By Using the Accounting Business Process Reengineering Achieve the Fusion of the Financial Report Goals

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "By Using the Accounting Business Process Reengineering Achieve the Fusion of the Financial Report Goals"

Transcription

1 By Using the Accounting Business Process Reengineering Achieve the Fusion of the Financial Report Goals WU Ping Henan Mechanical and Electrical Engineering College, Zhengzhou, Henan, P.R.China Abstract: In our country, the new criteria presented financial reporting goal that has entrusted with the responsibility view and decision-usefulness view, it embody the characteristics of fusion of two views. But, to achieve the two views real fusion, there are some obstacles. This paper puts forward, enterprise may by this method that using ERP system undertake accountant business process reengineering, through the event-driven, the system automatically collect and current affairs report etc, to change accounting information processing, collection and output ways. Ultimate aims, we can improve the quality of accounting information, overcome obstacles appearing in the target fusion, eventually,entrusted with the responsibility view and decision-usefulness view are both be reflected, the two financial report goals are fused. Keywords: Accounting BPR, Financial Report, Goals, Fusion, ERP 1 Instruction Financial accounting purpose is providing useful information for internal and external accounting information users, and helps them to make relevant decisions. Enterprise financial report undertake carrier of information, it is the ultimate result of the accounting recognition and measurement. Therefore, financial report target is very important. IT is the core and soul of the financial accounting system. ERP system is not only new software, but it represents advanced modern enterprise management concepts and management mode. The data of the traditional accounting business process is classified data. In the modern society of the economic globalization and the computer network technology, the accounting information that is provided by traditional accounting process has become more and more difficultly to meet the needs of enterprise management and decision-making. It is not able to realize the new financial report goals. Therefore, we research to realize the financial report goals by accounting BPR in ERP system, which not only has the theoretical significance, but also has a very important practical significance. 2 The views of financial reporting goal Summed up, Enterprise financial report goal has two big views that entrusted with the responsibility view and decision-usefulness view ". In the west, entrusted with the responsibility view has been generated for many years. In the commodity economy society early, enterprise organization form has appeared, but capital market has not formed, capital owner investment options are limited. In this case, the resources fiduciary accept entrustment and manage the delivered resources. Therefore, the fiduciary is responsible for management, to make the commissioned resources as far as possible appreciative. Meanwhile, the fiduciary must assume the duty that report accurately performance process and result(mainly based on financial reports as the means).accordingly, entrusted with the responsibility view puts forward that the principal aim of financial report is provide entrusted with the responsibility performance and results of information for entrusting party. Decision-usefulness view is the product in development of market economy, is a kind of innovation in Financial accounting concept framework (SFACNO. 1) of USA the financial accounting standards board (FASB, 1978). Along with market economy more and more mature, the position of stock market is more and more important. Meanwhile, the company's equity is increasingly diffused, most investors are not interest in the management.they hope to benefit from its accounting information to make 1153

2 investment decisions, to make their investment behavior is more effective. Decision-usefulness view think, financial report goal is provide useful information of the decision for accounting information user, namely accounting shall present and potential for the investors and lenders and other users of the information provided to facilitate its investment and credit policy and other decision information. Decision-usefulness view think that the objective of financial reporting is provide useful accounting information for users. In other words, the accounting should be provide the widely information for the current and potential investors, creditors and other information users. 3 The financial report goal in China Ctually, the two views are not mutually exclusive. The two financial reporting goals can be fused. The international accounting standards board and British ASB are both think that the financial report shall be provide useful information for uses and reflect the execution of accountability for the authorities. In February 2006, China's ministry of finance promulgated new the accounting standards for enterprises - basic standards of specified: "The objective of financial reports is provide the information about enterprise financial position, operating results and cash flows and other relevant accounting information for the users of financial reports, reflect the execution of accountability for the authorities, and help the users of financial reports to make economic decisions." The financial reporting goals that were proposed by the new guidelines achieved convergence with the international accounting standards. At the same time, it balanced entrusted with the responsibility view and decision-usefulness view. It is accepted by more users. But, there are some obstacles in practical work to achieve the fusion of accounting report goals. 4 Existing barriers 4.1 Select the information are different According to the point of entrusted with the responsibility view, the users generally require information providers to provide the information on the fulfillment of fiduciary duty. The business activity is a process with cash flow, logistics and information flow, but due to the traditional accounting system structure, the accountants only collect the data that affect financial statements. They only collect the date of cash flow. During the business activities, the date of logistics and information flow generally will not be considered by accountants. Entrusted with the responsibility view, set out from the standpoint of the information users, request for the useful information on the investment strategy. In today's global business environment, the investment strategy of large-scale accounting information user has been diversified and personalized. Administrator, investors and related interest groups hope can get the latest information on enterprise through online at any time, so as to make the right business decision-making, reduce risk. On the side, investors both value accounting information also value the non-financial information. Investors both value operating results also value enterprise background and forward-looking information. They hope that information is timeliness, forecasting value and feedback value, but also pay close attention to the future cash flow and enterprise other relevant information. To compare accounting information quantity and accuracy: the former thinks accounting information should be precise and reliable, the latter emphasizes accounting information should be more and permit a deviation. To compare accounting information quality: the former emphasizes reliability, the latter emphasize relativity. To compare accounting information measurement and pattern choice: the former advocated single historical cost measurement and the historical cost model, the latter claims multiple account measurement model, for example the present value of the future cash flow, net realizable value, fair value etc. By comparing, we can see all the quality of accounting information hard to meet all the requirements in different target, they inevitably has the stress. To realize the fusion of financial report goals, we need to coordinate the acquisition modes of accounting information. 4.2 The impact of the traditional accounting business process 1154

