A comparison of the processes behind the creation of annual reports versus strategic plans.
Written in 2009; 2,133 words; 15 sources; APA; $ 66.95
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."
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