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1、1 Record to Reeport The Exeecutivve Boaard iss respponsibble foor thee condduct, operaationaal andd finaanciall perfformannce off an oorganiisatioon. Thhese rresponnsibillitiess are dischhargedd by: clearlyy statting tthe shhort aand loong teerm obbjectiives oof thee orgaanisattion; clearlyy stattin
2、g tthe poolicy guideeliness withhin whhich tthey eexpectt manaagemennt to operaate; defininng thee systtem foor enssuringg thatt manaagemennt actts in accorrdancee withh the Boardds dirrectioon; annd defininng proocedurres foor meaasurinng thee exteent too whicch proogresss towaards ccorporrate oobj
3、ecttives is beeing aachievved.1.1 The vallue off infoormatiionIn ordeer forr the Boardd to bbe ablle to functtion eeffecttivelyy, infformattion iis keyy. A BBoard whichh operrates with insuffficieent orr inacccuratte infformattion wwill bbe unaable tto monnitor the oorganiisatioon efffectivvely wwit
4、h ddecisiion maaking beingg baseed on flaweed datta. UUnder this scenaario, theree is aa signnificaant riisk thhat thhe orgganisaation will fail to meeet itts lonng terrm objjectivves.Post Ennron, Qwestt, WorrldComm etc Execuutive Boardds cannnot ffail tto apppreciaate thhat thheir rreportting iimpa
5、ctts nott onlyy on tthe peerformmance and ffuturee of ttheir own oorganiisatioon, buut cappital markeets ass a whhole.High quualityy, traansparrent rreportting wwhich is baased oon rellevantt finaanciall and non-ffinanccial vvalue driveers iss crittical for ddrivinng corrporatte perrformaance aas we
6、lll resstorinng connfidennce inn the markeets. TThe fiirst sstep ttowardds achhievinng thiis is to immplemeent a frameework of maanagemment rreportting wwhich is baased oon timmely, relevvant aand acccuratte infformattion. Thiss willl enabble efffectiive deecisioon makking aas welll as meetiing thhe
7、 neeeds off exteernal stakeeholdeers. 1.2 Scope oof Reccord tto Repport The scoope off thiss papeer is the ffinanccial aand noon-finnanciaal repportinng ressponsiibilitties oof thee CFO/ FD. As ssuch iit covvers: Sectionn 2: Boardd/ Divvisionnal/ ccost ccentree repoortingg (aloong wiith appplicaatio
8、n of Buusinesss Inttelliggence technniquess) Sectionn 3: Generral leedger and tthe chhart oof acccountss struucturee Sectionn 4: Monthh end closee and consoolidattion pprocessses Sectionn 5: Statuutory reporrtingThe papper dooes noot covver thhe repportinng ressponsiibilitties oof othher Opperatiion
9、al Execuutivess (eg. Salees, Loogistiics, CCRM, MMarketting, HR ettc). 2 Managemment rreportting2.1 The purrpose of maanagemment iinformmationn The purrpose of maanagemment iinformmationn is tto: monitorr proggress againnst coorporaate obbjectiives aand pllans identiffy acttions requiired wwhere act
10、uaal perrformaance iis at variaance wwith eexpecttationnThe Boaard Reeport is a key ccomponnent iin thee manaagemennt repportinng hieerarchhy, coollatiing innformaation acrosss an organnisatiion. The BBoard Reporrt commbiness the varioous opperatiional activvitiess throough tthe coommon and oobjectt
11、ive mmediumm of ffinancce (bee it ssterliing, ddollarrs etcc). A good Boardd Repoort wiill ulltimattely ddrive decission mmakingg and actioons, aassistting tthe orrganissationn to aachievve itss shorrt-terrm andd longg termm objeectivees.As suchh the Boardd Repoort shhould proviide alll thee neceess
12、aryy infoormatiion too suppport tthe Booard iin fullfilliing itts ressponsiibilitties. In ddoing so itt shouuld bee: Externaally ffocuseed - Market opporrtunitties- Threatss- Competiition Forwardd lookking- Drivingg visiion- Aligninng opeeratioons too straategy- Refininng strrategyy as rrequirred Ch