3 The traditional accounting business process is based on the concept of accounting target entrusted with the responsibility to be made. It is a sequence of based on the theory of labor division. The business process of account strictly accord to "fill the vouchers -- registration books-- prepare financial statements ". The traditional financial accounting business process has the following characteristics: first, the accounting information system is an open loop system and the accounting information is generated from accounting raw data in the accounting information system.the date is unidirectional. Second, the accounting information user gets accounting information that is processed with high comprehensive. Third, in accounting business processes, the mistake of any link could affect the entire accounting information processing. Fourth, the kind of information only embodies the accounting information of each business capital flows, the content of accounting information is single. Fifth, the traditional accounting business process plays a role, but it reduces the timeliness of accounting report. The system of computerized accounting information has replaced manual operation, but the account process automation is only manual accounting work without reservation. Most computerization software is one accounting system that is decomposed into relatively independent modules, under every module, it is subdivided again. The accounting data is lag and scattered. The traditional accounting processes can not change the traditional accounting information system structure, and not eliminate its shortcomings. Obviously, today, the traditional accounting simply report to perform responsibility, it can't meet the needs of various users.to realize fusion of the financial report goals, the traditional accounting business process must conform to the trend of the times, is rebuild in ERP system. 5 Use Accounting BPR to achieve the fusion of financial report goals 5.1 Accounting BPR in ERP system Accounting business process reengineering can be achieved in a systematic transformation method in ERP environment.accounting business process reengineering which is driven by the decision model is to greatly improve the relevance, timeliness and cost-efficiency of accounting information according to the shortages and lacks in the traditional way. It works for accounting business processing, on a basis of decision model, network database and computer techniques, aiming at reporting standard source data and meeting information demands of the user s. 5.2 The change of accounting information after Accounting BPR The collection accounting information will be more comprehensive and efficient The accounting department is unattached with the other management departments in traditional accounting business process, so does the information system.that results in repeated input of the data by accounting or other department when economic business occurs, what is worse, most of the information manual-collected by accounting personnel in a traditional way is usually used for afterwards controls, for it is incomplete or not-just-in-time. The accounting business process reengineering in ERP system fully takes the advantages of information technology collecting information automatically in a systematic way to make up the not-just-in-time service of the information, repeated records of data and low access to sharing in the traditional way. The main principle is to establish it on a foundation of the enterprise s LAN, linking accounting information system with other subsidiary management systems of the enterprise by network technology.the raw data will be input in a certain code entry by business apartment and stored in the globally shard database when a business event happens. Accounting apartment can draw the raw data from the globally shared database directly and process it further.using network techniques to realize the collection of accounting information can not only reduce the labor intensity of accounting personnel but also dramatically improve the quantity and coverage and efficiency of accounting data gathering,which ensures the length and depth of financial overlook, thus accounting department will achieve real-time monitoring business and raw documents to ensure the consistence The information will be more accurate and relevant after process reengineering Traditional accounting business process based on data entry of accounting vouchers aims at afterwards reflection instead of supporting advance budget, course control and subsequent evaluation through 1155

4 information technology, which is far form the demand of the enterprise. Therefore, the traditional accounting business process is in a great demand to be replaced by information processing process based on Even Driven, the raw data will be collected by management subsystems, transferred by enterprise network in a certain code entry and stored in business events database immediately when events happen. The raw data in business events database needs to be further processed and feedback to the user by a corresponding information processing procedure which can be started by a certain processing code when the user wants to draw some information form the system. Not all accounting vouchers will be made out by accounting personnel after process reengineering.when it comes to a business event, the information input by the relevant personnel according to each module of ERP system will be stored in a business events database. When the enterprise conducts business, the multiple event-driven programs will be real-time triggered the business event information will be transmitted to the financial module by conducting business rules and information processing regulations,and real-time integrated information will be generated. The accounting vouchers will be produced in the general ledger module automatically to ensure the synchronous generation of logistics, cash flow, and information flow. Obviously, event-driven accounting information can better meet the demands of information of user s and create a bigger value for enterprise The output of accounting information will be timelier, flexible and diversified after process reengineering. The fundamental shortage of the traditional accounting business process is that cash flow reflected by financial report lags logistics information and accounting is in a lack of timeliness and that financial information and non-financial information fails to separate from each other. The read-time information in ERP system is a development and innovation of the traditional accounting. The accounting business process after reengineering in ERP system can be extended to every business apartment from financial apartment through network technology to pay attention to business happened in each department, and information will be classified and stored according to different features for preparation. That will help accounting personnel to get and process information in time and correctly through accounting real-time process system, realizing the dynamic and real-time processing. That design can also realize the disclosure diversification by well-roundly reflecting historical information and real-time information and forecasting further information. It will replace the original regularly report mode by real-time report mode and provide person related with quicker and wider accounting information according to real-time control. 5.3 Accounting information after Accounting BPR will contribute to the fusion of financial report goals The change of accounting information after process reengineering will contributes more to unit and fuse of the kinds of financial reported goals. Firstly, the accounting business process reengineering has settled the problem that periodicity can not meet the demand of making decisions in time.it has improved the situation that cash flow lags material information and has ensured that the records of cash flow and logistics are consistent with the data.the replacement of static accounting business process by the dynamic one realize the real-time monitoring, real-time decisions and synchronous management of related apartments. Secondly, the business process reengineering has increased the accounting business ability of the enterprise. It has greatly improved the quality of information, successfully reduces the fault resource and ensured the coverage and accuracy of the accounting data. At the same time, it has ensured the sharing and exchange of the data. All kinds of data and information can be got from the database and it can help the user to have an eye on the dynamic market, to catch the opportunity and to mark correct decisions. Thirdly, the accounting information after BPR affords remote reimbursement, remote statements, remote audits, online payment, online tax, online purchasing and online sales etc. It can dramatically enhance the ability of accounting data process and improve the value of accounting information by generating dynamic accounting reports which reflect the enterprise operation and the condition of finance in the first time. Meanwhile the accounting information has been extended in width and depth; the network can 1156

5 provide the user with information about analysis processing of accounting and non-accounting data, such as settings of an enterprise, information about management personnel and stockholders etc. Therefore, accounting information will be more compressive and rich. 6 Conclusion Anyway, the accounting business process reengineering in ERP system plays fully advantage of information technology makes up the shortages the tradition way according to the limitations and disagreements on accounting information of different views in traditional business processes. Thus fundamentally changes the traditional mode of accounting reports. It can not only provide the client with the condition or result of the conduction of the responsibility, but also offer present or potential investors, creditors or other users information which is helpful for their decisions. The information will be more practical, relevant, timely and interactive through accounting business process reengineering in ERP system, thus resulting in a transformation of new financial report goals and the fusion of the financial report goals that entrusted with the responsibility view and decision-usefulness view. References [1]. Ziaul Huq; Faizul Huq; Ken Cutright BPR through ERP: Avoiding change management pitfalls Journal Of Change Management[J] :63-65 [2]. The ministry of finance accounting company group. Enterprise accounting standards explained [M]. People's publishing house.2006:26-35(in Chinese) [3]. Roger Debreceny; Glen L Gray. The Production and Use of Semantically Rich Accounting Reports on the Internet: XML and XBRL International Journal of Accounting Information Systems [J].2009(2):

