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ACCOUNTING AND REPORTING FOR MANAGERS IN SHIPBUILDING

In 1968 the finance directors from five of the leading shipbuilding companies in the United Kingdom formed themselves into a group under the Chairmanship of Mr. A.S. Ashton a Member of the Shipbuilding Industry Board. The group, aware of intensifying competition and reducing margins on contracts, set out to consider ways to improve the standard of cost accounting and reporting in their companies to combat the threat to future profitability. The report prepared by Price Waterhouse Co., was circulated to the finance directors in September 1969. The main conclusion was that the present cost accounting and reporting procedures were below the standard of those in operation in leading companies of other major industries. In particular, no company had yet developed and proved an effective method of measuring work done as a means of comparing progress against an original estimate or budget. This appeared to be the predominant factor inhibiting the development of more effective cost accounting systems in the industry. In the absence of effective measurement of work done the reliability of any interim reports on profitability of contracts and on the output of labour was questionable. The book highlights effective management control based on reliable measurement of work done. It should be welcomed by managers, accountants and technical staff at present engaged in developing systems of management information in their own companies.

  • Supplemental Notes:
    • Report Supplied with key word index with the main reference and page number following the key word.
  • Corporate Authors:

    Shipbuilding Industry Board

    ,    
  • Publication Date: 1971-9

Media Info

  • Features: References;
  • Pagination: 186 p.

Subject/Index Terms

Filing Info

  • Accession Number: 00034484
  • Record Type: Publication
  • Source Agency: Shipbuilding Industry Board
  • Files: TRIS
  • Created Date: Sep 27 1973 12:00AM