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.
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?
I found some great insights into that issue recently when I attended Tomorrow’s Company’s launch of their report, Tomorrow’s Global Leaders: How to Build a Culture that Ensures Women Reach the Top.Tomorrow’s Company is a London-based global think tank that helps guide senior executives in leadership, talent, sustainability, governance and other top management areas.
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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.
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Are you ready to be the chief future officer? That is what I imagine to be the ultimate role of today’s CFO, someone who offers the kind of multifaceted, high-end skills that organizations can use to achieve their strategic financial goals and drive innovation.
The role of the CFO is already undergoing rapid change. In fact, 66% of global CFOs don’t believe the current definition of that title adequately captures the diversity of their position, according to an Ernst & Young study. Finding the skills needed to move an organization forward is going to be an ongoing challenge, however. In an Accenture survey, 40% of decision makers in Europe believed that the future success of their organizations depended on high-end analytical skills, but only 15% said they had these skills. So-called soft skills are also vital. IBM research has found that CEOs believe the critical skills for future success are being collaborative, communicative and creative.
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That’s a question I am constantly asking myself and my staff. Management accounting is more relevant than ever. Forward-looking and externally-facing, it brings structured solutions to unstructured problems.
The AICPA and CIMA believe there is an unmet need for a set of global principles to help organizations gain an integrated view of the business environment. That is why we have developed the Global Management Accounting Principles©, which are open for public consultation until May 10, 2014.
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The strength of the tallest buildings lies within their foundations. As the CGMA designation continues to grow, I’d like to tell you a little about the foundation that makes it so strong.
The CGMA designation was created to help people and businesses succeed. As we head towards 2015, there are a several major releases from the AICPA and CIMA, culminating in a universal exam in January 2015. These releases are the foundational building blocks of the designation.
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