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Crisis Management - Essay Example
Finance & Accounting
Pages 5 (1255 words)
In today’s business world, the value of information cannot be overstated. Information is the commodity shaping company’s fortunes even if the company is not in the information communication industry. …
Reputation has now become a ticket to success because it is what earns revenue. A good reputation is built when the company conducts itself in a way it is expected to. Reputation is build and maintained through communication (Coombs, 1995). The accounting theory creates assumptions, methodologies and frameworks that businesses should use when applying the financial principles (Benoit, 2000). This aids in providing information that is objective, reliable, timely, clear, consistent and comparable. It is necessary to provide this information so that the stake holders, namely trade creditors, financial creditors, employees, shareholders, trade unions, the present and the current investors, can make decisions based on that information. The information released is not only used for outsiders, but it may also be used internally in order to correct the things and decisions that are wrong. In this sense, this accounting theory informs the discussion of this paper by emphasising on the importance of information and communication in decision making. A crisis is that unfortunate situation that has created a threat to an organisation and its clients, and the organisations' management has to respond to the ongoing threat (Hooghiemstra, 2000). Action has to be taken otherwise the problem was not a threat to be categorised as a crisis. ...
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