Management Accounting Guidelines (MAGs)

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STRATEGIC MANAGEMENT TOPICS
The ability to chart a path to allow the firm to achieve sustainable value creation.

Forecasting the Role of the Management Accountant (New!)
Management accountants plotting their professional future would be wise to begin by strengthening their scenario-planning skills. Although scenario planning is far from the only process that management accountants will need to carry out 10 years from now, it qualifies as a defining organizational capability and a primary management accountant skill for the coming decade.

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Scenario Planning: Plotting a Course Through an Uncertain World (New!)
Scenario planning is a management tool designed to allow organizations to evaluate the efficacy of strategies, tactics, and plans based on a range of possible future environments. It is particularly relevant for today’s increasingly uncertain and volatile world, where the pace of change is accelerating, and significant unpredictable events seem to happen with increasing frequency. For management accountants, a working knowledge of scenario planning can help in applying core management accounting disciplines, such as cost management, profitability analysis, risk management, and performance measurement as well as forward-looking strategic and operational planning, budgeting, and forecasting.

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Divestitures (New!)
This Guideline has been written with the intention of filling some portion of that void in guidance available to those involved in divestures. It focuses on process management, and has a step-by-step, transactional orientation. It promotes a structured, practical approach, and contains specific guidance on how to manage all major aspects of the divestiture process. This transactional orientation was selected because it spans the entire divestiture process, benefiting the broad cross-section of managers who may be called upon to play a role in divestitures.

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Evidence-based Decision Making: Using Business Intelligence to Drive Value (New!)
Business success depends on two abilities – to gain new insights faster than the competition, and to turn those insights into good decision making. The best decisions are those supported by good data. However, while most organizations are drowning in data, they often thirst for relevant information that can support key decisions. This is where evidence-based management comes in. Leading organizations use this approach to ensure that they collect the most relevant information to support key decisions.

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Implementing Process Based Management in Organizations (New!)
Most organizations understand the need to improve and manage their processes. Few do so on a disciplined, ongoing basis. Quite often, projects are initiated to improve a process, and yet when they are “successfully” completed, they have sub-optimized the performance of the larger system or organization. It is commendable to manage the performance of individual processes. However, the greater and longer lasting impact comes through managing an organization’s portfolio of processes in an integrated fashion, i.e., by becoming a process-based organization.

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Using Strategy Maps to Drive Performance in the Not-For-Profit Sectors (06/2008)
Building on a management accounting guideline released in 2007 for private-sector companies, this new guideline provides a step-by-step strategy mapping process to help organizations in the not-for-profit sector achieve their vision, mission and strategies and generate breakthrough results.

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Outsourcing the Finance and Accounting Functions (09/2007)
This management accounting guideline examines the challenges and risks in outsourcing the finance and accounting functions.  Designed for CFOs, finance and accounting managers, and other professionals responsible for selecting, implementing and managing finance and accounting outsourcing (FAO) relationships, the guideline shows what can be done at each stage of the FAO lifecycle to create and manage a successful FAO initiative.

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Strategic Management of Information for Boards (07/2007)
Building on the guideline entitled “Measuring and Improving the Performance of Corporate Boards” published in 2002, the guideline “Strategic Management of Information for Boards” focuses on managing and communicating the information necessary for improving the quality and independence of board decisions on critical corporate issues.  It explores the role of financial professionals in both providing information to boards and improving board processes. As well, the guideline examines how to present and communicate information to directors, and how educational programs can provide directors with the necessary tools and knowledge for effective oversight.

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Using Strategy Maps to Drive Performance (12/2007)
Strategy Mapping emerged as a breakthrough in second-generation balance scorecards as a way to depict an organization’s strategy and the key business drivers necessary for successful achievement of strategic objectives. While there is much literature on the what and the why of strategy mapping, this MAG provides practical guidance on how to develop a strategy map for your organization

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Strategic Partnering (08/99)
In this era of mega-mergers, you need to understand how these partnerships affect organizations. This publication examines potential partnerships, and divides them into three categories according to the benefits and opportunities available to each partner. It also identifies the most common strategic objectives for forming partnerships and examines issues of control and performance measurement.

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Monitoring Customer Value (08/99)
Your organization will survive and prosper if you offer value to the customer. This guideline helps you determine customer value and how it translates into product and service attributes. It also describes tools and techniques for monitoring customer value and prescribes steps for implementing a value-driven monitoring system.

