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Assignment On The Institute of Cost & Management M anagement Accountants of Bangladesh(ICMAB)
Prepared For: Mr.Kewser Rahaman Lecturer of Department of Business Administration Leading University,Sylhet. University,Sylhet.
Prepared By: Md.Ishaqul Islam Program:MBA Id-1201010720 Leading University,Sylhet. University,Sylhet.
Date of Submission: 24 November 2012
Institute of Cost and Management Accountants of Bangladesh
Professional Accountancy Body.
Mr.Md.Abdul Aziz, FCMA.
Dhaka Head Office, Dhaka Camp Office, Chittagong, Khulna, Rajshahi, Comilla.
International Federation of Accountants and International Accounting Standards Boards.
Introduction: The Institute of Cost and Management Accountants of Bangladesh (ICMAB) at Nilkhet, Dhaka, Bangladesh is the only institution in the country dedicated to Cost and Management Accounting education and research. It is managed as an autonomous professional body under the Ministry of Commerce. The Institute of Cost and Management Accountants of Bangladesh (ICMAB) is a leading professional body in Bangladesh that offers professional qualification in Cost and Management Accountancy, with a focus on accounting for business. ICMAB programme has been designed to meet the evolving needs of business-today and tomorrow. We look forward to helping you to achieve excellence as a professional.
ICMAB is committed to maintain the highest standards while serving our students, members and our business partners. As a professional Institute, we are committed to continuous improvement and also to cope up with the changing environment as a result we are increasingly the first choice for students and employers. ICMAB upholds high ethical and professional standards to maintain public confidence in the field of Cost and Management Accountancy. Today, more and more new, unique and innovative businesses are operating in the globalized market. This is facilitated by the advancement in information and communication technology. Cost and Management Accounting program will adequately prepare professional accountants for the new world of business. ICMAB, an autonomous professional body under the Ministry of Commerce, Government of the People's Republic of Bangladesh is the only Institute in the country dedicated to Cost and Management Accounting education and research.
Management and Functions of ICMAB: People who were registered before this ordinance or who were registered later by following therules and regulations of the ordinance, they will be considered as member of the “Institute of Cost and Management Accountants of Bangladesh” until their name exist in the register. [Section 3(1)] The Association will have permanent ht of succession and a general seal. It can also occupy, buy and sell movables and immovablespropertiesrig.
Membership: Persons who can be the member of t his association are-
1. The Associate or Fellow member of any institute which became extinct. 2.Persons who have passed the exam and completed training that arranged by the council. 3.Persons who have passed the exam and completed training fromany foreign “Institute of Cost and Management Accountant” and became the member of that institute. In this c ase, they should be accepted by I.C.M.A.B and the exam & training should also beaccepted by the institute. The council can apply conditions if they are not the citizen of Bangladesh. 4.Any Bangladeshi citizen who passed the tests and accomplished thetraining from any foreign Institute and achieves the membership of that institute before declaration of “Cost and Ma nagementAccountants Ordinance”. 5.Any Bangladeshi citizen who was studying to take part in theexamination of any foreign “Institute of Cost and ManagementAccountant” before the declaration of the order and at the sametime, s/he was on training either in Bangladesh or abroad; Andpassed the exam and completed training. Types of Members: There are two types of member of theassociation- “Associate” and “Fellow”. A member is called an associateif he is listed in the register of the association and can use “A.C.M.A”after his name. And if a member engaged as an associate for 5 years,then he can be listed as a fellow member after applying and made payment of the fee and should be approved by the council [Section6(4)]. After that he can use “F.C.M.A” with his name. People who werethe fellow member of an abolished institute before declaration of theordinance can use F.C.M.A after their name until they are registered. Disqualified for Registration: Following people will not be the member of the association, if1.S/he is under 21 years of age in the period of application. 2.S/he is mentally disordered. 3.S/he is an insolvent. 4.S/he is convicted by the court because of lewdness. 5.His membership is forbidden by the institute because of professional or any other misbehavior. If the membership of anyone is forbidden for a specific period, than he can be registeredagain after end of the period.
Management: A national council constituted under the Cost and Management Accountants Ordinance, 1977, manages the Institute. The council is composed of a total of sixteen members, twelve Fellows elected by the general members and four nominees of the government, not bellow the rank of joint secretary/professor, representing the Ministry of Commerce, Ministry of Finance, Ministry of Industries and Dhaka University for a three-year term. The council elects one president, two vice-presidents, one secretary and one treasurer on annual basis to manage and run the affairs of the Institute. There will have a council to manage and accomplishthe activities of the institute. Council will be formed with the combination of following persons1.Members of the institute will elect 12 persons from the fellow members. 2.4 persons will be selected by the government. Here nobody from the institute will be nominated as a member of the council. 3.Members of the council will select chairman, two vice-chairman,secretary and treasurer.
