What is this PAS about?
PAS 1919 was sponsored by the Chartered Institute of Management Accountants. It was conceived to provide management accountants with a framework to support their decision making and contribute to overall improved performance and sustained success.
The PAS sets out four outcome-based management accounting principles and thus provides a basis on which organizations can set their own benchmarks for the management accounting function, support decision-making and contribute to improved performance.
Who is this PAS for?
This PAS was written to be used in organizations of any size in any sector. The user audience is intended to be:
- Management accountants
- CFOs and CEOs
- Investors and other stakeholders
- Management and chartered accounting institutes
Why should you use this PAS?
It provides guidance on assessing the performance of the management accounting function. It covers the four management accounting principles:
- Communication provides insight that is influential – encouraging insightful communication that drives better decisions across an organization
- Information is relevant – reviewing past, present and forward looking performance management information
- Impact on value is analysed – understanding an organization’s strategy and business model
- Stewardship builds trust – balancing short-term commercial interests against long-term value for stakeholders
