Goldratt and Fox: revolutionizing the factory floor

Article Abstract:

Management consultants Eli Goldratt and Bob Fox believe that the cost measurements used by management accountants are making US manufacturers uncompetitive with other nations. Goldratt and Fox have developed Optimized Production Technology (OPT), a software program that helps manufacturing managers schedule activities more efficiently. Goldratt and Fox have also discussed their views in two books: The Goal, and The Race. The two consultants emphasize that financial controls are crucial. They also feel that traditional measures such as net income and return on investment have led companies to deal only with the local expense of an action, while ignoring the global impact of managerial decisions.

Accounting and auditing, Manufacturing processes, Manufacturing, Criticism and interpretation, Authorship, Cost accounting, Managerial accounting, Goldratt, Eli, Fox, Bob

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IFAC's traveling salesmen

Article Abstract:

Robert May and Robert Sempier, president and executive director, respectively, of the International Federation of Accountants (IFAC), travel extensively in their effort to coordinate accounting standards worldwide. Membership in the IFAC brings automatic membership to the International Accounting Standards Committee. The chairman of the Financial and Management Accounting Committee of IFAC is Joseph L. Brumit, a retired TWA executive who had previously served on the International Air Transport Association and the Air Transport Association of America committees. The organization of IFAC includes an assembly and seven committees, including a public sector committee.

Economic policy, Associations, May, Robert, International Federation of Accountants, Sempier, Robert, Brumit, Joseph L., Cairns, David

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Victor Earle, accountants' defender

Article Abstract:

Cahill, Gordon & Reindel partner Victor M. Earle III discusses the accounting profession and its legal environment. Earle indicates that the legal situation for accountants changed when expanded liability for professionals evolved, and when the Federal Rules of Civil Procedures were modified to make class suits easier. Earle also discusses the use of summary annual reports, proposed variations on the accountants' report, insider trading, codes of ethics, pressure on accountants to alter financial results reports, the impact of the Racketeer Influenced and Corrupt Organizations Act, and the recommendations of the Treadway Commission.

Standards, Laws, regulations and rules, Business ethics, interview, Earle, Victor M., III

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