ANSWER ALL OR NONE

The Board of Directors meeting of Kyoto Motors Ltd., a car manufacturing company is to scheduled to be held in another ten days. One of the items, as per agenda, to be discussed in the meeting is the present budgeting system of the company. Your organization is at present, using budgets for control which are prepared mostly on traditional basis. The CEO of your company wants to propose to the Board to use Beyond Budgeting instead of traditional budgeting in the company on experimental basis. Therefore, you the management Accountant has been asked by your CEO to explore the possibilities of introducing Beyond Budgeting (BB) system in the company. Required Specifically, you are required to PREPARE notes to your CEO to be used for his presentation at the meeting on: (i) The major limitations of traditional budgets. (ii) The advantages available in Beyond Budgeting. (iii) The nature of Beyond Budgeting. (iv) The benefits that can be enjoyed from Beyond Budgeting. (v) The suitability of Beyond Budgeting to the company.