Established in 1919, the CIMA offers an internationally-respected management qualification. This study text is designed for paper 12 of stage 3 of the CIMA professional examinations in management accountancy. Taking into account time pressures, the guide covers the exam syllabus and, where possible, highlights key examinable topics. It is designed to be self-contained, covering the whole syllabus, and is revised in response to syllabus and legislative changes. The CIMA study materials comprise a range of study texts, practice and revision kits, and passcards - all available separately, and covering papers 1 to 16 from stage 1 up to stage 4. Each study text is targeted at (and titled for) a specific paper of the CIMA and includes the syllabus, guidance from the examining body cross-referenced to the text, a review of relevant past papers, and a study checklist. Each topic is covered in single-chapter study units, with introductions, study objectives and summaries of key points. In addition, it includes a glossary of key technical terms, and a detailed topic index for ease of reference.