To kick-start the initiative, IIM-C is collaborating with the Chartered Institute of Management Accountants (CIMA), London, to establish the centre here.

A memorandum of understanding (MoU) has been signed between the two institutes. CIMA will sponsor the centre and depute a CIMA professor in IIMC for the initial three years. CIMA, a leading membership body of the London School of Business and Finance, offers internationally recognised professional qualification in management accountancy, with a focus on accounting for business.

Professor Asish Bhattacharya, professor of finance and control at IIM-C said management accounting helps in formulation of corporate strategies with analysis.

The centre will be governed by an advisory board, which will have a chairperson nominated by CIMA and IIM-C.

The centre will work towards changing management accountancy practices in India. This will also foster the inter-disciplinary research in IIM-C and other academic institutions in India. Bhattacharya said a research fund had been created that would be used to encourage and provide funds to researchers. “ None of the other IIMs have a centre of this kind. It does not have anything to do with our MBA or other courses. It has been purely formed to facilitate research work,”