Objectives This article aims to reveal and analyze the tendencies of transition of the companies, operating in the world market, to strategic cost and management accounting. The article also intends to justify the possibility of increasing the efficiency of companies in global competition through the introduction of strategic cost and management accounting in their activities. Methods For the study, we used the methods of analysis, synthesis, and logical research based on a creative and information approach. Results On the basis of the analysis of the revealed tendencies in development of modern managerial accounting, the article offers perspective directions on improvement of cost accounting to form more effective strategies of a company's development. It also proposes developed recommendations on implementation of strategic cost and management accounting in the reporting of companies. Conclusions The article concludes that strategic cost accounting helps analyze the economic events of the environment related to the company, using a wide range of tools to perform its main tasks focused on the client base of the company and ensuring the development of new strategies for the company's development and improvement of performance.
Keywords: strategy, strategic cost and management accounting, management accounting, conventional cost system, company costs
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