The Domain of the Professional Accountant in Business

The main activities, which are sometimes referred to collectively as ‘management accounting’ or ‘financial management’, can be analysed as:

• The generation or creation of value through the effective use of resources (financial and otherwise) through the understanding of the drivers of stakeholder value (which may include shareholders, customers, employees, suppliers, communities, and government) and organizational innovation

• The provision, analysis and interpretation of information to management for formulation of strategy, planning, decision making and control

• Performance measurement and communication to stakeholders, including the financial
recording of transactions and subsequent reporting to stakeholders typically under national or international Generally Accepted Accounting Principles (GAAP)

• Cost determination and financial control, through the use of cost accounting techniques, budgeting and forecasting

• The reduction of waste in resources used in business processes through the use of process analysis and cost management

• Risk management and business assurance