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Business Research

The above principles are incorporated into the Managerial Costing Conceptual Framework (MCCF) along with concepts and constraints to help govern the management accounting practice. The framework ends decades of confusion[1] surrounding management accounting approaches, tools and techniques and their capabilities.

The framework of principles, concepts, and constraints will drive the classification of management accounting practices in the profession to “enable a better understanding both inside the profession and outside, of the compromises that result from inappropriate principles”.[2] Without foundational principles, managers and accounting professionals have no consistent footing on which to challenge or evaluate new theories of methods for managerial costing.[3]

Some management accounting methods are designed primarily to serve and comply with financial accountancy guidelines. The importance of having distinct and separate principles exclusively for Management Accounting has received support and acknowledgement after almost a century of work on the topic