...Role of Management Accountant Management Accountant, otherwise called Controller, is considered to be a part of the management team since he has the responsibility for collecting vital information, both from within and outside the company. These functions are: • To establish, coordinate and administer, as an integral part of management, an adequate plan for the control of operations. Such a plan would provide, to the extent required in the business cost standards, expense budgets, sales forecasts, profit planning, and programme for capital investment and financing, together with necessary procedures to effectuate the plan. • To compare performance with operating plan and standards and to report and interpret the results of operation to all levels of management, and to the owners of the business. This function includes the formulation and administration of accounting policy and the compilations of statistical records and special reposts as required. • To consult with all segments of management responsible for policy or action conserving any phase of the operations of business as it relates to the attainment of objective, and the effectiveness of policies, organization strictures, procedures. • To administer tax policies and procedures. • To supervise and coordinate preparation of reports to Government agencies. • The assured fiscal protection for the assets of the business through adequate internal; control and proper insurance coverage. • To continuously appraise economic...
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...Characteristics of Management Accountants Aileen Davey Adrian France* *Waikato Institute of Technology (Wintec) Tristram Street Private Bag 3036 Hamilton 2020 New Zealand Telephone: (07) 8348800 ext 8519 Fax: (07) 8348802 Email: Adrian.france@wintec.ac.nz Abstract In New Zealand there have been a number of articles about the changing profile of accountants in today’s environment. Recent debate is focusing on the goal congruence of educators and practitioners. Professional accounting bodies are also identifying the changing needs of the accounting professionals’ skill sets as a key area of future focus irrespective of what job title the accounting professionals operates under. This paper seeks to identify the key skills and characteristics of management accountants which are being looked for by employers in today’s market. Situations vacant for management accountants were surveyed. The results indicated that communication skills were advertised the most frequently, marginally ahead of technical skills. Of the Characteristics leadership was most frequently advertised. The survey in this paper confirmed the practitioners actions in situations vacant advertising are congruent with their requirements profiled as essential skills in potential employees, today’s students. Keywords: Skills, characteristics, management accountant, situations vacant, advertising. Advertised Skills and Characteristics of Management Accountants ...
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...Finance R. N. Pal rnicwai@vsnl.net Research & Journal Siddhartha Sen ssicwai@vsnl.net EDITOR Siddhartha Sen ssicwai@vsnl.net Editorial Office & Headquarters 12, Sudder Street, Kolkata-700 016 Phone : 2252-1031, 2252-1034, 2252-1035, 2252-1602, 2252-1492 Gram : STANDCOST, website : www.myicwai.com/www.icwai.org Membership Deptt. : kbicwai@vsnl.net Fax No. : 91-33-22527993/2252-1026 Delhi Office ICWAI Bhawan 3, Institutional Area, Lodi Road New Delhi-110003 Phone : 24631532, 24618645, 24643273, 24622156 Gram : STANDCOST, Fax : 91-11-24622156, 24631532, 24618645 E-mail : icwai@vsnl.com E-mail CEP : icwaiprgm@vsnl.net.in E-mail Journal Dept. : icwaijournal@hotmail.com « Official Organ of The Institute of Cost and Works Accountants of India Management Accountant Executive Digest Book Scan For Attention of Members For Attention of Practising Members Region & Chapter News Volume 40 No. 5 May 2005 Editorial & Communique Editorial : The miracle of free trade 341 ............................................ President's Communique 342 Cover Features Value Added Taxation in India by Sitaram Agarwal 343 ............................................ Value added tax - an overview by Debasish Dutta 349 375 403 417,418 415 409 Professional Updates Tax Titbits by S. Rajaratnam 393 ............................................ Corporate Governance in United Kingdom (UK) by S. C. Das 366...