The Construction of SME Accounting Information System

The Construction of SME Accounting Information System The Construction of SME Accounting Information System LIU Zhihua School of Business Administration, Jiangxi University of Finance and Economics, P.R. China, 330013 jethro@163.com Abstract: SMEs have become

More information

Research of Enterprise Accounting Information System Internal Control Based on ERP. Huiyin Zheng

Research of Enterprise Accounting Information System Internal Control Based on ERP. Huiyin Zheng International Conference on Management Science, Education Technology, Arts, Social Science and Economics (MSETASSE 2015) Research of Enterprise Accounting Information System Internal Control Based on ERP

More information

The Reengineering of Enterprise Financial Management Process in ERP. System

The Reengineering of Enterprise Financial Management Process in ERP. System 3rd International Conference on Management, Education, Information and Control (MEICI 2015) The Reengineering of Enterprise Financial Management Process in ERP System Xiao Fuzhou and Ying Liu JiangXi University

More information

Design & Implementation about Mining Enterprise EAM (Enterprise Asset Management) System

Design & Implementation about Mining Enterprise EAM (Enterprise Asset Management) System Design & Implementation about Mining Enterprise EAM (Enterprise Asset Management) System Wang Huan, Li Changliang, Wang Dianlong Anshan Iron and Steel Group Corporation Mining Industry Company Abstract:

More information

Study on ERP-Based Cost Control in SME

Study on ERP-Based Cost Control in SME Study on ERP-Based Cost Control in SME ZHANG Qingwei 1, LI Ziyao 2 1. HENAN Electric Power Training Center, P.R.CHINA, 450052 2. Economic and Management School, Zhongyuan University of Technology, P.R.CHINA,

More information

Critical Factors of ERP Implementation in Nation s Small and Medium-Sized Enterprises

Critical Factors of ERP Implementation in Nation s Small and Medium-Sized Enterprises Critical Factors of ERP Implementation in Nation s Small and Medium-Sized Enterprises DONG Demin School of Economic and Management, ShaoXing University, P.R.China, 312000 ddm6411@163.com Abstract Previously,

More information

Research and Design of Management Information System Based on Infrastructure Projects

Research and Design of Management Information System Based on Infrastructure Projects Research and Design of Management Information System Based on Infrastructure Projects Yan Shikai School of Management Shanghai University of Engineering Science P.R. China Abstract In infrastructure project

More information

Analysis of Inventory Management in China Enterprises

Analysis of Inventory Management in China Enterprises Analysis of Inventory Management in China Enterprises JIAO Jianling, LI Kefei School of Accounting, Hebei University of Economics and Business, China, 050061 jeanjiao@tom.com Abstract: Inventory management

More information

The Beginners Guide to ERP for Food Processors

The Beginners Guide to ERP for Food Processors The Beginners Guide to ERP for Food Processors Technically, ERP stands for Enterprise Resource Planning software, but really it could stand for Everything Right & Profitable or Easier Realized Profits.

More information

Analysis on the Electronic Business Enterprise Supply Chain Management Optimization. Ningning Pan

Analysis on the Electronic Business Enterprise Supply Chain Management Optimization. Ningning Pan International Conference on Management Science, Education Technology, Arts, Social Science and Economics (MSETASSE 2015) Analysis on the Electronic Business Enterprise Supply Chain Management Optimization

More information

On Bill of Knowledge Resources during ERP Implementation

On Bill of Knowledge Resources during ERP Implementation On Bill of Knowledge Resources during ERP Implementation Jiagui Zhong, Hui Li, Yanhui Chen and Yang Wu School of Information, Renmin University of China, Beijing 100872, P.R. China zhongjg@ruc.edu.cn lihui504819@sina.com

More information

Food Safety Control from the Perspective of Supply Chain

Food Safety Control from the Perspective of Supply Chain International Conference on Education Technology and Economic Management (ICETEM 2015) Food Safety Control from the Perspective of Supply Chain Weiyan Xie Guangxi Vocational College of Technology and Business,

More information

Research on Operation Management under the Environment of Cloud Computing Data Center

Research on Operation Management under the Environment of Cloud Computing Data Center , pp.185-192 http://dx.doi.org/10.14257/ijdta.2015.8.2.17 Research on Operation Management under the Environment of Cloud Computing Data Center Wei Bai and Wenli Geng Computer and information engineering

More information

Research on the Factor Analysis and Logistic Regression with the Applications on the Listed Company Financial Modeling.

Research on the Factor Analysis and Logistic Regression with the Applications on the Listed Company Financial Modeling. 2nd International Conference on Social Science and Technology Education (ICSSTE 2016) Research on the Factor Analysis and Logistic Regression with the Applications on the Listed Company Financial Modeling

More information

Research on MIS Design for Real Estate Company

Research on MIS Design for Real Estate Company Research on MIS Design for Real Estate Company Zilei Liu Business School, University of Shanghai for Science and Technology Shanghai, China Li Chen (Corresponding author) Business School, University of

More information

Electronics Manufacturer MCE, Inc. Relies On Fitrix ERP To Fuel Growth

Electronics Manufacturer MCE, Inc. Relies On Fitrix ERP To Fuel Growth Electronics Manufacturer MCE, Inc. Relies On Fitrix ERP To Fuel Growth Implementation of management and planning solution increases productivity and reduces costs August 7, 2013. Our continued growth hinged

More information

The Analysis on Employability Gap of Students in China Vocational-Technical School and Its Causes

The Analysis on Employability Gap of Students in China Vocational-Technical School and Its Causes The Analysis on Employability Gap of Students in China Vocational-Technical School and Its Causes WANG Ting Business School of China University of Political Science and Law, Beijing, P.R.China, 102249

