Importance Rapid development of economic systems, management methods and social sciences imposes new requirements to managerial accounting. Modern theories of managerial accounting developed by foreign authors are influenced by social sciences, namely, institutional economics, sociology, psychology and management theory. Objectives The paper aims to systematize modern foreign studies addressing the formation and development of theories of managerial accounting. Methods In the paper, I employ methods of analysis, synthesis, comparison, grouping, summarizing, and the systems approach. Results The paper describes the nature of normative and positive accounting theories and their impact on the formation and development of theories of managerial accounting, reviews differences between rigorous theories and concepts of managerial accounting, considers empirical and constructive approaches to development of managerial accounting concepts. Furthermore, I systematize modern theories of managerial accounting, i.e. the contingency theory, the agency theory, and sociological and psychological theories. Conclusions Modern concepts of management accounting relate to the normative accounting theory. They aim at forming the fundamental principles and methods to solve practical problems, and apply the postulates and tools of a wide group of social and economic sciences. Developing the research within each group of theories leads to their mutual penetration, cross-use of results and common tools.
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