Annual Reports vs Strategic Plans

Paper Summary:

The paper attempts to evaluate the differences between the systems and processes put into place to support annual reports and those needed to sustain and ensure the accomplishment of strategic plans. The paper explains that the greatest variation is in the processes and timeframes used for creating annual reports versus initially creating and then executing strategic plans. The paper considers the systemic, underlying dependencies of creating accurate and auditable financial statements relative to the strategic planning process and shows how there is more coordination and synchronization than we may have believed.

Outline:
Introduction
Reconciling Planning and Reporting Processes
Strategy Planning: From Static to Real-Time
Conclusion

From the Paper:

"It is a new era of transparency and compliance in accounting practices within public and private companies, and this is completely changing the role of annual reports and strategic plans. The Sarbanes-Oxley Act (SOX) of 2002 redefined and re-ordered the financial systems and processes of American-based companies (Jain, Kim, Rezaee, 2008). As a result, there is a high priority placed on risk mitigation and the development of strategic plans that underscore agility over highly structured approaches to capitalizing on market opportunities. In conjunction with these dynamics there is a high reliance on business intelligence, Enterprise Performance Management (EPM) and the use of dashboards and scorecards (Othman, 2008). The integration of annual reports, which by their nature define accounting results, is tighter than ever with strategic plans."

Sample of Sources Used:

• Jesper Banghoj, Thomas Plenborg. (2008). Value relevance of voluntary disclosure in the annual report. Accounting and Finance, 48(2), 159. Retrieved July 29, 2008, from ABI/INFORM Global database. (Document ID: 1482178641).
• Victoria L Crittenden, William F Crittenden. (2008). Building a capable organization: The eight levers of strategy implementation. Business Horizons, 51(4), 301. Retrieved July 27, 2008, from ABI/INFORM Global database. (Document ID: 1496012171).
• Martin Giraudeau (2008). The Drafts of Strategy: Opening up Plans and their Uses. Long Range Planning, 41(3), 291. Retrieved July 29, 2008, from ABI/INFORM Global database. (Document ID: 1490797091).
• Udo-Ernst Haner, John Willy Bakke. (2008). Proximity, mobility and aesthetics in strategies for innovation management. International Journal of Entrepreneurship and Innovation Management, 8(2), 168. Retrieved July 26, 2008, from ABI/INFORM Global database. (Document ID: 1515564461).
• Martin Kunc (2008). Using systems thinking to enhance strategy maps. Management Decision, 46(5), 761-778. Retrieved July 27, 2008, from ABI/INFORM Global database. (Document ID: 1484419801).

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