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...TITLE: ROLE OF COST AND MANAGEMENT ACCOUNTANTS IN IFRS REGIME Personal Details |NAME |CMA. ARINDAM BANERJEE | |QUALIFICATION |MCOM AICWA | |RANK |Faculty Member, United Institute of Management, Allahabad | |Email |arind2001@yahoo.com | |Mobile |09794108735 | | | | |Communication Address |C/O Mr. Salil Chakroborty, | | |198 A, Sarat Bose Road, | | |Kolkata – 700029. | | | | ROLE OF COST AND MANAGEMENT ACCOUNTANTS IN IFRS REGIME ...
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...process of preparing management reports and accounts that provide accurate and timely financial and statistical information required by managers to make day-to-day and short-term decisions. Unlike financial accounting, which produces annual reports mainly for external stakeholders, management accounting generates monthly or weekly reports for an organization's internal audiences such as department managers and the chief executive officer. These reports typically show the amount of available cash, sales revenue generated, amount of orders in hand, state of accounts payable and accounts receivable, outstanding debts, raw material and inventory, and may also include trend charts, variance analysis, and other statistics. Also called managerial accounting. Management accounting is a profession that involves partnering in management decision making, devising planning and performance management systems, and providing expertise in financial reporting and control to assist manage- ment in the formulation and implemen- tation of an organization’s strategy. Management accounting’s essential compo- nent is the formulation and implementation of strategy to help an organization succeed. Role of managerial accounting and the management accountant in a business or organization --- Managerial accountants record financial information for their companies that is used by the organization’s management team to aid in the decision-making process. Managerial accountants develop budgets, perform...
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...Term Paper Kaplan University March 20, 2015 Regulations: Accountants Responsibilities Accountants have many responsibilities in different areas. They have responsibilities to clients, to thirds parties, and to the government. They have a responsibility to know the regulations, rules and laws that have been put in place for accountants. Lastly accountants have a responsibility to perform their obligations and duties by the code of conduct and to the code of ethics. We will start off with the client. The client by definition is the person who pays the professional or organization for services; the person who engages the professional for their advice or services they render. (Legal Dictionary) For these services the client must cooperate with the accountant in every aspect the accountant deems fit, within the scope of their profession. The accountants responsibilities to the client include to act with integrity, objectively, due care, competence, fully disclose any conflict of interest, maintain client confidentiality, disclose fees to client, and serve the public interest when providing financial services, (AICPA code of conduct) Accountants can also have fiduciary duties to a client if the accountant gives advice to a client involving taxes, assessing management or business consulting. Fiduciary is a legal duty to act solely in the best interest of the client. The case below involves an Atlanta-based accountant breaching his fiduciary duty involving client confidentiality...
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...Accountant Track record of initiatives, analyses, and insights that contribute to the company’s bottom line. Skilled in financial reporting, expense reporting, cost accounting, G/L, financial closing, balance sheet analysis, bank reconciliation, Excel report building, annual and project budgeting, variance analysis, inventory analysis and reporting, cost estimating. Team player and articulate communicator. Versatile, detail oriented, and effective. Professional Experience , Dover, DE. June 2012- Present Accountant II- Responsible for the accounting and financial analysis of Chesapeake Utilities electric division including monthly closing duties and analysis of financial statements. • Perform all monthly cash posting and reconciliations for all Florida Business Units. • Responsible for all monthly closing activities including but not limited to journal entries, account reconciliations and analysis of financial statements related to the electric business unit. • Oversee accounting of Capital Expenditures and Retirement of Assets. • Responsible for all public filings for the natural gas and electric divisions including the FERC 1 and 2 forms and Statistical data filings • Leader of quarterly physical inventory counts at each location at ensure that all materials are accounted for and valued correctly within the Inventory System. • Involved in the drafting and reviewing of the SEC 10-Q and 10-K filings. Independence...
