Presented by: Academy of Management Accountancy of Nepal(AMAN) Presenters K.P. Khatiwada D.P. Dahal J.M. Lamsal
Presented by:Academy of Management
Accountancy of Nepal(AMAN)
PresentersK.P. Khatiwada
D.P. DahalJ.M. Lamsal
Institution Registered in Nepal
➢ Authorized Service Provider- Academy of Management Accountancy/Nepal (AMAN)
➢ MOA- Singed on November 12, 2018 in Maleborne, Australia
➢ ICMA Regional Director- Kumar Khatiwada
➢ AMAN Executive Team:
➢ Kumar Khatiwada- President (Reg. Director, ICMA-Australia)
➢ Dol P. Dahal- Executive Director
➢ Jhalak Mani Lamsal-Executive Director
➢ Members: Lok Man Maskey, Yogendra Chhetri, Sitaram Chaudhary
➢ Website is under construction: www. Aman.org.np
MOU signed with ICMA on behalf of AUDAN- Mohan R. Regmi, President, witnessed by
ICAN Council member, Then KTM Chair-B.S. Bista
What is CMA
Global Accounting Bodies
Management Accountant vs. Financial
Accountant
Scope of CMA
Pathway to Become CMA
Cost to Become CMA
Opportunities
Is a professional certification credential in the management
accounting and financial management fields
The certification signifies that the person possesses knowledge
in the areas of financial planning, analysis, control, decision
support, and professional ethics.
Offered by the Institute of Certified Management Accountants
from Diff. Accounting Bodies from diff. countries.
CMA-certified professionals work inside organizations of all
sizes, industries, and types
Institute of Certified Management Accountant(ICMA), Australiawww.cmawebline.org
Below are recognized by the ICMA,Australia as having a recognized accounting qualification. All Chartered Accounting bodies worldwide AICPA (USA) ,CPA Australia MIA (Malaysia) MICPA (Malaysia) ICPAS (Singapore) ICA (formerly ICWA) (India) , ICMA (Pakistan) ICMA (Bangladesh)
ICMA Australia Recognizes; CIMA (UK)
CACA (UK)
ICSA (UK),
CGA (Canada)
SMA (Canada)
CPA (Philippines)
ICMA (PNG)
CPAC (China)
LACPA (Lebanon)
CPA Ireland
Saudi Organization of CPAs (Middle-East)
Auditors Association of Nepal(ICAN Members)
The ICMA offers seven levels of membership with differing education and
experience requirements:
Post-graduate level
CMA - Certified Management Accountant
➢University Graduates in Accounting: Graduate or postgraduate
degree in Accounting from an accredited or government
recognised university can sit for the 2-subject (Strategic Cost
Management & Strategic Business Analysis) CMA Program. In
addition to the educational qualifications, please note the
experience requirements for AMA and CMA membership.
➢Members of other recognised professional accounting bodies can
sit for the 2-subject Strategic Cost Management
➢ Strategic Business Analysis) CMA Program. In addition to the
educational qualifications,
Graduate level
➢ AMA - Associate Management Accountant
GMA - Graduate Management Accountant- Eligibility-
at least 3 years experience
◦ The GMA Conversion program is open to any
Graduate or Professional in any discipline to obtain
the pre-requisites to undertake CMA Preparatory
Program.
