The controversial relation between the Cost Management and the Financial Accounting

  • Mohamed M. Elgibaly Professor of Cost Management , Ph.D Brunel University, Beni Suef University
Keywords: Cost Management, Convergence, Financial accounting, Value to Customer

Abstract

Within the current work, an attempt was drawn to try to narrow the gap between the new cost management tools and systems and the current stable financial accounting. Mainly, the focus is upon the announcement and the disclosure of the results of these cost management tools in the financial reports. Within the current work, we tried to discriminate between the earlier attempts, which aimed at achieving some sorts of convergence between the cost management tools and the financial accounting and our objective during the current work, either to achieve the approval or the inclusion within the financial reports, i.e. the disclosure of the results of applying the cost management tools, either compulsory or amendatory disclosure. The convergence process has shown a little bit of cooperation, but after all, nothing was positively achieved. The idea of the current work is mostly suggested from the concern that cost accounting and managerial accounting were modified and unionized their objectives under the new approach, the cost management approach. Different attempts were drawn currently, to, at least find a bridge to connect cost management and financial accounting, either through the main objective of this work or according to the nature of the different cost tools. Despite the different promising attempts drawn within this work, the problem and objective of the current work still too large, and further work still required.

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Published
2020-12-31
How to Cite
Elgibaly, M. M. (2020). The controversial relation between the Cost Management and the Financial Accounting. INTERNATIONAL JOURNAL OF ECONOMICS, BUSINESS AND HUMAN BEHAVIOUR, 1(3), 1-17. Retrieved from https://ijebhb.com/index.php/ijebhb/article/view/16
Section
Original Research Article