CIMA is one of a number of professional associations for accountants in the UK and Ireland. Its particular emphasis is on developing the management accounting .CIMA was founded in 1919 as "The Institute of Cost and Works Accountants" (ICWA). It specialised in the development of accounting techniques for use in the internal control of manufacturing, service and public sector operations. It developed a position as the leading professional body in the areas of product costing, budgeting, management accounting, investment appraisal and business decision making.CIMA operates a Masters degree standard scheme of fifteen qualifying examinations for prospective members. It is active in promoting local education, training and management development operations, the promotion of new techniques through its research foundation and the dissemination of management accounting practices through publications and other media related activities. CIMA has been active in recent educational and vocational initiatives in former Eastern bloc countries. It publishes a monthly journal, supplied free to members and registered students, called 'Financial Management' ('Management Accounting' prior to 1998). CIMA also publishes a quarterly journal called 'Management Accounting Research', mainly for an academic readership.