Management is the administration of an organization, whether it is a business, a not-for-profit organization, or government body. Management includes the activities of setting the strategy of an organization and coordinating the efforts of its employees to accomplish its objectives through the application of available resources, such as financial, natural and human resources; the term "management" may refer to those people who manage an organization. Social scientists study management as an academic discipline, investigating areas such as social organization and organizational leadership; some people study management at universities. Individuals who aim to become management specialists or experts, management researchers, or professors may complete the Doctor of Management, the Doctor of Business Administration, or the PhD in Business Administration or Management. Larger organizations have three levels of managers, which are organized in a hierarchical, pyramid structure: Senior managers, such as members of a Board of Directors and a Chief Executive Officer or a President of an organization.
They set the strategic goals of the organization and make decisions on how the overall organization will operate. Senior managers are executive-level professionals, provide direction to middle management who directly or indirectly report to them. Middle managers, examples of these would include branch managers, regional managers, department managers and section managers, who provide direction to front-line managers. Middle managers communicate the strategic goals of senior management to the front-line managers. Lower managers, such as supervisors and front-line team leaders, oversee the work of regular employees and provide direction on their work. In smaller organizations, an individual manager may have a much wider scope. A single manager may perform several roles or all of the roles observed in a large organization. Views on the definition and scope of management include: According to Henri Fayol, "to manage is to forecast and to plan, to organise, to command, to co-ordinate and to control."
Fredmund Malik defines it as "the transformation of resources into utility." Management included as one of the factors of production – along with machines and money. Ghislain Deslandes defines it as “a vulnerable force, under pressure to achieve results and endowed with the triple power of constraint and imagination, operating on subjective, interpersonal and environmental levels”. Peter Drucker saw the basic task of management as twofold: innovation. Innovation is linked to marketing. Peter Drucker identifies marketing as a key essence for business success, but management and marketing are understood as two different branches of business administration knowledge. Management involves identifying the mission, procedures and manipulation of the human capital of an enterprise to contribute to the success of the enterprise; this implies effective communication: an enterprise environment implies human motivation and implies some sort of successful progress or system outcome. As such, management is not the manipulation of a mechanism, not the herding of animals, can occur either in a legal or in an illegal enterprise or environment.
From an individual's perspective, management does not need to be seen from an enterprise point of view, because management is an essential function to improve one's life and relationships. Management is therefore everywhere and it has a wider range of application. Based on this, management must have humans. Communication and a positive endeavor are two main aspects of it either through enterprise or independent pursuit. Plans, motivational psychological tools and economic measures may or may not be necessary components for there to be management. At first, one views management functionally, such as measuring quantity, adjusting plans, meeting goals; this applies in situations where planning does not take place. From this perspective, Henri Fayol considers management to consist of five functions: planning organizing commanding coordinating controllingIn another way of thinking, Mary Parker Follett defined management as "the art of getting things done through people", she described management as philosophy.
Critics, find this definition useful but far too narrow. The phrase "management is what managers do" occurs suggesting the difficulty of defining management without circularity, the shifting nature of definitions and the connection of managerial practices with the existence of a managerial cadre or of a class. One habit of thought regards management as equivalent to "business administration" and thus excludes management in places outside commerce, as for example in charities and in the public sector. More broadly, every organization must "manage" its work, processes, etc. to maximize effectiveness. Nonetheless, many people refer to university departments that teach management as "business schools"; some such institutions use that name, while others employ the broader term "management". English-speakers may use the term
Social science is a category of academic disciplines, concerned with society and the relationships among individuals within a society. Social science as a whole has many branches; these social sciences include, but are not limited to: anthropology, communication studies, history, human geography, linguistics, political science, public health, sociology. The term is sometimes used to refer to the field of sociology, the original "science of society", established in the 19th century. For a more detailed list of sub-disciplines within the social sciences see: Outline of social science. Positivist social scientists use methods resembling those of the natural sciences as tools for understanding society, so define science in its stricter modern sense. Interpretivist social scientists, by contrast, may use social critique or symbolic interpretation rather than constructing empirically falsifiable theories, thus treat science in its broader sense. In modern academic practice, researchers are eclectic, using multiple methodologies.