Functions of Council: The functions is as follows1.The Council can apply necessary power to achieve the objectives of the ordinance and to accomplish the functions. 2.Organize the examination for those who are seeking membership of the institute. 3.Student registration and organize training. 4.Set up standards for achievement of membership. 5.Acceptance of foreign competence and training to provide membership. 6.Provide or cancel certificates for training. 7.Keep records of registered members and publish the list of the members and practitioners. 8.Set up and receive fees from examinee, students and members. 9.Retract names from register and re-register the names. 10.Maintain honour and dignity of professional competence of themembers of the institute. 11.Conduct research work on cost and management accounting by providing financial support or any other way to the members of council. 12.Provides professional service in case of cost and management accounting. 13.Manage the library and publish books and journals on cost and management accounting. 5
14.Apply rules and regulations upon members, officers and employees of the institute. Council will set up the following standing committees to successfully accomplish the functions — Executive committeeEducation committeeExamination committeeResearch & Development committeeSystem development committeeCost and Management accountants’ regulation was prepared in accordance with the order in 1980. The rules and regulations to operate the institute and code of conducts for members are included inthe order.
Legal Status: The Institute of Cost and Management Accountants of Bangladesh is the only national institute of the country imparting training and education in the field of cost and management accounting. The Institute is a statutory organisation constituted by the government under the Cost and Management Accountants Ordinance, 1977 (Ordinance No. LIII of 1977) and regulated under the Cost and Management Accountants Regulations, 1980 (as amended upto date).
Regulate and develop the Cost and Management Accounting (CMA) profession in Bangladesh; Provide and confer the highest professional degree in Cost and Management Accounting; Impart education and training to the members, corporate managers and intending students of CMA for enhancing their capability in the fields of Cost and Management Accounting; Develop knowledge, skills and competence of the CMAs needed to support economic development of the country and, thus, to prepare capable manpower needed for various national and international development activities according to the requirements of the millennium; Help development, adoption and implementation of International Financial Reporting Standards (IFRS) in Bangladesh; Formulate, adopt and implement Cost Accounting and Auditing Standards (CAAS) in Bangladesh and international; Implement statutory Cost Audit as provided in the Companies Act, 1994 ; and Conduct research in the field of Cost and Management Accounting in order to promote and develop the profession to meet the requirement of the time.
Vision Institute’s vision is to help Bangladesh become an industrialized nation by promoting and regulating Cost and Management Accounting profession towards market economy to enhance economic competitiveness and quality of life.
Mission The Institute of Cost and Management Accountants of Bangladesh, an autonomous professional body under the Ministry of Commerce, is the only Institute dedicated to Cost and Management Accounting education and research in the country. The Institute’s mission is to develop, equip and promote Co st and Management Accounting profession by maintaining highest professional standard of its members in order to enable them to provide better services to the society. The Institute is entrusted with the formulation and implementation of National Accounting as well as Cost Accounting Standards and take other necessary steps with a view to regulating the Cost and Management Accounting profession commensurate with global standard with the ultimate objective of developing Bangladesh's human and natural resources to ensure common welfare and to enrich our shared futu
Services of ICMABs quipped with various methods and techniques, the Cost & Management Accountants can provide the following services
Collecting, collating, screening, interpreting and condensing data relating to techno-human business activities, to enable Non-Financial Executives to arrive at the right decision or to select the right courses of action at the right time.
Costing of products and services.
Designing and implementing effective management information and control systems.
Planning and control of business operation through costing systems and various techniques.
Inventory control incorporating mathematical models. 7
Cost reduction in connection with modern management tools like Operation Research, Value Engineering, etc.
Investment analysis and preparation of Feasibility/Project reports; its appraisal and evaluation.
Project management-planning control and accounting.
Cost Audit of business transactions.
Assistance in appropriate legal matters.
Diagnosis of industrial sickness and remedial measures.
Planning and monitoring of industrial action.
Financial analysis and projection for New and B.M.R.E. Projects.
Loan application and negotiation.
Valuation of shares and properties.
Working capital management.
Role of ICMAB in development of Accounting Profession in Bangladesh: Roles of ICMAB is as follows
1.Organize the examination for those who are seeking membership of the institute.
2.Student registration and organize training.
3.Set up standards for achievement of membership.
4.Acceptance of foreign competence and training to providemembership.
5.Maintain honour and dignity of professional competence of themembers of the institute.
6.Conduct research work on cost and management accounting byproviding financial support or any other way to the members of council.
7.Provides professional service in case of cost and managementaccounting.
8.Manage the library and publish books and journals on cost andmanagement accounting.
9.Apply rules and regulations upon members, officers and employeesof the institute. 8