External Focus of Management Accounting: Historically, finance professionals have tended to concentrate internally within their organization...

External Focus of Management Accounting: Historically, finance professionals have tended to concentrate internally within their organization and rather ignored the external environment. Strategic management accounting (SMA) has begun to change this emphasis and many of the techniques in your Management accounting handbook have strategic management accounting elements. Describe at least four issues or concerns that have an external focus from the Management Accountants.(150 words)

Expert Solution

Four issues that have an external focus from the management accountants are as follows-

A. Inflation and Interest rates of an economy while consideration of cost determination and management accounting decision making related to various projects.

B. Management accountant also consider various kinds of demand and supply patterns which have changed in the market while ascertainment of various cost and decision making related to a specific project.

C. Political stability are also being considered by various management accountant while making management decisions as these decisions are relating to the long-term. Economic policy of a government can be reflected only through the stability of the government so long term decision will always be dependent upon political stability.

D. Potential of entry and exit of new competitors in the market that will completely change the decision-making phenomenon becausebecause the market share would be affected due to change in the the proportion of various market players so management accountant always be considering entry and exit of competitors.

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