Managing in a global, digital society requires accountants to pay close attention to information. One of the reasons accountants have to pay close attention to information is because management will use the information presented by accountants for making crucial decisions. Finally, accountants must have the correct skills to perform this and other key functions.
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Required Readings (see below)
Management Misinformation Systems (Russell L. Ackoff)
Ackoff Management Misinformation Systems.pdf
CPA Horizons 2025 Report (AICPA)
CPA Horizon Report.pdf
Competency Framework IMA.pdf
Financial Management for the Future
Financial Management for The Future.pdf
World Economic Forum
World Economic Forum 2020.pdf
Section I (Information Management Today): Roughly 50 years ago, Russell Ackoff wrote about the importance, or lack of importance, of information that management needs in “Ackoff’s Management Information System” (see attachment). After reading the article, you will analyze how each assumption applies or does not apply to our society today. Treat each assumption separately in your analysis. As part of your response, provide a specific example for each assumption.
Section II (Information Management Revisited): After reading the Ackoff article, you will revise each of 5 assumptions to reflect a global, digital society. You will provide a summary (at least four sentences) that describe each revised assumption in detail and how they reflect our global, digital society.
Section III (Framework for Information Management): You will review the CPA Horizons Report and the Competency Framework (see attachment). After reviewing the reports, you will describe how these reports will help accountants to provide their managers with the right information at the right time in the right format.
Section IV (Skills): Take a moment to skim through the World Economic Forum report (see attachment). Pay close attention to the “Pilar III – People” section. After reviewing this report and the Financial Management in the Future report (see attachment) , identify and discuss three skills that accountants are lacking that limits their ability to produce the right information for management and users. NOTE: One of the skills you propose must be one that addresses the advances in technology (see the Financial Management in the Future attachment for a reference to advances in technology).
Section V (Conclusion): Explain how your degree from UMGC and this class will help you to be a better person that ‘embraces the future’ and ‘creates value’ for your firm, based upon the key themes covered in this assignment.
• Page Length: Your response should not exceed eight pages (double-spaced) or four pages (single-spaced). No separate Cover Page or Title Page is needed; however, you must include the title of your assignment as a heading on the first page. Note that the reference page and appendix, if provided are excluded from the page count.
• References: You will need to include at least four literary references and at least four in-text citations to support your paper. These references must be related directly to the topics covered in the paper. References & citations must be properly formatted as noted below.
• Headings: You will need to use headings (short, brief, and centered) to separate each area of your paper. Your headings should have an appropriate title, not something like Section IV.
• Margins & Font Sizes: Use standard margins (minimum .5″; maximum 1.5″) and standard font size (minimum 10 point; maximum 12 point) in your paper.
• Writing Style: APA7 is the preferred writing style. Please consult the UMGC Effective Writing Center (http://www.umgc.edu/writingcenter/index.cfm) for assistance regarding formatting your paper and references via APA7.
Revision – Summer 2021