Best Practices in Management Accounting

by Gregoriou, Greg N.; Finch, Nigel

• ISBN13: 9780230358362
• ISBN10: 0230358365
• Format: Hardcover
• Copyright: 2012-01-15
• Publisher: Palgrave Macmillan

Summary

Management accounting has undergone significant evolution, moving away from rigid budgeting programs and static output measures to comprehensive approaches of value identification and measurement. This change has been driven by new management approaches and anchored within firms whose financial characteristics and organisational structures are a radical departure to those of the last century. Firms that lead in the economy today have reinvented performance management to adapt to the many and varied challenges they face when driving stakeholder value while they attempt to deliver on concurrent goals such as economic and environmental stability. Today, management accounting principles are informed by strategy, not by cost. Concepts such as lean management, sustainability, intellectual capital and balanced scorecards have been transformed into robust business tools that can provide competitive advantage and increase the productivity, effectiveness and efficiency of any business large or small. Best Practices in Management Accounting provides case studies, commentary and analysis from international experts in management accounting across the contemporary focus areas of: budgeting and control systems, environmental and intangibles management, non-financial performance measures and public sector management. The book will be invaluable to those executives, managers, and advisers involved in performance measurement and management in public and private companies, government agencies, firms managing intangible assets and firms incorporating sustainability concepts.

Author Biography

Greg N. Gregoriou is the author of numerous published books, book chapters and refereed journal papers. He has also been quoted several times in the New York Times and the Financial Times of London. Professor Gregoriou is hedge fund editor and editorial board member for the Journal of Derivatives and Hedge Funds, as well as editorial board member for the Journal of Wealth Management, the Journal of Risk Management in Financial Institutions, Market Integrity. IEB International Journal of Finance, and the Brazilian Business Review. Professor Gregoriou's interests focus on hedge funds, funds of funds, and CTAs. He is an EDHEC Research Associate in Nice, France. Nigel Finch is Senior Lecturer in Accounting at the University of Sydney Business School and a Visiting Fellow at Macquarie Graduate School of Management, Australia. He has published more than 100 scholarly articles in the areas of accounting and financial decision making. Dr Finch is rated among the top 250 business authors in the world according to the Social Science Research Network (SSRN) and he is actively engaged in management education and business advisory in Australia and Asia. Dr Finch is the joint founding editor of the Journal of Applied Research in Accounting and Finance, the editorial board member for the Journal of Intellectual Capital, Managerial Finance and Market Integrity and co-author of Fundamentals of Corporate Finance.

Table of Contents

List of Tables	p. vii
List of Figures	p. viii
Preface	p. ix
Acknowledgements	p. xi
Editor Biographies	p. xii
Contributor Biographies	p. xiii
Overview of Chapters	p. xviii
Budgeting and Control Systems
The Rhetoric and Reality of Budget Participation	p. 3
Inter-Organisational Relationships as a Complex Adaptive System	p. 20
Management Accounting in a Lean Environment	p. 33
What Really Happens with Performance Management Systems	p. 52
Recent Progress in Management Control Depiction	p. 72
Environmental Management
Corporate Social Responsibility and Sustainability Reporting	p. 91
Management Accounting Practices for Sustainability	p. 101
An Integrated Package of Environmental Management Control Systems	p. 115
Intangibles and Non-Financial Performance Measures
Efficiency Measurement for Supplier Selection and Control: A Data Envelopment Analysis Approach	p. 133
Intangible Assets: Value Drivers for Competitive Advantage	p. 146
Strategic Performance Measurement Systems and Managerial Judgements	p. 166
Non-Financial Indicators and Strategic Management Accounting	p. 182
Management Tools for Evaluating Performance and Value Creation in Sports Organisations	p. 190
Public Sector Management
Measuring Performance in Government and Non-Profit Organisations: The Role of the Balanced Scorecard	p. 211
Performance Measurement in the Public Sector: Evaluating Performance Measurement and Reporting in Health	p. 220
The Balanced Scorecard as a Performance Management Tool for Museums	p. 232
Index	p. 253
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