The most significant step, though, in cementing the benefits of accrual accounting, was in the adoption of accrual budgeting; which occurred in 1999 – 2000. The National Commission of Audit, which conducted a review in the early days of the first Howard Government, recommended the adoption of ‘accrual principles as the basis for an integrated budgeting, resource management and financial reporting framework (which would include cash flow reports), both at the agency level and at the aggregate budget sector level, 1 ’ but it took the drive and determination of the then Finance Department, supported by public sector agencies, to deliver on this major reform.
The primary research objective of this article is the specification of the relevant concepts underlying the disciplines of accounting, finance and management control as well as their consistent integration into the REA business ontology. For this purpose the REA business management ontology is developed which covers the relevant re- quirements. The name of the ontology is taken to distinguish it from the REA man- agement ontology. This term was introduced by Weigand et al.  for the general framework of services when they modeled management as services. The REA busi- ness management ontology covers and integrates the conceptual models that are ap- plied in the accounting, finance and management control domains.
ost finance textbooks dedicate detailed coverage to how managers should handle the mechanics of the various financial management assignments, but they don’t spend much time addressing the theories that have shaped the approaches, especially the assumption of stockholder wealth maximization as the driving force, the positive relationship between risk and return, and agency theory. The purpose of this series has been to provide a forum within which to discuss these concepts. To date, the series has offered an introductory article to describe these three constructs and seven other articles covering financial analysis, leverage, the valuation of stocks and bonds, capital structure, capital budgeting, dividend policy, and mergers and acquisitions. [See Laux 2010 (a) through (d), as well as Laux 2011 (a), (b), and (c), and Laux 2012.] In this article, we visit working capital management, attempting to shed light on the following kinds of questions:
Licensed under Creative Common Page 267 has been more on the technical and legal aspects. Thus, much needs to be done in strengthening public finance discipline. The weakest point’s remains budget credibility, transparency and a lack of public participation in the decision making process that aliment corruption opportunities. Recently Albania has implemented a public financemanagement strategy that aims at intensifying efforts to deal with the wide range of weaknesses of the public financial management system. The policies of public financemanagement in the long run do have special importance in the economy. As a result all actors should work together to achieve long-lasting improvements, transparency and accountability in public financial management. With a solid public financemanagement system, Albania will be able to face with dignity the difficult road to EU accession.
Finance and Control is a full-time Bachelors course that prepares students for management positions in the field of finance. The course focuses on international and corporate finance, accounting, business process management, risk management, external reporting, business communication and taxes. Examples of positions are interna- tional financial manager, business controller, business consultant, or bank manager.
The business case for moving to electronic data management around the finance function is compelling though the completeness of the document management solution and its integration with finance and other business systems, which is vital to successful delivery. However, not all suppliers have the breadth of applications, the development capability in-house, or the deep track record necessary to succeed. Careful evaluation of functionality and supplier due diligence is essential to identifying appropriate
Financial reporting is required in South African municipalities by the existing legislative framework. The Municipal FinanceManagement Act (2003) requires municipalities and their municipal entities to prepare annual financial statements which fairly presents: the state of affairs of the municipality; its performance against its budget; its management of revenue, expenditure, liabilities and assets; its business activities; its financial results; and its financial position at the end of the financial year. The legislative framework emphasises the need for efficiency and effectiveness and the economic use of resources. Without financial reporting and standards, the effective measurement of how efficiently and effectively resources are used in the implementation of the integrated development plan and budget, is unlikely to be achieved. There are particular links between topics covered by this module and other areas of competence in the qualification. For instance, municipal budgets are required by the legislative framework to be submitted with performance measures and indicators. Those involved in budgeting processes should understand financial reporting and analysis issues while planning municipal expenditures and revenues so that the monitoring and evaluation of such activities is objective, efficient and effective.
Virtually all the activities of business firms and other organizations are reflected in, and affected by, the availability of funds. Finance provides one of the major tools for managerial planning and control. Course 661 provides a wide exposure to the financial issues useful to general management. It offers you an in-depth study of business, finance, investment, money and capital markets. Specific skills designed to aid in these decisions are developed and utilized in analysis of actual business problems. Students will master the principles of money and credit, acquire knowledge of financial institutions, instruments and policies, attain skills in recognizing and solving financial problems, and develop their skills in analyzing the risk and financial returns in specific situations. Financial Management is the applications of economic principles to the operation of an organization.
