Adoption of global accounting standards, hampered by lack of professionals

20th December 2011, Dubai UAE - Calls for companies in the UAE to adopt common global
accounting standards have had very little success, mainly due to cost barriers, according to IMA®
(Institute of Management Accountants), the association for accountants and financial professionals
in business.

“One of the major reasons for the delay in migration to globally accepted standards has been
the lack of qualified professionals within organisations,” said Jim Gurowka, IMA Vice President
International Development, Institute of Management Accountants.

According to Mr. Gurowka, professionals with advanced financial management skills are
increasingly integral to business performance. Accountants and financial professionals need
additional skill sets to evolve from “counters of wealth” to “creators of wealth” and influencers of
strategy in organizations. “This includes providing advice on such important matters as accounting
standards – to allow companies to share important financial information for business performance
evaluation, or for mergers and acquisitions,” he added.

In the first quarter of 2011, the UAE alone reported more than 100 mergers and acquisitions with a
combined value of US$3.6 billion. “And there could be more, given the challenging global business
environment, which puts a pressure on companies to have more qualified finance and accounting
professionals ,” continued Mr. Gurowka.

As a leading global organisation of accounting professionals, IMA estimates there is a shortage
of professionals with appropriate skills to meet the needs of organizations. Mr. Gurowka
explained, “There is such a big demand for accounting professionals with advanced financial skills.
IMA’s Certified Management Accountant (CMA®) programme helps develop professionals with
the on-the-job knowledge and skills they need in this changing profession, especially in these
challenging business conditions.”

The CMA credential represents the most rigorous assessment for business performance-minded
accounting and finance career professionals: those responsible for financial planning, risk analysis,
internal controls, and financial decision support. “The CMA credential is the most substantial
measure of management accounting skills and qualifications. IMA members pursue CMA
certification to expand their career potential and demonstrate that they are professionals,” said Mr.
Gurowka.

To help professionals advance their careers, IMA is offering a one-time opportunity for finance and
accounting professionals to join the organisation and take the examination for CMA certification
at a reduced rate. This special offer, combined with the accelerated examination timetable now in
place allows finance and accounting professionals to obtain the internationally recognized CMA
credential quickly and affordably. Interested professionals who wish to become members may
do so for only US$122, excluding the exam fess, for a savings of over 40%. The special offer is
available from December 5 to 25, 2011. More details are available at www.imamiddleeast.org.

IMA’s latest Middle East Salary Survey shows that CMAs in the region earn 122% more in average
salary than their noncertified counterparts. “This translates into over US$2.6 million in extra lifetime
earnings for someone in their early 20s,” added Mr. Gurowka.

Yet another compelling reason for accounting professionals to get advanced certification.

About IMA® (Institute of Management Accountants):
IMA® , the association for accountants and financial professionals in business, is one of the largest and most respected
associations focused exclusively on advancing the management accounting profession. Globally, IMA supports the
profession through research, the CMA® (Certified Management Accountant) program, continuing education, networking,

and advocacy of the highest ethical business practices. IMA has a global network of more than 60,000 members in 120
countries and 200 local chapter communities. IMA provides localized services through its offices in Montvale, N.J., USA;
Zurich, Switzerland; Dubai, UAE; and Beijing, China.

For more information about IMA, please visit www.imamiddleeast.org.