The term "social research" has acquired a degree of autonomy as practitioners from various disciplines share in its aims and methods. The history of the social sciences begins in the Age of Enlightenment after 1650, which saw a revolution within natural philosophy, changing the basic framework by which individuals understood what was "scientific". Social sciences came forth from the moral philosophy of the time and were influenced by the Age of Revolutions, such as the Industrial Revolution and the French Revolution; the social sciences developed from the sciences, or the systematic knowledge-bases or prescriptive practices, relating to the social improvement of a group of interacting entities. The beginnings of the social sciences in the 18th century are reflected in the grand encyclopedia of Diderot, with articles from Jean-Jacques Rousseau and other pioneers; the growth of the social sciences is reflected in other specialized encyclopedias. The modern period saw "social science" first used as a distinct conceptual field.
Social science was influenced by positivism, focusing on knowledge based on actual positive sense experience and avoiding the negative. Auguste Comte used the term "science sociale" to describe the field, taken from the ideas of Charles Fourier. Following this period, there were five paths of development that sprang forth in the social sciences, influenced by Comte on other fields. One route, taken was the rise of social research. Large statistical surveys were undertaken in various parts of the United States and Europe. Another route undertaken was initiated by Émile Durkheim, studying "social facts", Vilfredo Pareto, opening metatheoretical ideas and individual theories. A third means developed, arising from the methodological dichotomy present, in which social phenomena were identified with and understood; the fourth route taken, based in economics, was developed and furthered economic knowledge as a hard science. The last path was the correlation of knowledge and social values. In this route and prescription were non-overlapping formal discussions of a subject.
Around the start of the 20th century, Enlightenment philosophy was challenged in various quarters. After the use of classical theories since the end of the scientific revolution, various fields substituted mathematics studies for experimental studies and examining equations to build a theoretical structure; the development of social science subfields became quantitative in methodology. The interdisciplinary and cross-disciplinary nature of scientific inquiry into human behaviour and environmental factors affecting it, made many of the natural sciences interested in some aspects of social science methodology. Examples of boundary blurring include emerging disciplines like social research of medicine, neuropsychology and the history and sociology of science. Quantitative research and qualitative methods are being integrated in the study of human action and its implications and consequences. In the first half of the 20th century, statistics became a free-standing discipline of applied mathematics.
Statistical methods were used confidently. In the contemporary period, Karl Popper and Talcott Parsons influenced the furtherance of the social sciences. Researchers continue to search for a unified consensus on what methodology might have the power and refinement to connect a proposed "grand theory" with the various midrange theories that, with considerable success, continue to provide usable frameworks for massive, growing data banks; the social sciences will for the foreseeable future be composed of different zones in the research of, sometime distinct in approach toward, the field. The term "social science" may refer either to the specific sciences of society established by thinkers such as Comte, Durkheim and Weber, or more to all disciplines outside of "noble science" and arts. By the late 19th century, the academic social sciences were constituted of five fields: jurisprudence and amendment of the law, health and trade, art. Around the start of the 21st century, the expanding domain of economics in the social sciences has been described as economic imperialism.
The social science disciplines are branches of knowledge taught and researched at the college or university level. Social science disciplines are defined and rec
In education, a curriculum is broadly defined as the totality of student experiences that occur in the educational process. The term refers to a planned sequence of instruction, or to a view of the student's experiences in terms of the educator's or school's instructional goals. In a 2003 study, Reys, Lapan and Wasman refer to curriculum as a set of learning goals articulated across grades that outline the intended mathematics content and process goals at particular points in time throughout the K–12 school program. Curriculum may incorporate the planned interaction of pupils with instructional content, materials and processes for evaluating the attainment of educational objectives. Curriculum is split into several categories: the explicit, the implicit, the excluded, the extracurricular. Curricula may be standardized, or may include a high level of instructor or learner autonomy. Many countries have national curricula in primary and secondary education, such as the United Kingdom's National Curriculum.
UNESCO's International Bureau of Education has the primary mission of studying curricula and their implementation worldwide. The word "curriculum" began as a Latin word which means "a race" or "the course of a race"; the first known use in an educational context is in the Professio Regia, a work by University of Paris professor Petrus Ramus published posthumously in 1576. The term subsequently appears in University of Leiden records in 1582; the word's origins appear linked to the Calvinist desire to bring greater order to education. By the seventeenth century, the University of Glasgow referred to its "course" of study as a "curriculum", producing the first known use of the term in English in 1633. By the nineteenth century, European universities referred to their curriculum to describe both the complete course of study and particular courses and their content. There is no agreed upon definition of curriculum; some influential definitions combine various elements to describe curriculum as follows: Through the readings of Smith and Kelly, four types of curricula could be defined as: Explicit curriculum: subjects that will be taught, the identified "mission" of the school, the knowledge and skills that the school expects successful students to acquire.
