variance reports

variance reports

tabulations which compare actual results with the BUDGET or STANDARD COST and show the VARIANCES. It is especially important that such reports highlight variances which are adverse and of a significant value. It is also important from a control point of view that all variances which are being reported and which require management action are supported by sufficient narrative to explain the reasons why the variances have occurred.

See VARIANCE ANALYSIS.

References in periodicals archive ?
Variance reports frequently are developed and investigated weeks after the data is generated, creating a time lag.
Budget AdvisorA will enable SwedishAmerican to seamlessly integrate data to provide complete and actionable variance reports with ease, allowing its finance team to spend more time identifying trends and offering value-add analysis.
Delivery dates, KPIs, lean thinking, six sigma, variance reports, constraint meetings, fast response meetings, and layered process audits ruled the day.
Straightforward and streamlined integration to multiple source systems; built in reconciliation and trends and variance reports.
For instance, variance reports that provide information at aggregated levels do not provide adequate information to exercise operational controls in a lean environment.
Variance reports were generated almost three weeks after forecasts were submitted, and subsidiaries were rarely held accountable for inaccurate forecasts, Zinn says.
Among the reporting data that managers receive are valuation variance reports detailing price comparisons, model inputs and assumptions.
This information is queried from a computer database or from a file folder of variance reports.
In one of my recent training classes, I polled the students to see how many of them reviewed their property's monthly financial statement, includ ing variance reports, on a regular basis.
Easy importing and modeling of actuals data from any database at any level of detail for constructing variance reports and rolling forecasts.
Newspapers that report into the Audit Bureau of Circulations got a little more slack in their leash when ABC voted to up the percentage required of its variance reports at its last board meeting.
Variance reports show how your actual spending varied, or is different, from what you budgeted.