13、allennging to thhe mannagemeent teeam- Drivingg perfformannce- Questiooning the sstatuss quo- Understtandinng andd manaaging riskss2.2 Managemment rreportting & operrationnal reeportiingManagemment rreportting iis a bbroad term whichh may mean diffeerent thinggs to diffeerent peoplle. IIt is, therre
14、foree, neccessarry to underrstandd the distiinctioon bettween: managemment rreportting aas useed by key EExecuttives and sseniorr manaagemennt. TThese reporrts arre useed to drivee deciision makinng andd meassure wwhetheer or not ccorporrate oobjecttives are bbeing met. Thiss typee of rreportting nn
15、eeds to bee saliient, relevvant, coverring bboth ffinanccial aand noon finnanciaal criiteriaa managemment rreportting aas useed forr day to daay opeeratioonal ppurposses. Exampples iincludde cosst cenntre rreportts, heeadcouunt annalysiis, caall ceentre perfoormancce etcc. TThese reporrts arre datta
16、 driiven aand ennable managgers tto revview ddeliveery off theiir currrent respoonsibiilitiees. TThese reporrts shhould be sttandarrd in theirr pressentattion aand deeliverred wiithin minimmal innterveentionn or ooverheead. This type of reeportiing iss desccribedd as “operaationaal repportinng”The f
17、occus off thiss papeer is the EExecuttive sstyle managgementt repoortingg2.3 Design princcipless in MManageement ReporrtingIt is rrecognnised that everyy comppany wwill hhave ddifferring iinformmationn needds forr runnning tthat ccorporrationn. Ass suchh everry commpany will have diffeerent managgem
18、entt repoortingg needds. IIt is, howeever, necesssary when revieewing or deevelopping rreportt conttent tto havve in placee coree desiign prrincipples. Thesse shoould iincludde: deliverry of inforrmatioon whiich meeets tthe neeeds oof keyy deciision makerrs witthin tthe orrganissationn deliverry of
19、timelly, reelevannt andd accuurate inforrmatioon whiich meeets tthe neeeds oof thee Busiiness as weell ass Finaance deliverry of inforrmatioon nott dataa, bassed onn the philoosophyy of “less is moore” (sallient, conccise rreportting oof infformattion vvs delliveryy of ssignifficantt voluumes oof nu
20、mmeric and oother data) “one veersionn of tthe trruth” whicch delliverss conssistenncy off infoormatiion accross the wwhole organnisatiion (ssee Seectionn 2.4 beelow) use of lead as weell ass lag indiccatorss (eg. for custoomer ssatisffactioon, seervicee downntime may bbe a llead iindicaator, custoo
21、mer cchurn a lagg indiicatorr) incorpooratioon of operaationaal KPIIs ass welll as ccore ffinanccial mmeasurres applicaation of a balannce sccore ccard aapproaach, eensuriing coonsideeratioon is givenn to ffinanccial, operaationaal, peeople/stafff and custoomer pperspeectivees. applicaation of exxce
22、ptiion reeportiing teechniqques, with signiificannt varriancees beiing hiighligghted action orienntatedd repoortingg, in termss of ccommenntary and rrevieww dynamicc in nnaturee. Thhe conntent and fformatt of rreportts neeeds too be rreviewwed annd reffresheed to ensurre theey keeep pacce witth chaa
23、nges in thhe Bussinesss 2.4 Overvieew of the ccascadde of inforrmatioonThe mannagemeent reeportiing sttrateggy shoould bbe bassed onn a caascadee of iinformmationn fromm the Boardd downn (ie. fromm Boarrd to Divissions to Buusinesss Uniits annd ulttimateely coost ceentress). TThis iis reppresennted
24、bbelow:In deliiverinng thiis casscade of innformaation it iss neceessaryy to eensuree conssistenncy off infoormatiion frrom thhe Boaard thhroughh to tthe coost ceentress. Thhis iss baseed on the pprinciiple oof “one vversioon of the ttruth”. Itt ensuures, for eexamplle, thhat thhe ressults of Diivis
