Answer to Question #186001 in Management for Kofi Asare

Question

Discuss 'beyond budgeting' as a contemporary management accounting tool, emphasising the universal applicability and practical implications of practising beyond budgeting.

Answer 1

Beyond budgeting is: 'An idea that companies need to move beyond budgeting because of the inherent flaws in budgeting especially when used to set contracts. It is argued that a range of techniques, such as rolling forecasts and market related targets, can take the place of traditional budgeting. '