LAHORE The governing bodies of the American Institute of Certified Public Accountants and the Chartered Institute of Management Accountants agreed on creation of a new professional designation, the Chartered Global Management Accountant, that will be a worldwide standard of professional excellence in management accounting. With approval now given by the AICPA and CIMA councils, the two accounting bodies will create the new CGMA designation to give management accountancy a higher profile in the United States and promote the professional development of management accountants across the globe. Backing the new CGMA designation will be an AICPA-CIMA joint venture with international resources and experience in management accounting. CIMA President George Glass said: We are delighted that management accountancy is to be given a strong new global impetus by this joint venture. This advances our strategic aims and will ensure management accountants, committed to strict ethical standards. will receive world-class support in a fast-globalising world. This is truly an historic moment for management accounting and the accounting profession worldwide. AICPA Chairman Paul Stahlin said, adding that the joint venture with CIMA created long-term strategic value for our members and literally opened up the world for US CPAs in management accounting.