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Implementing Business Process Redesign (07/99)
Efficient and effective business processes are critical to any enterprise that hopes to maintain or improve its competitive position. This publication prescribes a six-step process for implementing business process redesign (BPR) and outlines how you can play a leadership role in introducing BPR to your organization.

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RISK MANAGEMENT AND GOVERNANCE TOPICS
The ability to evaluate the strategic, operational, and financial risks and ensure that these are adequately measured, managed and controlled as well as establishing appropriate governance. This includes internal control evaluation and risk reduction strategies and governance activities.

Financial Risk Management for Management Accountants
This Management Accounting Guideline (MAG) summarizes the basic principles of financial risk management. The MAG first briefly outlines (a) the different types of financial risk that firms may face, (b) the basic elements of a risk management framework, and (c) the benefits of managing financial risks. The MAG’s core sections then focus on the interlinked issues of risk assessment (or quantification) and possible control tools.

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Managing Opportunities and Risks
Recent corporate financial debacles, the threat of global terrorism, and other social, political and environmental issues have prompted an increased recognition of hazardous risk as a critical business issue. While the awareness of risk as a threat is imperative, so too is the recognition that risks can provide opportunities for innovation leading to new competitive advantage. This guideline explores ways to use the risk management process to exploit opportunities, drive organizational innovation, and generate short- and long-term profits.

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Integrating Social and Political Risk into Management Decision Making  (07/2007)
This guideline addresses the challenges of assessing and managing risks posed by government instability, political corruption, terrorism, anti-corporate sentiment and other social and political issues. The guideline is the third in a series focusing on the management of risk. The first guideline in the series, "Identifying, Measuring, and Managing Organizational Risk for Improved Performance,” presents a model and measures for improving the identification and measurement of risks to improve management decisions. The second guideline in the series, "The Reporting of Organizational Risks for Internal and External Decision Making," helps financial professionals gain a clear understanding of organizational risks and methods by which to provide fair disclosure.

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The Reporting of Organizational Risks for Internal and External Decision Making(12/2006)
External shareholders and other stakeholders are demanding increased reporting of organizational risks to better evaluate corporate performance. This guideline helps financial professionals gain a clear understanding of organizational risks and methods by which to provide fair disclosure to both internal and external decision makers. The guideline acts as a companion piece to the management accounting guideline entitled "Identifying, Measuring, and Managing Organizational Risk for Improved Performance,” which presents a model and measures for improving the identification and measurement of risks to improve management decisions.

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Business Continuity Management (11/2006)
In the 21st century, organizations that fail to develop and implement effective disaster-management plans will be defined by their ineffective responses to disasters.The finance and accounting managers - along with the senior-level executives, functional and operational managers and corporate directors who read this guideline will learn how to define BCM and its essentials and processes; identify the BCM-related roles of corporate managers and directors; and work through a BCM framework for developing and maintaining effective business continuity management processes.

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Identifying, Measuring, and Managing Organizational Risk for Improved Performance (2005)
Risk is an inescapable element of competing in a market economy. Organizations must be able to evaluate many types of risk - political, social, environmental, technological, economic, competitive and financial - and incorporate the results into decisions regarding investments and operations as well as into the systems used to monitor and evaluate the effectiveness of the actions taken. This guideline provides a Risk Management Payoff Model that includes a selection of performance measures to properly identify, measure, manage and report risks.

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PERFORMANCE MANAGEMENT TOPICS
The ability to set performance targets and implement appropriate systems to support decision making and monitoring of performance towards the achievement of these targets.

The Performance Management Maturity Framework (New!)
Performance Management is mentioned and discussed in almost all facets of business. The demand for improved performance, along with increased accountability, has led to an increase in hype and associated expectation around the management of performance. However, this has led to a variety of views as to what Performance Management is, exacerbated by the fact that vendors and consultants conveniently package one specific service or product as an enterprise solution for all aspects of Performance Management. An interest group within Consortium for Advanced Management-International (CAM-I) recognized the need to develop a standardized and integrated view of Performance Management. The Performance Management Maturity Framework (PMMF) is a conceptual structure that identifies and describes the factors that affect business performance.

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Environmental Sustainability: Tools and Techniques (New!)
Many organizations fail to see the rationale for spending any more money on the environment than required, particularly in times of economic difficulty. Enlightened organizations, though, are moving from purely complying with legal requirements to realizing that a focus on environmental sustainability provides a competitive advantage. For these organizations, environmental sustainability is (a) an essential element of corporate strategy, and (b) synonymous with long-term business success.

