The Institute of Management Accountants has released its latest definition of the concept of management accounting.

The paper, a research product of the IMA's Foundation for Applied Research subcommittee, presents a new definition of the profession: "Management accounting is a profession that involves partnering in management decision-making, devising planning and performance management systems, and providing expertise in financial reporting and control to assist management in the formulation and implementation of an organization's strategy."

The IMA, back when it was known as the National Association of Accountants, released the original definition of management accounting in 1981. However, it began work last year on updating the definition to take into account changes in regulations, globalization and technology. The subcommittee received input from other accounting associations, and presented a draft definition for public comment earlier this year.

The full research paper is available at www.imanet.org/pdf/definition.pdf.

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