Archive for April, 2009

AAT publishes 2008 annual financial report.

Monday, April 20th, 2009

2008 was, according to the AAT themselves,  “an exciting and successful year for the Association with a 6.1% increase in total membership, the launch of our first computer based exam and the creation of AAT South Africa.”

The article continues, “Although planning for a deficit, we have continued to maintain a strong financial position thanks to the successful application of stringent financial policies. Our reserves have been maintained at a level that provides protection against risk and the funding of future developments - despite the decline in the value of the investment assets held.”

For more information, please see:

CIMA unveils details of 2009 awards.

Monday, April 20th, 2009

The Chartered Institute of Management Accountants (CIMA) has launched its 2009 awards.

There are 12 award categories, including the addition of a new category - Unlocking business intelligence - to recognise the finance team which has successfully implemented a business intelligence project.

The awards will be presented at an awards dinner at The Guoman Tower Hotel, London, on 26 November.

Award categories:

• TOPCIMA success
• Tutor of the year
• Part qualified of the year
• Finance team of the year - public sector
• Finance team of the year - private sector
• Recruitment consultancy of the year
• Responsible business
• Innovation in management accounting
• Unlocking business intelligence
• Medium-sized employer of the year: under 5,000 employees
• Large employer of the year: over 5,000 employees, sponsored by Hays Senior Finance
• Outstanding contribution to business performance by a CIMA member
To lead the way and be recognised for your outstanding achievements in 2009, go to www.cimaglobal.com/awards for nomination details and judging criteria.

UK farmers’ need more financial awareness

Wednesday, April 8th, 2009

Farmers run the risk of failing to maximise their incomes because of a lack of understanding of their own costs. This issue is further compounded by the food retailers’ lack of understanding of the farmers’ perspective, and the short-termism forced on farmers as a direct result of the poor co-ordination throughout the agri-food supply chain. In a report launched through CIMA, the Chartered Institute of Management Accountants, addresses the issues surrounding cost management faced by the agri-food sector and suggests that a system based upon Target Cost Management (TCM) could be a solution.

‘Gate To Plate’ (see www.cimaglobal.com/gatetoplatereport) draws upon international research and a series of CIMA focus groups. The report addresses the inherent and sector specific barriers farmers face when it comes to implementing a collaborative costing system and also considers food security and wastage.

The report concludes that strategic management accountancy, and approaches such as Target Cost Management, have the potential to address a number of these issues, to encourage visibility of costs throughout the supply chain and better understanding between participants.

Naomi Smith, Research and Product Development Specialist at CIMA, comments:
“Farmers simply haven’t focused on cost management before. This is partly because of a reliance on subsidies which has meant they frequently don’t understand their costs. This is putting them at a severe disadvantage – especially when dealing with food retailers which have a professional and sophisticated understanding of their own costing systems.