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World’s first management accounting standard
24 March 2016
BSI, the British Standards Institution, has published PAS 1919 – the world’s first management accounting standard.
The guide, sponsored by CIMA, is designed as a best-practice guide to management accounting, defining what ‘good’ looks like.
The PAS provides a framework to support decision-making and supports improved performance. It sets out four outcome-based management accounting principles:
• Communication provides insight that is influential – encouraging insightful communication that drives better decisions across an organisation.
• Information is relevant – reviewing past, present and forward looking performance management information.
• Impact on value is analysed – understanding an organisation’s strategy and business model.
• Stewardship builds trust – balancing short-term commercial interests against long-term value for stakeholders.
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