More information

Three Reasons to Integrate ERP and HCM. White Paper

Three Reasons to Integrate ERP and HCM. White Paper Three Reasons to Integrate ERP and HCM White Paper Table of Contents Three Reasons to Integrate ERP and HCM 3 1. Unified Data Wins 3 Releasing the Power of Unified Data 3 2. Employee-Driven Workflows Matter

More information

ANALYSIS OF VALUE-ADDED PROCESS BASED ON CUSTOMER-ORIENTED DESIGN IN LOGISTICS

ANALYSIS OF VALUE-ADDED PROCESS BASED ON CUSTOMER-ORIENTED DESIGN IN LOGISTICS International Journal of Innovative Management, Information & Production ISME International c 2014 ISSN 2185-5455 Volume 5, Number 3, December 2014 PP. 19-23 ANALYSIS OF VALUE-ADDED PROCESS BASED ON CUSTOMER-ORIENTED

More information

Integration of B2B E-commerce and ERP in Manufacturing Enterprise and. its Application. Cai Ting 1 ; Liu Lei 2

Integration of B2B E-commerce and ERP in Manufacturing Enterprise and. its Application. Cai Ting 1 ; Liu Lei 2 3rd International Conference on Management, Education, Information and Control (MEICI 2015) Integration of B2B E-commerce and ERP in Manufacturing Enterprise and its Application Cai Ting 1 ; Liu Lei 2

More information

Accounting and Management Information Systems Course Descriptions

Accounting and Management Information Systems Course Descriptions Accounting and Management Information Systems Course Descriptions Accounting Course Descriptions ACCT 110 Introduction to Financial Accounting This introductory course to financial accounting aims to develop

More information

Customer Relationship Management (CRM) Implementation in China: A Case Study of Legend Group

Customer Relationship Management (CRM) Implementation in China: A Case Study of Legend Group Customer Relationship Management (CRM) Implementation in China: A Case Study of Legend Group Jun Wu School of Economics and Management, Beijing University of Posts and Telecommunications, Beijing 100876,

More information

How to Carry Out Internet Marketing for Small and Medium-Sized Enterprises

How to Carry Out Internet Marketing for Small and Medium-Sized Enterprises How to Carry Out Internet Marketing for Small and Medium-Sized Enterprises LIU Xuehua, DONG Shuoling Hebei Normal University of Science & Technology, China, 066004 Abstract: The Marketing of SMEs in China

More information

Internal Control Systems

Internal Control Systems Business and Information Process Rules, Risks, and Controls Internal Control Systems Internal controls encompass a set of rules, policies, and procedures an organization implements to provide reasonable

More information

THE CONTRACT FOR SINO-FOREIGN EQUITY JOINT VENTURE

THE CONTRACT FOR SINO-FOREIGN EQUITY JOINT VENTURE THE CONTRACT FOR SINO-FOREIGN EQUITY JOINT VENTURE Chapter 1 General Provisions In accordance with the Law of the People s Republic of China on Joint Ventures Using Chinese and Foreign Investment (the

More information

A Research on the Integration Between ERP System and ABCM

A Research on the Integration Between ERP System and ABCM A Research on the Integration Between ERP System and ABCM Ying He School of Economics and Management, Beijing University of Post and Telecommunications, Beijing 100876, P.R. China Heyingcn2001@yahoo.com.cn

More information

The Application of Financial Analysis in Business Management

The Application of Financial Analysis in Business Management Open Journal of Business and Management, 2016, 4, 471-475 Published Online July 2016 in SciRes. http://www.scirp.org/journal/ojbm http://dx.doi.org/10.4236/ojbm.2016.43048 The Application of Financial

More information

One Continuous Auditing Practice in China: Data-oriented Online Auditing(DOOA)

One Continuous Auditing Practice in China: Data-oriented Online Auditing(DOOA) One Continuous Auditing Practice in China: Data-oriented Online Auditing(DOOA) Wei Chen, Jin-cheng Zhang, and Yu-quan Jiang Nanjing Audit University, Nanjing, Jiangsu 210029, China chenweich@nau.edu.cn

More information

On calculation of enterprise logistics cost with project accounting function of financial software

On calculation of enterprise logistics cost with project accounting function of financial software ISSN 1816-6075 (Print), 1818-0523 (Online) Journal of System and Management Sciences Vol. 1 (2011) No. 4, pp. 71-82 On calculation of enterprise logistics cost with project accounting function of financial

More information

Chinese Local Government Performance Appraisal Based on KPI

Chinese Local Government Performance Appraisal Based on KPI 2011 International Conference on Information Management and Engineering (ICIME 2011) IPCSIT vol. 52 (2012) (2012) IACSIT Press, Singapore DOI: 10.7763/IPCSIT.2012.V52.3 Chinese Local Government Performance

More information

ACC 561 ASSIGNMENT WEEK 1 PRACTICE QUIZ NEW

ACC 561 ASSIGNMENT WEEK 1 PRACTICE QUIZ NEW ACC 561 Assignment: Week 1 Practice Quiz To purchase this material click below link ttp://www.assignmentcloud.com/acc-561/acc-561-week-1-assignment-practice-qui Multiple Choice Question 41 The proprietorship

More information

Research on the integrated design strategy of green building

Research on the integrated design strategy of green building Research on the integrated design strategy of green building Yang WANG 1,Ping Qing ZHANG 2 1 Yantai Nanshan University Longkou, Shandong, China 2 Yantai Nanshan University Longkou, Shandong, China Abstract:

More information

MODERN EDUCATION TECHNOLOGY WITH CREATIVITY OF CONTINUING EDUCATION

MODERN EDUCATION TECHNOLOGY WITH CREATIVITY OF CONTINUING EDUCATION MODERN EDUCATION TECHNOLOGY WITH CREATIVITY OF CONTINUING EDUCATION Luo Long, Liang Zhaohui, Wu Gengsheng, Yang Xiaoqin Continuing Education School of Tsinghua University 100084 Beijing, China jyxyluol@tsinghua.edu.cn

More information

Department of Management and Law FINANCIAL REPORTING. Lesson 1. Sandro Brunelli, Ph.D. Slide 1-1

Department of Management and Law FINANCIAL REPORTING. Lesson 1. Sandro Brunelli, Ph.D. Slide 1-1 Department of Management and Law FINANCIAL REPORTING Lesson 1 Sandro Brunelli, Ph.D. brunelli@economia.uniroma2.it 1-1 1-2 ACTIVITIES OF THE FIRM, FINANCIAL REPORTING AND ACCOUNTING STANDARDS Firms as

