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Institute of Management Accountants
Support for XBRL
Neal J. Hannon, CMA
IMA Board of Directors
University of Hartford
Agenda
• Who is the IMA?• Support for Accountants Worldwide• Initiatives for Re-balancing the Profession• Support for Technology and XBRL
Who is the IMA?• Founded in 1919
• Mission: To provide a dynamic forum for management finance and accounting professionals to develop and advance their careers through certification, research and practice development, education, networking, and the advocacy of the highest ethical and professional practices.
• Vision: The world’s leading association for management accounting and finance professionals.
• Approximately 65,000 Members– 83% U.S.– 17% International
Agenda
• Who is the IMA?
• Support for Accountants Worldwide• Initiatives for Re-balancing the Profession• Support for Technology and XBRL
EnvironmentRegulators/ Analysts/ Investors
External ReportingFinancial / Taxes
Value Creating OperationsDecision support,
Planning and Control
Suppliers
Custom
ers
There are many critical roles in the world of Accountancy, but ….
input output
External Accounting•Auditors•Assurance Services•Tax Accountants
< 15%
Internal Accounting•Everyone else
> 85%
The Externally-focused role is not the only game in town!
The Business Information Supply Chain
ExternalFinancialReporting
BusinessOperations
InternalFinancialReporting
Investment,Lending,
RegulationProcesses
Participants
AuditorsTradingPartners
Investors
FinancialPublishersand Data
Aggregators
Regulators
Software Vendors
ManagementAccountants
Companies
Economic Policymaking
XBRLXBRL-FRXBRL-GL XBRL
CentralBanks
The Business Information Supply Chain
ExternalFinancialReporting
BusinessOperations
InternalFinancialReporting
Investment,Lending,
RegulationProcesses
Participants
AuditorsTradingPartners
Investors
FinancialPublishersand Data
Aggregators
Regulators
Software Vendors
ManagementAccountants
Companies:Management Accountants
Economic Policymaking
XBRLXBRL-FRXBRL-GL
CentralBanks
International Demographics
GermanyEmployment in Financial, renting and business
activities - 6,500,000
Accounting/Controlling university graduates per year – 19,000
Agenda
• Who is the IMA?
• Support for Accountants Worldwide
• Initiatives for Re-balancing the Profession• Support for Technology and XBRL
International DemographicsIndia
Indian Cost and Works Accountant membership – 25,000Chartered Accountants of India Membership – 124,000Accounting university graduates per year – 55,000University graduates per year – 2,500,000
International DemographicsChina – 2003 statistics
Total employment – 744 millionEmployment at state owned enterprises – 69 millionEmployment at urban private enterprises – 43 millionUniversity students – 19 millionNumber of people who are attending non-degree adult
education courses – 58 millionEmployees receiving job related training while employed –
34 million
International DemographicsChina – 2003 statistics
University professional graduates – 9,600,000Professional support staff employed – 97,000,000MBA’s per year – 47,000Young finance and accounting professionals – 200,000CPA’s in public practice – 60,000CICPA Membership – 130,000Government estimate of required accountants – 300,000CPA exams written per year – 500,000
Agenda
• Who is the IMA?• Support for Accountants Worldwide
• Initiatives for Re-balancing the Profession
• Support for Technology and XBRL
IMA’s Role in New Accountancy Landscape• IMA is “rebalancing” the accountancy profession
• Developing significant group professionals inside organizations who are properly qualified to drive ethical and responsible corporate governance, and decision support, planning, and control over value-creating operations
– CMA and CFM Certification Programs
– Professional Development
– Research
– Students/Academics
Ongoing Research ProjectsResearch Driven Partnerships• CFO Panel to drive innovation - Horvath Partnership• Enterprise Risk Management - Paisley• Resource Consumption Accounting – RCAInfo.com• XBRL Consortium
Applied Research• GPK in America Research - Krumwiede• GPK & ABC Comparative - Friedl• Beyond Budgeting – Libby and Lindsay• China Haier case study – Lin.• China vs Global costing methods – Horvath IPRI, Biddle & China
MoC
Agenda
• Who is the IMA?• Support for Accountants Worldwide• Initiatives for Re-balancing the Profession
• Support for Technology and XBRL
XBRL Support• Strategic Finance Magazine
– Over 60 articles and columns on XBRL since 2000.
• XBRL Webinars – FDIC November 2005
– XBRL-GL July 2006
• Future XBRL Training Session Support• IMA Conferences with XBRL Featured Speakers
– Wayne Harding, Sam Mok in Las Vegas June 2006
– Kurt Ramin, Liv Watson, Eric Cohen in Dubai May 2006
• Sponsor for Global XBRL Student Competition
