Financial Management and Information Technology


Writing Assignment #1

Managing in a global, digital society requires accountants to pay close attention to information. One of the reasons accountants have to pay close attention to information is because management will use the information presented by accountants for making crucial decisions. Finally, accountants must have the correct skills to perform this and other key functions.

Required Readings (see below)

Management Misinformation Systems (Russell L. Ackoff)

Ackoff Management Misinformation Systems.pdf

CPA Horizons 2025 Report (AICPA)

CPA Horizon Report.pdf

Competency Framework

Competency Framework IMA.pdf

Financial Management for the Future

Financial Management for The Future.pdf

World Economic Forum

World Economic Forum 2020.pdf

Paper Layout

Section 1 (Framework for Information Management): You will review the CPA Horizons Report and the Competency Framework (see attachment). After reviewing the reports, you will describe how these reports will help accountants to provide their managers with the right information at the right time in the right format.

Section 2 (Skills): Take a moment to skim through the World Economic Forum report (see attachment). Pay close attention to the “Pilar III – People” section. After reviewing this report and the Financial Management in the Future report (see attachment), identify and discuss three skills that accountants are lacking that limits their ability to produce the right information for management and users. NOTE: One of the skills you propose must be one that addresses the advances in technology (see the Financial Management in the Future attachment for a reference to advances in technology).  

Section 3 (Information Management Today): Roughly 50 years ago, Russell Ackoff wrote about the importance, or lack of importance, of information that management needs in “Ackoff’s Management Information System” (see attachment). After reading the article, you will analyze how each assumption still applies or no longer applies to society today based upon what you covered in Section 1 & 2. Treat each assumption separately in your analysis. Conclude your analysis with a revision of each assumption, revised in your own words to reflect today and the future.

Section 4 (Conclusion): Explain how your degree from UMGC and this class will help you to be a better person that ‘embraces the future and creates value’ for your firm, based upon the key themes covered in this assignment.

Paper Guidelines

• Page Length: Your response should not exceed five pages. Each paragraph must be singled spacing with double-spacing between paragraphs. No separate Cover Page or Title Page is needed; however, you must include the title of your assignment as a heading on the first page. Note that the reference page and appendix, if provided are excluded from the page count.

• References: You will need to include at least four literary references and at least four in-text citations to support your paper. These references must be related directly to the topics covered in the paper. References & citations must be properly formatted as noted below.

• Headings: You will need to use headings (short, brief, and centered) to separate each area of your paper. Your headings should have an appropriate title, not something like Section 3.

• Margins & Font Sizes: Use standard margins (minimum .5″; maximum 1.5″) and standard font size (minimum 10 point; maximum 12 point) in your paper.

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