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Code of Ethical Conduct for

Financial Controller
Management Accounting (also called
Managerial Accounting or Internal
Accounting)
 a field of accounting that provides economic and
financial information for internal users,
particularly the managers or decision-makers in
an organization.
Management Functions And The Need
For Management Accounting
Information

1. Planning
2. Directing and Motivating
3. Controlling
Activities Involved In Management
Accounting

1. Determining, accumulating, and explaining costs


2. Computing or determining product cost/ service
cost
3. Determining cost behavior
4. Providing assistance to management in profit
planning/budgeting
5. Accumulating and presenting data which may be
used by managers in decision-making
6. Providing bases for cost control with the use of
standard costs and other planned objectives
7. Assisting managers in developing the company's
prices both for external and internal transactions.
Application of Management Accounting

1. Business
2. Non-Profit Organizations
Principles Governing the Design of
Management Accounting Systems

1. The system should help to establish the decision-


making authority over the organization's assets.
2. The information generated by the system should
support planning and decision-making.
3. The reports should provide a means for
performance monitoring and evaluation.
Distinctions Among
Management Accounting, Cost
Accounting, and Financial
Accounting
Management Accounting vs. Financial
Accounting
Users of Report
- Internal Users (MA)
- External Users (FA)

Purpose
-To provide internal users with information on that may be
used by managers in carrying out the functions of
planning, controlling, decision-making, and performance
evaluation. (MA)
- To provide external users with information about the
organization's financial position and results of operatios.
(FA)
Types of Reports
- Different types of reports, depending on the specific
needs of management. (MA)
- Primarily financial statements and the accompanying
notes to such statements (FA)

Basis of Reports
- Reports are based on a combination of
historical,estimated,and projected data (MA)
- Reports are based almost exclusively on historical
data (FA)
Standards of Presentation

- The management of a company can set rules to


produce information most relevant to its specific
needs (MA)
- Reports are prepared in accordance with generally
accepted accounting principles and other
pronouncement of authoritative accounting bodies
(FA)
Reporting Entity
- Focus of report is on the company's value chain (MA)
- Financial reports relate to the business as a whole
(FA)

Period Covered
- Reports may cover any time period (MA)
-Reports usually cover a year,quarter, or a month
WHAT DOES A FINANCIAL CONTROLLER
DO?
Financial controllers are
responsible for all of the day-
to-day operations in the
finance department, reporting
directly to the finance director.
HOW DOES A FINANCIAL CONTROLLER
DIFFER FROM A COMPANY
ACCOUNTANT?
Company accountants are
associated with smaller businesses
and tend to work alone, financial
controllers are found in larger
companies and tend to head up a
team.
A financial controller is
responsible for the company’s
financial reporting, such as its
monthly, quarterly and annual
accounts. They manage all of
the company’s transactions,
from accounts payable to
receivable payroll, and from
control accounts to general
operational finance.
WHAT EXPERIENCE AND QUALIFICATIONS
ARE NEEDED TO BECOME A FINANCIAL
CONTROLLER?
As a senior-level role,
financial controllers will
need a lot of demonstrable
experience in both finance
and management.
WHAT SKILLS DOES A
FINANCIAL CONTROLLER
NEED?
As the critical link that
binds finance to the entire
senior management team,
you need to be a good
communicator and to
understand the entire
business, not just the ins
and outs of your own
department.
This is one of the biggest
challenges facing financial
controllers today: the need to
lead their department out of
the back-office and encourage
other departments to actively
work in partnership with them.
This means that a
financial controller
needs strong leadership
skills, interpersonal flair
and more than a touch
of charisma.
ARE YOU READY FOR
THE CHALLENGE?