Modern Trends in Management Accounting

Abstract

The need to establish management accounting as a separate component of the accounting system and its organization became apparent in the 1940s. This was due to the expansion of production costs, increased competition in the global market, and new methods of planning and analyzing production activities. The identification of management accounting as a separate division of accounting and its development as an independent discipline played a key role in the establishment of the International Accounting Standards Committee in 1973. The committee's creation was driven by the historical development of the economy and the internationalization of accounting issues.