◦ The program consists of 4 units:◦ Financial Management◦ Financial Statement Analysis◦ Financial Modelling◦ Managerial Accounting
Technical level
CAT - Certified Accounting Technician
RBA - Registered Business Accountant
RCA - Registered Cost Accountant
Affiliate level
MAA - Management Accounting Affiliate
Post graduate Level:
CMA PROGRAM
1. Organizational Management2. Accounting Principles & Practice3. Accounting Control Systems4. Financial Information Systems5. Financial Economics6. International Business Law & Governance7. Business Analysis & Audit8. International Business Taxation9. Financial Accounting10. Marketing Management11. Information Management12. Strategic Management13. Financial Management14. Financial Statement Analysis15. Financial Modelling16. Managerial Accounting17. Strategic Cost Management18. Strategic Business Analysis
Purpose Financial Accounting Management Accounting Remarks
Input Level
Financial accountants record the company/firm’s activities done during the period & its financial position at the end of the accounting period
Use of Financial planning, analysis, control, and decision supports
Involve on perpetrating standards
Formulate, adopt and implement Accounting and Auditing Standards
Formulate, adopt and implement Cost Accounting and Auditing Standards (CAAS) in some countries but not all
Statutory Audit
Implement statutory Financial Audit Periodically and used for internal and external purpose both
Implement statutory Cost Audit as provided in the Companies Act of the country as required and used for internal both purpose
Purpose Financial Accounting Management Accounting Remarks
Informational value
Financial Accounting gives out information about the enterprise’s financial activities and situation
Management accounting is about getting the information from cost accountants and financial accountants and then using it for decision making purposes
AuditRole
Statutory Financial
Audit and member of
IFAC
Some countries allow Statutory cost and management audit and become member of IFAC, some not
GeneralAuditing Role
Certify and give opinion on the Financial report prepared by management
Prepare and check accounting and Financial report periodically and as required by management
Purpose
Financial Accounting Management Accounting Remarks
Dealing with Reports
Deal with the preparation & presentation of financial statements
Financial and Cost a/c supports MGMT and in turn management accounting pushes cost/Expenses further according to the needs of the management- Strong bond betn Finance, cost and management a/c
User Persons who make use of these financial statements are foroutsiders like banks, share holders, creditors, government authorities etc
Persons who make use of these financial statements/management reports are for internal use only and are very confidential
Audit Type
Reactive Proactive
CountryStatutory Financial Audit Regulatory Body
Cost & Management Accounting regulatory Body
s}lkmot
India
:yfkgf !($(
Under Mininsry of Corporate affairs
yfkgf !(%(
Under Ministry of Corporate affairs
ICAI :jtGq
?kdf ;+rflnt
5}g .
Pakisthan:yfkgf M !(^!
Status: Independentyfkgf M !(%!
;/sf/L dfGotf M
!(^^
ICAP
:jtGq
?kdf ;+rflnt
5 .
Bangladesh:yfkgf !(&#
Under Ministry ofCommerce
:yfkgf M !(((
Under Ministry ofCommerce
ICAB :jtGq
?kdf ;+rflnt
5}g .
Sri-Lanka:yfkgf !(%(
:yfkgf M@))) CAIS :jtGq
Chartered Accountants Act introduced in 1997◦ Auditors importance increased◦ Scope of work increased◦ Recognized as technical profession◦ Introduced Technical Standards
Is it enough ?
NO
Discrimination created between member once ICAN Act introduced
Accounting Qualification was not given to Auditors Self respect is needed to Auditors The strong voices are being raised to disqualify RA –See
article-nagarik news, CA Sarokar etc recently
So, Professional Accounting Certification is required.
Degree in Accounting, Commerce or Finance, or
an MBA or Professional Qualification from other
Accounting Bodies. (NOTE: CMA membership
requires the successful completion of the CMA
Program (2 post-graduate level subjects) and 5
years business experience);
◦ Strategic Cost Management
◦ Strategic Business Analysis
If you are a qualified accountant, and have over 20-years relevant experience you be exempted from having to sit for exams (under ICMA’s 20-year rule)-No transcript
However you still have to attend and follow the CMA course and do the assessments within it when it runs, even though you then do not have to sit the exams.
Those having between 10-20 relevant experience have a choice of sitting the 2-paper exams OR writing a research paper.
They too have to attend and follow the CMA course and do the assessments within it when it runs
Recognized as a qualified Accountants
Req. of Masters Degree in Business
Management is waved
Masters degree with 5 years experience – 2
papers exam or research writing (dissertation)
Candidates having Bachelors degree in MGMT
with 20 yrs accounting/auditing experience
will be eligible to become CMA
Certificate of Membership and Transcript
Note your name to participate in October course schedule
Trick to yes or no for confirmation in your attendance sheet
We need your confirmation by July 31, 2019
If we could not receive by July 31, we may not be able to resister
your name for 1st batch !
Hurry Up !!! This is 1st
group . 1st
group is always valuable
and precious in history
Thank You !