The Institute

The Institute of Cost and Management Accountants of Bangladesh (ICMAB) is the national body of the professional Cost and Management Accountants of Bangladesh. Established with the prime objective of promoting and regulating the Cost and Management Accounting profession in the country, the Institute offers education and training to the students interested to pursue career in this field and provides highly recognized CMA degree on fulfillment of requisite qualification. The Institute undertakes research in relevant fields and is the sole authority to issue practicing license to its members.

Legacy of the Institute

The Institute has a long heritage of rendering professional services to the nation. The journey of the glorious Profession of Cost and Management Accounting began in the pre-independent Bangladesh with the founding of a branch of The Pakistan Institute of Industrial Accountants (PIIA) in 1958. As we started a fresh journey towards success and prosperity in independent Bangladesh, the profession entered into a new era. In 1972, the Institute was re-established in the name of Bangladesh Institute of Industrial Accountants (BIIA). Thereafter, the members of the Institute through their excellence in various fields proved their credibility in the national and international outfit which started building the credentials for the Institute for gaining acceptability from all concerned and to attain confidence of the government and business community of the country. With the changing need of time the Government of Bangladesh renamed it as The Institute of Cost and Management Accountants of Bangladesh (ICMAB) through promulgation of The Cost and Management Accountants Ordinance 1977 (Ordinance No. LIII of 1977), which was published in the official Gazette on 14 November 1977. Considering the active role of Cost and Management Accountants for accelerated growth of Bangladesh economy, a new Act of Parliament “Cost and Management Accountants Act 2018” ( Act No. LXX of 2018) has been passed by the Parliament on 29th October 2019 and published in the official Gazette on 14 November Now in 2019, after a 48-year arduous journey, the chronicle of success earned by our predecessors has brought us to the place where we stand today.

Legal Status

ICMAB is a statutory organization constituted by the Government under The Cost and Management Accountants Ordinance 1977 (Ordinance No Llll of 1977) and regulated under the Cost and Management Accountants Regulations 1980 (as amended up to date). Thereafter The Cost and Management Accountants Ordinance 1977 has been replaced by the Cost and Management Accountants Act 2018 (Act No. LXX of 2018), published in the official Gazette on 14 November 2018. It is a member of leading regional and global accounting bodies including International Federation of Accountants (IFAC).

Administrative Ministry

The Ministry of Commerce, Government of the People’s Republic of Bangladesh is the Administrative Ministry of The Institute of Cost and Management Accountants of Bangladesh (ICMAB).

Vision & Mission

Vision:
Institute’s vision is to help Bangladesh become an industrialized nation by promoting and regulating Cost and Management Accounting profession to enhance economic competitiveness and quality of life.

Mission:
Institute’s mission is to develop, equip and promote Cost 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 future.

Governance / Management

The Institute is presently being governed by a Council which consists of 12 Fellow Members of ICMAB elected under the provision of The Cost and Management Accountants Ordinance, 1977 and 5 nominees from the Government of Bangladesh as prescribed in the CMA Act 2018. The Council is elected for a period of three years. Every year one President, two Vice-Presidents, one Secretary and one Treasurer are elected as office bearers from amongst the councilors.

Number of elected council members has been increased to 16 (including one regional representative) and number of Government nominated council members has been increased from four to five in the newly enacted Cost and Management Accountants Act 2018.

The day to day administrative affairs of the Institute is, however, managed by a team of fully employed executives headed by an Executive Director who acts as the Chief Executive Officer (CEO).

The Institute has three functional divisions and seven departments. Details of divisions/departments are as follows:

Name of Division             Name of Functional Departments under the Divisions
Academic Affairs Division • Education Department
• Examination Department
Corporate Affairs Division • Administration Department
• Finance and Accounts Department
• ICT Department
Technical Affairs Division • Research & Publication Department
• Member’s Affairs Department

 

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