Implicit curriculum: lessons that arise from the culture of the school and the behaviors and expectations that characterize that culture, the unintended curriculum. Hidden curriculum: things which students learn, ‘because of the way in which the work of the school is planned and organized but which are not in themselves overtly included in the planning or in the consciousness of those responsible for the school arrangements; the term itself is not always meant to be a negative. Hidden curriculum, if its potential is realized, could benefit students and learners in all educational systems, it does not just include the physical environment of the school, but the relationships formed or not formed between students and other students or students and teachers. Excluded curriculum: topics or perspectives that are excluded from the curriculum, it may come in the form of extracurricular activities. This may include school-sponsored programs, which are intended to supplement the academic aspect of the school experience or community-based programs and activities.
Examples of school-sponsored extracurricular programs include sports, academic clubs, performing arts. Community-based programs and activities may take place at a school after hours but are not linked directly to the school. Community-based programs expand on the curriculum, introduced in the classroom. For instance, students may be introduced to environmental conservation in the classroom; this knowledge is further developed through a community-based program. Participants act on what they know with a conservation project. Community-based extracurricular activities may include “environmental clubs, 4-H, boy/girl scouts, religious groups”. Kerr defines curriculum as "ll the learning, planned and guided by the school, whether it is carried on in groups or individually, inside or outside of school." Braslavsky states that curriculum is an agreement among communities, educational professionals, the State on what learners should take on during specific periods of their lives. Furthermore, the curriculum defines "why, when, where and with whom to learn."
Smith says that, " syllabus will not indicate the relative importance of its topics or the order in which they are to be studied. Where people still equate curriculum with a syllabus they are to limit their planning to a consideration of the content or the body of knowledge that they wish to transmit."According to Smith, a curriculum can be ordered into a procedure: Step 1: Diagnosis of needs. Step 2: Formulation of objectives. Step 3: Selection of content. Step 4: Organization of content. Step 5: Selection of learning experiences. Step 6: Organization of learning experiences. Step 7: Determination of what to evaluate and of the ways and means of doing it. Under some definitions, curriculum is prescriptive, is based on a more general syllabus which specifies what topics must be understood and to what level to achieve a particular grade or standard. A curriculum may refer to a defined and prescribed course of studies, which students must fulfill in order to pass a certain level of education. For example, an elementary school might
In management accounting or managerial accounting, managers use the provisions of accounting information in order to better inform themselves before they decide matters within their organizations, which aids their management and performance of control functions. One simple definition of management accounting is the provision of financial and non-financial decision-making information to managers. According to the Institute of Management Accountants: "Management accounting is a profession that involves partnering in management decision making, devising planning and performance management systems, providing expertise in financial reporting and control to assist management in the formulation and implementation of an organization's strategy". Management accountants look at the events that happen in and around a business while considering the needs of the business. From this and estimates emerge. Cost accounting is the process of translating these estimates and data into knowledge that will be used to guide decision-making.
The Chartered Institute of Management Accountants, the largest management accounting institute with over 100,000 members describes "Management accounting as analysing information to advise business strategy and drive sustainable business success". The Association of International Certified Professional Accountants states that management accounting as practice extends to the following three areas: Strategic management — advancing the role of the management accountant as a strategic partner in the organization Performance management — developing the practice of business decision-making and managing the performance of the organization Risk management — contributing to frameworks and practices for identifying, measuring and reporting risks to the achievement of the objectives of the organizationThe Institute of Certified Management Accountants states, "A management accountant applies his or her professional knowledge and skill in the preparation and presentation of financial and other decision oriented information in such a way as to assist management in the formulation of policies and in the planning and control of the operation undertaking".
