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The Institute of Cost and Works Accountants of India (ICWAI) has entered into a Memorandum of Understanding (MoU) with the Institute of Management Accountants (IMA), USA to enable mutual recognition and cooperation between the two institutes to develop the profession of Management Accountancy for the benefit of their members and students in the pursuit of excellence in education and training and continuing professional development in Management Accountancy.

The MoU will enable recognition of the professional qualification of the respective Institutes. A member of ICWAI can get enrolled as a member of IMA USA and vice versa. However, an IMA member enrolling as a member of ICWAI will not be allowed to hold a certificate of practice to undertake any statutory work in India.

The MoU will bring mutual recognition and global cooperation between members of ICWAI and of IMA. While continuing their longstanding relationship, ICWAI and IMA, besides mutual recognition of their membership, have agreed to assist and cooperate in conducting joint research, development of management accounting guidelines and standards as well as hold joint seminars, conferences and activities beneficial to both institutes, their members and students.

On this occasion, Mr. Kunal Banerjee, President ICWAI, said,?ICWAI will enhance its global presence through this MoU and members of both the Institutes will immensely benefit from recognition of both certifications. The MoU will also help in applied research in areas of specific interest related to Management Accounting"

Recognizing ICWAI as ?a highly regarded organization in one of the fastest growing economic centres of the world?, Mr. Dennis Whitney, Senior Vice President of Certification of IMA said,? This agreement will help IMA further its global presence and will enhance the profile of the CMA certification. ICWAI certified professionals will be able to enjoy the global recognition and mark of distinction that comes with holding a CMA certificate.?

Mr. Jim Gurowka, IMA Director of International Development, said, '?The demand for highly skilled management accountants in India is growing and presents a great opportunity for IMA and the CMA. IMA and ICWAI have a long history of working together on research and conferences and this agreement is the next step of a productive relationship.?