Page 75 - CMA Journal (Jan-Feb 2026)

The first Editorial written by Late Muhammad Shoaib,
Founder President of ICMA Pakistan (formerly Pakistan
Institute of Industrial Accountants) is being reproduced
below which was published in the inaugural issue (March
1961) of the then ‘Industrial Accountant’ (now renamed
as ‘Management Accountant’).

The First Editorial of the Journal

(March –1961)

he first issue of the journal “INDUSTRIAL ACCOUNTANT” in
your hands is a pioneering effort. In a country where industries
have no traditions to lean on, the role of accountancy – as a
mentor, guide and a guard assumes even greater importance than
in other countries where industrialization has long been a part of
national life. The close relationship that exists between industrial
development and cost accountancy cannot be over-emphasized,
particularly in an under-developed country like Pakistan. Industrial
accountants in our developing economy have to play a vital role
assigned to nation-builders and pioneers in the march to new horizons
that are continually opening up with the rapid advancement of man
and machine.
The present structure of our industry is by no means enduring and
stable mainly because of a unreasonably high cost of production.
Industrial stability will remain a far cry in this country unless we
Muhammad Shoaib
rationalize the means of production by plugging all sources of
Founder President,
wastage. In this great task cost accountancy provides the right answer.
Institute of Cost and Management
Accountants of Pakistan The dearth of trained and qualified cost accountants in this country
has constituted the main bottleneck, in the way of industrial
development along sound and healthy lines in this country. The
Pakistan Institute of Industrial Accountants is, however, doing its best
in its own humble way to bridge the gap. At present over 900 students
are going through strenuous training in cost accounting. But the
attainment of the skill is a considerably exacting one and the road to
the goal is far and arduous. The Institute is really proud to prepare
these men for their brilliant career in the service of the nation.
The Journal is an important link in the chain of our training programme
which will definitely go a long way in creating the atmosphere
conducive to the growth of genuine interest in cost accounting both
among the students and the industrialists of Pakistan. In short, it holds
out the promise to bring
ICMA’s Chartered Management Accountant, Jan-Feb 2026 73