Management accounting practice: CIMA, AICPA propose framework to bring consistency

The Chartered Institute of Management Accountants (CIMA) and the American Institute of CPAs (AICPA) have proposed a comprehensive framework to bring consistency to management accounting practices around the world and help organisations to make smarter, faster decisions for the long-term amidst growing complexity and change.
The draft framework, entitled 'Global Management Accounting Principles(c): Driving better business through improved performance', is now out for consultation with feedback sought from businesses and institutions across the world - public and private, small and large. Charles Tilley FCMA, CGMA, and Chief Executive of CIMA, said: "Over the last few years, we've all seen how globalisation and the break-neck pace of technological progress are making change harder to predict and organisations more vulnerable." "We may now be seeing encouraging signs in the global economy, but we cannot afford to be complacent. We must learn the lessons of the last six years. To be confident of a successful future over the long-term, organisations must adopt a robust management accounting system that encompasses their financial reporting.-PR