What are some of the processes that are shaping management accounting practices? What challenges to management accounting practices are likely to be encountered in the future?
This is a great question. Let me give you a few points that will challenge management accounting practices.
First, we live in a global world and more and more companies have a global presence. This is a great thing for companies, but this fact creates complications, as each country has different laws and practices. Hence, all companies need to learn and adapt.
Second, through technology the world is changing at a rapid pace. So, what was true a few years ago may no longer be. In this rapid climate of change, management accounting practices will need to keep up and adapt.
Finally, laws change. This is true not only for America, but also the world. For this reason, it will be important to keep abreast of any changes of law.