accounting principles
Effective management accounting:
Improving decisions and building
successful organisations
INFLUENCE
TRUST
RELEVANCE
VALUE
Two of the worlds most prestigious accounting bodies, AICPA and CIMA, have formed
a joint venture to establish the Chartered Global Management Accountant (CGMA)
designation to elevate and build recognition of the profession of management accounting.
This international designation recognises the most talented and committed management
accountants with the discipline and skill to drive strong business performance. CGMA
designation holders are either CPAs with qualifying management accounting experience
or associate or fellow members of the Chartered Institute of Management Accountants.
Contents
1. Introduction
Improving decision-making
5
Purpose7
Intended audience
7
Success factors
7
8
9
10
11
11
13
People13
Performance15
Practices17
18
5. Application to practices
23
28
29
30
32
33
35
36
38
39
40
41
43
44
46
48
7. Glossary
49
List of figures
Figure 1
Figure 2
Figure 3
Figure 4
Figure 5
Figure 6
Box 1
Box 2
Data plans19
Table 1
Application of the Global Management Accounting
Principles to the performance management system21-22
Figure 7
The key activities of a management accounting function
23
Box 3
Table 2
Global management accounting principles: Improving decisions and building successful organisations
EXECUTIVE SUMMARY
Quality decision making has never been more
important or more difficult.
Competition is relentless, as new innovations and
innovators daily disrupt the status quo. The volume and
velocity of unstructured data is increasing complexity.
Impulse is taking over insight as organisations
struggle to keep pace.
The Global Management Accounting Principles were
created for this era of business. Management accounting
is at the heart of quality decision making, because it
brings to the fore the most relevant information and
analysis to generate and preserve value.
The Principles guide best practice. They were
prepared by the American Institute of CPAs
(AICPA) and Chartered Institute of Management
Accountants (CIMA) which together represent
more than 600,000 members and students in 177
countries. They reflect the perspective of CEOs,
CFOs, academics and other professionals contributed
during a global consultation across five continents.
There are four principles focused on four outcomes:
Influence
Communication provides insight that is influential.
Management accounting begins and ends with
conversations. The Principles have been designed to
help organisations cut through silos and encourage
integrated thinking, leading to better decision-making.
Relevance
Information is relevant. Management accounting
makes relevant information available to decisionmakers when they need it. The Principles provide
guidance on identifying past, present and future
information, including financial and non-financial
data from internal and external sources. This
includes social, environmental and economic data.
Value
Impact on value is analysed. Management accounting
connects the organisations strategy to its business
model. This Principle helps organisations to simulate
different scenarios to understand their impact on
generating and preserving value.
Trust
Stewardship builds trust. Accountability and scrutiny
make the decision-making process more objective.
Balancing short-term commercial interests against
long run value for stakeholders enhances credibility
and trust.
The Principles are intended to be universally
applicable to help organisations large and small,
public and private extract value from the increasing
volume of available information. They are aimed at
chief executives, chief financial officers and other
members of boards of directors who have oversight
of their organisations performance. Investors and
other stakeholders will also find them useful.
This document details how the four Principles can be
applied across 14 key activities of the management
accounting function. It also provides guidance about
the core competencies required of management
accounting professionals to help organisations create,
execute and refine their strategies.
The AICPA and CIMA are encouraging widespread
adoption of the Global Management Accounting
Principles. They would also like users to contribute
to the constant refinement of the Principles to
maintain their relevance for the future.
1. Introduction
This document details the first universal set of Global Management Accounting
Principles to guide management accounting practice. It is the result of research from
across 20 countries in five continents. This included a 90-day public consultation,
in which more than 400 people participated, representing organisations of many
different sizes and across a range of industries. Public, as well as private, sector
representation has been included so that the Principles have universal applicability.*
The Principles are intended to help organisations
succeed. Management accounting alone cannot
resolve the full range of issues that organisations
face. It does, however, offer an approach to
organisational management that aids the
development and delivery of strategy.
SUCCESS
OVER TIME
EFFECTIVE MANAGEMENT
ACCOUNTING FUNCTION
PEOPLE
PRINCIPLES
PERFORMANCE
SYSTEM
PRACTICE
AREAS
* An accompanying white paper details the changes that were made to the consultation draft in arriving at this version
which is available at www.cgma.org/principles
Global management accounting principles: Improving decisions and building successful organisations
Improving decision-making
To be confident of success, organisations need
to make better quality decisions. Globalisation
and technological progress are making this more
complicated. Long-term competitive advantage is
being undermined as both the volume and velocity
of information flows increase.
