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88 Pages • Complete Study Notes • Year: Pre-2021
HD result, full disclosure of the knowledge points. To be effective and efficient à improve customer value and shareholder value, management accounting: • Supports the organisation’s formulation and implementation of strategy (long-term vs. short-term plan) o Strategic plan – long-term planning to achieve the organisation’s objectives, usually undertaken by senior managers o Implementing strategies à long-term plans needs to be implemented across all levels of the organisation • Contributes to continuous improvement of the organisation’s competitive advantage, especially in terms of quality, time and cost o Management accounting information should be shaped around the organistion’s source of competitive advantage. E.g.: if a firm competes mainly on low cost, its management accounting information should focus on product costs and tight cost control. o If a firm uses a differentiation strategy, it should focus on measuring and reporting performance around the sources of differentiation (quality, delivery, time, flexibility and innovation).
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