Resources & Publications

Strategic Finance November 2005

November 2005
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Features

Lean Accounting: What's It All About?
By Frances A. Kennedy, CPA, and Peter C. Brewer, CPA
The nonaccounting managers at this Fortune 500 company had one clear message for their colleagues in accounting—either add value or get out of the way. Learning that their traditional measurement techniques were counterproductive, the accountants focused on the customer. What they realized is that lean thinking means identifying and eliminating waste in whatever form you find it—including not only manufacturing processes but excessive and useless accounting paperwork.


New Strategy Alignment in Multinational Corporations
By Thomas Wunder
How does a large, diversified multinational company coordinate its strategies? The answer is through a combination of strategy maps, balanced scorecard, and a strategic action program (strap). Strategies must be very specific, limited in number, and linked to a business scorecard to detail progress in achieving the goals.


Do the Right Thing: IMA Issues New Ethics Guidance
By Curtis C. Verschoor, CMA
The revised code focuses on a values-based approach rather than legalistic rules. It conforms to the Sarbanes-Oxley Act and the new code of ethics of the International Federation of Accountants, which was considered necessary in light of IMA’s membership in that organization and its growing international membership.


Easing the Pain During Financial Restatements 
By Kori Diehl, CPA
“Extreme makeover,” or a corporate restatement, can’t be accomplished in an hour like a TV reality show—it may take weeks, even months. A well-developed plan with special attention to cost management is essential. Corporate officers must focus on the scope of the restatement and the people involved—both within the company and concerned external stakeholders—and communicate appropriately.

Columns

PERSPECTIVES
IMA takes a giant step forward.


BEST PRACTICES 
Paved with good intentions.


CAREERS 
Is a consulting career right for you?


TAXES
Social Security surpluses?


ETHICS
Should all companies report on their corporate responsibility?


ACADEMIC CORNER
Faculty internships.


WORLD VIEW
Exploring the China market


XBRL
Leverage business reporting: use service-oriented architecture.


FINANCIAL TRENDS
Weathering the storm.

Departments

STREETWISE
Does technology aid SOX 404 compliance?
FASB launches investor task force
Case competition changes
Options valuation . . . the next chapter
Books: From fads to evaluating best practices


TOOLS OF THE TRADE
Combined.


TECH FORUM
Offline internet.


END NOTE
The Ig Nobel awards.


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