Manage costs before they occur

"Traditional cost cutting has always had a backward focus and created lots of negative reactions–both rational and irrational. In his new book, Jan Emblemsvag introduces a new forward looking life-cycle approach to cost management. Employing foresight instead of hindsight puts the focus on processes, uncertainty and risks, and future value creation.

"The author’s strong side–besides having a good holistic concept–is the ability to express himself accurately and clearly on very complicated and sophisticated theory. Managers, consultants, and others with interest in cost management will be enlightened and inspired by the book–and no doubt find it of great help in applying the methods and processes that are presented.

"The idea of turning uncertainty into an asset for managers is quite unique. Making budgeting less data-oriented and more risk-oriented is another good idea. The next step now is to make operative approaches and apply the theory in practical situations!"
–John-Erik Stenberg
Considium Consulting Group AS

"This book skillfully combines the ideas of life-cycle costing and activity-based costing to come up with an approach to effectively manage costs in an uncertain environment."
–Dr. Arnold Schneider
Professor of Accounting
Georgia Institute of Technology

Life-Cycle Costing (LCC), a cost projection method typically associated with engineering, allows for the accurate prediction of the total costs a product will incur throughout its life-cycle. Meshing this technique with activity-based costing, risk management, and Monte Carlo analytical methods, Jan Emblemsvåg offers a broad range of businesses a new, more effective approach to cost management in Life-Cycle Costing.

By introducing uncertainty into its models, "Activity-Based LCC" offers managers the clarity of hindsight before costs are actually incurred. Among other features, Life-Cycle Costing includes:

• Three case studies that demonstrate how Activity-Based LCC affords superior cost management
• A step-by-step guide to LCC methodology
• Definitions of key terms
• A discussion of activity-based costing and risk management fundamentals
• An appendix with examples of Monte Carlo methods

Life-Cycle Costing provides controllers and cost managers an insider’s look at the next generation of cost management techniques.

Since the first edition of The Financial Times Guide to ETFs was published in 2009, the number of ETFs in issue has doubled and ETFs are now common both on investor platforms and increasingly amongst financial advisors. This massive increase in demand has highlighted an urgent debate - just how dangerous are ETFs and how much do investors and advisers understand about the structure of the index tracker? The second edition of this book attempts to answer this debate and is the indispensable bible on trackers for professional advisers and serious private investors. This new edition also features a chapter based around the theme of Due Diligence and a new chapter on How to use ETFs and Index Funds for theLong-term, as well as a new Jargon busting section and a-new appendix looking at new ideas beginning to emerge.

Accounting has often been described as the language of business. As the increasing competition of overseas markets begins to affect even the smallest local companies, many more business professionals must become fluent in accounting principles and practice. Standardization of Financial Reporting and Accounting in Latin American Countries highlights the recent move to International Financial Reporting Standards (IFRS) and addresses some of the concerns raised due to cultural differences and the level of enforcement of these standards in separate countries. Describing the evolution of both financial and managerial accounting due to the adoption of IFRS, this book is an essential reference source for both students and seasoned professionals in the fields of accounting, finance, and related management fields, especially those with an international emphasis.

Advances in Management Accounting (AIMA) is a publication of quality applied research in management accounting. The journal's purpose is to publish thought-provoking articles that advance knowledge in the management accounting discipline and are of interest to both academics and practitioners. The journal seeks thoughtful, well-developed articles on a variety of current topics in management accounting, broadly defined. All research methods including survey research, field tests, corporate case studies, experiments, meta-analyses, and modeling are welcome. Some speculative articles, research notes, critiques, and survey pieces will be included where appropriate. Articles may range from purely empirical to purely theoretical, from practice-based applications to speculation on the development of new techniques and frameworks. Empirical articles must present sound research designs and well-explained execution. Theoretical arguments must present reasonable assumptions and logical development of ideas. All articles should include well-defined problems, concise presentations, and succinct conclusions that follow logically from the data.

A global banking risk management guide geared toward the practitioner Financial Risk Management presents an in-depth look at banking risk on a global scale, including comprehensive examination of the U.S. Comprehensive Capital Analysis and Review, and the European Banking Authority stress tests. Written by the leaders of global banking risk products and management at SAS, this book provides the most up-to-date information and expert insight into real risk management. The discussion begins with an overview of methods for computing and managing a variety of risk, then moves into a review of the economic foundation of modern risk management and the growing importance of model risk management. Market risk, portfolio credit risk, counterparty credit risk, liquidity risk, profitability analysis, stress testing, and others are dissected and examined, arming you with the strategies you need to construct a robust risk management system. The book takes readers through a journey from basic market risk analysis to major recent advances in all financial risk disciplines seen in the banking industry. The quantitative methodologies are developed with ample business case discussions and examples illustrating how they are used in practice. Chapters devoted to firmwide risk and stress testing cross reference the different methodologies developed for the specific risk areas and explain how they work together at firmwide level. Since risk regulations have driven a lot of the recent practices, the book also relates to the current global regulations in the financial risk areas. Risk management is one of the fastest growing segments of the banking industry, fueled by banks' fundamental intermediary role in the global economy and the industry's profit-driven increase in risk-seeking behavior. This book is the product of the authors' experience in developing and implementing risk analytics in banks around the globe, giving you a comprehensive, quantitative-oriented risk management guide specifically for the practitioner. * Compute and manage market, credit, asset, and liability risk * Perform macroeconomic stress testing and act on the results * Get up to date on regulatory practices and model risk management * Examine the structure and construction of financial risk systems * Delve into funds transfer pricing, profitability analysis, and more Quantitative capability is increasing with lightning speed, both methodologically and technologically. Risk professionals must keep pace with the changes, and exploit every tool at their disposal. Financial Risk Management is the practitioner's guide to anticipating, mitigating, and preventing risk in the modern banking industry.

