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The paper explicates the institutionalisation of ERM practices using institutional theory and drawing on empirical evidence from multiple sources. This aim of this paper is to investigate the changes that surround the introduction of a new risk management technique, enterprise risk management (ERM), within a single non-life insurance company. Moreover, the paper contributes to the debate on the benefits obtained from having an accounting financial expert serving on the audit committee, as defined by the Sarbanes-Oxley Act. Our paper extends prior research on corporate governance and voluntary disclosure by examining the association between the accounting financial expertise of directors who sit on the audit committee and forward-looking information disclosure. However, the presence of at least one accounting financial expert among the directors who serve in the audit committee is associated with a higher coverage of forward-looking information in the annual reports as well as a higher level of financial forward-looking information. The results of the OLS regression analysis show that board independence is not associated with the disclosure of forward-looking information. Data about board independence and financial expertise of directors were hand-collected by examining 1,051 biographies in the proxy statements or looking at their personal information on the Internet. Two disclosure measures are designed to capture the coverage of forward-looking information and the level of forward-looking information of a financial nature. Content analysis techniques are used to analyze forward-looking information disclosed in annual reports. This paper studies the association of both the independence and accounting financial expertise of directors with the disclosure of forward-looking information. The results of this research form a framework about practicing manager´s understanding of accounting that emphasizes the multidimensional nature of managerial work, especially as a practical science about value creation in organizations. Contribution of this article emerges by conceptualizing the working executive´s managerial mindsets and understandings about accounting. The empirical foundations of this research are in the experiences, opinions, reflections and visions of practicing managers, described by themselves in qualitative narrative texts. Third perspective addresses managers’ objectives on a personal competence building level. Second view is built around practicing managers´ views and visions about organizational development. First, a deeper understanding to the issue is sought based on learning experiences and reflections of practicing managers. The article takes a three-folded approach. The research is motivated by perpetual and essential urge to understand the essence of accounting in the context of managerial work. This paper´s intention is to examine management accounting from its most important user´s perspective: practicing managers´.