Discuss the strategic roles of middle managers Assignment - 2

Discuss the strategic roles of middle managers - Assignment Example In their study, Currie and Proctor (2005) concur with the literature that argues that organizational performance is mainly influenced by what takes place in the middle of the organization than what happens at the top. Based on the work of Floyd and Wooldridge (1992, 1994, 1997, 2000), Currie and Proctor (2005) argue that middle managers have a significant role to play in the ‘thinking’ as well as ‘doing’ of strategy in the organization. The middle managers can actually influence the direction of strategy from top to bottom or bottom to top. According to Currie and Proctor (2005), middle managers play four significant roles in strategic decisions in the organization. First, they synthesise information about the operations of the organisation which can be channelled upwards to the executives and can be used in strategy formulation. Second, the middle managers can reshape the strategies formulated by the executives since they are closer to all activities that o ccur in the organization. Thirdly, the middle managers can also exert downward influence especially in areas that are outside the reach of the executives. The fourth point is that middle managers are responsible for implementing deliberate strategy where they translate corporate strategy into action plans. Thus, it can be noted that from the middle management perspective, the middle managers have important strategic roles to make in an organization. Without middle managers, it may be difficult to achieve consistency in the performance of the organization. Raes et al (2011, p. 102) also suggest that â€Å"the interaction of the top management team (TMT) and middle managers (MMs) is central to effective strategy formulation and implementation.† It can be argued that the middle managers are at the center of all activities in the organization. For instance, they directly link with the top executives and the supervisors and other subordinates below them. This makes then significant in strategy

Financial Reporting. Company assigned - Informa Coursework

Financial Reporting. Company assigned - Informa - Coursework Example International accounting standards are the principles and the legislations and regulations implied by the local governments are the rules that needs to be followed and thus the symmetry of reporting around the world depends upon the adoption of the accounting standards in the regulations. Financial reporting are the highest regulated activity of business but due to the regulatory differences as to the extent of adoption of accounting standards the laxities provided in the reporting standards high profile corporates collapse, although the regulations in the financial reporting but there is much room available for development as due to the modern business techniques the regulations of financial reporting should be regulated accordingly besides the fact that the reporting base provided in the accounting standards are strong enough to maintain reporting symmetry. Standard Setting The international accounting standards are made in order to harmonize the financial reporting around the glob e in order to facilitate the user so the comparisons can be done. There are several bodies involved in the standard setting and their implication. International Accounting Standard Board is the main body where the standards formed and issued and in United States the American institute of CPAs. Exposure draft is issued based upon the issue arising in the financial reporting and the comments are taken upon the arose issue so responses from the different sectors of the businesses around the world can be taken and considered in order to get the involvement from different perspectives. The exposure draft is issued for a limited period and then it is considered by the experts and amended as per the needs and suggestions made by the experts around the globe. After the finalization of the exposure draft the accounting standard is formed and issued. After the issuance of the accounting standard the standard interpretation committee issues the interpretation regarding the accounting the stand ards and how the accounting standard deals with the different aspects of financial reporting. Whereas in United States the USGAAPs are issued to coincide with the international accounting standards so as to satisfy the uniformity in the accounting treatments around the globe. The accounting standards formed are based upon same basic concept and there is much less chances of conflict between the accounting standards and same is the case with the USGAAPs. However the two major bodies of setting accounting standards cannot implement the accounting implication around the world as the accounting standards are modified around the world varying country to country as per their legal requirement. The basis of accounting treatments is same but mostly the calculation and presentation is different so as to comfort the local reporting requirements. This brings the differentiation in the financial reporting as the reporting requirements in each country are not same. Thus the regulations in the re porting standards must be made strong enough so as to follow the required procedure in financial reporting and minimize the differences interstates so as to affirm the harmonization in the accounting treatments. Where the conflict between the accounting standard and local regulation arise the prevailing treatment is done as per the