Assignment 1b Scenario - Essay Example

In the final section IV, there is some basic information about the financial considerations of our new project. My role in this project will be to provide the analytical information about the project to the management, which will help the management to carry out their decisions and make plans and strategies for the project. Reporting on different aspects of finance will be provided; this reporting will be based on historical data taken from financial accounting team and also with some research done on similar works carried out by our organizati0on as well as the competition.

Information provided by me will give a bird’s eye view of project finance to the management. In addition, I will also be providing some extrapolations, suggestions, cost and profitability analysis, so that management is well informed about the trends and realities in project finance, thus helping their decision making on project finance issues. In brief, following will be my responsibilities in the project. Though my reporting will primarily based upon the inputs provided from the financial accounting department, research and analysis, yet there is remarkable difference in the activities of financial accounting department and my work.

Financial accounting department basically works for information gathering, recording, maintaining and reporting according to the standard ways in a generic manner whereas my role will be to provide the information on specific issues and targeted for management. My role can be differentiated from that of financial accounting team as follows: Management Accounting is the branch of Accounting that deals primarily with confidential financial reports for the exclusive use of top management within an organization.

These reports are prepared utilizing scientific and statistical methods to arrive at certain monetary values which are then used for decision making. Financial Accounting, on the other hand, concentrates on the production of financial reports,