A full-fledged Research Department was established in the year 1989 with the following goals:

• Complement the Research Committee's work
• Streamline the Institute's research activities
• Increase the frequency and scope of research studies

"To Conduct Research" is one of the core objectives of Institute, as defined in 'ICMAP's Mission statement'.

The core activities of the Research Department are as follows:

• To identify potential areas of research and make strategic plans to pursue research projects.
• To carry out research studies on topics of professional Interest
• To develop Cost Accounting Guidelines for Industries
• To update members on professional developments, particularly for practicing members.
• To develop expert comments on IFAC/IASB Exposure Drafts in consultation with members.

The Research Department carries out its functions on the directives of the Research Committee.

In May 2007, the National Council decided to merge the former "Quality Assurance & Ethics Committee" with the "Research & Technical Committee". Hence, the present nomenclature "Research, Quality Assurance & Ethics Committee".

Additional responsibility for developing "Quality Assurance" framework and "Code of Ethics" for the members of the Institute have been assigned to Research Committee.

The following industrial sectors required to maintain cost accounting records for cost audit purpose:

The first three sectors have special cost accounting record orders issued by the Securities and Exchange Commission of Pakistan (SECP), whereas, for the remaining five sectors, a General Order was issued in 2008,which has been withdrawn by the SECP vide its notification date August 23,2011