In an uncertain world constantly disrupted by innovation and reams of data, quality decision-making has been more difficult. In his presentation at the Finance Indaba Africa 2016 in October, Chartered Institute of Management Accountants (CIMA) Vice-President of the African region Badibanga Promesse explored the Global Management Accounting Principles, prepared in conjunction with the American Institute of Certified Public Accountants (AICPA), which help the public and private sectors to make better decisions, respond appropriately to the risks they face, and protect the value they generate.
The purpose of the Global Management Accounting Principles is to support CEOs, CFOs and boards of directors in benchmarking and improving their management accounting systems. This will help them to meet the needs of their organisations, effectively and efficiently to create and protect sustainable value. The four principles are: communication provides insight that is influential, information is relevant, stewardship builds trust and impact on value is analysed.
CIMA is the world's largest and leading professional body of management accountants. In partnership with AICPA, it supports 150 000 Chartered Global Management Accountants across the globe.
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During CIMA's last revision of its syllabus, we realised that there are multiple definitions of management accounting. We appreciate that. Because of this variation, CIMA decided on a single definition of the profession: the sourcing, analysis and communication of decision through relevant financial and non-financial information for the creation and preservation of value. This is at the centre of what we do. Value drives our businesses, gets us up every morning and helps us innovate. With this in mind, CIMA came up with these guiding principles," said Badibanga.
The Finance Indaba is the biggest annual event on the continent for financial managers and specialists who are seeking partnerships to drive progress. Thousands of delegates will gain valuable insights into realising financial performance and growth, becoming more efficient and accessing funding, among a host of other opportunities from leading players in financial services.
