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September 21, 2023

Global Management Accounting Principles© Are Absolutely a Thing

This is happening, so there's no point in fighting it. But you can put a copyright mark on it.

Don't we have all the standards we need? GAAS, GAAP, FRF for SMEs, IFRS, whatever the hell rurals use when they need to trade a donkey for a wood stove, you get the point.

But now, as if the CGMA weren't enough, we are looking at a future that includes GMAP© (do not forget the © or you're gonna be in a world of hurt, kid). This from our CGMA friends:

Today’s businesses face rapid economic, technological and social changes.  As organisations struggle to manage volatility and uncertainty, they need support to make better decisions faster. That’s why management accounting is more relevant than ever. Management accountants join the disciplines of finance and strategy to help businesses make better decisions.

Driven by marketplace research, including interviews with employers around the globe, we have developed a consultation draft of the Global Management Accounting Principles©, which are open for comment for a limited time. We invite you to comment on the principles, their application in practice and how they would contribute to the sustainable success of organisations.

The principles provide a framework against which CFOs, their senior finance professionals, and non-executive directors with strategic and financial oversight can benchmark their management accounting practices and processes and identify where improvements are desirable. They set forth the fundamental values, qualities, norms and features that represent best practice in the profession. 

Before you all freak out at once, note that you DO have the opportunity to have your say. Well, kinda. There's no stopping this monster; like periods and projectile vomiting after a long night of downing After Shock shots, it's happening whether you like it or not.

ANYHOO, you can still pipe in to "really make a difference" over on the CIMA website:

For our Principles to really make a difference, it is crucial that we listen to those we hope will be making use of them. We are therefore asking businesses and other relevant organisations across the globe to tell us how our draft framework can best meet their fast changing needs.

You hear that? This is your mating call, enthusiasts of management accounting. Get on it. Not literally (my bad, maybe I shouldn't have said it's a mating call).

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