39 It is possible to see the merits of the argument presented at hand as no individual would want to pay extra for an apple just because it was plucked personally, but that is how the modern economy works. It is not exploitation for a local grocer to charge extra for an apple that has to be transported, kept fresh and displayed in a store front to entice customers. These are all real and tangible costs in selling a product. With relation to banks and other deposit taking institution, interest rates are paid for risk being borne by the lenders so it is only fair to compensate for this risk taking. So theoretically speaking, is the Islamic financial model an overtly extreme stance on financial prudence? Yes and no. Yes in the sense that the Islamic financial system believes principally in the real market, where invariably real market activities will lead to stauncher controls on financial activities. The requirement of Islamic finance for proof of ownership before the sale of an item means that risk-seeking activities such as speculation are disallowed (El-Gamal, 2006; Iqbal, 2007). No short selling either in this case. It basically involves a more rigid stance on financing, risk management and investment banking. The emphasis of Islamic finance on having “real” transactions has meant that there is an increased importance placed upon profit-loss sharing (PLS) modes of financing and in fact most Islamic financial instruments can be broken up into participatory (PLS sharing) and non-participatory (Non-PLS sharing) subsets (Khan, 2010b).
During this period, securitization transformed low-grade assets into investment-grade assets via complex financial instruments such as asset-backed commercial papers (ABCP) and CDOs whose effective default risk was much higher than that of traditional AAA bonds. The crisis was accelerated because banks were under pressure from the financial market to increase the supply of high risk mortgages in order to generate assets with high yields in a period of low interest rates. This repackaging was very lucrative, which encouraged these CDO equity holders to issue a second generation of CDOs with lower yield, which in turn increased the demand for first-generation and mortgage-backed securities (MBSs). When the subprime loans started to default, these financial products externalized the damage to the international markets. This financial crisis has caused external damage to the real economy (unemployment) and the monetary economy (low credit conditions for consumers and business firms even if the prime rates of the Central Banks were very low). It has eroded confidence in financial institutions and rating institutions that induced consumers and investors to take large risks. There are four major risk management issues relating to the structured finance market.
The main data collection instrument in this study was a semi-structured questionnaire that contained both closed-ended and open-ended questions. The data collected was cleaned, coded and systematically organized in a manner that facilitates analysis using the Statistical Package for Social Sciences (SPSS v2.0). Quantitative analysis was analyzed through descriptive statistics such as a measure of central tendency that generated relevant frequency counts, mode, and median, mean and standard deviation where possible. To test for the strength of the model and the effect of knowledge management on organizational performance in Microfinance institutions in Kenya, the study conducted a regression analysis and Analysis of Variance (ANOVA). This study sampled a total of 87 respondents from Uwezo Microfinance Bank. The target population included the senior level managers, middle-level managers, operation level managers and even the general staff members across the Human resource management departments, Operations, accounting and finance, Information Technology, public relations and marketing and sales departments.
Insofar as there has been research seeking to align principles of KM and sustain- ability, these have been retrospective in nature rather than deliberate and systematic . Frameworks such as those by  have sought to improve the sustainability of the KMs themselves. Whilst this is a valuable pursuit that has the potential to benefit firm processes, it does not offer solutions to the effective management of sustainability. Other frameworks, such as, the one devised by  sought to reconfigure sustainability at the conceptual level so as to fit it into extant finance/ HRM/marketing KM structures. These have ultimately been proven to be insuf- ficient for the challenges facing modern firms operating in today’s competitive landscape [21, 24]. There is a notable absence in the literature of a KM that actually provides insight into the effective strategic management of sustainability . Given its demonstrable importance to the strategic management process, and the noted absence of a knowledge management process dedicated to the sustainability concept, this chapter seeks to address the broad research opportunity to explore what elements comprise a sustainability knowledge management system.
