The Association of International Certified Professional Accountants released an updated set of global guidelines for management accountants to address new topical areas including AI, automation and ESG.
The Association, which includes the American Institute of CPAs and the U.K.’s Chartered Institute of Management Accountants, released a new edition Wednesday of their Global Management Accounting Principles, a guide to help management accountants work with business decision makers to create and preserve value creation within their organization’s business model.
The AICPA & CIMA updated the GMAP to adapt them to the changing role of the finance department, which is applying its analytical and managerial skills to areas such as artificial intelligence, automation and environmental, social and governance practices. The principles now include a greater focus on non-financial aspects of management accounting like sustainability data.
“We continue to witness a significant acceleration in the complexity of business decision making in the post-pandemic world,” said Ash Noah, vice president and managing director of learning education and development at the AICPA & CIMA, in a press release. “This means organizations require increasing levels of guidance to create value in the short, medium and long term. The new Global Management Accounting Principles define best practice and provide a framework to steer organizations to sustainable success. Applying the principles to the practice areas of management accounting will guide businesses towards making good strategic, management and operational decisions.
“They address areas such artificial intelligence and environmental impact, as well as traditional finance disciplines,” he added. “The principles will enable management accountants to gain recognition within their organization and position management accounting as a function that is actively involved in co-creating value.”
The GMAP includes an updated version of the AICPA & CIMA Strategic Scorecard, which was developed to give greater consideration to the performance and strategy dimension of enterprise governance.
Credit: Source link
