere to them.

Standards:- IMA members have a responsibility to comply with and uphold the standards of Competence, Confidentiality, Integrity and Credibility. Failure to comply may result in disciplinary action.

• Competence:-

1. Maintain an appropriate level of professional leadership and expertise by enhancing knowledge and skills
2. Perform professional duties in accordance with relevant laws, regulations,and technical standards.
3. Provide decision support information and recommendations that are accurate, clear,concise, and timely. Recognize and help manage risk.

• Confidentiality:-

1. Keep information confidential except when disclosure is authorized or legally required.
2. Inform all relevant parties regarding appropriate use of confidential information. Monitor to ensure compliance.
3. Refrain from using confidential information for unethical or illegal advantage.

• Integrity:-

1. Mitigate actual conflicts of interests. Regularly communicate with business associate to avoid apparent conflicts of interest.
2. Refrain from egaging in any conduct that would prejudice carrying out duties ethically.
3. Abstrain from engagingin in or supporting any activity that might discredit the profession.
4. Contribute to a positive ethical culture and place integrity of the profession above personal interests.

• Credibility:-

1. Communicate information fairly and objectively
2. Provide all relevant information that could reasonably be expected to influence an intended user's understanding of the reports, analysis or recommendations.
3. Report any delays or deficiencies in information, timeliness, processing or internal controls in conformance with organization policy and/or applicable law.
4. Communicate professional limitations or other constraints that would preclude responsible judgement or succesful performance of an activity.