An effective management accounting function
improves decision-making in organisations. This is
because its people communicate decision-relevant
insight and analysis to every decision-maker in the
organisation, while being alert to the organisations
social and environmental duties. This is the
foundation of the four Principles which set out the
fundamental values, qualities, norms and features that
represent management accounting. These are shown
in Figure 2 and are discussed in detail in Section 2.
INFORMATION
IS RELEVANT
COMMUNICATION
PROVIDES
INSIGHT
THAT IS
INFLUENTIAL
GLOBAL
MANAGEMENT
ACCOUNTING
PRINCIPLES
STEWARDSHIP
BUILDS TRUST
IMPACT
ON VALUE
IS ANALYSED
Good management accounting improves decisionmaking because it extracts value from information.
It places the best available evidence and forecasted
information at the centre of the decision-making
process, providing more objective insight on which
to reach conclusions or base judgements.
Being forward and outward-looking, management
accounting brings structured solutions to
unstructured problems. It provides people with
decision-relevant data, rigorous analysis and
informed judgement to make better decisions and to
communicate them with impact. Where uncertainty
is high, management accounting provides forecasts,
which can be based on an extensive range of
information. This might include prior experience
and institutional memory that provide opportunities
for continuous improvement.
However, the practice of management accounting varies
across different organisations. CIMA and the AICPA
have published the Principles to help organisations
build effective management accounting functions.
Assessing the skills, competencies, performance
management and practices of an organisations
current management accounting function, relative to
the Principles, provides an indication of how well the
current function is meeting the organisations needs.
It also enables gaps to be identified and action taken
to close them. This is the case whether they are gaps
in the skills of personnel, technological deficiencies
or flaws in data and information systems.
A management accounting strategy should be
developed setting out measures to close the gaps.
This will include details of:
organisational priorities
the needs of management accounting
function customers
the current management accounting system
deficiencies and opportunities
employees and technology
investment timescales
performance measures.
Global management accounting principles: Improving decisions and building successful organisations
Purpose
Success factors
Intended audiences
This document will interest members of boards of
directors who have oversight of their organisations
performance, and CEOs and their senior management
teams who are responsible for leading organisations to
sustainable success.
CFOs, senior finance professionals and nonexecutive directors with strategic and financial
oversight (e.g. chair of the audit committee)
investors and other stakeholders should also find the
Principles useful. They provide a threshold against
which to benchmark management accounting
practices and processes, and identify where
improvements are needed.
Information is relevant
information is the best available
information is reliable and accessible
information is contextual
Global management accounting principles: Improving decisions and building successful organisations
INFORMATION IS
RELEVANT
COMMUNICATION
PROVIDES INSIGHT
THAT IS INFLUENTIAL
GLOBAL
MANAGEMENT
ACCOUNTING
PRINCIPLES
STEWARDSHIP
BUILDS TRUST
Actively manage
relationships and resources
so that the financial and
non-financial assets, reputation and
value of the organisation are protected
Communication provides
insight that is influential
Objective To drive better decisions about strategy
and its execution at all levels.
Management accounting begins and ends with
conversations. It improves decision-making by
communicating insightful information at all stages
of decision-making. Good communication of critical
information allows management accounting to cut
across silos and facilitates integrated thinking. The
consequences of actions in one area of the business
on another area can be better understood, accepted
or repaired.
By discussing the needs of decision-makers, the most
relevant information can be sourced and analysed.
This means recommendations will be useful to the
decision-maker and achieve influence.
This Principle involves communicating in a manner
tailored to the decision being considered, to those
making the decision (or other audiences) and
to the decision styles or processes being used. It
requires breaking down complexity and providing
transparency about how conclusions have been
IMPACT ON
VALUE IS
ANALYSED
Communication is tailored
The level of detail and method of communication is
tailored to users of the information, to the decision
under discussion and to different decision styles. The
level of the audiences financial knowledge is known
and information is presented in a way that is easy
for them to understand. Impact is achieved through
robust, credible, timely and appropriate evidencebased information.
immaterial information
clutter
jargon
opaqueness
poor navigation.
Information is relevant
Objective To help organisations plan for and
source the information needed for creating strategy
and tactics for execution.