More information

Web Services Application in Information Sharing of Supply Chain in SMB

Web Services Application in Information Sharing of Supply Chain in SMB Web Services Application in Information Sharing of Supply Chain in SMB ZHU Weiping 1, SHAO Liangshan 1.College of Management, China Institute of Metrology, Hangzhou, Zhejiang 310018, China. Liaoning Technical

More information

Analysis of Defects in Financial Accounting Management of Construction Enterprises and Corresponding Strategies

Analysis of Defects in Financial Accounting Management of Construction Enterprises and Corresponding Strategies Send Orders for Reprints to reprints@benthamscience.ae 1218 The Open Cybernetics & Systemics Journal, 2015, 9, 1218-1222 Open Access Analysis of Defects in Financial Accounting Management of Construction

More information

James A. Hall Chapter Accounting Information Systems, 4th. Ed. The Information System THE INFORMATION SYSTEM: AN ACCOUNTANT S PERSPECTIVE

James A. Hall Chapter Accounting Information Systems, 4th. Ed. The Information System THE INFORMATION SYSTEM: AN ACCOUNTANT S PERSPECTIVE CHAPTER THE INFORMATION SYSTEM: AN ACCOUNTANT S PERSPECTIVE Many readers are exploring these study notes as part of a college or university course named accounting information systems. There is often a

More information

Multi-Vendor Price Verification & Validation as a Service

Multi-Vendor Price Verification & Validation as a Service Delivering: Fair Value Pricing (ASC 820, IFRS 13) Risk Data Aggregation (BCBS 239) Data Governance & Audit Compliance Business Requirement Pricing is at the heart of every financial services firm and has

More information

Accounting for Multiple Entities

Accounting for Multiple Entities King Saud University College of Administrative Science Department of Accounting 2 nd Semester, 1426-1427 Accounting for Multiple Entities Chapter 15 Prepared By: Eman Al-Aqeel Professor : Dr: Amal Fouda

More information

1) A complete SCM solution includes customers, service providers and partners. Answer: TRUE Diff: 2 Page Ref: 304

1) A complete SCM solution includes customers, service providers and partners. Answer: TRUE Diff: 2 Page Ref: 304 Enterprise Systems for Management, 2e (Motiwalla/Thompson) Chapter 11 Supply Chain Management 1) A complete SCM solution includes customers, service providers and partners. Diff: 2 Page Ref: 304 2) SCM

More information

Integrated Analysis of the Statement of Cash Flows

Integrated Analysis of the Statement of Cash Flows Integrated Analysis of the Statement of Cash Flows YAN Huahong Capital University of Economics and Business, 100028 yanhuahong@263.net Abstract: Starting with the structural analysis of the statement of

More information

The more intelligent solution for greater transparency SIMATIC Plant Intelligence. simatic

The more intelligent solution for greater transparency SIMATIC Plant Intelligence. simatic The more intelligent solution for greater transparency SIMATIC Plant Intelligence simatic PLANT INTELLIGENCE 1 SIMATIC Plant Intelligence greater transparency from the machine to the enterprise level Increasing

More information

CORPORATE GOVERNANCE AND THE ROLE OF MANAGEMENT. Dr. Tariq Hassan

CORPORATE GOVERNANCE AND THE ROLE OF MANAGEMENT. Dr. Tariq Hassan CORPORATE GOVERNANCE AND THE ROLE OF MANAGEMENT Dr. Tariq Hassan Dr. Ishrat Husain, Honorable Governor, State Bank of Pakistan Mr. Javed Iqbal, President, Management Association of Pakistan Distinguished

More information

Performance Management Systems: Conceptual Modeling

Performance Management Systems: Conceptual Modeling 2011 International Conference on Economics and Business Information IPEDR vol.9 (2011) (2011) IACSIT Press, Bangkok, Thailand Performance Management Systems: Conceptual Modeling Dmitry Isaev Business Analytics

More information

A Framework of Information Management System for Construction Projects

A Framework of Information Management System for Construction Projects A Framework of Information Management System for Construction Projects Ma Zhiliang and Qin Liang Department of Civil Engineering, Tsinghua University, Beijing 100084 (mazl@tsinghua.edu.cn; ql01@mails.tinsghua.edu.cn)

More information

The Methodology presented is a short public version.

The Methodology presented is a short public version. April 2015, Frankfurt am Main. METHODOLOGY FOR ASSIGNING CORPORATE CREDIT RATINGS (NON- FINANCIAL NON-HOLDING COMPANIES) SHORT VERSION 1. General definitions The Methodology presented is a short public

More information

Virtual Stock Market Game Glossary

Virtual Stock Market Game Glossary Virtual Stock Market Game Glossary American Stock Exchange-AMEX An open auction market similar to the NYSE where buyers and sellers compete in a centralized marketplace. The AMEX typically lists small

More information

The Digital Mine Concept and perspectives

The Digital Mine Concept and perspectives The Digital Mine Concept and perspectives PSI Production GmbH, Aschaffenburg, Germany Table of Content 1. Introdu ctio n... 3 2. Targets o f a Digital Mine... 6 3. Main co ntrol fun ction s of th e Digital

More information

The Integration of Management and Control System in Guizhou Qingzhen Power Plant

The Integration of Management and Control System in Guizhou Qingzhen Power Plant The Integration of Management and Control System in Guizhou Qingzhen Power Plant With the economical developments and deepening of the economic reform, the electric power industry of China has been developing

More information

Basic Concepts of Accounting Subsidiary Subsidiary Special Special Inform Infor a m tion Ledgers Ledger Journals Jour Systems

Basic Concepts of Accounting Subsidiary Subsidiary Special Special Inform Infor a m tion Ledgers Ledger Journals Jour Systems COMPUTERIZED ACCOUNTING SYSTEMS Basic Concepts of Accounting Information Systems Subsidiary Ledgers Special Journals Computerized accounting systems Manual accounting systems Example Advantages Sales journal

More information

Operations Management and the Integrated Manufacturing Facility

Operations Management and the Integrated Manufacturing Facility March 2010 Page 1 and the Integrated Manufacturing Facility This white paper provides a summary of the business value for investing in software systems to automate manufacturing operations within the scope

