Costs and benefits of IT projects

Article Abstract:

The Institute of Chartered Accountants in England and Wales issues a statement regarding the cost and benefit considerations of information technology (IT). The focus of the statement is on the elements of cost justification. The costs typically encountered in an IT project are discussed. Hardware costs have fallen in recent years, but other costs have increased, so it may not be cost effective to delay implementing an IT project while waiting for hardware costs to come down. Other IT costs include software, system maintenance, supplies, staff, training, support services, and compliance with legislation. The benefits of implementing an IT project include the reduction, replacement, and avoidance of certain expenses, increased information available to management, and improved profit margins. In performing the cost-benefit analysis, traditional methods of evaluation may need to be supplemented by a discounted cash flow over the project life.

Management, Information technology

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Report of a joint working party

Article Abstract:

The report of a joint working party of the Institute of Chartered Accountants of Scotland and the Institute of Chartered Accountants in England and Wales is presented. The purpose of the report is to examine the possibility of a merger between the two bodies. The report identifies the similarities between the two groups that would facilitate a merger, and the differences between the two groups that must be addressed before a merger could be completed.

Institute of Chartered Accountants of Scotland

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TR 773 - A discussion paper issued by the Institute's Technical Committee: The Use of Discounting in Financial Statements

Article Abstract:

The Institute of Chartered Accountants in England and Wales' Technical Committees' Discussion Paper Technical Report (TR) 773, The Use of Discounting in Financial Statement, is presented. Subjects covered by the TR include: possible applications of discounted cash flow techniques; the principles of discounting; and changes in the estimation of the timing of cash flows.

Accounting and auditing, Financial statements, Cash flow

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