The Chartered Institute of Management Accountants (CIMA) and the Malaysian Institute of Accountants (MIA) have confirmed they signed a Memorandum of Agreement (MoA) in November during the World Congress of Accountants (WCOA) in Rome.

CIMA managing director Andrew Harding told The Accountant after the WCOA that the global institute has been working with its Malaysian counterpart for a long time.

"Our agreement is around capacity building as the government estimates the country needs 60,000 accounts by 2020," Harding said.

He added that MIA has endorsed CIMA’s global management accounting principles, which takes CIMA "a huge step forward" in its adoption in Malaysia as the local profession is championing them, according to Harding.

In a joint statement CIMA and MIA stated that the MoA has been signed for three years and, as Harding anticipated, aims at increasing the number of professionally qualified accountants from 8% to 25% by 2020.

In particular the agreement will provide certain MIA members with at least 10 years of relevant professional experience a fast track route to obtain CIMA professional qualification.

Other MIA members who have less than ten years of relevant work experience will have to pass four assessments, as opposed to just one assessment, to qualify.

As for the "relevant work experience" requirements, the MoA refers to those practical experience requirements needed to obtain the CIMA membership and the Chartered Global Management Accountant (CGMA) designation.

MIA president Johan Idris said the MoA opened up new pathways for MIA members to have access to the professional development that CIMA can offer, thus helping to build a stronger accountancy sector in Malaysia.

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