More information

Construction Economics & Finance. Module 6. Lecture-1

Construction Economics & Finance. Module 6. Lecture-1 Construction Economics & Finance Module 6 Lecture-1 Financial management: Financial management involves planning, allocation and control of financial resources of a company. Financial management is essential

More information

STUDY ON MANAGEMENT INFORMATION SYSTEM, ITS COMPONENTS AND IMPLEMENTATION PROCESS

STUDY ON MANAGEMENT INFORMATION SYSTEM, ITS COMPONENTS AND IMPLEMENTATION PROCESS STUDY ON MANAGEMENT INFORMATION SYSTEM, ITS COMPONENTS AND IMPLEMENTATION PROCESS Ms. Supriya Mahajan 1, Mr. Vansh Raheja 2 1 M.Phil Research Scholar, Department of Management, Lovely Professional University,

More information

Fourth Quarter 2015. Questions and Answers

Fourth Quarter 2015. Questions and Answers Fourth Quarter 2015 Questions and Answers Forward-Looking Statements This document may contain forward-looking information and statements about ArcelorMittal and its subsidiaries. These statements include

More information

Position Classification Flysheet for Inventory Management Series, GS-2010. Table of Contents

Position Classification Flysheet for Inventory Management Series, GS-2010. Table of Contents Position Classification Flysheet for Inventory Management Series, GS-2010 Table of Contents SERIES DEFINITION... 2 EXCLUSIONS... 2 OCCUPATIONAL INFORMATION... 2 TITLES... 6 GRADING POSITIONS... 6 U.S.

More information

Boosting SMEs with Better and Innovative Financing Services

Boosting SMEs with Better and Innovative Financing Services ISSN 1816-6075 (Print), 1818-0523 (Online) Journal of System and Management Sciences Vol. 4 (2014) No. 2 Boosting SMEs with Better and Innovative Financing Services Wei Liu 1 1 Department of Integrated

More information

Business Process Automation through Application Software

Business Process Automation through Application Software 5 Business Process Automation through Application Software 5.1 Introduction The speed of automation of all activities, whether they be connected to business directly or not has surprised the stakeholders

More information

project management product sheet

project management product sheet product sheet project management Managing the Full Project Workflow To improve project profitable your ERP solution should support all stages of the project life cycle; from presales over project execution

More information

Inventory Management: Genesis Inventory Plus +

Inventory Management: Genesis Inventory Plus + Inventory Management: Genesis Inventory Plus + Genesis Inventory Plus + in addition to Oracle Inventory: For a perfect experience in Inventory Management Whitepaper Informative document, January 2013 Table

More information

Construction of China s Publishing Enterprise Agile Supply Chain

Construction of China s Publishing Enterprise Agile Supply Chain Construction of China s Publishing Enterprise Agile Supply Chain Mei juan Zhang 1, Yun Cai 2, Xiang Hui Yang 2 1 Zhang Mei Juan, Dr., associate professor, School of Information Management of Wuhan University,

More information

Summary of Significant Differences between Japanese GAAP and U.S. GAAP

Summary of Significant Differences between Japanese GAAP and U.S. GAAP Summary of Significant Differences between Japanese GAAP and U.S. GAAP The consolidated financial statements of SMFG and its subsidiaries presented in this annual report conform with generally accepted

More information

Measuring Financial Performance: A Critical Key to Managing Risk

Measuring Financial Performance: A Critical Key to Managing Risk Measuring Financial Performance: A Critical Key to Managing Risk Dr. Laurence M. Crane Director of Education and Training National Crop Insurance Services, Inc. The essence of managing risk is making good

More information

Real Estate Asset Management. Alexander Bosak Bernhard Mayer Hubert Vögel

Real Estate Asset Management. Alexander Bosak Bernhard Mayer Hubert Vögel Real Estate Asset Management Alexander Bosak Bernhard Mayer Hubert Vögel Real Estate Asset Management Publishers: Alexander Bosak Bernhard Mayer Hubert Vögel Published by: Europe Real Estate Publishers

More information

The study on the Human Resource Management of the Logistics Enterprises Based On the Competency Model

The study on the Human Resource Management of the Logistics Enterprises Based On the Competency Model , The study on the Human Resource Management of the Logistics Enterprises Based On the Competency Model You Chun Li Yanping School of Economics and Management Wu Han University,Luojia Mountain, Hubei,P.R.China,430072

More information

April 2006. Comment Letter. Discussion Paper: Measurement Bases for Financial Accounting Measurement on Initial Recognition

April 2006. Comment Letter. Discussion Paper: Measurement Bases for Financial Accounting Measurement on Initial Recognition April 2006 Comment Letter Discussion Paper: Measurement Bases for Financial Accounting Measurement on Initial Recognition The Austrian Financial Reporting and Auditing Committee (AFRAC) is the privately

More information

Corporate Governance. R esponse. T arget. A ddress. M anagement

Corporate Governance. R esponse. T arget. A ddress. M anagement S trategy M anagement A ddress R esponse T arget Enforcement of Ethical Business Practices Risk and Crisis Management Code of Conduct Ethical Corporate Culture Strengthening Transparency and Management

More information

Framework model on enterprise information system based on Internet of things

Framework model on enterprise information system based on Internet of things International Journal of Intelligent Information Systems 2014; 3(6): 55-59 Published online December 22, 2014 (http://www.sciencepublishinggroup.com/j/ijiis) doi: 10.11648/j.ijiis.20140306.11 ISSN: 2328-7675

More information

ERP s Automated Workflows Deploy Advanced Business Processes

ERP s Automated Workflows Deploy Advanced Business Processes ERP s Automated Workflows Deploy Advanced Business Processes Abstract A company s sustainable competitive advantage derives, in part, from its capacity to act on new information quickly. Workflow technology

More information

ADR for Computer Software Transactions - The Types, Causes and Measures for Prevention of Disputes Involving Software Development -

ADR for Computer Software Transactions - The Types, Causes and Measures for Prevention of Disputes Involving Software Development - ADR for Computer Software Transactions - The Types, Causes and Measures for Prevention of Disputes Involving Software Development - Kanichi Oishi Mediation Commissioner Civil Cases Department 22 Tokyo