Management accountants are seen as the "value-creators" amongst the accountants. They are more concerned with forward-looking and taking decisions that will affect the future of the organization, than in the historical recording and compliance aspects of the profession. Management accounting knowledge and experience can be obtained from varied fields and functions within an organization, such as information management, efficiency auditing, valuation and logistics. In 2014 CIMA created the Global Management Accounting Principles; the result of research from across 20 countries in five continents, the principles aim to guide best practice in the discipline. Management accounting information differs from financial accountancy information in several ways: while shareholders and public regulators use publicly reported financial accountancy, only managers within the organization use the confidential management accounting information while financial accountancy information is historical, management accounting information is forward-looking.
Focus: Financial accounting focuses on the company as a whole. Management accounting provides detailed and disaggregated information about products, individual activities, plants and tasks; the distinction between traditional and innovative accounting practices is illustrated with the visual timeline of managerial costing approaches presented at the Institute of Management Accountants 2011 Annual Conference. Traditional standard costing, used in cost accounting, dates back to the 1920s and is a central method in management accounting practiced today because it is used for financial statement reporting for the valuation of income statement and balance sheet line items such as cost of goods sold and inventory valuation. Traditional standard costing must comply with accepted accounting principles and aligns itself more with answering financial accounting requirements rather than providing solutions for management accountants. Traditional approaches limit themselves by defining cost behavior only in terms of production or sales volume.
In the late 1980s, accounting practitioners and educators were criticized on the grounds that management accounting practices had changed little over the preceding 60 years, despite radical changes in the business environment. In 1993, the Accounting Education Change Commission Statement Number 4 calls for faculty members to expand their knowledge about the actual practice of accounting in the workplace. Professional accounting institutes fearing that management accountants would be seen as superfluous in business organizations, subsequently devoted considerable resources to the development of a more innovative skills set for management accountants. Variance analysis is a systematic approach to the comparison of the actual and budgeted costs of the raw materials and labour used during a production period. While some form of variance analysis is still used by most manufacturing firms, it nowadays tends to be used
Postgraduate education, or graduate education in North America, involves learning and studying for academic or professional degrees, academic or professional certificates, academic or professional diplomas, or other qualifications for which a first or bachelor's degree is required, it is considered to be part of higher education. In North America, this level is referred to as graduate school; the organization and structure of postgraduate education varies in different countries, as well as in different institutions within countries. This article outlines the basic types of courses and of teaching and examination methods, with some explanation of their history. There are two main types of degrees studied for at the postgraduate level: academic and vocational degrees; the term degree in this context means the moving from one stage or level to another, first appeared in the 13th century. Although systems of higher education date back to ancient Greece, ancient Rome, ancient India and Arabian Peninsula, the concept of postgraduate education depends upon the system of awarding degrees at different levels of study, can be traced to the workings of European medieval universities Italians.
University studies took six years for a bachelor's degree and up to twelve additional years for a master's degree or doctorate. The first six years taught the faculty of the arts, the study of the seven liberal arts: arithmetic, astronomy, music theory, grammar and rhetoric; the main emphasis was on logic. Once a Bachelor of Arts degree had been obtained, the student could choose one of three faculties—law, medicine, or theology—in which to pursue master's or doctor's degrees; the degrees of master and doctor were for some time equivalent, "the former being more in favour at Paris and the universities modeled after it, the latter at Bologna and its derivative universities. At Oxford and Cambridge a distinction came to be drawn between the Faculties of Law and Theology and the Faculty of Arts in this respect, the title of Doctor being used for the former, that of Master for the latter." Because theology was thought to be the highest of the subjects, the doctorate came to be thought of as higher than the master's.
The main significance of the higher, postgraduate degrees was that they licensed the holder to teach. In most countries, the hierarchy of postgraduate degrees is: Master's degrees; these are sometimes placed in a further hierarchy, starting with degrees such as the Master of Arts and Master of Science degrees the Master of Philosophy degree, the Master of Letters degree. In the UK, master's degrees may be taught or by research: taught master's degrees include the Master of Science and Master of Arts degrees which last one year and are worth 180 CATS credits, whereas the master's degrees by research include the Master of Research degree which lasts one year and is worth 180 CATS or 90 ECTS credits and the Master of Philosophy degree which lasts two years. In Scottish Universities, the Master of Philosophy degree tends to be by research or higher master's degree and the Master of Letters degree tends to be the taught or lower master's degree. In many fields such as clinical social work, or library science in North America, a master's is the terminal degree.
