Changing Role of Management Accounting in CIMA

CIMA
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CONTENTS
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................3
TASK 2............................................................................................................................................3
Changing role of management accounting.............................................................................3
Relevant Literature.................................................................................................................4
Skills expected in CIMA pillars.............................................................................................5
Skills per level........................................................................................................................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8
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INTRODUCTION
CIMA is a global body for Management Accountants. They do the analysis of monetary
transactions from the outlook of management in order to develop the final results of the
businesses and hence considered as an administration job (Terminology, 2005). Charted institute
of Management accountants was founded in 1919 and since than it is renowned for profession in
Corporate and Finance. The following report will discuss the moving role of Management
Accounting and probable abilities that are expected in CIMA stakes. Also discussion on distinct
level of CIMA i.e. certificate operational etc. will be done in detail.
TASK 2
Changing role of management accounting
With the non-expected hike in corp orates and services that are related to finance scope of
management accounting has increased to a great extent. There are now more opportunities for
accountants in this field as introduction of better tools, standards, methods and practices is done
which has facilitated management accounting to deliver better results to user.
Developing data and models – Unlike the traditional accountants who only use to do the
analysis of the finance now their role is change. They have to develop better facilities with the
available information of the organization and accordingly design the models that can be followed
within the firm. It has a positive impact on the policies and strategies of the firm.
Technological assistance – Now the accountants has the understanding of the distinct
applications too which further raise their role in an enterprise. They direct the management to
spend on such technologies which are better for the firm and ensures that implementation of it is
done in the most appropriate manner.
Decision maker – More of the management accounting jobs are now business oriented
now and is not just restricted to finance. They have their contribution in almost all the distinct
sections of company and has become trusted advisers and strategic partners which shows the
changing role of management accounting in today’s scenario (Fouché, 2013). Now they work
alongside to the managers and advise them on how better results can be achieved from the same
resources. It shows the growth in their scope which has added more responsibility to them.
Changes in the dominant factor – Earlier management accountant in was limited to only
the internal functions and analysis of business which shows that it has limited scope. Now the
scenario is changed and it is evident that MA has its stake in both the internal and outside affairs
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