Accounting Control and Financial Strategy: Teachers’ Manual by Andrew M. McCosh, Michael J. Earl

By Andrew M. McCosh, Michael J. Earl

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Sample text

Capital investment projects can then be appraised by DCF methods and also examined for their likely impact on profit performance. Once approved, ex-post monitoring can be confined to conventional profit reporting. Finally the discount rate used in DCF appraisal is likely to reflect the cost of capital to the group company and the individual risk of individual Cresta projects. 4. Evaluating Managerial Performance The recriminations which followed the introduction of the new profit centre analysis at Cresta demonstrate how important it is to separate measurement of managerial performance from measurement of economic performance.

Translating temporally and then applying the local index means you are applying the foreign inflation rate to a British price, which is meaningless. In class, it is worth spending a long time, perhaps as much as 30% of the class, on giving the participants a clear understanding of the differences. DID MR BINGLEY DO A GOOD JOB? The short answer to this question is - not very. He was admittedly faced with a serious shortage of data, it seems, but his exhibits can still be criticised. I do not spend time on this with management groups, only with accountants and fmancial people.

An argument can be put forward for the use of exhibit 8, if the current operation in the country under study is felt to have any bearing. Decision 4 to invest in an industry, is clearly one in which specific price indices ought to be taken into consideration. A comparison of the consolidated returns on an 'exhibit 10' basis for each industry should be compared with every other industry to give partial guidance on this point. The decisions 5 and 6, to change the total home capital of the firm, would rationally be made by judging the group's financial return potential in comparison with other investments, mainly in the UK and mainly in sterling.

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