Professional degrees such as the Master of Architecture degree can last to three and a half years to satisfy professional requirements to be an architect. Professional degrees such as the Master of Business Administration degree can last up to two years to satisfy the requirement to become a knowledgeable business leader. Doctorates; these are further divided into academic and professional doctorates. An academic doctorate can be awarded as a Doctor of Philosophy degree or as a Doctor of Science degree; the Doctor of Science degree can be awarded in specific fields, such as a Doctor of Science in Mathematics degree, a Doctor of Agricultural Science degree, a Doctor of Business Administration degree, etc. In some parts of Europe, doctorates are divided into the Doctor of Philosophy degree or "junior doctorate", the "higher doctorates" such as the Doctor of Science degree, awarded to distinguished professors. A doctorate is the terminal degree in most fields. In the United States, there is little distinction between a Doctor of Philosophy degree and a Doctor of Science degree.
In the UK, Doctor of Philosophy degrees are equivalent to 540 CATS credits or 270 ECTS European credits, but this is not always the case as the credit structure of doctoral degrees is not defined. In some countries such as Finland and Sweden, there is the degree of Licentiate, more advanced than a master's degree but less so than a Doctorate. Credits required are about half of those required for a doctoral degree. Coursework requirements are the same as for a doctorate, but the extent of original research required is not as high as for doctorate. Medical doctors for example ar
Corporate finance is an area of finance that deals with sources of funding, the capital structure of corporations, the actions that managers take to increase the value of the firm to the shareholders, the tools and analysis used to allocate financial resources. The primary goal of corporate finance is to increase shareholder value. Although it is in principle different from managerial finance which studies the financial management of all firms, rather than corporations alone, the main concepts in the study of corporate finance are applicable to the financial problems of all kinds of firms. Correspondingly, corporate finance comprises two main sub-disciplines. Capital budgeting is concerned with the setting of criteria about which value-adding projects should receive investment funding, whether to finance that investment with equity or debt capital. Working capital management is the management of the company's monetary funds that deal with the short-term operating balance of current assets and current liabilities.
The terms corporate finance and corporate financier are associated with investment banking. The typical role of an investment bank is to evaluate the company's financial needs and raise the appropriate type of capital that best fits those needs. Thus, the terms "corporate finance" and "corporate financier" may be associated with transactions in which capital is raised in order to create, grow or acquire businesses. Recent legal and regulatory developments in the U. S. will alter the makeup of the group of arrangers and financiers willing to arrange and provide financing for certain leveraged transactions. Financial management overlaps with the financial function of the accounting profession. However, financial accounting is the reporting of historical financial information, while financial management is concerned with the allocation of capital resources to increase a firm's value to the shareholders. Corporate finance for the pre-industrial world began to emerge in the Italian city-states and the low countries of Europe from the 15th century.
Public markets for investment securities developed in the Dutch Republic during the 17th century. By the early 1800s, London acted as a center of corporate finance for companies around the world, which innovated new forms of lending and investment; the twentieth century brought with it the rise of common stock finance. Modern corporate finance, alongside investment management, developed in the second half of the 20th century driven by innovations in theory and practice in the United States and Britain; the primary goal of financial management is to maximize or to continually increase shareholder value. Maximizing shareholder value requires managers to be able to balance capital funding between investments in projects that increase the firm's long term profitability and sustainability, along with paying excess cash in the form of dividends to shareholders. Managers of growth companies will use most of the firm's capital resources and surplus cash on investments and projects so the company can continue to expand its business operations into the future.
When companies reach maturity levels within their industry, managers of these companies will use surplus cash to payout dividends to shareholders. Managers must do an analysis to determine the appropriate allocation of the firm's capital resources and cash surplus between projects and payouts of dividends to shareholders, as well as paying back creditor related debt. Choosing between investment projects will be based upon several inter-related criteria. Corporate management seeks to maximize the value of the firm by investing in projects which yield a positive net present value when valued using an appropriate discount rate in consideration of risk; these projects must be financed appropriately. If no growth is possible by the company and excess cash surplus is not needed to the firm financial theory suggests that management should return some or all of the excess cash to shareholders; this "capital budgeting" is the planning of value-adding, long-term corporate financial projects relating to investments funded through and affecting the firm's capital structure.