More information

RESEARCH OF ERP APPLICATION PROSPECTS AND ITS IMPLEMENTATION AT CHINESE SMEs

RESEARCH OF ERP APPLICATION PROSPECTS AND ITS IMPLEMENTATION AT CHINESE SMEs RESEARCH OF ERP APPLICATION PROSPECTS AND ITS IMPLEMENTATION AT CHINESE SMEs Thesis Yang Yang Degree Programme in Industrial Management International Marketing Management SAVONIA UNIVERSITY OF APPLIED

More information

ACS-1803 Introduction to Information Systems. Functional Area Systems. Lecture 4

ACS-1803 Introduction to Information Systems. Functional Area Systems. Lecture 4 ACS-1803 Introduction to Information Systems Instructor: David Tenjo Functional Area Systems Lecture 4 1 Overview Overview of Functional Areas in the organization Functional Area: Accounting Accounting

More information

INTERNATIONAL AUDITING PRACTICE STATEMENT 1012 AUDITING DERIVATIVE FINANCIAL INSTRUMENTS

INTERNATIONAL AUDITING PRACTICE STATEMENT 1012 AUDITING DERIVATIVE FINANCIAL INSTRUMENTS INTERNATIONAL AUDITING PRACTICE STATEMENT 1012 AUDITING DERIVATIVE FINANCIAL INSTRUMENTS (This Statement is effective) CONTENTS Paragraph Introduction... 1 Derivative Instruments and Activities... 2 7

More information

Final report summary

Final report summary Final report summary The evaluation research on the status of preparation of local government units to apply for funding from the Regional Operational Program (ROP) for Lower Silesia Voivodship 2007 2013

More information

Appendix O MANUFACTURING YOUTH APPRENTICESHIP PRODUCTION OPERATIONS MANAGEMENT PATHWAY PRODUCTION OPERATIONS MANAGEMENT (UNIT 8)

Appendix O MANUFACTURING YOUTH APPRENTICESHIP PRODUCTION OPERATIONS MANAGEMENT PATHWAY PRODUCTION OPERATIONS MANAGEMENT (UNIT 8) Appendix O MANUFACTURING YOUTH APPRENTICESHIP PRODUCTION OPERATIONS MANAGEMENT PATHWAY PRODUCTION OPERATIONS MANAGEMENT (UNIT 8) Pathway: (Unit 8) PAGE 1 OF 17 Unit 8: Pathway 1. Assist to purchase materials

More information

Study on Integration Management and Control System of Port Cranes *

Study on Integration Management and Control System of Port Cranes * Intelligent Information Management, 2012, 4, 80-84 http://dx.doi.org/10.4236/iim.2012.43012 Published Online May 2012 (http://www.scirp.org/journal/iim) Study on Integration Management and Control System

More information

THE PATH TO STRATEGIC ASSET MANAGEMENT Best Practices for Fixed Assets Technology Integration. >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> White Paper

THE PATH TO STRATEGIC ASSET MANAGEMENT Best Practices for Fixed Assets Technology Integration. >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> White Paper THE PATH TO STRATEGIC ASSET MANAGEMENT Best Practices for Fixed Assets Technology Integration >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> White Paper Introduction With fixed assets representing a significant

More information

Research of Sales Contract Management System Based on WEB

Research of Sales Contract Management System Based on WEB Computer and Information Science February, 2009 Research of Sales Contract Management System Based on WEB Hualun Lai Business School Tel:86-21-5527-1343 E-mail: laihl@usst.edu.cn Liangwei Zhong CAD center

More information

Path Selection of China s Small and Medium-Sized Enterprises to Avoid ERP Black Hole

Path Selection of China s Small and Medium-Sized Enterprises to Avoid ERP Black Hole Path Selection of China s Small and Medium-Sized Enterprises to Avoid ERP Black Hole Dong Li-min College of Economy, Huazhong Normal University, Wuhan Hubei, 430079 Abstract:In the information era, China

More information

Performance Element: Compare stocks, bonds, and commodities to determine advantages.

Performance Element: Compare stocks, bonds, and commodities to determine advantages. PATHWAY: Financial & Investment Planning Pathway Topic: Product Knowledge Pathway KS Statement: Examine characteristics to distinguish between stocks, bonds, and commodities. Performance Element: Compare

More information

The Research on E-commerce Applied in Real Estate Enterprises

The Research on E-commerce Applied in Real Estate Enterprises 2012 International Conference on Innovation and Information Management (ICIIM 2012) IPCSIT vol. 36 (2012) (2012) IACSIT Press, Singapore The Research on E-commerce Applied in Real Estate Enterprises Lv

More information

Operation and Maintenance Management Strategy of Cloud Computing Data Center

Operation and Maintenance Management Strategy of Cloud Computing Data Center , pp.5-9 http://dx.doi.org/10.14257/astl.2014.78.02 Operation and Maintenance Management Strategy of Cloud Computing Data Center Wei Bai 1, Wenli Geng 1 1 Computer and information engineering institute

More information

Information Systems in the Enterprise

Information Systems in the Enterprise Chapter 2 Information Systems in the Enterprise 2.1 2006 by Prentice Hall OBJECTIVES Evaluate the role played by the major types of systems in a business and their relationship to each other Describe the

More information

Accounting as a profession and Accounting Information System. Pr. SAMLAL Zoubida, MBA, CFA & PHD candidate for HBS program

Accounting as a profession and Accounting Information System. Pr. SAMLAL Zoubida, MBA, CFA & PHD candidate for HBS program Accounting as a profession and Accounting Information System Pr. SAMLAL Zoubida, MBA, CFA & PHD candidate for HBS program ACCOUNTING INFORMATION CHARACTERISTICS OF ACCOUNTING INFORMATION Accounting information

More information

When Assessing CANTIER Manufacturing ERP Software, BENEFIT comes 1 st while COST should only be Secondary

When Assessing CANTIER Manufacturing ERP Software, BENEFIT comes 1 st while COST should only be Secondary When Assessing CANTIER Manufacturing ERP Software, BENEFIT comes 1 st while COST should only be Secondary ERP is an investment in more than just technology. It is investment in the business and its people.