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Supply Chain Management Accounting (New!)
This Guideline presents the context for (a) considering the importance of Supply Chain Management Accounting (SCMA), and (b) focuses on some key techniques that can be used in practice. It recognizes that relationships between organizations will differ because of their different stages of maturity and strategic choices. It deals with management of risk, and briefly refers to the sustainability agenda as a factor gaining importance in the area of supply chain management. A central feature of the Guideline is a description of the way that management accountants can add value to the management of supply chains.

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Impacting Future Value: How to Manage Your Intellectual Capital  (07/2008)
Superior performance is no longer driven by traditional physical assets, but by intellectual capital.  Intellectual capital includes knowledge, skills, brands, corporate reputation, relationships, information and data, as well as processes, patents, trust, and an innovative organizational culture. This guideline presents practical skills, tools, and techniques to identify, measure, and manage intellectual capital to build organizational value.

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Applying the Balanced Scorecard (1/2000)
The Balanced Scorecard is used as a comprehensive framework to translate strategy into action and act as a bridge between strategic goals and performance monitoring. This guideline provides you with an overview of the scorecard model and the new variations that have developed, such as value creation for customers and enhancement of internal processes. It also provides a discussion of the practical issues related to the implementation and the barriers that often develop.

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Implementing ABC (08/99)
Assigning costs to processes, products and services requires you to have a good understanding of activity-based costing (ABC) principles. In a straightforward manner, this publication describes a framework for designing and implementing an ABC system. Identify how costs flow through your organization's activities, and the ultimate causes of these costs.

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Implementing Benchmarking (08/99) test
Today’s competitive environment demands superior market performance. Describing a benchmarking process used by leading practitioners, this publication provides you with a blueprint for introducing, assessing and accelerating performance improvements.

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PERFORMANCE MEASUREMENT TOPICS
The ability to evaluate performance consistent with the organization’s established strategy and targets.

Designing and Implementing a Performance Measurement System  (New!)
Value creation is essential for the survival of any organization. A key factor in measuring value creation is the capability of an organization to competently manage performance, i.e., to measure what is important and to make decisions that will lead to improved performance. Thus, performance measurement supports the management of performance towards achieving strategic, operational, and financial objectives. This Management Accounting Guideline (MAG) aims at accomplishing two objectives. First, it will seek to provide managers with a framework for selecting performance measures. Second, it will examine a series of issues to help in the design and the implementation of a performance measurement system and the selection of a basket of measures.     

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Performance Measurement of Not-For-Profit Organizations
The participation of business leaders actively managing or sitting on Boards of not-for-profit organizations has continued to increase in recent years. What they have found is that unlike for-profit organizations, not-for-profits often have difficulty staying focused on the mission and measuring performance due to multiple and, at times, conflicting objectives as members and donors of these organizations often have far more diverse interests than shareholders in for-profit organizations.  This Guideline will provide extensive examples of performance measurement systems used in different types of not-for-profits. It will also provide best practices and a set of tools to measure and report performance that can be used by the growing number of not-for-profits throughout the world.     

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Evaluating the Effectiveness of Internet Marketing Initiatives  (05/2007)
Marketing via the Internet is different from marketing via traditional methods, presenting both opportunities and challenges. Customer behaviors, rather than "clicks and hits," are the true drivers of success. This guideline presents methods for measuring the payoffs of Internet marketing, including a state-of-the-art approach for calculating ROI based on both financial flows and intangible assets.

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Evaluating Performance in Information Technology (01/2005)
This Guideline will present an IT performance measurement framework, articulate specific measures, describe the causal relationship between various drivers and measures, and through examples, illustrate how companies can identify and measure the payoffs of IT investments.

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Customer Profitability Analysis (01/2000)
Exceeding customer expectations is a worthy goal, but profitability is necessary for long-term corporate viability. Achieving both depends on learning what drives value in organizations. This guideline provides you with insight and examples of both the analysis of customer costs and the development of long-term customer relationships for increased profits through the measurement of customer value.

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FINANCIAL REPORTING TOPICS
The recognition, measurement, disclosure and analysis of information in an entity’s financial statements. Financial reporting focuses on the needs of external users (e.g. shareholders, creditors, and regulatory agencies).

Writing and Evaluating Sustainable Development Reports (08/99)
The integration of sustainable development (SD) and environmental stewardship with daily business operations contributes to a positive return on investment. This guideline focuses on how to write and evaluate stand-alone reports that communicate your organization's commitment to SD and environmental best practices.

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