Services to Members & Industry

The Institute is continuously updating its members through the circulation of regular Technical Updates. Contrary to earlier practice of sending it on periodical basis, it is now being sent as soon any update is received from the government, regulatory authorities, accounting associations, etc. The members are now being immediately updated with latest SROs, Rules, Circulars, Notifications, etc. The Council strengthened technical support to provide technical updates and professional advice to practicing and other members of the Institute. The Institute is continuously updating its members, industry and other stakeholders through regular Technical Updates in the following areas:-

• National and International Laws & Regulations
• Tax and Corporate Laws
• Economy and Business News

Services to Government & Regulators

The Institute always remains focused to the changes taking place in the profession at international and regional levels to immediately update its members. It circulates draft exposures and proposed policies on which feedback of members at large is sought. All such drafts and policies are circulated to members and on receiving their feedback, the same is compiled and sent to concerned policy making institutions with the Institute's recommendations. The Institute is in active coordination with the Ministry of Finance, Securities and Exchange Commission of Pakistan (SECP), Federal Board of Revenue (FBR), Auditor General of Pakistan (AGP), Accountant General Pakistan Revenues (AGPR) and other relevant organizations on technical and legal matters pertaining to the profession.

Development of Cost Accounting Standards

The Institute, being a sole professional body to regulate the profession of Cost and Management Accounting in the Country, is the authority to develop cost accounting standards and guidelines. The Institute also develops cost accounting guidelines for the industry so as to provide them tools and techniques to improve production and cost effectiveness. The Institute provided technical support to Securities and Exchange Commission of Pakistan (SECP) in the issuance of Cost Accounting Record Orders (CAROs) for the industry. The Institute has introduced following Cost Accounting Standards, which serve as guideline especially for organizations belonging to the sector where cost audit is mandatory and generally for all those organizations which are looking for cost efficiency:-

Cost Accounting Standards Booklet(Updated Version - 2020)

The Institute has also developed ten new cost accounting standards which are under review of Technical Support and Practice Development (TSPD) Committee.

The Institute also provided technical support to the Securities and Exchange Commission of Pakistan (SECP) in the issuance of Companies (Maintenance and Audit of Cost Accounts) Regulations, 2020 and Cost Accounting Record Orders (CAROs) for the industries such as Sugar, Cement, Vegetable Oil, Chemical fertilizer, Flour etc.

Registration of CMA Firms

In the current competitive professional and practice environment, quality of services provided and regulation of profession is a key factor to success and growth. National Council of ICMA International felt the necessity and established the Quality Assurance Board (QAB) for awarding the quality rating to CMA Firms. As per the Framework of Quality Control Review(QCR) Program, the quality rating is to be awarded to CMA Firms, therefore, practicing members will be required to get their CMA Firms registered with the Institute. TSPD Directorate tasked to register CMA Firms. Accordingly, a very easy registration procedure designed for the convenience of the practicing members/ firms. Names of Registered CMA Firms are uploaded on the website of the Institute under Public Practice tab.

Circulation of Consultancy Opportunities

In order to create awareness of available business opportunities among all the members of the Institute in general and provide update on such opportunities to practicing members in particular, the Technical Support and Practice Development Committee created a special platform on Consultancy Opportunities on the website of Institute. Consultancy opportunities such as request for proposals, expression of interests, Pre-qualification and Tender notices etc, relevant to the profession, are circulated among all the members of the Institute and uploaded on the website.

Directory of Practicing Management Accountants

The Institute prepares Directory of Practicing Management Accountants each year for uploading on the website and distribution among Government Departments, Regulators, Trade organizations, Chambers, United Nation Offices, large industrial units etc, in order to create a positive impact on the business and generate opportunities for our practicing members and firms.

Preparation of Budget Commentary

The Institute preparesFederal Budget Commentary each year, in order to provide a deep insight on the Federal Budget and enable the readers to better understand and comprehend the Budget. Booklet of the Federal Budget Commentary is uploaded on the website and circulated among the members of the Institute. ICMA International actively participates in arranging several pre-budget & post budget seminars, workshops & technical sessions; thus plays a vital role by highlighting improvements in the existing taxation laws and suggesting concrete measures for generating tax revenues.

Capacity building of practicing members/ Professionals/ Students

The Institute organizes Seminars, Technical Sessions, Workshops etc, for capacity building of Practicing members and CMA Firms in particular and students and other professionals in general.