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.
Almost overnight, organizations have found themselves managing an entirely new paradigm: the open workforce. Driven by globalization, technological advances and a constantly fluctuating market, businesses must now look for expertise from new sources to work with their in-house teams. This new talent includes a complex mix of local and international freelancers, contractors, consultants and businesses partners.
New CGMA research shows that in more than a quarter of all organizations globally, at least 50 percent of talent is external. While the open workforce trend started in the US and Canada, it is expected to become the norm for more than a third of organizations worldwide within the next five years.
Continue reading "The Open Workforce Presents New Challenges (and Opportunities) for Finance Professionals" »
How should up-and-coming CFOs regard their role in the corporate hierarchy? They might do well to think of themselves as “the voice of reason.”
There were many comments about the shifting role of the CFO at the recent World Congress of Accountants 2014. But to me, none rang truer than the quote above, expressed by Carol Calandra, CFO, Global Markets, EY Global.
Continue reading "The CFO Has to Be a Jack-of-All-Trades — and Master of Them, Too " »
The American Institute of CPAs recently announced that students from the University of Nevada, Las Vegas have earned first place in the 2014 AICPA Accounting Competition.
AccountingWeb reports that the UNLV team’s top finish in the competition earned a $5,000 award for their school. Students from North Carolina State University placed second, taking home $3,000 for their university. The third-place team from the University of Southern Indiana earned $2,000 for their school.
In addition, each of the three finalist teams received a $10,000 award to be split among the team members. All of the awards are funded by the AICPA Foundation.
Continue reading "In the News: Students from UNLV Earn First Place in AICPA Accounting Competition" »
I’ve always thought the world would be a better place if only there were more professional accountants working throughout organizations. Each and every day, we bring transparency and accountability to businesses and governments around the globe. We promote financial integrity, expose wrongdoing, and lift the veil of uncertainty to shine light on the truth. When you think about it, we are much like the Swiss-Army knife for modern business—equipped to bring solutions in countless ways.
Tax work? We do that. Financial statements? We do those too. Interpreting human capital and supply chain implications of the latest regulatory standards? Your CPA has you covered.
If CPAs are like the Swiss-Army knife, then transparency is the Master Key that unlocks good business practices; transparency holds decision-makers accountable, leads to better management decisions, and provides the reliable, actionable information on which investors and the free market rely.
Continue reading "Accountants Play Critical Role in Establishing Global Transparency" »
I am excited to write to you as the new chair of the AICPA Board of Directors. I hope to meet many of you at the numerous conferences, state society meetings and firm visits that I have lined up between now and next October. The Chair’s Letter also is a great forum to discuss common experiences and important developments. Throughout the year, I will share my thoughts on key trends and emerging professional issues. I hope you’ll share your comments with me and our fellow CPAs so we can have a robust dialogue.
Let me begin by telling you a little about myself. I grew up in the tiny town of West Liberty, Kentucky, home to about 2,000 people and two stoplights. I was raised on small-town values that remain with me today. These values – hard work, integrity, community and commitment – first attracted me to the accounting profession, and now they will shape my stewardship as AICPA Chair.
Continue reading "Strengthening the Profession’s Core with Relevance, Rigor and Reach" »