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Extra info for ACCA P5 Advanced Performance Management: Study Text
Historical costs are not necessarily the best guide to decision making. However, management accounting information is often criticised for focusing on the past rather than the future. (b) Strategic issues are not easily detected by management accounting systems. (c) Financial models of some sophistication are needed to enable management accountants to provide useful information. 4 What is strategic management accounting? The aim of strategic management accounting is to provide information that is relevant to the process of strategic planning and control.
Com One important issue the Board discussed was 'the strategic planning of worldwide production capacities'. In addition to the expansion of existing plans within Germany, BMW's Board of Management presented plans for future production facilities in other locations. The Supervisory Board agreed that it supported the Board of Management in its endeavours to exploit growth opportunities in specific regions, while at the same time maintaining a well-balanced distribution of sales and value added across the world's markets.
Key terms Strategic planning. The process of deciding on objectives of the organisation, on changes in these objectives, on the resources used to attain these objectives, and on the strategies that are to govern the acquisition, use and disposition of these resources. co m Management control. The process by which managers assure that resources are obtained and used effectively and efficiently in the accomplishment of the organisation's objectives. It is sometimes called tactics or tactical planning.