ACCA P5 Summary.docx
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ACCA P5 Summary.docx
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ACCAP5Summary
1Introductiontostrategicmanagementaccounting
1.1Introductiontoplanning,controlanddecisionmaking
☞Strategicplanningistheprocessofdecidingonobjectivesoftheorganization,onchangesintheseobjectives,ontheresourcetoattaintheseobjectives,andonthepoliciesthataretogoverntheacquisition,useanddispositionoftheseresources.
☞Characteristicsofstrategicinformation
⏹Longtermandwidescope
⏹Generallyformulatedinwriting
⏹Widelycirculated广泛流传
⏹Doesn’ttriggerdirectaction,butseriesoflesserplans
⏹Includesselectionofproducts,purchaseofnon-currentassets,requiredlevelsofcompanyprofit
☞Managementcontrol:
theprocessbywhichmanagementensurethatresourcesareobtainedandusedeffectivelyandefficientlyintheaccomplishmentoftheorganisation’sobjectives.Itissometimescalledtacticsadtacticalplanning.
☞Characteristicsofmanagementaccountinginformation
⏹Short-termandnon-strategic
⏹Managementcontrolplanningactivitiesincludepreparingannualsalesbudget
⏹Managementcontrolactivitiesincludeensuringbudgettargetsarereached
⏹Carriedoutinaseriesofroutineandregularplanningandcomparisonprocedures
⏹Managementcontrolinformationcoversthewholeorganisation,isroutinelycollected,isoftenquantitativeandcommonlyexpressedinmoneyterms(cashflowforecasts,varianceanalysisreports,staffinglevels
⏹Sourceofinformationlikelytobeendogenous内生的
☞Characteristicsofoperationalcontrol
⏹Short-termandnon-strategic
⏹Occursinallaspectsofanorganisationsactivitiesandneedfordaytodayimplementationofplans
⏹Oftencarriedoutatshortnotice
⏹Informationlikelytohaveanendogenoussource,tobedetailedtransactiondata,quantitativeandexpressedintermsofunits/hours
⏹Includescustomerordersandcashreceipts.
1.2Managementaccountinginformationforstrategicplanningandcontrol
☞Strategicmanagementaccountingisaformofmanagementaccountinginwhichemphasisisplacedoninformationaboutfactorswhichareexternaltotheorganisation,aswellasnon-financialandinternally-generatedinformation.
⏹Externalorientation:
competitiveadvantageisrelative;customerdetermination
⏹Futureorientation:
forward-andoutwardlooking;concernwithvalues.
⏹Goalcongruence:
translatestheconsequencesofdifferentstrategiesintoacommonaccountinglanguageforcomparison;relatesbusinessoperationstofinancialperformance.
1.3Planningandcontrolatstrategicandoperationallevels
☞Linkingstrategyandoperations,ifnot:
unrealisticplans,inconsistentgoals,poorcommunication,inadequateperformancemeasurement.
1.3.1Strategiccontrolsystems
☞Formalsystemsofstrategiccontrol:
⏹strategyreview;
⏹identifymilestonesofperformance(outlinecriticalsuccessfactors,short-termstepstowardslong-termgoals,enablesmanagerstomonitoractions)
⏹Settargetachievementlevels(targetsmustbereasonablyprecise,suggeststrategiesandtactics,relativetocompetition)
⏹Formalmonitoringofthestrategicprocess
⏹Reward.
☞Desiredfeaturesofstrategicperformancemeasures
⏹Focusonwhatmattersinthelongterm
⏹Identifyandcommunicatedriversofsuccess
⏹Supportorganisationallearning
⏹Provideabasisforreward
⏹Measurable;meaningful;acceptable;
⏹Describedbystrategyandrelevanttoit
⏹Consistentlymeasured
⏹Re-evaluatedregularly
1.4Benchmarking
1.4.1Typesofbenchmarking
☞Internalbenchmarking:
easy;noinnovativeorbest-practice.
☞Industrybenchmarking:
⏹Competitorbenchmarking:
difficulttoobtaininformation
⏹Non-competitorbenchmarking:
motivate
☞Functionalbenchmarking:
findnew,innovativewaystocreatecompetitiveadvantage
1.4.2Stagesofbenchmarking
☞Setobjectivesanddeterminetheareatobenchmark
☞Establishkeyperformancemeasures.
☞Selectorganizationstostudy
☞Measureownandothersperformance
☞Compareperformance
☞Designandimplementimprovementprgoramme
☞Monitorimprovements
1.4.3Reasonsforbenchmarking
☞Assesscurrentstrategicposition
☞Assessgenericcompetitivestrategy
☞Spurtoinnovation
☞Settingobjectivesandtargets
☞Crosscomparisons
☞Implementingchange
☞Identifiestheprocesstoimprove
☞Helpswithcostreduction,oridentifyingareaswhereimprovementisrequired
☞Improvestheeffectivenessofoperations
☞Deliversservicestoadefinedstandard
☞Provideearlywarningofcompetitivedisadvantage
1.4.4Disadvantagesofbenchmarking
☞Impliesthereisonebestwayofdoingbusiness
☞Yesterday’ssolutiontotomorrow’sproblem
☞Catching-upexerciseratherthanthedevelopmentofanythingdistinctive
☞Dependsonaccurateinformationaboutcomparatorcompanies
☞Potentialnegativesideeffectsof‘whatgetsmeasuredgetsdone’.
