Contemporary Issues in Management Accounting by Alnoor Bhimani

By Alnoor Bhimani

The e-book comprehensively covers validated and rising parts within the quickly altering box of administration Accounting. good demonstrated accounting practices akin to budgeting, costing, accountability accounting and capital funding research are mentioned along cutting edge and rising accounting established ways to organizational keep watch over.

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16 So two fundamental insights from contract theory are: (a) hidden action results in a trade-oV between production eYciency and risk-sharing eYciency, while (b) hidden information results in a trade-oV between production eYciency and informational rent. 3 Some examples of contract theory applied to managerial accounting issues One of the reasons why contract theory has become such an important paradigm in managerial accounting research is that both share a strong control orientation. For example, a large part of the applied managerial accounting literature as well as managerial accounting textbooks focus on the design of performance measures (Wnancial vs.

Before leaving the basic model, one additional result needs to be discussed because it underlies much of the contract theory research in accounting. g. budgets, costs, revenues, and transfer prices. So an issue of fundamental importance to managerial accounting is the conditions under which costlessly producing and incorporating an additional piece of information for performance evaluation purposes is valuable. 10 It states that the necessary and suYcient condition for adding signal y to the compensation contract to lead to a strict Pareto improvement is that the pair of signals (x, y) contains information about the action a not contained in x alone.

First, the necessary and suYcient condition is a statistical condition. It says nothing about the utility functions of the parties, the extent of the incentive problem, the production function, or other seemingly important economic parameters of the problem. 11 Thus it would seem that if signal y is too noisy, it would impose so much risk on the agent that it would not be worthwhile incorporating it into the compensation contract. However, the Informativeness Principle proves that, regardless of how noisy the signal y is, as long as (x, y) contains information about the action a not contained in x alone, incorporating it into the compensation contract results in a strict Pareto improvement.

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