Conceptual Framework For Managerial Costing

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I think our profession needs a conceptual framework for managerial costing. As the author mentioned in this article “a conceptual framework for managerial costing that will define practical principles and concepts to improve cost modeling and decision support inside organizations”. It can gain credibility, wider application, and greater visibility when a clear framework exists.
After reading this article, I got to know more about the conceptual framework for managerial costing. In my opinion, I think the reason about our profession needs a managerial costing framework can be concluded as follows. First, the conceptual framework is like a construction that carefully defined principles and concepts that focus on managers and employees. Therefore, it states clearer path and minimize risk for decision makers. The conceptual framework makes the process professional. The framework gives managers clear acceptable approach, which can help them save money and time. To analogize, it’s like finding a light in dark nighttime. We all know that efficient and effective are so important for companies. Under the framework, it is easy for manager to control their work and meet their expectation. Time is money! Second, the conceptual framework is combination of the significant differences and consequences of using costing information. It provide more general information needed for external financial reporting and to simplify the audit process. The conceptual framework is wider, it clarify the information needs for evaluating economic risk and opportunity. One concept of any important issue could be a big problem, because it is too narrow, and manager cannot find other reference. It will increase the opportunities for making errors. “A

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