Cost and Management Accountancy Beyond Financial Reporting: Catalysts of Sustainable Socioeconomic Development

Abstract

This essay explores the transformative role of cost and management accountancy profession and Cost and Management Accountants (AKA Certified Management Accountants ) in pursuit of economic vibrancy of a nation under competitive economic environment. While traditionally associated with financial reporting, Cost and Management Accountants(CMAs) have been evolved into strategic partners, contributing to multifaceted aspects of organizational effectiveness. Research findings highlight their expanding responsibilities in areas such as strategic decision-making, cost management, risk mitigation, performance evaluation, innovation, policy formulation, and a global perspective. These multifunctional roles have been corroborated by renowned institutions and experts, demonstrating the significance of CMAs and Cost and Management Accountancy Profession worldwide in shaping economic growth. By actively involving CMAs in decision-making processes and policy formulation, India can leverage their expertise to drive efficiency, competitiveness, and sustainable growth. Their global perspective further positions them to facilitate international business activities, bolstering significant positions in the global economy. Recognizing and empowering cost and management accountancy profession and CMAs by default is crucial for global economies in general and particularly emerging economies’ aspiration to become economically vibrant nations.