The Institute of Management Accountants has become a member of the International Federation of Accountants, reflecting the growing importance of management accountants in the global economy.

The announcement was made this week during the IFAC Council Meeting in Seoul, South Korea. Currently, IMA and the American Institute of CPAs are the only U.S.-based members of IFAC.

As a member of IFAC, IMA will contribute to the organization’s mission of strengthening the accounting profession through global initiatives, including IFAC’s Professional Accountants in Business Committee. IMA will also offer technical guidance on international accountancy programs and standards issued by independent standard setting boards supported by IFAC and the International Accounting Standards Board.

“Throughout its 94-year history, IMA has set extremely high standards for management accounting certification, continuing education, and ethical business practices for its members and the profession as a whole,” said IMA president and CEO Jeff Thomson, who attended the IFAC meeting. “We look forward to working with IFAC to address significant challenges facing the profession globally, including financial reporting standards, the talent shortage, and the needs of emerging economies.”

IMA’s IFAC membership reflects the organization’s increasing global influence and the demand for the CMA (Certified Management Accountant) certification. The CMA program is one of the fastest-growing accounting credentials in the world, with notable growth in the Middle East and China markets. IMA operates a global portfolio of four regional offices to support its members and expects to open additional offices in the year ahead.

The AICPA has also seen substantial growth in its competing Chartered Global Management Accountant credential, which it introduced as a joint venture with the Chartered Institute of Management Accountants in January 2012.

IMA was granted IFAC membership following a thorough review of its governance and internal operating structures. For more information about IMA’s mission, visit http://www.imanet.org/about_ima/our_mission.aspx.