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IMA Releases New Statement on Management Accounting for Managerial Costing Conceptual Framework

Thursday, September 25, 2014

Marc Gerrone
IMA
(201) 474-1502
mgerrone@imanet.org

Kristy Skowronski
Stern + Associates
(908) 276-4344, x-208
kskowronski@sternassociates.com

MONTVALE, N.J.
 – IMA® (the Institute of Management Accountants) has released a new Statement on Management Accounting, entitled “The Conceptual Framework for Managerial Costing.” The Framework is designed to provide management accountants with a baseline for selecting, implementing and designing costing approaches. The paper is available on IMA’s website: http://www.imanet.org/MCCF

Management accountants in business have worked largely without universally accepted best practices to help them determine the cost of products, services and supporting activities to make business decisions. IMA’s Framework defines the principles, concepts and constraints that must be considered when performing a cost analysis. Distinct from costing frameworks that pertain to financial reporting statements, IMA’s new framework focuses on costing for operations inside an organization. 

“The duty of providing valuable information for business decision support is at the heart of management accounting,” said Raef Lawson, CMA, CPA, Ph.D., IMA’s Vice President of Research and Policy. “IMA’s new Framework is intended to help organizations improve management accounting practices and achieve their strategic goals,” 

Following the work of a special IMA task force and an exposure draft released to the profession at-large, the paper was authored by Larry R. White, CMA, CFM, CGFM, CPA, Executive Director for the Resource Consumption Accounting Institute and former IMA Chair, and B. Douglas Clinton, CMA, CPA, Ph.D., Alta Via Consulting Professor of Management Accountancy at Northern Illinois University. 

First introduced in 1981, IMA’s Statements on Management Accounting present the association’s position on a range of issues relevant to the profession. To view IMA’s previous Statements on Management Accounting and other thought leadership reports, visit http://www.imanet.org/resources_and_publications/Research_Studies_and_Resources.aspx

About IMA® (Institute of Management Accountants)
IMA®, the association of accountants and financial professionals in business, is one of the largest and most respected associations focused exclusively on advancing the management accounting profession. Globally, IMA supports the profession through research, the CMA® (Certified Management Accountant) program, continuing education, networking and advocacy of the highest ethical business practices. IMA has a global network of more than 70,000 members in 140 countries and 300 professional and student chapters. Headquartered in Montvale, N.J., USA, IMA provides localized services through its four global regions: The Americas, Asia/Pacific, Europe, and Middle East/Africa. For more information about IMA, please visit www.imanet.org.

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