The organization must have an effective management accounting function to remain effective. Management accounting function is the culmination of crystal clear principles, competent peoples, efficient performance, and effective practices (Burns, Quinn, Warren, & Oliveira, 2013). The primary objective of the GMAP is to extend support to those charged with governance in increasing the efficiency of their management accounting systems (Global Management Accounting Principles, 2016). It allows them to achieve the objectives of the organization and meet its needs in an effective manner (Burns, Quinn, Warren, & Oliveira, 2013). Financial accounting is retrospective and provides the reports and summaries regarding the past performances and results. Financial accounting is mainly targeted to external stakeholders such as investors and customers. The financial accounting must be consistent with the standards issued by the regulatory authorities such as FASB and GAAP (Atkinson, Kaplan, & Matsumura, 2012).
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