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Article
Publication date: 1 December 2000

Niamh Brennan and Sidney J. Gray

Profit forecasts are rarely disclosed in the UK except in prospectuses, circulars and during takeover bids. There are few regulations governing the content of profit

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1121

Abstract

Profit forecasts are rarely disclosed in the UK except in prospectuses, circulars and during takeover bids. There are few regulations governing the content of profit forecasts. Under stock exchange rules these forecasts must be reported on by both reporting accountants and the merchant bankers advising on the deal. The format of the forecasts is at the discretion of individual companies. This paper summarises the regulations, including professional pronouncements, governing accountants’ reports on profit forecasts. Practical examples of such accountants’ reports extracted from 250 profit forecasts published during 701 UK takeover bids in the period 1988 to 1992 are reproduced and discussed. These examples provide useful precedent material for practitioners involved in reporting on a profit forecast. The paper concludes with a discussion of policy issues and suggestions for policy makers.

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Managerial Auditing Journal, vol. 15 no. 9
Type: Research Article
ISSN: 0268-6902

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Article
Publication date: 1 May 1980

David Ray, John Gattorna and Mike Allen

Preface The functions of business divide into several areas and the general focus of this book is on one of the most important although least understood of…

Abstract

Preface The functions of business divide into several areas and the general focus of this book is on one of the most important although least understood of these—DISTRIBUTION. The particular focus is on reviewing current practice in distribution costing and on attempting to push the frontiers back a little by suggesting some new approaches to overcome previously defined shortcomings.

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International Journal of Physical Distribution & Materials Management, vol. 10 no. 5/6
Type: Research Article
ISSN: 0269-8218

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Article
Publication date: 1 February 1993

Richard Dobbins

Sees the objective of teaching financial management to be to helpmanagers and potential managers to make sensible investment andfinancing decisions. Acknowledges that…

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5215

Abstract

Sees the objective of teaching financial management to be to help managers and potential managers to make sensible investment and financing decisions. Acknowledges that financial theory teaches that investment and financing decisions should be based on cash flow and risk. Provides information on payback period; return on capital employed, earnings per share effect, working capital, profit planning, standard costing, financial statement planning and ratio analysis. Seeks to combine the practical rules of thumb of the traditionalists with the ideas of the financial theorists to form a balanced approach to practical financial management for MBA students, financial managers and undergraduates.

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Management Decision, vol. 31 no. 2
Type: Research Article
ISSN: 0025-1747

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Article
Publication date: 1 January 1986

C.D. Moss

Examines how potential conflicts can arise from differing evaluative criteria used by specialists of the marketing and finance functions in industry. Focuses on evaluating…

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1145

Abstract

Examines how potential conflicts can arise from differing evaluative criteria used by specialists of the marketing and finance functions in industry. Focuses on evaluating why marketing accountants in industry have become increasingly commonplace, and the benefits marketing accountants have brought to business operations. Lists six benefits with regard to marketing accountants and discusses these in detail. Weighs up, in conclusion, that marketing accountants provide an improved financial base on which marketing decisions can be examined, particularly with regard to decisions on new product development. States that the marketing accountant, through the provision of relevant and timely data, is starting to ensure such feelings and misconceptions are becoming less commonplace.

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European Journal of Marketing, vol. 20 no. 1
Type: Research Article
ISSN: 0309-0566

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Article
Publication date: 1 January 2000

WEN‐HSI LYDIA HSU, David Hay and Sidney Weil

This study examines the accuracy and bias of profit forecasts disclosed in prospectuses by New Zealand companies for initial public offerings during the period 1987 to…

Abstract

This study examines the accuracy and bias of profit forecasts disclosed in prospectuses by New Zealand companies for initial public offerings during the period 1987 to 1994. The results show that profit forecasts in this period are, on average, more accurate titan those disclosed prior to 1987, which were examined in prior studies. However, the results reject the null hypothesis that profit forecasts are accurate. In examining forecast bias, the evidence shows that the forecasts are, on average, somewhat pessimistic, but not sufficiently to reject the hypothesis that profit forecasts are unbiased. Tests of the determinants of error show that larger companies make more accurate forecasts, and forecasts made in the year 1987 are less accurate than in other years. Tests of the determinants of bias show that forecasts made in 1987 are also more optimistic, and that companies with longer trading histories and pessimistic forecasts make less biased forecasts. Forecast period and industry type are not significantly related to error or bias.

