Cost Accounting And Supply Chain Management Essay

Question:

Discuss about the Cost Accounting and Supply Chain Management.

Answer:

Introduction

The opportunities of the management account are described in various ways with defining the values of the ethics and the codes of the conduct followed by the accountant in the provided work. The application of knowledge and skills helps in providing consideration for the business challenges which seems to be associated with the issues faced by the changes of the climatic conditions (Shim & Siegel, 2012). As per the context of popular accounting process, there seems to be numerous accounting processes that are determined for the purpose of mitigating issues and challenges. These also help in depicting the internal impact of the process and thereby the underlying problems are seemed to be fixed. The recent account scandals also seem to be creating a devastating effect on the workers and the investors with underlying problems regarding the corruption and criminality. The vast scale of the scale of the accounting related to the corruption helps in the creation of ways of protection in order to mitigate issues and the unethical conducts carried out by the client (Bamber, Braun, & Harrison, 2008). The underlying problems depict the unethical practices carrying out with depicting the corruption and criminality with the consideration of the falsification of numbers in order to protect the ethical clients. This essay depicts the importance of the roles that are carried out by the individual for the creation of appropriate accounting process and thereby the incorporation of the techniques for the management accountant seems to be taking place. It thereby also helps in creating the values regarding the company in the form of integrated reporting and henceforth the challenges seems to be faced by people of accounting profession.

Main Body

Role played by the accounting profession in reporting value creation in terms of six capitals

The roles that are played by the accounting profession in the terms of the value creation helps in depicting the nature of the six capitals represented in the context. The report of the accounting profession is represented in the form of the integrated reporting which thereby depicts the significance of the financial capital with keeping in view of the manufactured capital. The accounting profession depicts the value created by the organisation and thereby the tangible and the intangible assets are measured by affecting the internalities and thereby the profession of accounting is measured in the terms of depicting the structures of the organisation (Bhimani & Dai, 2008). It thereby helps in the creation of the externalities and thereby it seems to be affecting the individuals with thereby the creation of the externalities which seems to be owned by others.

The six capitals are used in order to create the appropriate activities in order to create the final results with regarding the output and thereby the enhancement of the outcome is created according to the outcome of the capital component. The elevation of the values are seemed to be requisite which can be possible by the creation of the enhancements in the system of quantitative performance and thereby the metrics helps in accompanying the disclosures that are required with the creation appropriate resource creation (Burritt, 2011). The enhancement of the integrated reporting process helps in the creation of the promotion of the report and thereby the capital processes are indicated in the form of the types of the capital used. Henceforth the utilization of the resources helps in depicting the impact on the business and thereby the preserving seems to be taking place with thereby enhancing the success of the report. These are the special roles that are played by the accounting profession in the process of creating the report and thereby the terms of the six capitals are judged accordingly. Henceforth the appropriate business structure is followed by the accountants of the organisation and thereby enhancement is created accordingly as per the growth indicated (Daghani, Nasr, & Khanbeigi, 2011).

Identification of challenges

The identification of the challenges seems to be crucial part of the accounting profession and thereby the creation of the objectives for the mitigation of the issues is seemed to be crucial for the enhancement of the challenges. The values helps in creating the clear descriptions that are indicated with the creation of satisfaction and thereby the process of digitalization seems to be taking place with clearing the incentive with regarding the integrated report. The clarifications are made for the indication and identification of the issues that are requisite for the enhancement of the capitals embedded in the incentives (Davis & Davis, 2012). This a part becomes the most efficient part which indicates the challenge that seems to be created by embedding the capitals and henceforth the clarification of description seems to be taking place with the banking crisis and the disintermediation with the digitalization problems. The overlapping of the industry provides the important part for the creation of challenge in this present world and thereby the features are seemed to be enhanced by the method of the integrated report. The identification of the issues helps in clarifying the part of the challenge that seems to be created as a part seemed to be dependent or focuses with the creation of the appropriate response and thereby clarifications of the problems are seemed to be easily detected with indicating the issues (Epstein & Lee, 2007). The disclosures help in the creation of the effect that provides the part for understanding the values for depicting the structures of the organisation.

Discussion of techniques used by the management accountant

The tools and the techniques that are used by the management accountant for clarifying the issues that are as follows:-

It helps in indicating the mitigation process for the financial risks produced and thereby the robust in the account performance are created with depicting accountable governance. Especially the emerging markets where the corruption scandals are taking place.

The enhancements are seemed to be made accordingly with thereby creating the process for the appropriate description and thereby the enhancement of the process is identified for gaining appropriate values for maintaining the standards (Firk, Schrapp, & Wolff, 2016).

The effective data helps in the creation of the amendments that seems to be manageable with the creation of new standards. The accountable credit losses are created by the enhancement of the implementation process and thereby the implementation of the multiple high profile accounting measurements are seemed to be implemented accordingly and thereby the issues can be easily reducible.

The implementation of the process helps in depicting the losses that have been incurred and thereby the audit committees seems to be depicted accordingly as per the enhancement of the accounting standards made and thereby the creation of the financial accounting standards are appropriately made with determining the accounting standards (Ramlall, 2014).

It thereby helps in creating the better understanding of the issues with creating the enhancements the consideration of the case helps in depicting the standards that are indicated in order to create the appropriate accounting system. The accounting implementation helps in the creation with encountering the values regarding the recognition of the standards (Gibassier, 2015).


