The area of cost and management accounting is ever changing and regularly evolving due to ever growing changes in the business scenario and financial markets. With the ever evolving accounting practices and emergence of new costs in business operations, it has becomes very important for the business to analyze and redesign the overall accounting systems to keep the pace up and relevancy with the changing accounting practices. Modern day accounting should analyze all the relevant environmental changes and uses the accounting techniques to compliment the management decision making. You work as a senior cost accounting in a reputed business enterprise established in the Maldives. Recently the chief financial officer (CFO) asked you to identify and analyse the need and requirement for preparing the financial statements & changes occurring in the business environments and how to analyze them appropriately for sound and efficient managerial decisions. Write a report on analyzing the need and purpose of developing & presenting financial information along with the changes in business environment and their impact over management accounting titled “Analyzing Importance of Finance for Efficient Decision Making in (Name of the Organization)

. Your report must be unified and coherent. It must not exceed 3,000 words. 

1. Discuss the various users of financial information. (1.1) (12 Marks) You should: 

(A) Identify and discuss the major users of financial information.

 (B) Discuss the major interest of identified users of financial information. 

2. Explain the need and purpose of developing financial statements. (1.2) (12 Marks) You should:

 (A) Discuss the need of developing financial statements.

 (B) Discuss the purpose of preparing various financial statements. 

3. Discuss the changes to business environment. (4.1) (12 Marks) You Should:

 (A) Discuss various changes in business environment. 

(B) Explain the techniques to analyze internal and external changes. 

4. Discuss how the changes to business environment impact the management accounting systems. (4.2) (14 Marks) You should:

 (A) Determine the impact of different types of changes on business environment over management accounting systems.

 (B) Discuss the ways to respond to different type of changes.

Answer rating: 100% (QA)

1 Discuss the various users of financial information 11 12 Marks You should A Identify and discuss the major users of financial information B Discuss the major interest of identified users of financia... View the full answer