Cost Management Accounting Practices and Standards: A Review With Respect to Statutory Challenges

Abstract

In order to regain its past glory, the CMA profession needs to embark upon two major strategies viz. skill upgrading and industry appreciations. In this article, we will review some of the major challenges before Cost&Management Accountants (CMAs) unfolding in key statutory provisions that otherwise enlarges scopes to the profession, directly or indirectly. Such provisions include fraud reporting by (cost) auditors, pricing of related party transactions, business valuation, services of internal auditor, CFO&independent director. This article also focuses on the strengths that need to be built up in Cost&Management Accounting practices and standards for meeting such challenges.