Management accounting perspectives for long-term sustainable decision-making in business, ‘Past, Present and Future’
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https://doi.org/10.31039/plic.2026.16.376Abstract
Management Accounting was developed in the early 20th century to calculate the consequences of business decisions, such as equipment investments. In this article, three main development stages will be discussed, based on the ownership of production factors, the trading of production factors on markets, and new business models. New business models based on sustainability and circularity will lead to new ways of management and cost accounting grounded in ethical principles and stewardship. This will focus attention on new ways of thinking and perspectives in decision-making, especially for long-term investments, such as investment in new equipment. This will assist managers in making sound long-term investment decisions for their business. Traditional cost controllers in companies will undergo a paradigm shift in their thinking, calculations, and advice to their managers and/or decision-makers. Especially considering all relevant costs of investment and (direct) externalities, it might be a huge shift in the thinking of traditional cost-controllers. In a very hectic (VUCA) and multipolar international business environment, and the changing awareness of the impact on people and the planet, management accounting should also develop, with its toolbox of instruments to make the right calculations for management in business. The bottom line for the 21st century is alignment with the well-known bottom line of profit, people, and planet.
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