management accounting standards

Management accounting standards are guidelines that help organizations prepare and use financial information effectively for internal decision-making. They ensure consistency, accuracy, and clarity in how cost data, budgets, and performance metrics are reported, enabling managers to make informed choices about operations, investments, and strategic planning. These standards are not set by external regulators like financial accounting standards but are developed internally or by industry groups to improve management practices and support organizational goals. Essentially, they provide a structured framework for using financial data to run the business efficiently.