Consolidation software: it's more than just a new method to get through another closing cycle

Article Abstract:

Multinational corporations and parent companies with several subsidiaries have traditionally used manual procedures to compile and prepare consolidated financial statements, internal operations reports and monthly (or annual) forecasts of operations. Only recently have controllers at a corporate level begun to use mainframe computers to compile consolidated reports, and frequently these innovative accountants are forced to return to manual procedures when the consolidations prove too confusing to account for on computers. Consolidated reporting can also be accomplished using: (1) corporate data bases that store data at the transaction level on a mainframe and download compilations to allow consolidated reporting (a time-consuming process, at best), (2) general ledger software, although most multinationals and conglomerates will find it almost impossible to design a single ledger capable of accounting for various operations, (3) timesharing and value-added software networks, a system that is quick but often imprecise and expensive, and (4) in-house developed systems, which are usually incomplete but well understood by their designers.

Usage, Software, Conglomerate corporations, Subsidiary corporations, Subsidiaries, Holding companies, Technology application, Accounting, Financial statements, Managerial accounting, Accounting software, Consolidated financial statements

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Pension financing: how to structure your plan, manage it, and hit your funding targets

Article Abstract:

Methods for measuring pension plan liabilities include: the accumulated plan benefits method (which accounts for benefits earned at present salary levels only), methods that anticipate employees' future salary increases and reflect such increases in the amount of benefits payable upon retirement, or actuarial accrued liability methods (two of which methods are the unit credit actuarial cost method and the entry age actuarial cost method). The unit credit actuarial cost method is the only method that measures liabilities on a current basis and projects liabilities for the following year as well. A liability projection and asset simulation model can be used to project a pension plan's future financial condition. Monte Carlo simulation is useful in projecting a pension plan's asset values. A key measure of pension plan financing is the ratio of plan assets to plan liabilities.

Management, Economic aspects, Pensions, Pension funds

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The audit role in international control

Article Abstract:

The cost effectiveness of internal auditing for control over international operations is critically important. Careful planning and excellent communication are primary considerations in any successful financial control effort. Areas of operating efficiency and internal control over local operations should be studied. Internal audit involvement can rarely be justified if control is centralized. For maximum cost-effectiveness, internal and external auditing efforts should be integrated.

International aspects, International finance, Internal auditing

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