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Date: 2024-11-22 Page is: DBtxt001.php L0700-MR-Conventional-Financial-Accounting
MANAGEMENT REPORTING
Conventional Financial Accounting
CONVENTIONAL CORPORATE MANAGEMENT METRICS
It is widely accepted that you manage what you measure. The modern world has impressive data about corporate profit performance and the growth of financial wealth. These metrics dominate the conversation in the media, and important decisions being made in politics and business.
The measures for social performance and environmental performance are intellectually and methodologically weak compared to the data systems deployed for accounting for, managing and reporting profit.
The dysfunction of modern metrics is one of the key reasons why so much in the modern world is wrong ... but by no means the only thing that is wrong!
CONVENTIONAL FINANCIAL ACCOUNTING AND RELATED MANAGEMENT SYSTEMS ARE VERY POWERFUL ... BUT ONLY ABOUT PROFIT PERFORMANCE AND FINANCIAL CAPITAL ... THEY COMPLETELY IGNORE EXTERNALITIES AND SO MUCH ELSE THAT IS IMPORTANT
Corporate financial management and management information enables rapid decision making about everythiong associated with corporate profit performance.
There is nothing like it for the impact on society and the impact on the environment ... the externalities are ignored.
The concepts of double entry accounting are ancient, but they are the key to the effectiveness of accountancy as an analytical tool.
... this is what True Value Metrics (TVM) is all about ... When numbers about progress and performance are missing, then there is no conversation that is grounded in reality and it becomes easy to promulgate 'fake news' and the appearance of good performance without much reality.


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