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Pacific Accounting Review, vol. 12 no. 1
Type: Research Article
ISSN: 0114-0582

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Article
Publication date: 1 January 1981

C.D. Moss

The job description “marketing accountant” is increasingly seen in job advertisements, and this paper reports the results of a study into how companies use their…

Abstract

The job description “marketing accountant” is increasingly seen in job advertisements, and this paper reports the results of a study into how companies use their “marketing accountants”; what they envisage the job description to mean, and what tasks these specialists are called upon to perform.

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Management Decision, vol. 19 no. 1
Type: Research Article
ISSN: 0025-1747

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Article
Publication date: 1 January 1981

A.K. McHugh and John R. Sparkes

This article is based on a questionnaire survey of seventy‐six British manufacturing companies, chosen by circularising members of the Institute of Cost and Management…

Abstract

This article is based on a questionnaire survey of seventy‐six British manufacturing companies, chosen by circularising members of the Institute of Cost and Management Accountants who hold senior management positions within their organisations. 54 per cent of the respondents completing the questionnaire were Financial Directors, the remaining responses coming from Managing Directors and other senior executives. The questionnaire concerned numerous aspects of the use of formal forecasting techniques in British industry, but our concern here will be mainly with those aspects which involve the finance function.

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Managerial Finance, vol. 7 no. 1
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 1 February 1990

Gordon Wills, Sherril H. Kennedy, John Cheese and Angela Rushton

To achieve a full understanding of the role ofmarketing from plan to profit requires a knowledgeof the basic building blocks. This textbookintroduces the key concepts in…

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11580

Abstract

To achieve a full understanding of the role of marketing from plan to profit requires a knowledge of the basic building blocks. This textbook introduces the key concepts in the art or science of marketing to practising managers. Understanding your customers and consumers, the 4 Ps (Product, Place, Price and Promotion) provides the basic tools for effective marketing. Deploying your resources and informing your managerial decision making is dealt with in Unit VII introducing marketing intelligence, competition, budgeting and organisational issues. The logical conclusion of this effort is achieving sales and the particular techniques involved are explored in the final section.

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Management Decision, vol. 28 no. 2
Type: Research Article
ISSN: 0025-1747

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Article
Publication date: 1 May 2006

Roland Bardy

This paper focuses on the implications for management accounting of “connectivity” amongst modern enterprises. It seeks to illustrate how practical guidance for management…

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4038

Abstract

Purpose

This paper focuses on the implications for management accounting of “connectivity” amongst modern enterprises. It seeks to illustrate how practical guidance for management accountants who work in business networks can be gleaned from analogies out of traditional management accounting.

Design/methodology/approach

The paper explores four avenues that demonstrate linkages between accounting formats in centrally coordinated systems and network accounting, namely: cost budgets and cost design; collaborative planning, forecasting and replenishment; multi‐stage performance‐monitoring; and accounting for transaction costs.

Findings

Highly interconnected business transforms management accounting into an activity that requires concepts to coordinate (partially) independent management systems. The concepts of distributed decision‐making and trust building through reliable reporting nicely fit this environment. Even though such concepts are widely accepted, as are the notions of transaction cost and collaborative performance monitoring, practical guidance on this is not abundantly at hand in academia or in professional outlets. The study shows how a “tool kit” might be developed to provide methods for decision support, and management control, for each stage of a business network's development.

Research limitations/implications

It would be desirable that this exposition be supplemented by research concerning the common experiences and practices of accountants who operate in business networks.

Originality/value

The exposition applied in this paper could enable a new type of access to the issues of inter‐organisational management.

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Qualitative Research in Accounting & Management, vol. 3 no. 2
Type: Research Article
ISSN: 1176-6093

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Article
Publication date: 1 February 1975

Michael Firth

During recent years there has been a vast growth in the literature of and the study of the theory of the firm. Underlying the various different theories however is a…

Abstract

During recent years there has been a vast growth in the literature of and the study of the theory of the firm. Underlying the various different theories however is a generally acknowledged structure of a company having an objective(s) towards which it strives by laying down and implementing plans. Planning involves making decisions which will have their effects and outcomes in the future and so an estimate of this future is required. This assessment of the future is termed forecasting and it is a vital ingredient in any planning process.

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Managerial Finance, vol. 1 no. 2
Type: Research Article
ISSN: 0307-4358

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