Management accounting deals with the use of accounting information to managers within an organization. Management accounting provides managers with necessary information to make informed business decisions. Management accounting is essential for an organization to be better equipped and control functions.
Ethics is on the agenda at the 2014 World Congress of Accountants this November, a good reminder of the global nature of this subject. Every day, accountants in both business and public practice face challenges that require ethical decision-making. At the same time, they must adapt to a changing regulatory landscape, cooperate with government agencies, and respond to legislation on fraud and corruption.
A solid foundation in ethics helps them prepare for the next critical decision. For AICPA and Chartered Institute of Management Accountants members, that foundation has several layers. Each organization’s members must abide by their respective codes of ethics, and, in many cases, licensed CPAs must also follow the ethical standards required by state boards of accountancy. Additionally, all professional accountants working in public practice or in business are required to follow the International Ethics Standards Board for Accountants’ Code of Ethics.
The nature of the finance function is evolving and combined with the business environment being highly volatile, uncertain, complex and ambiguous, the need for an agile and robust finance function is all the more critical for business success.
How finance takes on this broader role in serving the business in the future has implications for the types of skills needed and the development of those skills. Management accountants can get an in-depth look at these skills, and assess where they stand by using the CGMA Competency Framework. The framework is designed for CGMA designation holders, but is unlocked on CGMA.org and available for download and use by all finance professionals, their employers, HR professionals and educators.
There’s no need for media reports to tell us that business has changed more in the last few years than we could ever have imagined. We’ve seen first-hand how our role has moved in new directions, markets have become more competitive and a commitment to learning has risen as a must-have for success. Ironically, along with these challenges are tremendous benefits that have brought us greater leadership opportunities and job satisfaction, stronger team and organizational performance, and the latest in professional development.
As widespread as these benefits are, attaining them calls for resources designed for today’s business environment and the finance teams that drive it day after day, year after year. Yet, it can be overwhelming choosing from so many leadership and career resources on the market. To help ease the process, here are four recent CGMA releases:
When it comes to success, we often see and hear more well-intentioned plans and how-tos than we could ever use. Websites, blogs, consultants, colleagues and for many of us, our friends and family, all have opinions on what can help businesses stay on course. But what if one of today’s best resources for success is right inside our own companies and it just isn’t being developed as strongly as it needs to be?
American Indian gaming generates an estimated $26.2 billion in annual gaming revenues within the United States. The industry has seen a vast expansion over that last two decades encompassing 237 tribes in 28 states. The economic impact of American Indian gaming has given tribal nations the opportunity to rebuild their infrastructure and strengthen their culture after decades of destructive federal policies.
As an enrolled member of the Prairie Band Potawatomi Nation and chief financial officer/director of finance at Prairie Band Casino & Resort, I know first-hand that tribal nations have been limited with the economic development opportunities that reside within defined reservation boundaries. Therefore, the advent of Class II and Class III gaming operations on reservations presented a real opportunity for tribes to raise capital and strengthen their communities. The Indian Gaming Regulatory Act of 1988 stipulates that a tribal nation must have land in trust status prior to 1988, and complete a state compact with the state that they reside in to conduct Class III Gaming. Further, the state must already be involved in gaming, and in this case any major lottery qualifies a state.