Advance management accounting

    Your text book discusses the changes in business environment and the changing focus of management accounting. The changes in management accounting could be summed-up as: "from cost accounting to accounting for six capitals to accounting in the public sector". Increasingly, management accountants are seen as a part of the management team, providing strategic advice and they also play a role in the public sector accountability. A 2004 report by The Institute of Chartered Accountants of Scotland discusses the changing business and commercial environment that places an enormous pressure on accountants, wherever they work, which may result in decisions and judgements that compromise ethical standards. Required: Discuss the opportunities and challenges for management accountants in a digital and global economy.