ACT_580_Discussion_Module_3
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Colorado State University, Global Campus *
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580
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Finance
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May 14, 2024
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docx
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Read the following article:
Lawson, R. (2019, March 1).
New competencies for management accountants
Links to an external site.
. Strategic Finance.
Focus on one of the major subjects of this article that is of interest to you. These subjects include (but are not limited to):
o
The changing role of finance and accounting professionals
o
Impact of technology and data analytics
o
The growing importance of ethics in the digital age
o
The IMA management accounting competency framework
Include the subject you have decided to focus on as part of the title of your initial post.
Do the following in your initial response:
o
Prepare an annotation of the major subject in which you are interested or wish to comment upon, and answer/include the following points and questions.
An annotation is a summary of the main points of the subject you have chosen to summarize for the class,
organized to include a correctly formatted APA reference.
Problem:
What was the major focus of the subject in the article? Why does the subject matter to accountants in the future?
Results:
What was the result or conclusion reached in the article of the strategies recommended to address that subject in the article, now and in the future?
Application:
How might practitioners or your classmates potentially apply what was covered in the article in the real world? Be specific.
The Growing Importance of Ethics in the Digital Age
One of the subjects discussed in Raef Lawson’s article is the growing importance of ethics in the digital age. The article highlights why ethics is coming to the forefront of all the new digital and technological achievements
that are assisting the accounting world. Technology is becoming intertwined with almost everything that an accountant does in the modern world, so managing it correctly and ethically is very important for accountants now and to accountants in the future. Technology is very easy to use and is very accessible for accountants, but it is also easy for the information stored in this technology to be given out to people it is not meant for. Accountants often deal with information that is confidential and that should not be released to just anyone, so employers need to be aware of the need to monitor their employees’ activities so this information is not disclosed to anyone it is not meant to be disclosed to.
The result of this topic in the article is that on top of the sheer amount of confidential information accountants deal with that needs to be handled ethically and properly, accountants are running into more and more ethically
difficult business situations as a result of technology and need to have an understanding of how to act ethically in these instances (Lawson, 2019). One
of the strategies listed by the author is that employers need to monitor their employees’ activities on their work computers. Another strategy listed is that
the accountants themselves need to look to the profession’s ethical guidelines to help them figure out difficult ethical situations.
Accountants can apply the information from this article by being aware of the ways that technology can test their ethics and their habits. While technology has made it easier for things to get done in the accounting world,
it has also made it far easier for confidential information to get leaked than ever before. All it takes is an accidental click in the wrong email and client information can get stolen instantly. Accountants can also look to the AICPA’s
or the IMA’s ethical frameworks for help in difficult ethical situations. This can be best applied if accountants look at these ethical frameworks ahead of
time so they are ready when ethical dilemmas insert themselves into their lives rather than wait to go over the ethical frameworks once they run into an ethical problem.
Reference:
Lawson, R. (2019, March 1).
New competencies for management accountants
. Strategic Finance.
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Related Questions
Write a post providing us with the context for the resources of adopting innovative technologies that can lead to streamlined processes, real-time insights, and increased focus on strategic planning technological advancements in the accounting and finance profession have required finance professionals to adapt and expand their skill sets. Those who can adapt can support business growth and discover better career opportunities selected by identifying the field of study of accounting and finance and specifying an associated profession if relevant.Explain in two separate sections how this could be applied to the criteria of validity checklist to determine the validity of each resource.
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Write an essay of the new roles of management accountants in accommodating to the current and
future business environment premised on digital economy and beyond. The essay should outline,
explain, and analyse the business environment within which management accountants would be
adapting, and how they (i.e. management accountants) would be positioning themselves in the
future.
In writing your essay, please observe that you need to write between 500 to 750 words
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THEORY PROBLEM
Explain why accounting students should study Accounting Information Systems?
Explain the Value Chain and also explain how Information Technology plays an important role in the Value Chain.
Briefly describe the types of users of the SIA and what are the benefits of the output of the AIS for their work or profession?
One of the characteristics of useful information is that it must be timelines and complete. Which is more important, timely but incomplete information, or complete information, but too late? Give an example!
Briefly describe the purpose of internal control and provide an example of an internal control application for that purpose!
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Write an essay about the emerging roles of management accountants in today's and tomorrow's corporate environments, based on the digital economy and beyond. The essay should describe, explain, and evaluate the business environment to which management accountants must adapt, as well as how they (management accountants) will position themselves in the future. Please keep in mind that your essay should be between 500 and 750 words long.
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Select one:
O A. Future orientated focus
O B. Stewardship orientation focus
O C. Focus on detailed annual reports
O D. Focus on decision-making needs of shareholders
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Demonstrate how the knowledge, skills, or theories of this course have been applied, or could be applied, in a practical manner to your current work environment (a project manager in design industry).
Share a personal connection that identifies specific knowledge and theories from this course.
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Managers explain and voluntarily disclose the forecasted financial information to the external financial users at the beginning of the period. The purpose
to provide the forecasted financial information is to help the external investors interpret managers' forecasted earnings by examining the profitability of
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a.
Forensic management
b.
Auditing and assurance
c.
All of the options
d.
Corporate governance
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Need assistance I am trying to get an example on how I would explain this to a group
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Question 2:-
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Question 3:-
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Respond to this topic by indicating what you think are the top three ethical problems facing Accountants today.
