Question

Question 2( 20 marks)

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& standardsthat should guide the work of a Management accountant. (Refer to the Statement of Ethical Professional Practice) ( 10 marks)

Answer 1

1. IMA (INSTITUTE OF MANAGEMEMENT ACCOUNTANTS)

Institute of management accountants is a global institute of accountants and financial professionals with worldwide reach among 150 countries .The goal of this organizing is to mold and develop the best financial professional and accountants. .

HISTORY

  IMA was founded in the year 1919 with the name, national association of cost accountants and it renamed as institute of management accountants. In 1969 IMA established management accounting practice committee. Certified management accounting program was established by IMA in 1972.IN 1992 IMA became founding member of committee of sponsoring members of the tread way commission.

VISION

IMA ‘S vision is to become the largest developer and supporter of the best processionals in accounts and finance area of business.

MISSION

IMA ‘S mission is to provide a word wide platform for researching and developing the best business practice in management accounts and finance area of business.

CORE VALUES

The values followed by the ima include:

· Innovation and improvement

· Team spirit for achieving goals

· Respecting people

· Following standards of integrity and trust

CONDITION FOR MEMBERSHIP

For qualifying one year student’s membership in IMA you must have 6 or more credit hours in a college or university.

2. ETHICAL PRINCIPLE AND STARNDARS

THE ETHICAL PRINCIPLES THAT GUIDE THE PRACTICES OF IMA INCLUDES THE FOLLOWING:

· HONESTY

The members in IMA should be honest with their work and they should work honestly for achieving the objectives of the institution. The management accountants should be honest in their works.

· FAIRNESS

The management accountants should communicate the relevant information’s fairly.

· OBJECTIVITY

The members should follow principle of objectivity for providing relevant and reliable information’s.

· RESPONSIBILITY

The accounting professionals are responsible for all their works. they are accountable for all their activities .

THE ETHICAL STANDARS THAT GUIDE THE PRACTICES OF IMA INCLUDES THE FOLLOWING

THE MEMBERS OF IMA ARE RESPOMNSIBLE FOR FOLLOWING THE ETHICAL STANDARS IN THEIR WORK. IT INCLUDES:

· COMPETENCE

Members are responsible To perform work assigned with complying with laws and regulations and technical Standards of the institution

· CONFIDENTIALITY

Members are responsible to maintain secrecy in information’s except in situations which demands disclosure.

· CREDIBILITY

Members are responsible to ensure credibility by providing information’s which are relevant for the users for analyzing the reports.