Language in context passage

Executive summary

The purpose of this report is to assess the impact of globalisation on management accounting and to
outline changes which [1]need to be implemented as a response to globalisation. The report suggests that
management accounting needs to focus on a range of information apart from the financial, to make more
informed decisions.

[2]
It is argued that, in the past, management accounting involved supplying figures to organisations.
However, in the global marketplace, management accountants [3]are expected to actively facilitate
decision-making and to assist in the management of transnational corporations. [4]It is further argued that
traditional management accounting techniques are no longer relevant. Rather, concentration [5]needs to
be given to providing additional benefits to organisations such as timely, quality and focused information
which can initiate effective management action.

With rapid market changes, constant cost control and quality improvement, as well as meeting customers'
needs, are essential requirements of a management accountant's portfolio. For this to occur, [6]it is
recommended that all accountants familiarise themselves with these changes and the subsequent effects
on management accounting. Furthermore, consideration [7]should also be given to how these changes
[8]
could be most efficiently implemented in accounting workplaces.

(Adapted from: P.V.Cotesta, G.M.Crosling and H.M. Murphy, Writing for Accounting Students, 1998, Butterworths, Australia. p. 26.)