By credit governance we mean the efforts and implementations in renovating the constitution of business credit system at both macro and micro levels by consolidating relevant legislation and regulation to effectively control the credit risks and avoid finan- cial crises. In traditional finance industry, credit risk is defined as the risk of economic losses due to the counterparty fails to fulfill his or her contractual obligations (Voit 2003). Since the 2007 financial tsunami, many regulations around the world have been developed for credit risk management for banks. This is why Basel III (Basel 2012) was introduced in 2010 as an improvement of Basel II, for a stricter and better capital qual- ity and risk coverage. However, in today's networked world empowered by ICT and big data technologies, finance innovations not only deliver unprecedented benefits to our society but also spread financial risk or crises faster and more severe since most of the current regulatory framework is not ready for Internet finance (Hu et al. 2012; Tan 2014). Therefore, we propose that the aim of cyber credit governance is to maintain a consistent and integrated cyber credit ecology to ensure the coherent operation of Internet finance, and reduce the credit risk to a controllable level.
Professionals in the oil and gas industries impacted by the volatility of oil or gas prices: producers, marketers, refiners Purchasing, planning and finance departments of energy consumers Professionals from the bank sector who need to understand the specificities of oil and gas price risk management.
1 IF001 Bachelor of Accounting (BAcc) - Full time Three years 2 IF002 Bachelor of Banking and Finance (BBF) – Full time & Part time Three years 3 IF003 Bachelor of Science in Information Technology (BSc IT) - Full time Three years 4 IF004 Bachelor of Science in Insurance and Risk Management (BSc IRM) -
Similarly, talent management is broader than the individual: ensuring the function is structured to maximise the talent pipeline, that roles are designed to give challenge and enrichment to the individual and value to the organisation, is key to an integrated talent management strategy. Finance functions face many tough challenges as their organisations strive to generate growth and keep costs to a minimum. Talent management will be critically important for their success. The best way for ﬁnance teams to meet the demands placed on them – and provide maximum value to their organisations – is by systematically identifying, developing, deploying and retaining those who make a signiﬁcant difference and contribution to the organisation’s success. This requires effective and close working with the HR function to ensure appropriate best practice is employed. Integrated talent management as described above can be hard to achieve, requiring commitment from CFOs, HR and other senior managers. However, leading organisations appreciate that the effort is worthwhile. This report looks at the issues to consider when embarking on talent management for ﬁnance, and shares with you the approaches some leading organisations are taking.
accept the significant risks which accompany a 30 year project. To address this supply side weakness, it can be expected that a new breed of owner operator, specialist in the delivery of PFI type projects, will evolve. There is evidence that such developments are already being seen. Finance providers, such as investment banks are actively pursuing the opportunity to acquire organisations, most specifically facility management companies, that are equipped with the expertise required to effectively manage the operational phase of PFI projects. It is speculated that the growing recognition of the need for facility management expertise will enhance the opportunity for FM organisations and individual professionals to influence the delivery of property at the strategic level.
There are two types of equity in school finance. Horizontal equity emphasizes equal funding across schools and school districts. Schools and school districts are considered to be similar to each other with respect to the cost of providing basic education, such as wealth, size and socioeconomic status (Toutkoushian & Michael, 2007). On the other hand, vertical equity states that for education funding to be equitable, school districts that comprise of students that are more costly to educate (such as student from lower socio economic groups or indigenous populations) should receive more funding than their counterparts to compensate for such variance (World Bank, 2012). In other words, this means states will make adjustments in their funding formulas to allocate more money to schools with more needs. For example, Kansas increases per-pupil funding levels for students who are receiving free lunch by 10 percent (Toutkoushian & Michael, 2007). However, the decision to focus on the vertical or horizontal equity depends on the objective of financial management system.
Conveying reliable financial information within a reasonable timeframe is more of a challenge than ever before. This training course will allow you to improve the performance of your finance function, specifically through a reduction in closure times, improvements to processes and the implementation of new management tools.
Occupational Classification Codes (OCC) are used by federal agencies like the Bureau of Labor and Census Bureau, as a way of classifying workers into eight major occupational categories for the purpose of collecting, calculating, or disseminating data. The Office of Finance and Resource Management workforce is divided among three occupational classification codes.