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A number of reports by academicians and practitioners all over the world have called significant change in the accounting methods and research and their relevance in the 21st century. Many believe that the accounting model is outdated with little relevance to the changes taken place in the wider world. Both the academicians and practitioners agree that if accounting is to serve a useful role in the changing environment, accounting education and accounting research should become …

…practice of accounting will not be far behind (Albrecht & Sack, 2001). There will simply not be enough applicants to keep it alive. Management accountants will have to make significant changes to the way they operate within the organization or risk losing relevance (Allott, 2000). Despite these facts, the role of accounts and accountants has changed significantly, some academicians say management accounting has not changed in the last 60 years; others say it has, hugely. Who's Right? (Allottt, 2000)