Tatiana Kartalova
One of the main aspects of the Accounting Reform Programme in Russia is training accountants and providing opportunities for professional development of such specialists as bookkeepers, financial managers, auditors and other specialists.
As well as needing the investment in its economy Russia needs investment in accounting skills to raise the status and recognition of the profession.
The appearance of a variety of new stakeholders in the market brings a growing demand for transparent and clear financial reporting, which allows investors to make the right decision. This is leading to the need for western-style accountants. Such professionals will be able to provide financial and business information necessary for day-to-day monitoring and successful strategic management.
The Chartered Institute of Management Accountants (CIMA) is one of the six chartered accountancy bodies in the UK which collectively make up the Consultative Committee of Accountancy Bodies (CCAB).
Since its foundation in 1919 CIMA has offered a professional qualification that is totally relevant to the needs of business. It is the only body specialising in management accountancy.
Its education and training requirements are designed to produce qualified chartered management accountants who are trained in key principles of business management and who are experts in controlling, forecasting and communicating financial information in a form suitable for strategic management and decision making purposes.
According to the independent Robert Half Survey, for five consecutive years, when asked to express a preference for a financial qualification for business, two thirds of employers have placed CIMA at the top of the list. The common skill that Chartered Management Accountants provide wherever they work is the ability to give financial matters a commercial focus.
The current syllabus is based upon extensive research into the role of the chartered management accountants and the knowledge needed by them to do an effective job. It was developed in consultation with a wide range of CIMA members, employers, colleges and students. It covers such subjects as Financial Accounting, Operational Cost Accounting, Financial Reporting, Business and Company Law, Organisational Management and Development, Information Management and Strategic Financial Management, which allow students to contribute immediately to the decision-making process, strategic planning and development of financial and information systems within the organisation.
To gain the CIMА qualification and achieve full membership students must also have completed at least three years’ practical management accounting and wider business experience.
As we approach the millennium, it is necessary to ensure that the knowledge and skills provided by the CIMА qualification remain relevant in an increasingly fast moving and complex international business environment.
The recent research of the Industrial Society has shown the major influences affecting Management Accountants and their organisations are considered to be communication and information technology, organisational restructuring, globalisation and internationalisation, as well as quality and continuous improvement initiatives.
‘Those who grasp the opportunity presented by the new technology and ‘bend’ it to their advantage may reap the benefits of wider and more varied role, with greater management responsibilities, and perhaps greater rewards, and more involvement in business strategy.» CIMA Membership Survey, The Industrial Society, July 1998.
The results of the Industrial Society survey, supported by interviews and discussion with members and employers, suggest that the role of the Chartered Management Accountants and their current key activities are likely to increase in importance over the next five to ten years. In particular, this will include strategic financial planning and the ability to understand and manage information systems.
To keep the qualification at the leading edge of business demand CIMA has offered the Revised syllabus, which comes into effect from 2001. The Revised syllabus has been built on the strength of the current one and developed to satisfy global business demands. Financial subjects will be offered in both the UK and the IAS formats so students can select to sit the most suitable one. One of the major developments is offering a case study at the final stage, which will test the analytical and financial management skills throughout the syllabus.
Alongside main objectives to promote and develop the science of Management Accountancy and to provide a professional organisation for Management Accountants
CIMA publishes a wide range of specialised literature and funds a series of research programmes.
CIMA has strong and extensive international connections, a natural result of the importance of management accountancy to the economy of any country, particularly an expanding and developing one. CIMA has over 50,000 members of whom 26% are outside the UK, the corresponding figure for the 69,000 students being 35%. There are chartered management accountants and registered students in more than 120 countries and the Institute holds exams at 60 regular centres outside the UK, and at a very large number of smaller special centres. The Institute gives active encouragement to the growth of the profession of management accountancy in developing countries, assisted by the recognition it receives from large international organisations which value the standard of its qualification.
The Institute is a founder member of the International Federation of Accountants (IFAC) and a leading member of its Financial and Management Accounting Committees and of the International Auditing Practices Committee.
For more information about CIMA please visit the website at http://www.cima.org.uk or contact: CIMA, 63 Portland Place, London W1N 4AB, UK
To find more about CIMA partnership in Russia please contact Ms Tatiana Kartalova by e – mail cimarussia@online.ru.