Financial experts propose new accounting method
The Chartered Institute of Management Accountants (CIMA) and the American Institute of Certified Public Accountants (AICPAs) have proposed a new framework to bring consistency to management accounting practices around the world.
The move will help organisations to make smarter, faster decisions for the long-term amidst growing complexity and change, CIMA Regional Director for Africa, Samantha Louis said in a statement.
The draft framework, entitled: “Global Management Accounting Principles: Driving better business through improved performance,” is now out for consultation with feedback sought from businesses and institutions across the world.
Chairman of the International Integrated Reporting Council Prof. Mervyn King 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. While we may be seeing encouraging signs in the global economy, we cannot afford to be complacent.