The purpose of this paper is to emphasize, from a conceptual point of view, the impact of value reasoning in management accounting. Given that it is the result of a literature review, the paper marks out that the present difficulties of management accounting can be charged to its incapacity of taking into consideration the evolution of the value concept.The value chain must be recognised as the foundation of value interpretation. This is a strategic interpretation that represents the basis of the performance interpretation ensemble and of value creation, in absolute dissonance with value added concept which is the basis of actual management accounting.