Strategic Management Accounting

Description

Strategic management accounting includes not only internal information but also external economic information when analysing and preparing financial information. Management accountants provide information to managers that form the basis of decision-making within an organisation to create both customer and shareholder value. This unit is built on accounting foundation units and focuses on developing students’ knowledge in cost management techniques and strategic management accounting. The use of budgets for planning and control purposes and developing skills in making a variety of value-based decisions. The unit also incorporates discussion about the effective use of cost management and budgeting techniques, and advanced tools for the basis of performance evaluation as well as to ensure fair and equitable compensation for employees. The unit also examines external economic information which can help companies plan for changes in the business marketplace outside of the company’s control, such as competitors entering the market or the threat of substitute goods and services competing for the company’s market share. This unit delves into complex management accounting areas and provides students with the expert skills needed for decision support and managerial control in contemporary society. The aim of this unit is to further develop decision-making skills and promote the common good in various contexts globally .