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Management accountancy rules, OK

As the British public sector heads for recession, Charles Tilley,
Chartered
Institute of Management Accountants
(CIMA) chief executive, stresses the
importance of putting strategy and management into accounting, not just
beancounting.

Tilley told The Times he is discussing with the Treasury how CIMA’s
ideas can be put to good use, hoping the monetary crisis rising on the horizon
will focus ministers’ minds. He is eager for finance professionals to have a
central role in public sector organisations and hopes they receive the full
backing of chief executives and permanent secretaries alike.

Although government departments were forced by the end of last year to have
professionally qualified finance directors and capability reviews of civil
servants and how the meet their objectives, there is still a way to go before
the high standards Tilley wants to see, can be achieved.

‘At the heart of management accounting is the need to make sure that
organisations have got the right data, that there are key performance indicators
in place to meet the organisation’s objectives and that management has the
information it needs to make the right decisions and manage the risks,’ he told
The Times.

Further reading:

Read
The Times story


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