Chartered Institute of Management Accountants

13 June 2007

CIMA (the Chartered Institute of Management Accountants) welcomes IFAC’s (the International Federation of Accountants’) Professional Accountants in Business Committee’s (PAIB’s) proposed new types of guidance; International Management Accounting Statements (IMASs) and International Good Practice Guidance (IGPGs).

Introduced as principles-based guidance, IMAS documents have been formatted to offer assistance to professional accountants in business with regards to core management and accounting issues while IGPGs will cover multi-disciplinary, organisation-wide strategic topics. IMASs and IGPGs have been created to provide good practice guidance to the finance profession along with highlighting other sources of information, such as those produced by professional accountancy bodies, like CIMA, that they can draw upon.

Charles Tilley, Chief Executive at CIMA and IFAC board member, said:

“As a strong advocate of principles-based guidance as opposed to mandatory standards, CIMA is pleased to see that IFAC’s PAIB Committee is not proposing a rules-based approach which would be inappropriate. CIMA is also pleased to note that the PAIB Committee has proposed two separate forms of guidance. The Institute looks forward to submitting comment on the preface, the Exposure Draft IMAS on ‘Project Appraisal Using Discounted Cash Flow’ as well as future Exposure Drafts in general.”

ENDS

Notes to editors

1. CIMA (the Chartered Institute of Management Accountants) is the only international accountancy body with a sole focus on business.  It is a world leading professional institute that offers an internationally recognised qualification in management accountancy, focusing on accounting in business, in both the private and public sectors. CIMA is the voice of over 158,000 members and students in 161 countries and is responsible for the education and training of management accountants who work in industry, commerce and not-for-profit and has more members in the public sector than any other UK based body.  CIMA prides itself on the commercial relevance of its syllabus, which is in tune with the activities of high performance organisations, and evolves continually to reflect the latest developments in global business.  It is committed to upholding the highest ethical and professional standards of members and students, and to maintaining public confidence in management accountancy.  For more information about CIMA, please visit www.cimaglobal.com.
2. Alfred Ramosedi, a Fellow of CIMA, and Richard Mallett, Director of Technical Development at CIMA are on the PAIB subcommittee that is looking specifically at the development of IMAS and IGPG guidance formats. Alfred Ramosedi and Keith Luck, a Fellow of CIMA, are members of the PAIB Committee.

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