Moving Away from Traditional Transaction-Based Financial Information to Technologically Based Non-Financial Information

Moving Away from Traditional Transaction-Based Financial Information to Technologically Based Non-Financial Information Essay example
Masters
Essay
Finance & Accounting
Pages 7 (1757 words)
Download 0
Name Instructor Task Date Moving Away From Traditional Transaction-Based Financial Information to Technologically Based Non-Financial Information According to CIMA, The Chartered Institutes Of Management Accounts, the field of management accounting has been defined as involving the processes of identifying, measuring, accumulating, analyzing, preparing, evaluating and controlling a business entity for the purpose of ensuring that resources are appropriately and accountably used (Cooper, 2009)…

Introduction

Many businesses have in the recent times shifted their focus from using the traditional transaction-based financial information towards using technologically based non-financial information (Agresti, 2002). This has been largely due to the fact that the traditional approaches usually limit themselves through the definition of their cost behaviors in the terms of their production along with sales level (Burns and Baldvinsdottir, 2007). The traditional methods were mostly utilized for the purposes of giving reports when the valuations of the items in their income statements and balance sheets (Zhou, 2012). The method also had so many restrictions as the statements prepared were supposed to comply with the GAAP principles. As a result of being outdated in their practices the governing body of the management discipline brought more technological advances that would have helped in resolving the issue (Cooper, 2009). Additionally, in the recent past there has been a great shift by the managements of businesses across the globe towards the use of technologically based non-financial pieces of information (Burns and Baldvinsdottir, 2007). ...
Download paper
Not exactly what you need?

Related papers

Financial Transaction Taxes
Research report by Economic & Financial Policies Directorate, Ministry for EU Affairs, Turkey (Economic & Financial Policies Directorate, July 2012. FinansalIslem Vergilerive Avrupa BirligiUygulamas?. Ankara, Turkey) Useful information about taxation. Statistical references to specific issues. Research report by Ernst & Young LLP (Tax Policy Services, April 2012. Financial Transaction Tax, Which…
Information Flows and Financial Management
The goal of Kuali has been to integrate the proven functionality of legacy applications with the ease and universality of online services. Basically, Kuali is a suite of open source software based financial management applications applied to serve the particular needs of colleges and universities. The software is freely available, but its support requires participation in the community. This is…
Essay on Financial Information
The managerial staff of a company is the stakeholder group that uses financial statements the most in their decision making process. Performing research regarding financial information can be very useful. Historical financial information can be used to determine patterns concerning the performance of a business enterprise. An accountant or manager can use historical data such as the sales numbers…
Qualitative Characteristics of Financial Information
The information is not just useful for the capital providers but also to the other user groups such as government, regulatory bodies etc. The next level of conceptual framework is the fundamental concepts i.e. qualitative characteristics of financial information and elements of financial statements. The third level is the implementation level, which contains recognition, disclosure and measurement…
Analysing Financial Information
External reporting of accounts through various financial statements is regulated and must comply with various legal requirements as well. Accounts must be regulated in order to provide a true and fair view of the affairs of any business concern. Compliance being the most important issue, every financial accounts prepared by any domestic company in UK must comply with the Company Act. Regulation of…
Financial Information: Coursework Assignment
The company has also recently initiated its telecom and data manager and distributions business lines (Bloomberg 2012). The company sells its products and services through its physical stores and also online ecommerce solutions to its millions of customers worldwide. The company operates for achieving its visions that is “to create value for customers to earn their lifetime loyalty” (Tesco…
Financial Information for Business Decisions
Marks and Spencer’s well established business attracts a great deal of consumer base irrespective of demography. The company’s main business consists in selling fabric items and clothing for men, women and kids’. The company, by applying prudent marketing techniques, has been able to grab market share of around 11.0%2 by value and 11.2%3 by volume. Marks and Spencer has also been actively…