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...(SOX), a new era of stakeholder expectations was crystallized for the business world and particularly for the professional accountants that serve in it. The drift away from the professional accountant’s role as a fiduciary to that of a businessperson was called into question and reversed. The principles that the new expectations spawned and renewed resulted in changes in how the professional accountants are to behave, what services are to be offered, and what performance standards are to be met. These standards have been embedded in a new governance structure and in guidance mechanisms, which have domestic and international components. The influence of the International Accounting Standards Board (IASB) and the International Federation of Accountants (IFAC) will be as important as that of SOX in the long run. This chapter examines each of these developments and provides insights into important areas of current and future practice. Building upon the understanding of the new stakeholder accountability framework facing clients and employers developed in earlier chapters, this chapter explores public expectations for the role of the professional accountant and the principles that should be observed in discharging that role. This leads to consideration of the implications for services to be offered, and of the key “value added” or competitive edge that accountants should focus their attention on to maintain their reputation and vitality. Sources of ethical governance and guidance are...
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...the profession to the crisis of credibility being faced because society perceived accountants to have lost their commitment to public service. The credibility of the profession is threatened when the ideals of integrity, independence, public service and ethical standards come under suspicion. Well-known scandals of one of the major leading accounting firms in the United States Arthur Andersen coupled with alleged unethical acts committed by Enron have arouse the conscious of the public and stakeholders as to the moral decline and unethical posture of public accountants unveiled a decline in moral reasoning and ethical standards of public accountants (Dellaportas, 2006; Esmond-Kiger, 2004). Over the last few years, the accounting profession has been beaten up badly in the media, somewhat justifiably. The forces at work were numerous and complex and a variety of phenomena created the entire profession had its reputation tarnished. Some forces were not new: delivering services that acted to impair independence; becoming too cozy with clients, active participation in finding ways to circumvent accounting standards, and even simple greed. The profession has paid dearly for failing to meet the expectations of investors, creditors, and other users of financial statements. Finally, the public lose their trust and confidence on the accounting profession and thus, the professional standing of accountant is jeopardized. There are several ethical issues faced...
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...Institute of Chartered Accountants of Bangladesh (ICAB) is the national professional accountancy body in Bangladesh. It is the sole organization in Bangladesh with the right to award the Chartered Accountant designation. It has around 1,400 members. The Institute of Chartered Accountants of Bangladesh (ICAB) is the National Professional Accounting Body of Bangladesh established under the Bangladesh Chartered Accountants Order 1973 (Presidential Order No. 2 of 1973). Top of Form Bottom of Form Establishment: The Institute of Chartered Accountants of Bangladesh (ICAB) is the National Professional Accounting Body of Bangladesh established under the Bangladesh Chartered Accountants Order 1973 (Presidential Order No. 2 of 1973). ICAB's Administrative Ministry: The Ministry of Commerce, Government of the People's Republic of Bangladesh is the administrative Ministry of ICAB. ICAB's Vision: To meet the ever-changing global economic demands dominated by WTO regime, the ICAB is fast becoming a body of professionals whose expert services will be highly sought after- - To anticipate, meet and exceed the rising expectations of the society - To better use of opportunities to face the challenges of fiercer global competition - To recognize the changes in economy/ business and recognize the path to success by adopting changes in knowledge management and acquiring skills - To recognize its role as a regulatory body to equip its members (Chartered Accountants) with top-quality education...
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...Abstract Creative accounting, as a matter of approach, is not objectionable by itself. However, when unethical elements make intrusion, the resultant accounting details become anything but true and fair. Creativity in such context is like referring to a half glass of water as half-full instead of describing it as half empty. While both statements are factually correct, they paint different picture and thus convey different images. Creativity in company accounting may arise under at least three different financial market conditions. The first is when a company floats its shares to attract investors to subscribe to such shares either at par or at a premium, depending on the financial market evaluation of the company’s future prospects. The second is when the company whose shares are already listed in a stock exchange, wants to paint an attractive picture of its financial conditions so that the shares may be quoted at a premium. Finally, a company having its shares listed in the stock exchange may declare and pay high dividends based on inflated profits through overvaluation of assets, undervaluation of liabilities and change in systems of stock valuation that may boost the image of the company at least in the short run. Unethical considerations in creative accounts have developed to such depths that terms like fraud audit and forensic accounting have gained currency and are becoming new professions. Accounting practitioners and auditors are increasingly required to appear...