A central role for management accounting is to make
relevant information available to decision-makers
on a timely basis. Following the Communication
principle, the decision at hand and needs of the
decision-maker are known and understood. This
Principle therefore involves the identification,
collection, validation, preparation
and storage of information.
It requires achieving an appropriate balance between:
p
ast, present and future-related information
i nternal and external information
fi nancial and non-financial information (including
environmental and social issues).
10
Information is contextual
Management accounting uses information with three
key characteristics:
Global management accounting principles: Improving decisions and building successful organisations
11
Sustainability
Sustainable organisations achieve long-term economic
performance while generating positive value for
society and minimising their environmental impact.
Management accounting aligns sustainability
activities with strategy by linking them to business
drivers and the business model. It provides decisionmakers with information about sustainability factors
12
Global management accounting principles: Improving decisions and building successful organisations
People
By working across functions, management accountants
understand the links between operational activity,
financial resource generation and consumption, and
value generation and preservation. They perform a vital
role in supporting organisational performance through
creating plans and monitoring execution.
The CGMA competency framework for management
accountants 9 see Figure 4 details the capabilities
of trusted finance professionals. They are expected
TECHNICAL
SKILLS
Business
Skills
Apply accounting
and finance
skills
In the context
of the business
To influence
people
Leadership
Skills
People
Skills
13
TECHNICAL SKILLS
INFORMATION
IS RELEVANT
Data capture
Reports
COMMERCIAL SKILLS
IMPACT ON
VALUE IS ANALYSED
Analysis
Insight
COMMUNICATION
IS INFLUENTIAL
Influence
14
Global management accounting principles: Improving decisions and building successful organisations
Impact
Performance
The Principles are applied by people to the
management of organisational performance and to
the practices of the management accounting function.
Performance management is discussed in Section 4.
The components of performance management include
strategising, planning, executing and reviewing.
An organisations strategy sets out corporate
objectives which are implemented through the
business model. The business model explains
how value is generated, delivered and preserved.
An organisations business model is its chosen
system of inputs, business activities, outputs and
outcomes.10 Management accounting links strategy
to the business model through the performance
management system as shown in Figure 6.
EXTERNAL ENVIRONMENT
STRATEGY
BUSINESS MODEL
Inputs, activities, outputs, outcomes
15
Resources are the inputs that organisations use to create value. These include
people, raw materials, technology, financial and other resources. Security of supply,
quality and cost are essential.
Risk refers to the possibility that objectives cannot be achieved and that the
business is unable to operate as planned. Risk can apply to all the activities
in which the organisation is involved. Risks may arise from the interaction of
relationships and resources, as well as from changes in the external
business environment.
16
Global management accounting principles: Improving decisions and building successful organisations
Practices
The main practice areas of the management
accounting function are discussed in Section 5
but are also listed here:
17
4. Application to performance
management
To achieve sustainable success organisations must identify and exploit
opportunities to generate value for stakeholders, while pro-actively
managing costs and risks.
To do this, managers participate in and oversee
performance management. Table 1 on page 21 shows
how performance management is used to develop,
deploy and refine the execution of strategy. It includes
feedback loops that embed continuous improvement
in all aspects of an organisations performance.
Feedback loops enable causal learning. Knowing
the reasons why past action did or did not work well
allows organisations to repeat one and avoid the other.
The steps to performance management are:
Strategy articulates an organisations purpose,
its long-term objectives and how it expects to
achieve them. The strategy considers the external
environment, including the competitive, economic,
regulatory and legal landscapes. This means the
organisations strategic position, strategic options,
strategic risks and strategic implementation can be
fully appraised. Performance can only be managed
effectively if it is based on trustworthy and relevant
information. Organisations therefore must agree
the measures most appropriate for evaluating
performance and develop a data plan for the purpose
of making sure that the information for these
measures is available during execution.
Plans are statements of intent. To execute them,
organisations must provide:
18
Global management accounting principles: Improving decisions and building successful organisations
19
20
Global management accounting principles: Improving decisions and building successful organisations
TABLE 1: Application of the Global Management Accounting Principles to the performance management system
GLOBAL
MANAGEMENT
ACCOUNTING
PRINCIPLES
Communication
provides insight
that is influential
Plan
How is the
connectivity of
initiatives and
processes with
strategic objectives
communicated?
