ACBU 2223 Lecture Notes - Lecture 1: Management Accounting, Financial Accounting, Disclose
9 Feb 2017
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Not bound by gaap/ifrs or any prescribed format. Gather feedback to ensure that plans are being followed. Feedback in the form of performance reports that compare actual results w/ budget are essential part of control function: decision making. Managerial accounting: beyond the numbers: measurement skills help managers answer important questions, 6 business management perspectives go beyond the numbers to enable intelligent planning, control, & decision making. Competence: recognize & communicate professional limitations that preclude responsible judgement, follow applicable laws, regulations, & standards, provide accurate, clear, concise, & timely decision support info, maintain professional competence. Confidentiality: don"t disclose confidential info unless legally obligated to do so, ensure that subordinates don"t disclose confidential info, don"t use confidential info for unethical/illegal advantage. Integrity: mitigate conflicts of interest & advise others of potential conflicts, abstain from activities that might discredit profession, refrain from conduct that would prejudice carrying out duties ethically.