2Performancemanagementandcontroloftheorganization
2.1Strengthsandweaknessesofalternativebudgetmodels
2.1.1Incrementalbudgeting
☞Isthetraditionalapproachtosettingabudgetandinvolvesbasingnextyear’sbudgetonthecurrentyear’sresultsplusanextraamountforestimatedgrowthofinflationnextyear.
☞Strengths:
easytoprepare;canbeflexedtoactuallevelstoprovidemoremeaningfulcontrolinformation
☞Weaknesses:
doesnottakeaccountofalternativeoptions;doesnotlookforwaysofimprovingperformance;onlyworksifcurrentoperationsareaseffective,efficientandeconomicalastheycanbe;encourageslackinthebudgetsettingprocess.
2.1.2Zerobasedbudgeting
☞Preparingabudgetforeachcostcentrefromscratch.
☞Strengths:
⏹Providesabudgetingandplanningtoolformanagementthatrespondstochangesinthebusinessenvironment.
⏹Requirestheorganizationtolookverycloselyatitscostbehaviorpatterns,andimprovesunderstandingofcost-behaviourpatterns.
⏹Shouldhelpidentifyinefficientorobsoleteprocesses,andtherebyalsohelpreducecosts.
⏹Resultsinamoreefficientallocationofresources
⏹Beparticularlyusefulinnot-for-profitorganizationswhichhaveafocusonachievingvalueformoney.
☞Weaknesses:
⏹Requiresalotofmanagementtimeandeffort
⏹RequirestrainingintheuseofZBBtechniquessothattheseareappliedproperly
⏹Questioningcurrentpracticesandprocessescanbeseenasthreatening
2.1.3Rollingbudgets
☞Continuouslyupdatedbyaddingafurtherperiodwhentheearliestperiodhasexpired.
☞Strengths:
⏹Reducetheuncertaintyofbudgetingforbusinessoperatinginanunstableenvironment.Itiseasiertopredictwhatwillhappenintheshort-term.
⏹Mostsuitableformofbudgetingfororganizationsinuncertainenvironments,wherefutureactivitylevels,costsorrevenuescannotbeaccuratelyforeseen.
⏹Planningandcontrolisbasedonamorerecentplanwhichislikelytobemorerealisticanmorerelevantthanafixedannualbudgetdrawnupseveralmonthsago.
⏹Theprocessofupdatingthebudgetmeansthatmanagersidentifycurrentchanges(andsocanrespondtothesechangesmorequickly)
⏹Morerealistictargetsprovideabetterbasisonwhichtoappraisemanagers’performance
⏹Realisticbudgetsarelikelytohaveabettermotivationaleffectonmanagers.
☞Weaknesses:
⏹Requiretime,effortandmoneytoprepareandkeepupdating.Ifmanagersspendtoolongpreparing/revisingbudgets,theywillhavelesstimetocontrolandmanageactualresults
⏹Managersmaynotseethevalueinthecontinuousupdatingofbudgets
⏹Maybedemotivatingiftargetsareconstantlychanging
⏹Itmaynotbenecessarytoupdatebudgetssoregularlyinastableoperatingenvironment.
2.1.4Flexiblebudgets
☞Recognizingthepotentialuncertainty,budgetsdesignedtoadjustcostslevelsaccordingtochangesintheactuallevelsofactivityandoutput.
☞Strengths:
⏹Findingoutwellinadvancethecostsofidletimeandsooniftheoutputfallsbelowbudget.
⏹Beingabletoplanforthealternativeuseofsparecapacityifoutputfallsshortofbudget
☞Weaknesses:
⏹Asmanyerrorsinmodernindustryarefixedcosts,thevalueofflexiblebudgetsasaplanningtoolarelimited.
⏹Wherethereisahighdegreeofstability,theadministrativeeffortinflexiblebudgetingproduceslittleextrabenefit.Fixedbudgetscanbeperfectlyadequateinthesecircumstances.
2.1.5Activitybasedbudgeting
☞Involvesdefiningtheactivitiesthatunderliethefinancialfiguresineachfunctionandusingthelevelofactivitytodecidehowmuchresourcesshouldbeallocated,howwellitisbeingmanagedandtoexplainvariancefrombudget.
☞Strengths:
⏹Ensuresthattheorganisation’soverallstrategyandanychangestothatstrategywillbetakenintoaccount.
⏹Identifiescriticalsuccessfactorswhichareactivitiesthatabusinessmustperformwellifitistosucceed
⏹Recognizesthatactivitiesdrivecosts;soencouragesafocusoncontrollingandmanagingcostdriversratherthanjustthecosts
⏹Concentrateonthewholeactivitiessothatthereismorelikelihoodofgettingitrightfirsttime.
☞Weaknesses:
⏹Requirestimeandefforttopreparesosuitedtoamorecomplexorganizationwithmultiplecostdrivers.
⏹Maybedifficulttoidentifyclearindividualresponsibilitiesforactivities
⏹Onlysuitablefororganizationwhichhaveadoptedanactivity-basedcostingsystem
⏹ABBsarenotsuitableforallorganization,especiallywithsignificantproportionsoffixedoverheads.
2.1.6Thefutureofbudgeting
☞Criticismsoftraditionalbudgeting
⏹Timeconsumingandcostly
⏹Majorbarriertoresponsiveness,flexibilityandchange
⏹Addslittlevaluegiventheamountofmanagementtimerequired
⏹Rarelystrategicallyfocused
⏹Makespeoplefeelundervalued
⏹Reinforcesdepartmentbarriersratherthanencouragingknowledgesharing
⏹Basedonunsupportedassumptionsandguessworkasopposedtosound,well-constructedperformancedata
⏹Developmentandupdatedinfrequently
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- ACCA P5 Summary