Services to Members & Industry
The Institute is continuously updating its members through the circulation of regular
Technical Updates. Contrary to earlier practice of sending it on periodical basis,
it is now being sent as soon any update is received from the government, regulatory
authorities, accounting associations, etc. The members are now being immediately
updated with latest SROs, Rules, Circulars, Notifications, etc. The Council strengthened
technical support to provide technical updates and professional advice to practicing
and other members of the Institute. The Institute is continuously updating its members,
industry and other stakeholders through regular Technical Updates in the following
- National and International Laws & Regulations
- Tax and Corporate Laws
- Economy and Business News
Services to Government & Regulators
The Institute always remains focused to the changes taking place in the profession
at international and regional levels to immediately update its members. It circulates
draft exposures and proposed policies on which feedback of members at large is sought.
All such drafts and policies are circulated to members and on receiving their feedback,
the same is compiled and sent to concerned policy making institutions with the Institute's
recommendations. The Institute is in active coordination with the Ministry of Finance,
Securities and Exchange Commission of Pakistan (SECP), Federal Board of Revenue
(FBR), Auditor General of Pakistan (AGP), Accountant General Pakistan Revenues (AGPR)
and other relevant organizations on technical and legal matters pertaining to the
Development of Cost Accounting Standards
The Institute, being a sole professional body to regulate the profession of Cost and Management
Accounting in the Country, is the authority to develop cost accounting standards and guidelines.
The Institute also develops cost accounting guidelines for the industry so as to provide them
tools and techniques to improve production and cost effectiveness. The Institute provided
technical support to Securities and Exchange Commission of Pakistan (SECP) in the issuance of
Cost Accounting Record Orders (CAROs) for the industry. The Institute has introduced following
Cost Accounting Standards, which serve as guideline especially for organizations belonging to
the sector where cost audit is mandatory and generally for all those organizations which are
looking for cost efficiency:-
The Institute has also developed ten new cost accounting standards which are under
review of Technical Support and Practice Development (TSPD) Committee.
The Institute also provided technical support to the Securities and Exchange Commission of
Pakistan (SECP) in the issuance of Companies (Maintenance and Audit of Cost Accounts)
Regulations, 2020 and Cost Accounting Record Orders (CAROs) for the industries such as Sugar,
Cement, Vegetable Oil, Chemical fertilizer, Flour etc.
Registration of CMA Firms
In the current competitive professional and practice environment, quality of services
provided and regulation of profession is a key factor to success and growth. National
Council of ICMA International felt the necessity and established the Quality Assurance
Board (QAB) for awarding the quality rating to CMA Firms. As per the Framework of
Quality Control Review(QCR) Program, the quality rating is to be awarded to CMA
Firms, therefore, practicing members will be required to get their CMA Firms registered
with the Institute. TSPD Directorate tasked to register CMA Firms. Accordingly,
a very easy registration procedure designed for the convenience of the practicing
members/ firms. Names of Registered CMA Firms are uploaded on the website of the
Institute under Public Practice tab.
Circulation of Consultancy Opportunities
In order to create awareness of available business opportunities among all the members
of the Institute in general and provide update on such opportunities to practicing
members in particular, the Technical Support and Practice Development Committee
created a special platform on Consultancy Opportunities on the website of Institute.
Consultancy opportunities such as request for proposals, expression of interests,
Pre-qualification and Tender notices etc, relevant to the profession, are circulated
among all the members of the Institute and uploaded on the website.
Directory of Practicing Management Accountants
The Institute prepares Directory of Practicing Management Accountants each year
for uploading on the website and distribution among Government Departments, Regulators,
Trade organizations, Chambers, United Nation Offices, large industrial units etc,
in order to create a positive impact on the business and generate opportunities
for our practicing members and firms.
Preparation of Budget Commentary
The Institute preparesFederal Budget Commentary each year, in order to provide a
deep insight on the Federal Budget and enable the readers to better understand and
comprehend the Budget. Booklet of the Federal Budget Commentary is uploaded on the
website and circulated among the members of the Institute. ICMA International actively
participates in arranging several pre-budget & post budget seminars, workshops &
technical sessions; thus plays a vital role by highlighting improvements in the
existing taxation laws and suggesting concrete measures for generating tax revenues.
Capacity building of practicing members/ Professionals/ Students
The Institute organizes Seminars, Technical Sessions, Workshops etc, for capacity
building of Practicing members and CMA Firms in particular and students and other
professionals in general.