This sixth volume in the series deals with such topics as international accounting theory, Australian accounting standard setting and the conceptual framework project, country studies and technical studies, and international management accounting.

This series is devoted to the factors influencing accounting practice. It analyzes topics such as regulatory philosophy, self-regulation in accounting and regulatory policy. Each volume is structured into three parts - main articles, perspectives and book reviews. This volume includes a theoretical investigation of client internal control structures and management fraud. It also covers topics such as the volatility of pension costs, public accountant's professional conduct, an examination of borrower and lender perceptions, bank loan loss provisions after resignation, retirement or death, and the economic consequences of accounting standards and Islamic banks.

This series focuses on the academic and theoretical side of the profession in the areas of financial accounting, accounting education and auditing. Articles range from empirical and analytical, to the development of new technologies.

The Controller's Guide to Planning and Controlling Operations is a comprehensive guide for controllers, CFOs, and budget managers who need to determine: The soundness of sales forecastsThe best approach for setting product pricesThe profitability of customers and market segmentsFederal tax remittance rulesThe impact of a just-in-time system on inventory levels

Packed with clear and realistic strategies, it helps create a coherent framework of financial plans that apply to the full breadth of ongoing corporate control systems, as well as illustrates: When to use labor and materials standards to control manufacturingHow to control research and development costsHow to grant appropriate credit levels to customersHow to set up an effective capital budgeting processHow to create a cost-of-capital calculation

The authors analyze the schism between accounting practitioners and academics, providing historical, philosophical, and political perspectives on this division. They support the efforts of the Accounting Education Change Commission in its call for sweeping changes in the scope and quality of accounting education. This schism originated before the turn of the century in the United States over concerns about the best preparation for professional accountants. Since that time, the nature of the schism has broadened considerably. Accounting has largely been taught in a structured framework, far removed from the dynamic and ill-structured situations resulting from environmental changes in which accounting is practiced. This gulf between accounting and practice reflects the schism today, which has become a division between individuals with different philosophical, economic, and political goals and attitudes. Nevertheless, the authors view the schism in a positive light--as a natural reflection of different ideas that lead to beneficial changes.

The authors begin with a philosophical perspective on the schism, as a division between opposing ideas, and deal with three areas of the accounting schism: education, practice, and standard-setting. The main focus is on education. The history of the schism is then delineated. Other views of the schism are considered next, including economic, political, and utilitarian. The function of the schism in the world of accounting is examined. Recent changes in the nature and complexity of the environment in which accounting is practiced are presented. This book is suitable for use in accounting theory and policy courses at the undergraduate and graduate levels and in accounting education seminars at the graduate level. In addition, the book should be of interest to accounting practitioners.

Finally a book that teaches both the philosophy and step-by-step instructions for building wealth through the financial planning process.
An easy to read and understanding guide to the steps of constructing a financial plan. The author does a masterful job of explaining a complex topic in a way that makes it easy to understand and implement.
By comparing a financial plan to a sailboat, readers are able to vision a financial plan that has both defensive and offensive elements.
The financial plan is tailored to the objectives, timeframe and risk tolerance of the reader. At the center of the plan are the financial goals that the reader chooses. This makes the book indispensable in creating a very personal and useful tool for realizing life-time goals.

The competitive nature of organizations in today's globalized world has led to the development of various approaches to increasing profitability and maintaining an advantage over rival companies. As technology continues to be integrated into business practices, specifically in the area of accounting and finance, professionals and educators need to be prepared for advancing economic techniques, and they need to maintain a high level of financial literacy. The Handbook of Research on Accounting and Financial Studies is a pivotal reference source that provides vital research on advanced knowledge and emerging business practices and teaching dynamics in the fields of accounting and finance. While highlighting topics such as cost-benefit analysis, risk management, and corporate governance, this publication explores new initiatives in entrepreneurship and performance management. This book is ideally designed for business managers, consultants, entrepreneurs, auditors, tax practitioners, economists, accountants, academicians, researchers, and students seeking current research on modern advancements and recent findings in accounting and financial studies.

Accounting may be viewed and analyzed as its own special sort of language says Riahi-Belkaoui, and accounting is the language of business. It represents phenomena in the business world as language represents phenomena in the larger world. To understand accounting as a language one must study such things as its readability and understandability, its impact on users behavior, its various linguistic repertories, and the impact that bilinguality has on accounting practices. Riahi-Belkaoui covers all this in a way that not only academics versed in linguistics will understand, but in a way that trained accountants will also find fascinating and useful, particularly in their international and multicultural activities.

Riahi-Belkaoui examines what he considers to be the four major aspects of his topic. First, he explores how accounting messages are based on levels of readability and understanding. Second he shows how accounting includes both lexical and grammatical characteristics, and how these shape the perceptions and thoughts of users. He then illustrates the ways in which different linguistic repertories are used by different professional groups, and shows how this leads to communication problems and from there to a schism between academics and practitioners. Finally he argues that bilingualism in accounting has clear advantage. It provides greater mental and cognitive flexibility, increased metalinguistic ability, and also makes it possible to formulate concepts better and to deal with divergent thinking.