The management accounting community is currently wrestling with controversy - conflicts and ambiguities caused by competing forms of managerial accounting for organizations embracing lean management techniques and principles. The controversy does not involve financial accounting for external reporting. Its purpose is historical reporting for external and regulatory entities; with recent reforms regarding “fair value,” one can say its purpose is financial valuation. In contrast, the purpose of managerial accounting is for economic value creation through better internal decision-making.

 

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