25、ioon X aas preesenteed to the DDivisiion X MD arre thee samee as tthose beingg reviiewed by thhe Grooup CFFO. AAs welll as consiistenccy in conteent thhere sshouldd alsoo be cconsisstencyy in tthe loook annd feeel of reporrts too ensuure Exxecutiives aand maanagemment ccan neegotiaate thhem wiith ea
26、ase. Definittion oof coontentt needds to be “top ddown”. Thhe CFOO/ Boaard shhould definne thee Boarrd Repport ccontennt succh thaat it meetss theiir neeeds. It allso neeeds tto be consiistentt withh corpporatee straategy and ssubseqquentlly useed to monittor peerformmance and ddrive businness pperf
27、orrmancee. Thhe neeeds off the Boardd shouuld thhen bee casccaded down to Diivisioons, BBusineess Unnits aand ulltimattely ccost ccentrees. TThis eensurees corrporatte strrategyy is ttransllated into operaationaal delliveryy. Thhis caan be contrrastedd withh the “bottoom up” conttent ddrivenn apprro
28、ach, wherre cosst cenntre rreportting ccascaddes upp to bbespokke Bussinesss Unitt and Divission rreportts. WWhen aaggreggated at thhe Boaard leevel tthis iis usuually charaacteriised bby exccel coonsoliidatioons, ssignifficantt dataa voluumes aand thhe neeed to referr to iinconssistennt Divvisionn
29、repoorts. 2.5 The usee of KKey Peerformmance Indiccatorss (KPIIs)Managemment rreportts shoould ccontaiin perrformaance iinformmationn relaating to thhe keyy operrationnal isssues as weell ass finaanciall meassures. Thiis is imporrtant as chhangess in ooperattionall meassures tend to bee leadd indiic
30、atorrs on futurre finnanciaal perrformaance (eg. nnetworrk buiild iss behiind scchedulle cashh floww saviings iin thee shorrt terrm, sllower saless growwth inn the longeer terrm). The CFOO/ Boaard shhould agreee on tthe KPPIs prresentted inn the reporrt. Geenerall prinnciplees on KPIs are:- availabb
31、ilityy: freequenccy & aaccuraacy relevannce: alignnment to crriticaal succcess factoors acceptaance: leveel of use iin thee orgaanisattion/ indusstry topicall: rellevancce to speciific sstrateegic iinitiaativessWhen esstabliishingg finaanciall and operaationaal meaasuress for incluusion in maanagemm
32、ent rreportts, thhis neeeds tto be done with an unndersttandinng of remunneratiion annd rewward sstructtures. Thee two need to bee conssistennt. FFailurre to do soo willl deliiver cconfliictingg messsages. It is nooted rrewardd baseed meaasuress willl havee the most powerrful iinflueence oon dayy to
33、 dday beehavioours.2.6 Examplee conttentAs noteed aboove, eeach aand veery orrganissationn willl havee theiir ownn needds andd opinnions, drivving tthe loook, ffeel aand coontentt of tthe maanagemment rreportts. AA “leadiing prracticce” manaagemennt repport (Boardd Repoort, DDivisiion Reeport and cc
34、ost ccentree repoort) iis givven, hhoweveer, inn Appeendix 1. Thhis reeport demonnstrattes thhe leaading practtice pprinciiples highllighteed aboove annd is to bee usedd for referrence purpooses oonly.In termms of conteent itt inccludess: Executtive ssummarry A synnopsiss of pperforrmancee is pprovi
35、dded byy KPIss accoompaniied byy apprropriaate acction orienntatedd commmentarry. Usse of data is liimitedd to ccore ddata oonly Action plan correectivee actiions sspeciffied wwith ccontinngenciies annd sennsitivvity aanalyssis shhowingg bestt and worstt casee scennarioss (usuaally iin thee formm of
36、 ccommenntary) Profit and LLoss sstatemment P&L aaccounnt shoowing periood andd cumuulativve possitionns witth higghlighhted vvariannces aagainsst buddget. Any mmajor variaances shoulld be highllighteed andd adeqquatelly expplaineed. Trrend aanalyssis shhould be shhown ggraphiicallyy and full year p
