In today’s business, management accountants play a key role in making strategic and operation decisions. The traditional role of management accountant as a record keeper has been largely replaced to strategic adviser. Invariably, the new management accountants’ role requires a high level of analytical skills for aiding organizations to develop competitive strategies necessary for greater growth and advantageous competitive position in the industry. International Federation of Accountants (IFAC) defines management accounting as “ ….the process of identification, measurement, accumulation, analysis, preparation, interpretation, and communication of information (both financial and operational) used by management to plan, execute, and control within an organization and to assure use of and accountability for its resources (IFAC, 1998).” This traditional definition of management accountant given by IFAC emphasises its role as a provider of useful information to support management. However, the role of management accountant in today’s business world requires more comprehensive evaluation of business operations and its environment considering the fact that business uncertainties are at its pinnacle height and the level of competition is a constant menace and challenge.


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