The Changing Face of Accounting

How is the face of accounting changing? What are the challenges facing CAs and what do you see as the means to overcome them?
With new markets opening, new standards being adopted, and the ongoing economic power shifts, there are many challenges. But there are also more opportunities for accountants to play bigger roles across all aspects of corporate decision making from strategy to new business models.

The profession also needs to be seen as addressing public concerns–and could do more to highlight and prevent everything from small-scale financial irregularities to the major systemic failures that caused the global financial crisis and ensuing economic uncertainty.

Our research shows that there is a growing view that accountants should provide holistic reports, which acknowledge the complexity of a modern business and encompass financial and non-financial indicators of a firm's financial status and potential. Given the increasing globalisation of business, there is also a need for finance professionals to master the technical, language and cultural challenges of cross-border trade and business.

Finance professionals have to keep up, not only with changes to financial rules and regulations, but also with technology.

Additionally, there is a strong need for the profession to be positioned as providing foresight, not just hindsight. New professional accountants need to help shape the strategic direction of organisations through their knowledge of accounting, reporting and auditing.

When you talk about a skill gap in CA education, what are the essential skills that you think most courses are failing to develop in their students?
I think that academic and professional education organisations need to recognise how quickly the world is changing and ensure that the finance professionals we develop meet the needs of modern businesses.

One of the key areas which we must ensure proficiency is the rise of 'big data', which demands the sort of structural and analytical skills that are commonplace in accounting. Professional accountants, are no longer just processing data, they need to analyse it and make predictions, inform decision making and become advisors to their businesses. Their training needs to develop their problem-solving, communication and presentation skills as much as their technical skills.

What are the opportunities that an ACCA-equipped professional has that other CAs do not?
One of the key advantages that ACCA professionals have is that their qualification is based on global standards. That enables them to deal with cross border and international trade more readily, because they have a firm grounding in International Financial Reporting Standards (IFRS). ACCA professionals have not only been able to work for multinational companies based in their countries but have also been able to work in other countries because of their transferable skills and knowledge.

Additionally, ACCA enables candidates to choose diverse paths–our 170,000 members work in functions from risk management to financial reporting, in the private and public sectors. The ACCA qualification prepares individuals to shape their careers and shift sectors or roles.

What are the migration implications for a CA with an ACCA-accreditation?
The ACCA qualification is demanding and rigorous and many ACCA members have found that the qualification enables them to work anywhere in the world and at the highest levels in their own countries.
With 170,000 ACCA members around the world, wherever you go, an ACCA member already has a network of like-minded people that recognise each other as part of the same organisation. ACCA has over 93 offices around the world, so you also have access to member support and recognition from employers and other stakeholders.

As ACCA works with 8,500 employers globally, the outreach and market recognition that we have is truly international and we work hard to ensure ACCA members are recognised wherever they go. Having 70 partnerships with professional and industry bodies globally also provides a platform for members to access other organisations networks and CPD (continuing professional development).

What would you say is the mission of the ACCA and its relevance in the current education scenario?
We believe in opportunity-which means enabling people of ability to pursue a rewarding and successful career regardless of their background. There are a range of entry points to the ACCA Qualification, including school leavers and university graduates–but we also offer a Foundations in Accountancy qualification, which enables people without formal qualifications to begin their studies and then then progress to the professional level ACCA qualification, which has been benchmarked as equivalent to a UK Master's Degree.

Our regular discussions with employers means that our qualification and the skills that our students have make them ready for the world of work.

Do the ACCA programmes offered in India differ from those offered in other countries? If so, how?
The ACCA qualification is the same the world over; all ACCA qualified members need to display the highest levels of technical, practical and professional ability.
Examinations are conducted in over 173 countries around the world to the same global standard. ACCA is a founding member of the International Federation of Accountants (IFAC) and we comply with their education and ethics standards.

Do you customise the ACCA curricula to fit diverse cultural contexts or does globalisation imply a one-size-fits-all approach?
While students around the world must meet the same standards–there are some country-specific papers, which test students' understanding of local tax and law issues.
The language of accounting, finance and business is becoming more and more global and to support businesses and organisations, ACCA designs curricula that allows individuals to work one day in Delhi and the following day in New York.
Of course, there are local tax and law variances and we give our global members opportunities to become familiarised through offering them ourselves or through partnerships with local bodies that provide localised knowledge.

Does the ACCA attempt to work with existing educational systems or is it a stand-alone education mode?
We believe in working in partnership to develop the professional accountants that economies need. This is why we have signed agreements with leading universities in India, which enable business and finance undergraduates to gain the ACCA qualification at the same time as they study for their degree–which makes them even more attractive to potential employers. In India, ACCA has relationships with Christ University, Ethiraj College, Gitam University, Jain University, Loyola College, Jain University, Stella Maris College and Symbiosis College of Arts and Commerce to name a few. We also work with learning partners who teach the ACCA qualification, and we support them to ensure highest levels of teaching to support students progressing to become professionally qualified accountants and ACCAs.

What are the cost implications of an ACCA? Are there scholarships available for those who might have the intellectual capacity but not the financial capacity to pursue an ACCA?
We understand affordability in markets and we work with our learning partners to ensure that the overall pricing experience for both, tuition and exams, is affordable. However, ACCA is a global qualification that is fully transportable and gives many opportunities in professionals' careers so our pricing reflects this. We have scholarships available in conjunction with our partners (both universities and learning partners). For more information contact us on indiainfo@accaglobal.com