Vedd (2005, p.92) concluded that "the role of management accountants has widened to include a broad range of business skills and knowledge when addressing the needs of business in the 21st century". Please explain elaborately on the broad range of skills and knowlege that are required by the perceived new role of management accountants.
Vedd, R. (2005). Management Accounting and Strategic Human Resource Management: A Comparison of the UK Royal Mail and Canada Post, Problems and Perspectives in Management, March-2005, pp. 92-103, (Accessed April-04-2013), http://businessperspectives.org/journals_free/ppm/2005/PPM_EN_2005_03_Vedd.pdf
The statement above is true. One of the main reasons why management accountants has widened to include such a broad range of business skills and knowledge is due to globalization. We're at a time unlike any other in history, where companies of all sizes are expanding beyond their borders, and into foreign markets. This has caused an extensive and immediate need for information to a greater extent, and much of this information burden has fallen into the hands of the management accountant. As Vedd also states out, "In the midst of all these changes, management accounting functions have become ...
This solution discusses the skills required by the perceived new role of management accountants. A thorough discussion is provided.