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...Accountancy is the foundation of accountability in public and corporate governance. Accounting entails capturing financial activities, summarize and interpret them for its various users, because financial information is necessary for informed decision to the management, employees, regulatory bodies, potential investors and other stakeholders. Accordingly, accounting is often referred to as the language and soul of business for the fact that it produces and keeps pertinent financial information of business entities. The profession strives to protect its core values of integrity, competence and objectivity which remains the time tested building blocks for what has been a truly successful and honoured profession. For the study of accountancy in Africa, Nigeria is important for several reasons. Nigeria, the most populous country in Africa, has crude oil as her main export and she has remained a rentier state in terms of revenue generation. The need for legal regulations for exercising accounting profession came to reality on September 1, 1965 by the enactment of the Institute of Chartered Accountants of Nigeria Act (ICAN). Some decades later the Association of National Accountants of Nigeria was established by law. For the accountants to truly play a leadership role in their field, they must be proactive participants in the development process. Nigeria became independent in 1960 at the crest of a global wave of decolonization. Nigeria was born a giant. Economically it started out on a...
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...in the marketplace. 3. explain the nature of accounting and its main functions. 4. identify the potential users of accounting information. 5. use information to make simple economic decisions. 6. understand the role of accounting information in the decision-making process. 7. understand the differences between accounting for management and accounting for external users. 8. understand how the accounting profession is organised in Australia. 9. identify the different areas of the economy in which accountants work. 10. understand the importance of ethics in business and accounting and how to recognise and handle ethical dilemmas as part of the decision-making process. 1 Chapter 1 STUDY TIPS FOR CHAPTER 1 1. This is an important chapter because it lays the foundation for all topics that will follow. 2. Make sure that you understand each new term as it is introduced. 3. Pay particular attention to the significance of accounting information for decisionmaking processes. 4. Identify the types of activities that are carried out by a professional accountant working in Australia. CHAPTER REVIEW 1. The nature of decisions and the decision-making process Decisions have to be made by all individuals every day. Decision making arises because of the need to choose between alternatives. Careful consideration must be given to all information available at the time because of the long-term consequences a...
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... 05/19/2013 05/19/2013 forensic accountant CONTEMPORARY BUSINESS forensic accountant CONTEMPORARY BUSINESS 125/19/20135/19/20135/19/2013 fraud busters In today’s world, it is knows by everyone that different developments were taken place in the last periods. Our globalized world in a state of continuous technological change and innovations has been challenged by new generation criminology risk factors. From business, government, regulatory authorities, and the courts evidence indicates that a higher level of expertise is necessary to analyze current financial transactions and events. Forensic accounting is a specialized area of an accounting practice that describes engagements which results from actual or anticipated disputes or litigations. Forensic accounting has been defined as accounting analyzers that can uncover possible fraud that is suitable for presentation in court. A Forensic accountant needs accounting, law, finance, investigative and research skills to identify and prevent fraud. Forensic accountant uses her/his knowledge of accounting, law, and criminology to uncover fraud, as well as gather any evidence and present it to the court....
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...INTRODUCTION Authorization Per your request, Career Selection Services has researched and prepared a breakdown analysis of two potential career choices with a recommendation of the more compatible of the two professions. My recommendation is based on a thorough investigation and analysis conducted on careers in accounting and legal administration. Purpose, Scope, and Limitations The evidence I have collected relates to the work environment, duties, salary, education, skills, and advancement opportunities strictly limited to careers in accounting and legal administration and examines the facts and evidence to determine which of the two chosen careers would best suit the individual. Sources and Methods I have examined the data instituted in the Occupational Outlook Handbook provided by the Bureau of Labor Statistics online and have analyzed the information provided online by the AICPA. Report Organization In this report, I will provide insight on the two professions – accounting and legal administration. The report will include a brief rundown based of each of the following criteria: work environment, education requirements, job duties, salary/earnings, and advancement opportunities for each profession. The report will conclude with my recommendation of an accounting career over that of a career in legal administration. ACCOUNTING Work Environment The work environment in accounting is generally that of a professional office setting. It is usually...
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