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Essay / Research Paper Abstract
This 10 page paper looks at the way in which firm permanence is measures with financial accounts and considers a range of different models which may be used to assess a company’s performance. The approaches discussed include shadow accounts, dual, triple and quadruple bottom line accounting and the use of balanced scorecards. Each model is discussed and assessed along with the advantages and disadvantages. The bibliography cites 9 sources.
Page Count:
10 pages (~225 words per page)
File: TS14_TEnonfinperf.doc
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Unformatted sample text from the term paper:
which may be seen as highly limiting. The accounts are prepared in line with their defined user group in mind; the stockholders who are the owners of the firms (Elliott
and Elliott, 2010). There are a number of issues that have been identified with the use of financial accounts as a primary measure. The annual accounts that are presented
look to measure and report the way that owner may assess the value of their investment and realise profits, the accounts are also used for taxation purposes. However, when looking
at the performance of a firm, even from the perspective of a current or a potential investor there are likely to be many other concerns, not only the financial. The
way that a firm meets it targets, performs in terms of social and environmental measures, looks to the future and meets stakeholder needs may all impact on the firms performance.
This may be reflected in the bottom line, either positively or negatively, or in some cases in a neutral manner. The financial reporting is also historical in nature; it is
possible for a firm to be successful and profitable, but to have achieved this while missing performance targets, polluting the environment, having poor labor relations and undertaking little or no
development for the future. The annual accounts may be used to provide additional supplementary information, but the scope and scale is limited. Therefore, it may be argued it is necessary
to look for other ways in which firms may measure their performance to remedy this financial bias. It is increasingly noted that
stakeholders are interested in increasing ranges of information about companies, those that they may do business with as well as those they invest in. For example, issues such as ethics
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