How are peoples jobs
aligned to initiatives
and processes?
Is there line of sight
between what people
and teams do and
strategic objectives?
Execute
Are results
communicated
according to
stakeholder needs?
Does management
information include an
assessment of forecast
performance?
Are results
communicated in
terms of their
impact on strategic
objectives?
Does management
information include
a review of the
effectiveness and
efficiency of initiatives
and processes?
Are results
accessible?
Is the external
environment
considered, e.g. the
competitive scene,
economic landscape,
regulatory and legal
frameworks?
Is the strategic position
of the organisation
identified and
quantified, e.g. market
share, availability of
resources, and
assessment of
competencies?
Does management
information include
the evaluation of
alternative options?
Does management
information include
post-implementation
reviews?
Information is
relevant
Review
Is the management
information system
built and ready for
decision-support?
How does
management
information inform
decisions on:
Does the
organisation have
ready access to
real-time information
about financial and
non-financial results?
Execution
refinement?
Future plans?
Future strategy?
21
GLOBAL
MANAGEMENT
ACCOUNTING
PRINCIPLES
Impact on value
is analysed
Plan
Are planned options
validated though
research, simulation,
and testing for their
impact on required
outcomes?
Are options prioritised,
planned and resourced
based on efficiency
and impact on
required outcomes?
Execute
Review
Is implementation of
options coordinated
and systematic?
Do we use this
analysis to
continuously improve
the business model?
Is behaviour that
falls short of
expectations
immediately
challenged?
Do employees
proactively seek
feedback?
Is analysis used to
improve forecast
accuracy?
Stewardship
builds trust
22
Are relevant
employees and
business partnerships
made aware of their
accountability for
plans?
Are critical thinking
and challenge
encouraged as plans
are being created?
Do those who may be
affected by them make
plans available on a
timely basis for
relevant scrutiny?
Is the impact on
long-term value
considered when
decisions about
short-term activity
are made?
Does the
organisation have a
robust internal audit
function and is a
control environment
fostered?
Are the relevant
stakeholders made
aware of any
breaches to
standards in a
timely manner?
Global management accounting principles: Improving decisions and building successful organisations
5. Application to practices
Frameworks that underpin the Generally Accepted Accounting Principles and
International Financial Reporting Standards, provide clarity about how to report
the organisations financial position and past performance. Until now, there has
been no equivalent framework to guide management accountants in supporting
decision-making, contributing to improved performance and achieving sustainable
success. The Global Management Accounting Principles fill this void by providing
a basis on which organisations can set their own standards for the management
accounting function.
Extracting value from information is a key source of
advantage. The Principles provide CFOs and boards
with this capability.
The role of CFOs is changing. In many organisations
that remit is expanding to include IT, human
resources, and even operations. All CFOs however,
have responsibility for the management accounting
function. To ensure breadth of relevance to
OTHER AREAS
e.g. Human Resources,
Information Technology,
Operations
EXTERNAL
REPORTING
MANAGEMENT
INFORMATION
PERFORMANCE
MANAGEMENT
Tax, treasury,
mergers and
acquisitions
Integrity of financial
reports, statutory
accounts and returns
Analysis,
insight and forecasting,
data analytics
INFORMATION
SYSTEMS
FINANCIAL ACCOUNTING
AND OPERATIONS
Data capture,
integrity and access,
business intelligence
23
There are many tools and techniques available to assist management accountants
with their practice areas. They are not detailed in this document and none
are prescribed because organisations must select and regularly review the
approaches that are most appropriate for their needs.
The CGMA Essential Tools for Management Accountants12 contains information
on 20 leading tools including the CIMA Strategic Scorecard, The Balanced
Scorecard, Activity Based Budgeting & Costing, Value Chain Analysis and
Enterprise Risk Management (ERM).
24
Global management accounting principles: Improving decisions and building successful organisations
Definition
Value to the
organisation
Cost
transformation
and
management
Improved customer
satisfaction through the
provision of product and
service value for money.
Investment opportunities
are thoroughly appraised,
robustly implemented and
appropriately governed.
A documented framework of
policies, systems, processes
and procedures for managing
risks to value generation and
preservation, the efficient and
effective implementation and
operation of the framework
and the reporting on and
supervision of the framework.
Provides reasonable
assurance that tangible
and intangible assets are
safeguarded and financial
and non-financial
resources are correctly
accounted for.
