By John Ogilvie
The 2006 version of CIMA's reputable learn platforms were up-to-date to mirror adjustments within the syllabus. Key sections were written via the examiners and assessors to totally mirror what might be proven within the examination. up-to-date to include legislative and syllabus adjustments, the 2006 learn structures supply whole examine fabric for the might and November 2006 checks. the recent variation continues the preferred loose-leaf layout and comprises: * perform questions all through * whole revision part * subject summaries * instructed examining articles from a number of journals * The legitimate research structures are the one research fabrics counseled via CIMA * up-to-date to mirror adjustments within the syllabus with key sections written by means of examiners and assessors * entire built-in package deal incorporating syllabus assistance, complete textual content, prompt articles, revision publications and wide query perform
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Extra resources for CIMA Study Systems 2006: Management Accounting-Financial Strategy (CIMA Study Systems Strategic Level 2006)
Thus, the effect of dividends on share price is exactly compensated for by other sources of ﬁnancing. MM recognise that dividends can in some way affect share prices, but suggest that the positive effects of dividend increases on such prices relate not to the dividend itself but to the ‘informational content’ of dividends in regard to future earnings. This information leads to shareholders pushing up the share price on the basis of their expectations as to future earnings. From these arguments it seems reasonable to assume that if a company does not have sufﬁcient worthwhile projects to use up retentions, it should distribute these surplus funds to its shareholders, who will then be able to invest in other companies which do have satisfactory investments to which these extra funds can be applied.
1 MANAGEMENT ACCOUNTING – FINANCIAL STRATEGY ● ● ● The so-called ‘clientele effect’ shows that a company with a particular pattern and stability of dividend proﬁle will attract stockholders having a similar preference for that type of proﬁle. Thus, since shareholders’ expectations are being met, the price of shares will be unaffected by changes in dividend policy. If retentions are insufﬁcient to allow a company to take up all its worthwhile investments, the shortfall caused by a dividend can be offset by obtaining further funds from other external sources.
The college is known to research and develop relevant management techniques: again, costs and beneﬁts need to be matched. Its report stresses that its greatest assets are ones – the knowledge and commitment of its staff – not shown on its balance sheet. It is important that such assets are recognised, cost-effectively enhanced, employed to deliver good value for taxpayers’ money, and suitably monitored. In corporate strategy terms, it is possible to quantify the cash ﬂows from the rest of the public sector to the college, obtain its net present value, and then compare with the cost of the nextbest alternative, for example, using a private-sector provider (or, possibly, to compare with the price which could be obtained on disposal).