Purpose – One of the responses to criticisms of traditional forms of accounting reports for knowledge-based firms has been the development of the balanced scorecard (BSC), a strategic performance measurement framework and methodology based on a family of performance measures. This paper aims to examine the issue of measuring performance in relation to a major Australian company, The Fosters Brewing Group, where a newly appointed CEO reversed a decline in performance by adopting, among other initiatives, the balanced scorecard approach to management. 

Design/methodology/approach – The paper takes the form of a case study, applying the theoretical framework of the BSC to a declining business in order to achieve a turnaround. 

Findings – The paper discusses how a newly appointed CEO of The Fosters Brewing Group reversed a decline in performance by adopting, among other initiatives, the balanced scorecard approach to management. 

Research limitations/implications – The BSC is a practical framework to deal with the intangible nature of knowledge, while ensuring that such investments in knowledge and management align with and contribute to their strategic direction. 

Practical implications – The paper provides an example of a company using the BSC to deal with the imperative of making investments in knowledge and management skills. 

Originality/value – There is a growing body of literature on the limitations of traditional accounting statements that measure tangible, physical assets to capture the current and future value of knowledge. This paper illustrates a framework using the BSC to manage and measure the intangible nature of knowledge.