Question

name three professional cost management organizations and explain their roles and objectives

Answer 1

Answer :

In the private sector, the Financial Accounting Standards Board, an independent organization, and the American Institute of Certified Public Accountants (AICPA) supply guidance regarding financial reporting practices. The Sarbanes-Okley Act of 2002 also created the Public Company Accounting Oversight Board which reports to the SEC to oversee auditing standards and practices. The AICPA also provides educational opportunities. In the public sector, The Cost Accounting Standards Board (CASB) sets cost accounting standards for those doing business with the federal government, especially defense contractors.  The Institute of Management Accountants (IMA) is the principal organization devoted primarily to management accountants in the United States.  The IMA has magazines, newsletters, research reports, management accounting practice reports, professional development seminars, and monthly technical meetings that serve the broad purpose of providing continuing educational opportunities for management accountants.  In Canada, the Society of Management Accountants provides a similar role.  Similar organizations are present in most other countries around the world. The Financial Executive Institute (FEI) provides services much like the IMA for financial managers, including controllers and treasurers.  Because of the nature of its membership, the FEI tends to focus on management and operational control issues, and less on the product costing, planning, and decision-making functions.