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Despite the fact that it is over 75 years old, most companies still use standard cost systems both to value inventory for financial statement purposes and for many other management purposes as well. While it has some advantages for financial statement purposes, it is, at best, meaningless and, at worst, misleading as a tool to assist in making effective management decisions. With the advent of certified financial statements, accounting systems became more structured to comply with the demands of external stakeholders (e.g. shareholders, governments, lenders, etc.) and the purpose of cost accounting systems changed along with the rest of accounting. The primary purpose of cost accounting in the financial accounting system today is to value inventory for financial statement purposes.

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