The Institute is now in its 18th year, having been incorporated in 1996. Over the past year the Institute was successful in canvassing for the role of ‘Management Accountant’ to be maintained for a fourth year in the Australian Government’s Skilled Occupation List (SOL) for General Skilled Migration (GSM). However, we have been informed that all categories of accountants may be removed from the skills list next year. So watch this space!
The ICMA is also lobbying to attain the status of a migration assessment authority for Australia, and to get to get the CMA qualification recognised by the Australian migration authorities. Although the ICMA was not set up as a body for those seeking migration to Australia; but rather as a post-graduate level qualification for those already possessing the basic accounting qualifications required for migration; many members wanted to use their CMA for just that purpose. As such, the ICMA obtained the services of two well connected individuals who lobbied on our behalf. Unfortunately, our timing was not good as the Minister who we lobbied was replaced with another (who had very little understanding of the matter) after the successful challenge to the leadership of the Australian Labor Party by the Hon. Mr Kevin Rudd. Now, with yet another change of Government from Labor to Liberal, another (final) attempt is being made by our Lobby consultants.
Amongst the activities in the last year more under our control, the ICMA has set up a Member’s Section on the webpage that could only be accessed by current financial members. Along with this was the task of designing and launching the On Target Direct on the Institute’s webpage. This was successfully launched with the following sections: Branch News; Career Management; CEO Snapshot; CFO; Cover Story; Entrepreneurship; Events; Institute News; JAMAR; Lifestyle; Management Accounting; Member of the Month; Members Area; Risk Management; Strategy Notes; Study Notes; Tips and Tricks. I urge all members to make use of the membership fees you have paid, and go to this member’s section as it provides a wealth of information.
The ICMA continued to publish a world-class academic research journal, the Journal of Applied Management Accounting Research (JAMAR). Two issues were published in the year in both print and online modes. The latest JAMAR issues are also only available to current financial members. Research and professional development also continued in the two organizations set up by the ICMA: The Institute of Certified Carbon Analysts and Auditors (ICCAA) and The Institute for the Advancement of Corporate Reporting and Assurance (IACRA).
At the 2012 Annual General Meeting a resolution was passed to review Membership Fees in terms of country affordability, and that the United Nations categorisation of (1) OECD countries (2) mid-income economies and (3) low-income economies is used as a basis of this review. This review was completed, and the conclusion was that the ICMA membership fees were the lowest of any OECD professional body. As such it was recommended that individual membership fees be kept the same for everybody but that that the percentage that will be refunded for Branch activity be varied based on the United Nations categorizations as follows: (1) OECD countries, 15% (2) mid-income economies, 25% and (3) low-income economies, 50%. The number of members required to set up a Branch was also varied with the following minimum numbers: 1) OECD countries, 100 (2) mid-income economies, 50 and (3) low-income economies, 30 (the earlier minimum for all countries was 100).
The ICMA has also added three new categories of members to its constitution following a motion passed at the 2012 AGM, as follows:
- Life Member (by award of the Institute for persons of high esteem who have maintained their membership and have contributed to the development and growth of the Institute)
- Honorary Fellow (by award of the Institute for persons of high esteem who have contributed to the development of the profession)
- Fellow (by application of for persons who have supported the Institute as a qualified member for a minimum period of 15 years and has demonstrated ongoing professional commitment)
Finally, Best Wishes to all members for the holiday season!
Dr. Michael Vincent, CMA