External
reporting
Financial
Strategy
Internal
control
Increased organisational
competitiveness and
increased stakeholder
value, achieved through
the establishment of a
lean culture and
investment in innovative
products and services.
Organisations capital
requirements are
balanced with
expectations of owners
and other stakeholders.
25
Practice area
Definition
Value to the
organisation
Investment
appraisal
Management
The system of proactively
and budgetary controlling performance against
control
predetermined targets at all
levels of the organisation, which
may include projects, people,
activities, processes, sales
volumes and revenues, resource
quantities, operating costs and
expenses, assets, liabilities and
cash flows, as well as other
non-financial measures.
Price,
discount
and product
decisions
Helps organisations
evaluate performance
against targets and take
improvement actions.
Project
management
Regulatory
adherence
and
compliance
26
Global management accounting principles: Improving decisions and building successful organisations
Practice area
Definition
Value to the
organisation
Resource
management
Helps organisations to
manage transformational
or continuous improvements
to products and processes,
efficiently and effectively.
Awareness and
management of these risks
can help the organisation
address uncertainty by
increasing the probability of
success and reducing the
probability of failure in
executing its strategy and
meeting stakeholder
expectations.
Risk
management
Strategic tax
management
Treasury
and cash
management
Internal
audit
27
Information is relevant
Cost drivers are known and recorded.
Cost driver measure results for every component
of the end-to-end business model are compared
over time.
Costs are compared with equivalent costs from
relevant organisations.
Asset utilisation is compared over time and with
best-in-class benchmarks.
Costs from previous years at aggregate,
departmental/functional and product level are
known and compared.
28
Global management accounting principles: Improving decisions and building successful organisations
External reporting
Definition The provision of an integrated and comprehensive view of the
organisations financial and non-financial performance, business model, risks and
strategy which together forms the basis for an effective assessment of expected
future performance.
Information is relevant
The organisations external reporting meets the
needs of investors and other stakeholders. It contains
clearly communicated information on governance,
the business model, strategy and performance and
supports effective company stewardship.
The organisations external reports contain trends
over a suitable time frame (past, present and future).
29
Financial strategy
Definition The identification of the possible strategies capable of maximising
an entitys net present value, the allocation of scarce capital resources among the
competing opportunities and the implementation and monitoring of the chosen
strategy so as to achieve stated objectives.
Information is relevant
Organisations, whether commercial, governmental
or not for profit, face three key decisions, the first
two of which relate to all organisations, regardless of
their size or sector:
30
Global management accounting principles: Improving decisions and building successful organisations
needs of stakeholders.
31
Internal control
Definition A documented framework of policies, systems, processes and
procedures for managing risks to value generation and preservation, the efficient
and effective implementation and operation of the framework and the reporting
on and supervision of the framework.
Information is relevant
The following information is understood and
documented:
organisations face.
Organisational capacity and appetite for those risks.
Results of tests on relevance and effectiveness of
control policies, processes and procedures.
Plans, budgets and forecasts of organisational
activities.
Quantity and quality of resources to accomplish
organisational objectives.
Delegations and authorisation limits for employees
at various levels.
Audit trails of relevant financial and non-financial
transactions. (Non-financial examples include
inventory, plant and machinery, work in progress,
goods in transit, furnishings and fixtures, buildings).
32
Global management accounting principles: Improving decisions and building successful organisations
Investment appraisal
Definition The assessment of whether or not to pursue a particular investment
based on alignment with strategy, prioritisation of options, affordability and
acceptable returns versus unacceptable risks.
Information is relevant
33
34
Global management accounting principles: Improving decisions and building successful organisations
Information is relevant
Key strategic priorities are known and understood
so that they are efficiently resourced.
35
Information is relevant
36
Global management accounting principles: Improving decisions and building successful organisations
37
Project management
Definition Integration of all aspects of a project, so that the proper knowledge
and resources are available when and where needed and above all, to ensure
that the expected outcome is produced in a timely, cost-effective and quality
controlled manner.
Information is relevant
The purpose of the project, its link to overarching
38
Global management accounting principles: Improving decisions and building successful organisations
Information is relevant
The regulatory and legislative landscape is monitored
to understand current and emerging developments
and their potential impact on the organisation.
Compliance aspirations and minimum quality
targets/thresholds are set and communicated.
The organisation maintains and documents
legislative and regulatory requirements for all
markets it operates in. These include penalties
for non-compliance and compliance deadlines.