More information

[ 2 ] Basic Securitization Structure. [ 1 ] Securitization and Monetization. Ⅰ Basic Structure of Real Estate Securitization. Structured finance

[ 2 ] Basic Securitization Structure. [ 1 ] Securitization and Monetization. Ⅰ Basic Structure of Real Estate Securitization. Structured finance Ⅰ Basic Structure of Real Estate Securitization [ 1 ] Securitization and Monetization Asset securitization is where a financial institution or other business that owns assets places those assets in a structure

More information

The Application Research of Ant Colony Algorithm in Search Engine Jian Lan Liu1, a, Li Zhu2,b

The Application Research of Ant Colony Algorithm in Search Engine Jian Lan Liu1, a, Li Zhu2,b 3rd International Conference on Materials Engineering, Manufacturing Technology and Control (ICMEMTC 2016) The Application Research of Ant Colony Algorithm in Search Engine Jian Lan Liu1, a, Li Zhu2,b

More information

10-1. Auditing Business Process. Objectives Understand the Auditing of the Enteties Business. Process

10-1. Auditing Business Process. Objectives Understand the Auditing of the Enteties Business. Process 10-1 Auditing Business Process Auditing Business Process Objectives Understand the Auditing of the Enteties Business Process Identify the types of transactions in different Business Process Asses Control

More information

The Research On Critical Success Factors of ERP Implementation

The Research On Critical Success Factors of ERP Implementation The Research On Critical Success Factors of ERP Implementation CHEN Hongming, MING Fa School of management,changsha University of Science&Technology, Changsha Hunan 410076, China fiskerlin@163.com Abstract:

More information

Questions to be responded to by the firm submitting the application

Questions to be responded to by the firm submitting the application Questions to be responded to by the firm submitting the application Why do you think this project should receive an award? How does it demonstrate: innovation, quality, and professional excellence transparency

More information

SOLUTION: BUSINESS MANAGEMENT, MAY 2014. (b) Factors to consider when deciding on the appropriate structure for an organization include the following:

SOLUTION: BUSINESS MANAGEMENT, MAY 2014. (b) Factors to consider when deciding on the appropriate structure for an organization include the following: SOLUTION 1 (a) The structure of an organization defines the patterns of communication, the system of control and the command structure. (b) Factors to consider when deciding on the appropriate structure

More information

An Integrated Methodology for Implementing ERP Systems

An Integrated Methodology for Implementing ERP Systems APDSI 2000 Full Paper (July, 2000) An Integrated Methodology for Implementing ERP Systems Su-Yeon Kim 1), Eui-Ho Suh 2), Hyun-Seok Hwang 3) 1) Department of Industrial Engineering, POSTECH, Korea (tomi@postech.edu)

More information

German Jordanian University School of Management and Logistics Sciences. International Accounting Department. Courses Description

German Jordanian University School of Management and Logistics Sciences. International Accounting Department. Courses Description German Jordanian University School of Management and Logistics Sciences International Accounting Department Courses Description Degree: B.A. in International Accounting 2014-15 ACC101 Principles of Accounting

More information

POWERFUL, FLEXIBLE, AND AFFORDABLE ERP SOLUTION

POWERFUL, FLEXIBLE, AND AFFORDABLE ERP SOLUTION POWERFUL, FLEXIBLE, AND AFFORDABLE ERP SOLUTION Let Xeo Software show you how our Hybrid ERP gives you the best of all worlds INDEX What is ERP and Why Does it Matter for SMBs?....................... 2

More information

Supply Chains: From Inside-Out to Outside-In

Supply Chains: From Inside-Out to Outside-In Supply Chains: From Inside-Out to Outside-In Table of Contents Big Data and the Supply Chains of the Process Industries The Inter-Enterprise System of Record Inside-Out vs. Outside-In Supply Chain How

More information

MANUFACTURING EXECUTION SYSTEMS INTEGRATED WITH ERP & SIX SIGMA FOR PROCESS IMPROVEMENTS

MANUFACTURING EXECUTION SYSTEMS INTEGRATED WITH ERP & SIX SIGMA FOR PROCESS IMPROVEMENTS MANUFACTURING EXECUTION SYSTEMS INTEGRATED WITH ERP & SIX SIGMA FOR PROCESS IMPROVEMENTS Name: Sumanth Pandith Surendra Institution: Wichita State University Status: Current Full time graduate in Industrial

More information

EXTERNAL AUDIT AND RELATION BETWEEN INTERNAL AUDITORS, SUPERVISORY BODY AND EXTERNAL AUDITORS OF THE BANKING SECTOR IN THE REPUBLIC OF MACEDONIA

EXTERNAL AUDIT AND RELATION BETWEEN INTERNAL AUDITORS, SUPERVISORY BODY AND EXTERNAL AUDITORS OF THE BANKING SECTOR IN THE REPUBLIC OF MACEDONIA EXTERNAL AUDIT AND RELATION BETWEEN INTERNAL AUDITORS, SUPERVISORY BODY AND EXTERNAL AUDITORS OF THE BANKING SECTOR IN THE REPUBLIC OF MACEDONIA Blagica Jovanova (blagica.jovanova@ugd.edu.mk), Dushko Josheski

More information

Real-Time ERP / MES Empowering Manufacturers to Deliver Quality Products On-Time

Real-Time ERP / MES Empowering Manufacturers to Deliver Quality Products On-Time Real-Time ERP / MES Empowering Manufacturers to Deliver Quality Products On-Time KEN HAYES, CPIM, OCP VICE PRESIDENT, NEW PRODUCT DEVELOPMENT PROFITKEY INTERNATIO NAL Sponsored by Real-time is a commonly

More information

Attachment C: Management Systems Questionnaire (MSQ)

Attachment C: Management Systems Questionnaire (MSQ) Attachment C: Management Systems Questionnaire (MSQ) 1. Legal name of applicant organization: 2. Name and title of individual completing this questionnaire: A. General Information 1. Type of organization:

More information

LightPath Technologies Reports 61% Revenue Increase with Fiscal 2016 First Quarter Financial Results

LightPath Technologies Reports 61% Revenue Increase with Fiscal 2016 First Quarter Financial Results For Immediate Release LightPath Technologies Reports 61% Revenue Increase with Fiscal 2016 First Quarter Financial Results Continued Momentum for Global Sales of Specialty and Infrared Products ORLANDO,

More information