37、rojeectionns shoown Projectted ouutturnn incoorporaated iin P&L Projeected outtuurns rrecalcculateed eacch monnth onn the basiss of aactuall perfformannce annd acttion pplans Cashfloow Actuaal andd projjectedd receeipts and ppaymennts upp to tthe yeear ennd Balancee Sheeet - posittion oof worrking c
38、apittal, aassetss and long term invesstmentts / ddebt.2.7 Leadingg pracctice checkklistMajor TTopicssLeadingg pracctice charaacteriisticssIndicattive iissuess / prroblemmsGenerall prinnciplees Relevannt - TThe innformaation must be baased oon thee needds of all tthe deecisioon makkers (not jjust FFi
39、nancce) wiith a top ddown ffocus (fromm the Boardd downn) Relevannt Inforrmatioon preesenteed shoould bbe shaarply focussed annd shoould rreflecct thee defiined oobjecttives and sstrateegy off the organnisatiion. Accuratte Inforrmatioon shoould bbe of suffiicienttly hiigh quualityy thatt conffidencc
40、e cann be pplacedd in iit. Itts relliabillity iis deppendennt on its ssourcee, inttegritty andd compprehennsivenness Timely The inforrmatioon shoould bbe avaailablle proomptlyy enouugh too plann fromm it aand taake coorrecttive aactionn (seee Secttion 4: Moonth eend cllose) Integraated Reporrting in
41、forrmatioon shoould iincludde botth opeeratioonal aand fiinanciial KPPIs whhere tthe efffect and iimpactt of ooperattionall perfformannce onn finaanciall repoortingg is cclearlly undderstoood. BBoth llead aand laag inddicatoors arre to be ussed Balancee scorrecardd apprroach The managgementt repoort
42、 shhould incluude innformaation on thhe diffferennt asppects of ann orgaanisattion ii.e. FFinanccial, Custoomers, Peopple annd Opeeratioons Graphiccal prresenttationn - Inforrmatioon shoould bbe preesenteed in an eaasily assimmilateed forrmat ee.g. iin a cclear dashbboard formaat andd use graphhs wh
43、eere appproprriate One verrsion of thhe truuth - Bothh finaanciall and non ffinanccial ddata ssourcees useed acrross tthe orrganissationn are consiistentt (eg. resuults ffor Assia Paacificc as ppresennted tto Grooup CFFO aree samee as tthose preseented to Assia Paacificc MD) Consisttency - Thhe looo
44、k andd feell of tthe reeportss fromm Grouup too Diviision to Buusinesss Uniit to Cost Centrre neeeds too be cconsisstent Informaation - Thee manaagemennt repport iis infformattion rrich aand daata liight Exceptiion reeportiing Repoort byy exceeptionn, higghlighhting variaances to pllan (bboth pposit
45、iive annd neggativee) Action orienntatedd Ensuure coontentt and commeentaryy expllain ooperattionall drivvers bbehindd the inforrmatioon preesenteed as well as beeing aactionn orieentateed Reportss are purelly finnanciaally ffocuseed witth litttle aattenttion ppaid tto peoople, custoomer, or coompet
46、iitive measuures Reportiing foocusess on tthe neeeds oof nonn coree deciision makerrs (egg costt centtres mmanageers) Managemment rreportts aree publlishedd 15+ days folloowing the mmonth end cclose The forrmat oof thee repoort iss numbber orr dataa baseed witth litttle oor no use oof graaphicaal pr
47、eesentaation Only fiinanciial KPPIs arre repportedd The mannagemeent reeport is viiewed as a “Finannce toool”. It is noot useed by operaationaal mannagemeent. Signifiicant efforrt devvoted to reeconciiling Businness UUnit/ Divission/ Groupp resuults multtiple versiions oof thee trutth There iis litttle oor no consiistenccy bettween Groupp, Divvisionn, BUss, andd Costt centtre reeportss Reportiing deeliverrs tooo muchh detaail annd datta i.ee. it is 300 pagees