39
Resource management
Definition The consideration of the priority of resource availability in the
context of organisational decision-making. It helps organisations to efficiently
and effectively manage transformational or continuous improvements to products
and processes. It involves the alignment of resources, systems and employees to
strategic objectives and the organisations priorities.
Information is relevant
External growth and market potential data
40
Global management accounting principles: Improving decisions and building successful organisations
Risk management
Definition The process of identifying, assessing and responding to
uncertainty arising from the organisations activities to support the delivery
of its strategic objectives.
Information is relevant
41
42
Global management accounting principles: Improving decisions and building successful organisations
Information is relevant
43
Information is relevant
44
Global management accounting principles: Improving decisions and building successful organisations
45
Internal audit
Definition The provision of independent assurance that an organisations risk
management, governance and internal control processes are operating effectively.11
It is sometimes referred to as the management review of controls.
Information is relevant
46
Global management accounting principles: Improving decisions and building successful organisations
47
48
Global management accounting principles: Improving decisions and building successful organisations
7. Glossary
Term
Explanation
AICPA
Business model
The International Integrated Reporting Council (IIRC) defines the business model
as, the organisations chosen system of inputs, business activities, outputs and
outcomes that aim to create value over the short, medium and long-term.10
Business partnering
Business partnerships
Any third party body along the value chain with which the organisation has a
transactional relationship, for example customers and suppliers.
CGMA
CIMA
Cost drivers
Any factors that cause a change in the cost of an activity, such as the number of
client calls answered, hours spent on servicing an account or the number of sales
personnel in a department.
Cost transformation
and management
Data plans
The sourcing, assembling, refining, and presenting of all the data that is needed to
evaluate and prioritise the execution of plans.
Ethics
Execution
External reporting
Financial strategy
Global Management
Accounting Principles
The fundamental values, qualities, norms and features that represent management
accounting. There are four Principles: Communication provides insight that is influential;
Information is relevant; Impact on value is analysed; and Stewardship builds trust.
49
Term
Explanation
Integrated thinking
Internal audit
Internal control
Investment appraisal
Management
accounting
Management and
budgetary control
Plan
Practice area
Deciding what to produce or what service to provide and determining the selling
price and discount structures for products and services.
Project management
Integration of all aspects of a project, so that the proper knowledge and resources
are available when and where needed and above all, to ensure that the expected
outcome is produced in a timely, cost-effective and quality controlled manner.
Regulatory adherence
and compliance
Resource management
50
Global management accounting principles: Improving decisions and building successful organisations
Term
Explanation
Reviewing and
refining
Risk management
Scenario analysis
Generating insight from the results of different simulations to understand the effect
on value of undertaking a particular opportunity and its associated risks.
Stewardship
The active management of relationships and resources so that the financial and
non-financial assets, reputation and value of the organisation are protected.
Strategic tax
management
Strategy
Sustainability
51
Footnotes
1. http://www.economistinsights.com/businessstrategy/analysis/beyond-spreadsheets
10. http://www.theiirc.org/wp-content/
uploads/2013/03/Business_Model.pdf
2. http://bit.ly/digital-universe-pdf
11. http://www.iia.org.uk/about-us/what-is-internalaudit/
3. http://techcrunch.com/2010/08/04/schmidtdata/
4. The Art of Choosing Professor Sheena Iyengar,
2010
12. http://www.cgma.org/Resources/Tools/essentialtools/Pages/list.aspx
13. Roads to Resilience Airmic, 2014
6. http://bit.ly/dean-hawkes
7. http://bit.ly/professional-conduct
15. http://www.theiirc.org/resources-2/faqs/
5. http://www.millennium-project.org/millennium/
challenges.html
8. http://bit.ly/cima-code-of-ethics
9. http://www.cgma.org/Resources/Tools/Pages/
cgma-competency-framework.aspx
52
Global management accounting principles: Improving decisions and building successful organisations
Acknowledgements
The Global Management Accounting Principles
were prepared by Naomi Smith, Head of Policy
Research at CIMA, with contributions from Charles
Tilley and Dr Noel Tagoe, and support from Peter
Spence, Joanne Whitehead, Tarisai Masamvu, Jacky
Pfennig, Tim Leith, James Wood, Jonathan Cox and
William Spencer.
53
Chartered Institute of
Management Accountants
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