According to the Institute of Management Accountants ( IMA ) : `` Management accounting is a profession that involves partnering in management decision making , devising planning and performance management systems , and providing expertise in financial reporting and control to assist management in the formulation and implementation of an organization 's strategy '' .
In contrast to financial accountancy information , management accounting information is : The Institute of Management Accountants ( IMA ) recently updated its definition as follows : `` management accounting is a profession that involves partnering in management decision making , devising planning and performance management systems , and providing expertise in financial reporting and control to assist management in the formulation and implementation of an organization 's strategy '' .