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Leveraging Public Accounting Practice for a Lucrative Career in Managerial Accounting

This is a guest post by Sunil an Accounting teacher, CPA exam and career coach, and the Author of the CPA Requirements blog. 
This article provides a different perspective to an accounting career, one that is spent in public accounting practice servicing a variety of clients and industries rather than specializing in one. 
I am referring to a career in a public accounting firm. Public accounting is a popular career route pondered by aspiring accountants because it is a critical requirement to obtain a Certified Public Accounting (CPA) license, which is highly valued by many employers in the private sector. 
Many managerial accountants also have the CPA designation, in addition to the Certified Management Accountant (CMA) designation, which is a popular credential in the corporate accounting community. However, a CPA is not a mandatory credential to be successful in a Managerial Accounting career. 
For Managerial accountants, possessing the CPA designation adds a whole new dimension t…
Recent posts

What RSS feed means to you

RSS (most commonly expanded as Really Simple Syndication) is a family of web feed formats used to publish frequently updated works—such as blog entries, news headlines, audio, and video—in a standardized format. An RSS document (which is called a "feed", "web feed",or "channel") includes full or summarized text, plus metadata such as publishing dates and authorship. Web feeds benefit publishers by letting them syndicate content automatically.
They benefit readers who want to subscribe to timely updates from favored websites or to aggregate feeds from many sites into one place.
How do I know a website has a RSS feed ?

The publisher of the website will mention "Subscribe to the updates by RSS". See Management Accountant Blog Subscribe in a reader. Click on the link and subscribe to the RSS updates using a reader. Or else look for the feed icon on the browser where you see the web address.


What is RSS feed in simple terms ?





What readers should I use f…

Hedging foreign exchange risk

What Does Foreign-Exchange Risk Mean?

1. The risk of an investment's value changing due to changes in currency exchange rates.
2. The risk that an investor will have to close out a long or short position in a foreign currency at a loss due to an adverse movement in exchange rates. Also known as
"currency risk" or "exchange-rate risk"



Hedging transaction risk - the internal techniques
Invoice in home currencyLeading and Lagging: It refers to the adjustment of the times of payments that are made in foreign currencies. Leading is the payment of an obligation before due date while lagging is delaying the payment of an obligation past due date. The purpose of these techniques is for the company to take advantage of expected devaluation or revaluation of the appropriate currencies. Lead and lag payments are particularly useful when forward contracts are not possible.Matching: When a company has receipts and payments in the same foreign currency due at the same time, …

Triple Bottomline Reporting

The triple bottom line (abbreviated as "TBL" or "3BL", and also known as "people, planet, profit" or "the three pillars" captures an expanded spectrum of values and criteria for measuring organizational (and societal) success: economic, ecological and social. With the ratification of the United Nations and ICLEI TBL standard for urban and community accounting in early 2007, this became the dominant approach to public sector full cost accounting. Similar UN standards apply to natural capital and human capital measurement to assist in measurements required by TBL, e.g. the ecoBudget standard for reporting ecological footprint.
Triple bottom line reporting makes companies accountable for economic, social and environmental effects of doing business. This is a popular form of accounting for nonprofit companies and government organizations to show a commitment to corporate social responsibilities. For these companies, social and ecological performance…

Dries Buytaert- Founder and lead of the Drupal CMS

Drupal (pronounced /ˈdruːpəl/) is a free and open source Content Management System (CMS) written in PHP and distributed under the GNU General Public License. It is used as a back-end system for many different types of websites, ranging from small personal blogs to Enterprise 2.0 collaboration and knowledge management uses to large corporate and political sites.
Dries Buytaert is an open-source software programmer and the founder and lead of the Drupal CMS.

Exerts from one his interview on how it started.
CC: Did you ever expect Drupal to get to the level of popularity it is at today?

DB: Not at all, I started all this as a hobby and quickly got out of hand. After I moved it to the public internet, I continued to build on it for over a year and added a lot of features. But, it continued to be an experimental platform to learn from and apply new web technologies such as RSS feeds and content and user rating.

I increased my experiments and development and drew the attention of an audience…

Enterprise governance - Restoring boardroom leadership

CIMA, UK published a discussion paper on "Enterprise governance - Restoring boardroom leadership" in Jan 2010 which focusses on Corporate Leadership. This paper sets out how boards can be more effective and challenge management confidently.

The key conclusions in the report
Boards need an integrated approach to effective leadership.Directors must incorporate behavioural and structural factors. More attention must be paid to psychological factors contributing to board performance: creating a challenge culture, succession planning and effective risk governance.There must be rigorous, regular and systematic board evaluation.The model proposed by this report could provide a useful input to the board evaluation process.The board’s relationship with external stakeholders, particularly shareholders, is crucial. By focusing on its own effectiveness and contributions to the long-term sustainability of the organisation, a board will serve those stakeholders.
Read the full paper. Click he…

The Audit Firm Governance Code UK

The Audit Firm Governance Code applies to eight audit firms that together audit about 95% of the companies listed on the Main Market of the London Stock Exchange.

The Audit Firm Governance Code, published in January 2010, applies to eight audit firms that together audit about 95% of the companies listed on the Main Market of the London Stock Exchange. For these firms, the code sets a benchmark for good governance which other audit firms may wish to voluntarily adopt in full or in part.

The reputations that the audit firms have built upon their licence to audit are of vital public interest. One way in which they can maintain public trust in their brands is by being seen as exemplars of best practice governance.In this context, it is however important to recognise that the governance challenges faced by audit firms are different from those faced by listed companies.

In drawing on aspects of the UK Corporate Governance Code such as the comply or explain approach, the Audit Firm Governanc…