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Case Study: Financial Reporting in a Dynamic Business Environment
Introduction: Financial reporting is a cornerstone of transparency and accountability in the corporate world. In today's dynamic business environment, organizations encounter various challenges and complexities as they strive
to provide accurate and timely financial information. This case study explores the multifaceted nature of financial reporting, examining key factors that influence the process and the implications for stakeholders.
Technological Advancements and Data Management: In the digital age, technological advancements have transformed the landscape of financial reporting. Companies now have access to sophisticated software and tools that
streamline data collection, analysis, and presentation. While these advancements enhance efficiency, they also introduce challenges related to data security, integrity, and the need for skilled professionals to navigate complex
systems.
Globalization and Diverse Regulatory…
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SEE MORE QUESTIONS
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Related Questions
- Write a post providing us with the context for the resources of adopting innovative technologies that can lead to streamlined processes, real-time insights, and increased focus on strategic planning technological advancements in the accounting and finance profession have required finance professionals to adapt and expand their skill sets. Those who can adapt can support business growth and discover better career opportunities selected by identifying the field of study of accounting and finance and specifying an associated profession if relevant.Explain in two separate sections how this could be applied to the criteria of validity checklist to determine the validity of each resource.arrow_forwardWrite an essay of the new roles of management accountants in accommodating to the current and future business environment premised on digital economy and beyond. The essay should outline, explain, and analyse the business environment within which management accountants would be adapting, and how they (i.e. management accountants) would be positioning themselves in the future. In writing your essay, please observe that you need to write between 500 to 750 wordsarrow_forwardReflecting on what's been learned about the content knowledge and competencies needed for the role of accounting and finance one aspires to play in that field, Brainstorming strategies for taking advantage of the knowledge and skills already had, acquiring the content knowledge one needs, and developing the skills need.arrow_forward
- THEORY PROBLEM Explain why accounting students should study Accounting Information Systems? Explain the Value Chain and also explain how Information Technology plays an important role in the Value Chain. Briefly describe the types of users of the SIA and what are the benefits of the output of the AIS for their work or profession? One of the characteristics of useful information is that it must be timelines and complete. Which is more important, timely but incomplete information, or complete information, but too late? Give an example! Briefly describe the purpose of internal control and provide an example of an internal control application for that purpose!arrow_forwardWrite an essay about the emerging roles of management accountants in today's and tomorrow's corporate environments, based on the digital economy and beyond. The essay should describe, explain, and evaluate the business environment to which management accountants must adapt, as well as how they (management accountants) will position themselves in the future. Please keep in mind that your essay should be between 500 and 750 words long.arrow_forwardManagement accounting has the following features: Select one: O A. Future orientated focus O B. Stewardship orientation focus O C. Focus on detailed annual reports O D. Focus on decision-making needs of shareholdersarrow_forward
- Now, consider emerging trends in business today. How should the discipline of managerial accounting evolve to meet the changing needs of organizations? Be specific. Suggest specific accounting information needs that you feel managers have in the current business environment.arrow_forwardFinance 500 In this assignment, the purpose is to tie into the key concepts and insights studied this term in this course. Reflecting on key principles, strategies, or tactics that were covered from the accounting and finance fields, students should relate the information to their career, company or industry of interest. Demonstrate how the knowledge, skills, or theories of this course have been applied, or could be applied, in a practical manner to your current work environment (a project manager in design industry). Share a personal connection that identifies specific knowledge and theories from this course. Demonstrate a connection to your current work environment. You should NOT, provide an overview of the assignments assigned in the course. The assignment asks that you reflect how the knowledge and skills obtained through meeting course objectives were applied or could be applied in the workplace.arrow_forwardBriefly tell us how you approach problems from a quantitative and qualitative perspective. ( Financial Management intern position)arrow_forward
- An accounting and finance career goal statement should be approximately one paragraph that describes the kind of position and field one would like to move into in the future. What industry does this person hope to find themselves in if they're career goal is to be in the accounting and finance field? What are the skills do they hope to utilize in this position?arrow_forwardPlease read the e-textbook on Managerial Accounting Basics (pp.643-646, indicated as page 304 305 in VitalSource) and answer the following question. Managers explain and voluntarily disclose the forecasted financial information to the external financial users at the beginning of the period. The purpose to provide the forecasted financial information is to help the external investors interpret managers' forecasted earnings by examining the profitability of the firm when the investors forecast the earnings and make investment decision. Discuss the extent to which you agree/disagree with that trend? You should support your reasoning with example(s).arrow_forwardWhat are the latest trends and developments in the field of accounting and finance, and how can organizations leverage them to improve financial management practices? Provide examples to support your answerarrow_forward
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SEE MORE QUESTIONS
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Recommended textbooks for you
- Financial Accounting: The Impact on Decision Make...AccountingISBN:9781305654174Author:Gary A. Porter, Curtis L. NortonPublisher:Cengage LearningPkg Acc Infor Systems MS VISIO CDFinanceISBN:9781133935940Author:Ulric J. GelinasPublisher:CENGAGE L
Financial Accounting: The Impact on Decision Make...
Accounting
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Cengage Learning
Pkg Acc Infor Systems MS VISIO CD
Finance
ISBN:9781133935940
Author:Ulric J. Gelinas
Publisher:CENGAGE L