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This paper aimed to systematically review the literature on management accounting research among small businesses in emerging economies. The study analysed 69 management accounting survey articles on small businesses that were published between 2013 and 2023 using a database-driven search strategy. This analysis synthesised the results into five themes: utilisation of management accounting, factors affecting its use, and its effects on firm performance. It further identified a theme in the management accounting frameworks developed for SMEs in emerging economies as well as the role of government in supporting the implementation of MAPs among SMEs. This study found that general SMEs in developing countries are low adopters of management accounting; those that are using MAPs widely apply the traditional systems. In addition, the study noted that the usage of MAPs is influenced by numerous factors that are similar in different countries. The present view indicates that there is limited research on models or frameworks that have been developed to improve the easy application of management accounting in SMEs. There is a need for more research to be conducted on providing solutions to the low adoption level and how the barriers to the application of MAPs can be overcome by SMEs in emerging economies, instead of just identifying the constraints.

The paper analytically examines literature to elucidate the origin and evolution of management accounting buoyed on by the surge in appetite on its use especially during the last two decades. The paper further critically examines the wide critics on the “loss of relevance” of management accounting in enhancing performance explicitly in a modern rapidly changing business environment. A further attempt is made by this paper to better apprehend the concomitant application of traditional and contemporary management accounting practices. It further analysed the current level of appetite on the use of management accounting practices in both developed and developing countries. A critical review of related literature revealed that the history of management accounting can be traced back to the industrial revolution of the 1900s. The study also revealed that management accounting continues to evolve as companies meet new problems that need to be solved and management accounting practices that were used in the early 1900s are still applicable even today. The “loss relevance of management accounting” school of thought was dismissed as traditional MAPs that were used in the 1900s are still applicable even today. The study recommends the use of management accounting as it improves competitive edge and creates value for the organisation.