Strategic Finance June 2010 : Page 1
PUBLISHED BY THE INSTITUTE OF MANAGEMENT ACCOUNTANTS www.strategicfinancemag.com Contents June 2010 Features 20 COVER STORY IMA 2009 Salary Survey By David L. Schroeder, Lee Schiffel, and Kenneth A. Smith, CPA As one would expect in a difficult economic climate, the 21st Annual Salary Survey of IMA members finds little change in respondents’ average salary and average total com- pensation. But the Certified Management Accountant (CMA®) credential continues to be a strong signal of professionalism leading to higher salaries for all respondents, and data shows a dramatic increase in respondents’ awareness of the IMA Statement of Ethi- cal Professional Practice. 20 40 RISK MANAGEMENT Reducing Supplier Risk By Ari Salonen The older methods of monitoring supply-chain risk no longer work as they once did. The Finance and Procurement departments now operate at a distance, and short-term efforts to cut costs are taking priority over longer-term investment focus. Seven practi- cal recommendations show how to close the distance between CFOs and CPOs. 46 BUDGETING Using Your Excel-Based Budget to Create Pro Forma Financial Statements By Jason Porter and Teresa Stephenson, CMA 40 Part 5 of the six-part series on creating and using an Excel-based Master Budget looks at how financial managers can distill budget information to create a set of Pro Forma Financial Statements. The authors walk you through step-by-step procedures for devel- oping the Pro Forma Income Statement, Balance Sheet, and Statement of Cash Flows. Finally, they explain how to use the Statements as templates for next year. 54 ACCOUNTING No Equivocating: Expense Those Idle Capacity Costs By Sid R. Ewer, CMA; Craig Keller; and Stevan K. Olson, CPA With SFAS No. 151, specific words that were removed from ARB No. 43, Chapter 4, may have extraordinary consequences on inventory accounting. One change adds new text that recognizes normal capacity as a range of activity. The second change defines a need to expense idle facility and other abnormal production costs. 54 June 2010 I STRATEGIC FINANCE 1 COVER: DANIEL PELAVIN/WWW.PELAVIN.COM
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