Management must allocate the firm's limited resources between competing opportunities. Capital budgeting is concerned with the setting of criteria about which projects should receive investment funding to increase the value of the firm, whether to finance that investment with equity or debt capital. Investments should be made on the basis of value-added to the future of the corporation. Projects that increase a firm's value may include a wide variety of different types of investments, including but not limited to, expansion policies, or mergers and acquisitions; when no growth or expansion is possible by a corporation and excess cash surplus exists and is not needed management is expected to pay out some or all of those surplus earnings in the form of cash dividends or to repurchase the company's stock through a share buyback program. Achieving the goals of corporate finance requires that any corporate investment be financed appropriately; the sources of financing are, capital self-generated by the firm and capital from external funders, obtained by issuing new debt and equity.
However, as above, since both hurdle rate and cash flows will be affected, the financing mix will impact the valuation
Accounting or accountancy is the measurement and communication of financial information about economic entities such as businesses and corporations. The modern field was established by the Italian mathematician Luca Pacioli in 1494. Accounting, called the "language of business", measures the results of an organization's economic activities and conveys this information to a variety of users, including investors, creditors and regulators. Practitioners of accounting are known as accountants; the terms "accounting" and "financial reporting" are used as synonyms. Accounting can be divided into several fields including financial accounting, management accounting, external auditing, tax accounting and cost accounting. Accounting information systems are designed to support related activities. Financial accounting focuses on the reporting of an organization's financial information, including the preparation of financial statements, to the external users of the information, such as investors and suppliers.
The recording of financial transactions, so that summaries of the financials may be presented in financial reports, is known as bookkeeping, of which double-entry bookkeeping is the most common system. Accounting is facilitated by accounting organizations such as standard-setters, accounting firms and professional bodies. Financial statements are audited by accounting firms, are prepared in accordance with accepted accounting principles. GAAP is set by various standard-setting organizations such as the Financial Accounting Standards Board in the United States and the Financial Reporting Council in the United Kingdom; as of 2012, "all major economies" have plans to converge towards or adopt the International Financial Reporting Standards. The history of accounting is thousands of years old and can be traced to ancient civilizations; the early development of accounting dates back to ancient Mesopotamia, is related to developments in writing and money. By the time of Emperor Augustus, the Roman government had access to detailed financial information.
Double-entry bookkeeping was pioneered in the Jewish community of the early-medieval Middle East and was further refined in medieval Europe. With the development of joint-stock companies, accounting split into financial accounting and management accounting; the first work on a double-entry bookkeeping system was published by Luca Pacioli. Accounting began to transition into an organized profession in the nineteenth century, with local professional bodies in England merging to form the Institute of Chartered Accountants in England and Wales in 1880. Both the words accounting and accountancy were in use in Great Britain by the mid-1800s, are derived from the words accompting and accountantship used in the 18th century. In Middle English the verb "to account" had the form accounten, derived from the Old French word aconter, in turn related to the Vulgar Latin word computare, meaning "to reckon"; the base of computare is putare, which "variously meant to prune, to purify, to correct an account, hence, to count or calculate, as well as to think."The word "accountant" is derived from the French word compter, derived from the Italian and Latin word computare.
The word was written in English as "accomptant", but in process of time the word, always pronounced by dropping the "p", became changed both in pronunciation and in orthography to its present form. Accounting has variously been defined as the keeping or preparation of the financial records of an entity, the analysis and reporting of such records and "the principles and procedures of accounting". Accountancy refers to the occupation or profession of an accountant in British English. Accounting has several subfields or subject areas, including financial accounting, management accounting, auditing and accounting information systems. Financial accounting focuses on the reporting of an organization's financial information to external users of the information, such as investors, potential investors and creditors, it calculates and records business transactions and prepares financial statements for the external users in accordance with accepted accounting principles. GAAP, in turn, arises from the wide agreement between accounting theory and practice, change over time to meet the needs of decision-makers.
Financial accounting produces past-oriented reports—for example the financial statements prepared in 2006 reports on performance in 2005—on an annual or quarterly basis about the organization as a whole. This branch of accounting is studied as part of the board exams for qualifying as an actuary; these two types of professionals and actuaries, have created a culture of being archrivals. Management accounting focuses on the measurement and reporting of information that can help managers in making decisions to fulfill the goals of an organization. In management accounting, internal measures and reports are based on cost-benefit analysis, are not required to follow the accepted accounting principle. In 2014 CIMA created the Global Management Accounting Principles; the result of research from across 20 countries in five continents, the principles aim to guide best practice in the d