Accounting is a changing phenomenon. Applied sciences and concepts continuously evolve and redefine accounting. Management accounting is a subfield of accounting that plays a vital role in the enterprise environment. This study highlights the changing role of management accounting in 21st century focusing on purpose, function, and role of information technology on its transformation. The main source of information retrieval has been taken from web and search engines. The framework of the study has outlined into historical need for reforming management accounting system, future direction, new scope, trends, role of information technology in management accounting transformation, and the changing role of management accountants. It will be of remarkable significance to reap a proper understanding of how management accounting works locally and globally. The 21st century has viewed the emergence of information age and the resulting economy driven by knowledge as a source of competitive advantage. Therefore, this era calls for professionals with an appropriate balance between technical skills and breadth of knowledge to be compatible with the ongoing transformation.
Published Date: 2019-07-22; Received Date: 2019-04-12