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CIMA The technical content at the Operational level

CIMA The technical content at the Operational level

CIMA The technical content at the Operational level: The Chartered Institute of Management Accountants (CIMA) is a UK based professional body offering training and qualification in management accountancy and related subjects. It is focused on accountants working in industry, and provides ongoing support and training for members.

CIMA is one of the professional associations for accountants in the UK and Ireland. Its particular emphasis is on developing the management accounting profession. CIMA is the largest management accounting body in the world with more than 227,000 members and students in 179 countries. CIMA is also a member of the International Federation of Accountants.

CIMA operates a standard scheme of qualifying examinations for prospective members. It promotes local education, training and management development operations, and new techniques through its research foundation and the dissemination of management accounting practices through publications and other media related activities. CIMA has been active in recent educational and vocational initiatives in former Eastern bloc countries. It publishes a monthly journal, supplied free to members and registered students, called ‘Financial Management’.

CIMA is recognised as a professional accounting body for various statutory purposes by UK and various overseas governments. The institute regulates the activities of its members by a code of practice, a discipline committee and (a recent innovation) a continuing education scheme. Its governing body is its council, comprising members elected from regional branches. Each of the branches has a committee and is responsible for much of the ‘grass roots’ activity. Activity such as qualification development is undertaken from the London head office.

The CIMA Global Business Challenge, an annual international business and strategic management competition for undergraduates around the world, is designed to bring out the best in the young business leaders of tomorrow.

In July 2009, CIMA added an online community – CIMA sphere – to its website. The community consisted of a range of blogs, discussion boards, groups, community answers, expert Q&A sessions and some social networking features for members, students and the general public. This has since been shut down. Members are instead encouraged to join the CIMA LinkedIn group, and students are directed to CIMAconnect, an online study support portal.

In 2011, CIMA entered into a joint venture with the American Institute of Certified Public Accountants (AICPA) to launch a global management accounting designation called the Chartered Global Management Accountant (CGMA).In the Americas outside the U.S., non-U.S. CPAs can obtain the new designation as an AICPA International Associate, after a rigorous assessment process. In the rest of the world, new designation holders are able to become members of CIMA after the same assessment process.

CIMA is proactive to tie up with American CPA because of the current convergence trend between US-GAAP and IFRS, reinforced following the merger of the iconic New York Stock Exchange with Germany’s Deutsche Boerse AG. “It remains to be seen whether companies listed in a combined exchange would be required to report under IFRS, US GAAP or both, but as the US appears to be moving towards IFRS adoption it is more likely the international standards would be the accounting rules of choice”.

CIMA The technical content at the Operational level

The Operational level covers the implementation of strategy, as well as reporting on the implementation of strategy. Its focus is on the short-term.

CIMA The technical content at the Operational level: E1 Organisational Management

Covers:You will learn how to:
 

  1. Introduction to organisations
  2. Managing the finance function
  3. Managing technology and information
  4. Operations management
  5. Marketing
  6. Managing human capital

 

 

  1. Analyse issues and events in the global business environment
  2. Develop an understanding of the structure and principles sustaining the operational functions of the organisation
  3. Align and mobilise all its parts to implement strategy.

CIMA The technical content at the Operational level: P1 Management Accounting

Covers:You will learn how to:
  1. Cost accounting systems
  2. Budgeting
  3. Short-term decision making
  4. Dealing with uncertainty through decision analysis.
  1. Use budgeting as a means of short-term planning to implement the strategy of the organisation
  2. Analyse information of costs, volumes and prices to take short-term decisions on products and services
  3. Appreciate the impact of risk to these decisions.

CIMA The technical content at the Operational level: F1 Financial Reporting and Taxation

Covers:You will learn how to:
  1. Regulatory environment for financial reporting and corporate governance
  2. Financial accounting and reporting
  3. Management of working capital, cash and sources of short-term finance
  4. The fundamentals of business taxation.
  1. Produce financial statements for both individual entities and groups with reference to international financial reporting standards
  2. Manage cash and working capital within the business
  3. Understand and apply basic principles of business taxation.

CIMA The technical content at the Operational level

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