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ACC702 Managerial Accounting

tag 0 Download 12 Pages / 2,892 Words tag 20-10-2020
  • Course Code: ACC702
  • University: Kings Own Institute
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  • Country: Australia

Question:

Group Report: The match between Practice and Research in measuring performance Subject Learning Outcomes (LOs) assessed (from Subject Outline):
 
a) Analyse the roles of cost and management in organisations through the analysis of accounting concepts and tools b) Evaluate and apply financial and non-financial performance measures and tools used in assessing and rewarding individual and corporate performance c) Describe how management control theory and concepts apply to organisational settings through the generation of accounting and organisational reports A Marking Rubric is attached so you are aware of exactly how your submission will be marked.
 
Most of the second half of this subject focusses on how firms can measure performance and in turn, reward effort through bonus and incentive schemes, often using accounting concepts and tools (LO a) and LO b). It is important that firms have a clear understanding of what their overall corporate strategy is and set targets for performance in line with those goals and in line with the Mission and Vision Statement.
 
Background information on Assignment Topic
 
For many years public opinion supported the notion that many executives were grossly overpaid, particularly in cases where the returns to shareholders were mediocre. In some cases, negative returns were experienced while at the same time, the senior executives still claimed very large bonus payments. As society became more sensitive to such ‘largesse’ by many Chief Executive Officers (CEOs) and their highest paid executives, regulations were enacted to insist on more transparency from company boards to show what objective methods were being used to calculate bonuses and demonstrate how these methods, and the remuneration made to these well-paid executives, were likely to bring strong ‘value’ returns for shareholders.
 
Your group is to research the DETAIL of the METHODS used to calculate both the STIs and the LTIs that are proposed to be paid to the executives and also the methods that WERE used to calculate the performance pay for the prior 3 periods (years). Note that often the schemes adopted will be in place for up to 5 years, so you may only have to research the one scheme to cover the existing period and the past periods.
 
You MUST then RESEARCH the academic literature available on each of these methods. For example, a company may use a ‘(Balanced) Scorecard’ of measures which include both financial and non-financial measures. (Such as Return on Investment – Financial measure, and Net Promoter Score – Non-financial measure.)
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