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The specification is based on the Global Management Accounting Principles, created in 2014 by CIMA and the American Institute of Certified Public Accountants.

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It is designed as a best-practice guide to management accounting, allowing organisations to benchmark their finance function and unlock the full contribution that management accountancy can make. Organisations including, Sky, The Environment Agency, Fujitsu, the NHS and Siemens had input into its development. The standard, published by the British Standards Institute codifies a universal framework for best practice in decision making. In 2016 CIMA, sponsored the creation of the world's first management accounting standard: Guide to management accounting principles.

The framework shows the range of technical, accounting and finance skills that management accountants need to do their jobs and consists of four knowledge areas: Technical Skills, Business Skills, People Skills and Leadership Skills all underpinned by Ethics, Integrity and Professionalism. The CGMA Competency Framework was also launched in 2014. The Principles were endorsed by UK business leaders including: Mr Ian king Chief Executive, BAE Systems and Howard Orme, Director General, Finance & Commercial, Department for Business Innovation & Skills. In 2014 CIMA, with the American Institute of Certified Public Accountants, launched the Global Management Accounting Principles (Principles). CGMA professionals are business strategists who can link the board's objectives with those of organisation's, guiding critical business decisions and creating sustainable business success. The designation is built on extensive global research to maintain the highest relevance with employers and develop the competencies most in demand. The CGMA is the most widely held management accounting designation in the world with more than 150,000 designees it is educationally equivalent to a master's degree. The designation recognises the most talented and committed management accountants. In 2012, CIMA and the American Institute of Certified Public Accountants created the CGMA designation (Chartered Global Management Accountant). Activity such as qualification development is undertaken from the London head office. Each of the branches has a committee and is responsible for much of the ' grass roots' activity. Its governing body is its council, comprising members elected from regional branches.

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The institute regulates the activities of its members by a code of practice, a discipline committee and a continuing professional development education scheme.

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It publishes a monthly journal, supplied free to members and registered students, called 'Financial Management'.Д¬IMA is recognised as a professional accounting body for various statutory purposes by UK and various overseas governments.

CIMA has been active in recent educational and vocational initiatives in former Eastern bloc countries. It promotes local education, training and management development operations, and new techniques through its research foundation and the dissemination of management accounting practices through publications and other media related activities. The status of management accounting as a distinct branch of the accounting profession was recognised by the granting of a Royal charter in 1975.Д¬IMA operates a standard scheme of qualifying examinations for prospective members. It expanded to include provision of a wider range of information and the emphasis shifted from accounting to management. The new institute soon gained the backing of leading industrialists including, Lord Leverhulme who became its president.ДЄdvances in technology and globalisation made business ever more complex over the 20th century and the role of the accountant in business became more significant. Employers needed a new form of in-house accountant to provide, in addition to accounts, better analysis of cost and of operations to inform performance management.

Industrialisation had led to large scale, complex businesses providing unprecedented challenges in management. CIMA was formed in March 1919, as the Institute of Cost and Works Accountants, by a group of legal professionals and businessmen who wanted to develop an approach to accounting that would meet the demands of a rapidly changing business world.