I have been privileged to have been working with CGMA and taking part in the Global Management Accounting Principles:
1. Self-assessment Tool Pilot Community
2: Pioneer Advocates
CGMA Compass followed on from the worlds first management accounting standard.
BSI, the business standards company, has published PAS 1919:2016 Guide to management accounting principles. The guide which was sponsored by CIMA (Chartered Institute of Management Accountants) also saw collaborative input from such organizations as Environment Agency, Fujitsu, NHS and Siemens.
Designed as a best-practice guide to management accounting, defining what “good” looks like, PAS 1919 provides organizations with a framework to support their decision making and contribute to overall improved performance and sustained success.
The finance function is key to unlocking value across the organisation to drive performance and success. Â Yet business leaders are under increasing pressure. Quality decision making is essential but impulse often takes the place of insight.
As your finance function transforms itself to deal with challenges and harness opportunities, how do you measure success?
Underpinned by the Global Management Accounting Principles©, the CGMA Compass is an online self-assessment diagnostic that enables organisations to gain a 360 degree view of the strengths and weaknesses of the finance function to drive effectiveness.
This is achieved by assessing performance against the 14 management accounting practice areas outlined in the Principles:
- Cost transformation and management
- External reporting
- Financial strategy
- Internal audit
- Internal control
- Investment appraisal
- Pricing, discount and product decision
- Project management
- Regulatory adherence and compliance
- Resource management
- Risk management
- Strategic tax management
- Treasure and tax management
- Management and budgetary control
Analysis is provided in the form of heat maps – presenting rich data in an easy to read format which highlights aspects of high performance alongside those where improvements can be made.
With all of this insight you will:
- Build confidence and trust by increasing business resilience, preserving value.
- Join the dots and understand how things are being done in practice.
- Shape the conversations which drive good decisions.
- Put finance at the heart of business decision-making.
- Build a shared understanding of levers for value creation, transform information into insight.
- Better manage risk and capitalise on new opportunities
Don’t miss Samantha Louis, Association of International Certified Professional Accountants presenting the CGMA Compass Webinar on 30th October at 12.30!
Webinar sign-up: http://www.cimaglobal.com/Events/Events/Finance-Proving-youre-more-than-just-an-overhead/
CGMA Compass web information: https://www.cgma.org/cgmacompass
You can also get further details from alpa.saujani@aicpa-cima.com
I fully endorse and recommend CGMA Compass, its a first class management tool
