Article by James Callery

The International Federation of Accountants (IFAC) has admitted the US Institute of Management Accountants (IMA) as a member during its latest council meeting held in South Korea last week.

IMA said in a statement it will work with the IFAC to provide technical guidance on international accountancy programs and standards issued by independent standard setting boards supported by IFAC and the International Accounting Standards Board.

"We look forward to working with IFAC to address significant challenges facing the profession globally, including financial reporting standards, the talent shortage, and the needs of emerging economies," IMA president and chief executive Jeff Thomson said.

IMA also said it will work with IFAC on global initiatives including the Professional Accountants in Business Committee, which aims at achieving global recognition of accountants as leaders and strategic partners within companies.

Together with the American Institute of Certified Public Accountants, IMA is one of the two US-based institutes that have gained IFAC’s membership so far.

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IFAC has also admitted three existing associates to its organisation: the Cayman Islands Society of Professional Accountants, the Institute of Certified Auditors of the Republic of Macedonia and the National Institute of Chartered Accountants of Senegal.

The Palestinian Association of Certified Public Accountants has also been made an associated member.

The Institute of Management Accountants