The budgetary control can seems to be focused with the creation of values and thereby the enhancement of the company seems to be dealing with the appropriate accounting of the data that are crucial for appropriate recording. Henceforth the recording of the financial statements seems to be crucial for the appropriate enhancement of the steps that are seemed to be requisite for the enhancements. The firm depicts the appropriate control of the planning and the control(Pryor2016).

Evaluation of Integrated report produced by Woolworths in creating the value in terms of six capitals

With the consideration of the report for the purpose of evaluating the organisational activities, the concept of the value creation is depicted with the consideration of the needs of the shareholders and also the organisation inflict the socio-economic destructions takes in the enhancement of the challenges. The integration report of Woolworths helps in depicting the standard representation with mitigating the issues faced by the organisation. It thereby also faces inflict of the providers and thereby the strategic alliances are created in order to focus on the strategies depicting the socio-economic consequences (Gray, 2010). The governance codes are enacted with creating differentiation and thereby the placement is emphasized on the value creation strategies with enhancing the focus for broader stakeholder ship with including the employees, customers and the suppliers. The Woolworth’s action and decision are created by the enactment of the regulators and the strategies created with the organisational approaches. The focus is seemed to be creating multiple values and thereby the organisation helps in creating inevitable means for the looking towards the competitive nature of the organisation and also the organisation gains a sustainable position with considering the long term prospects (Kapferer, 2008). The fundamental thing is to view the means created by the organisation which helps in creating a visible output for the system and thereby the integrated reporting system of the company refers to the six capitals with signifying the importance of shifting various capitals. The six elements focus on the financial capitals with thereby providing important to the other elements that are presented in the process of creating the values. The capitals that are framed for the enhancement of the IR framework which are related to the framework are as follows:

  • Financial Capital: It provides the funds that are available for the production of goods and services appropriately.
  • Manufactured Capital: It determines the Physical objects that use the production of goods and services (Mart?nez, Mart?nez, & Lin, 2014).
  • Intellectual Capital: It determines the knowledge based intangible used in the process of value creation.
  • Human capital: It determines the competencies and the capabilities with the creation of the evidence based on the innovation employed by the organisation.
  • Social and the relationship Capital: The institution and the relationships are based within the communities or the individuals.
  • Natural capital: The renewable and the non-renewable resources are applied on the basis of the human capital (Morris, 2015).

Conclusion

The consideration of the case depicts the enhancement of the framework of the accounting and thereby helps in the enhancement of the strategy for the consideration of this essay. The essay depicts the fruitful implementation of the programs that are related to the creation of the fundamental strategy and thereby the consequences are covered with the creation of the strategy for the betterment of the system. The responsible use of the six capitals are mentioned with determining the particular role that seems to be ensured by the business model and thereby the risk strategy is considered with the consideration of the business plan (Oades, 2008). The static and the dynamic consistency are created by the means with depicting the insights received from the stakeholders and thereby the feedback helps in gaining discussion tools and the implementation strategies. The ethical leadership depicts a deep understanding of the subject and thereby the accounting profession seems to be appropriate playing the role provided. Henceforth the consideration of the six elements is mentioned in order to judge the implementation programs and thereby the appropriate uses of the programs are depicted.

References

Bamber, L., Braun, K., & Harrison, W. (2008). Managerial accounting. Upper Saddle River, N.J.: Pearson Prentice Hall.

Bhimani, A. & Dai, T. (2008). Management and cost accounting. Harlow: Prentice Hall/Financial Times.

Burritt, R. (2011). Environmental management accounting and supply chain management. Dordrecht: Springer.

Daghani, R., Nasr, M., & Khanbeigi, M. (2011). Productivity, New Paradigm for Management, Accountant and Business Environment.IJBM, 6(6).

Davis, C. & Davis, E. (2012). Managerial accounting. Hoboken, N.J.: John Wiley & Sons.

Epstein, M. & Lee, J. (2007). Advances in management accounting. Amsterdam: Elsevier JAI.

Firk, S., Schrapp, S., & Wolff, M. (2016). Drivers of value creation—The role of value-based management and underlying institutions.Management Accounting Research.

Gibassier, D. (2015). Six Capitals – The Revolution Capitalism Has to Have – Or Can Accountants Save the Planet?. Social And Environmental Accountability Journal, 35(3), 204-205.

Gray, D. (2010). Accounting Profession Is Ready For International Financial Reporting Standards: Financial Statements Comparable Enough. JABR, 26(6).

Kapferer, J. (2008). The new strategic brand management. London: Kogan Page.

Mart?nez, J., Mart?nez, D., & Lin, H. (2014). The Value Relevance of Accounting Numbers Under International Financial Reporting Standards. Australian Accounting Review, 24(3), 237-254.

Morris, R. (2015). Book review: Jane Gleeson-White, Six Capitals: The Revolution Capitalism Has to Have - or Can Accountants Save the Planet?. The Economic And Labour Relations Review, 26(4), 689-693.

Oades, C. (2008). Information management challenges for the professional accountant in business. Business Information Review, 25(3), 160-164.

Pryor, T. (2016). Six Capitals, or Can Accountants Save the Planet?.Journal Of Corporate Accounting & Finance, 27(3), 87-90.

Ramlall, S. (2014). The Value of Soft-Skills in the Accounting Profession: Perspectives of Current Accounting Students. AIR, 2(11), 645-654.

Shim, J. & Siegel, J. (2012). Managerial accounting. New York: Schaum.

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