Archive for August, 2009

CIMA signs fast track MoU with ICMAP

Thursday, August 20th, 2009

According to its website, the Chartered Institute of Management Accountants (CIMA) has signed a memorandum of understanding with the Institute of Cost and Management Accountants of Pakistan (ICMAP).

Under the terms of the agreement, members of each body will be allowed advanced entry into the other’s professional examinations.  This means that ICMAP members who have completed all of their body’s professional examinations will have a fast track route to CIMA membership.

Aubrey Joachim, CIMA president, and Charles Tilley, CIMA chief executive, said: “This important collaboration with ICMAP will enable both institutes to highlight the benefits of a professional management accountancy qualification internationally, to share best practice and develop the global business leaders of the future.”

ICMAP members wishing to sit the November 2009 CIMA Gateway Professional Assessment have until August 31st to apply.

ABA fear of twin-track Accounting Standards

Tuesday, August 18th, 2009

The speed at which new international accounting rules are drawn up could lead to future problems, the American Bankers Association (ABA) has warned.

In a white paper, the ABA has explained that while the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) are working on tackling the same issues, they are doing so in different ways and at different speeds.

Currently, the IASB plans to finalise a significant section of its new financial instruments standard in 2009.

If this happens before the FASB completes work on its rule, the US could have to adopt the IASB’s standard, meaning American companies would not have “appropriate due process for providing input” on the matter, the white paper warned.