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Beyond budgeting

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA APM Exams › Beyond budgeting

  • This topic has 1 reply, 2 voices, and was last updated 6 months ago by Ken Garrett.
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  • July 20, 2022 at 9:49 am #661404
    winnielai119
    Member
    • Topics: 9
    • Replies: 7
    • ☆

    Dear Sir,

    Just refer to the below link:

    https://www.accaglobal.com/pk/en/student/exam-support-resources/professional-exams-study-resources/p5/technical-articles/beyond-budgeting.html

    It mentioned the benefits of beyond budgeting, which it creates transparent and open information systems.

    But I don’t understand this statement:
    “The IT system is crucial in flexing the key performance indicators as part of the rolling forecast process.”

    So beyond budgeting is similar with rolling budgeting procedure?

    Please help to advise.

    Thanks.

    W

    July 20, 2022 at 8:36 pm #661480
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10193
    • ☆☆☆☆☆

    Rolling budgets always look, say, 12 months ahead however they are essentially conventional budgeting tools and the forecasts in the budgets are set in advance.

    Beyond budgeting tries to get away fro setting strict budgets in advance (though forecasts are needed for planning purposes). Instead, beyond budgeting tries to give managers much more freedom to make decisions as time passes that might radically change the original plans. If new decisions are made, new plans and outcomes have to be established and this is where good IT is essential to facilitate the evolving plans.

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