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The Ten “Must-do’s” for Businesses and the Accountancy Profession: ACCA and IMA Release New Report
October 02, 2012
Water & Wall Group
New York and Montvale, N.J., October 2, 2012 -- Businesses and the accountancy profession will need to be better prepared to anticipate and respond to the unprecedented challenges of a volatile global economy while seeking and capitalizing on opportunities, according to a new report from ACCA’s Accountancy Futures Academy. Titled “100 Drivers of Change for the Global Accountancy Profession,” the report identifies 100 factors that will create uncertainty for accountants during the next five to 10 years.
Based on insights from members of the Academy, as well as members of IMA (Institute of Management Accountants) and ACCA’s other Global Forums and experts, the authors have outlined ten strategic imperatives that businesses and the accountancy profession need to undertake to ensure they can perform effectively amongst the uncertainty and rapid change that lies ahead.
Five Imperatives for Business:
Assume and plan for volatility
Build you radar
Pursue technology leadership
Prepare for true globalization
Develop a curious, experimental and adaptable mindset
Five Imperatives for the Accountancy Profession:
Embrace an enlarged strategic and commercial role
Establish trust and ethical leadership
Focus on a holistic view of complexity, risk and performance
Develop a global orientation
Reinvent the talent pool
“The research emphasizes that we are entering an increasingly uncertain world where almost every aspect of the economy, business, and the accountancy profession will be in a state of flux,” said Raef Lawson, Ph.D., CMA, CPA, IMA vice president of research. “The drivers presented in this report highlight critical issues that will shape the global landscape.”
Ewan Willars, Director of Policy at ACCA said: “The fact that these drivers for change have been identified by those working in accountancy clearly demonstrates the profession is willing and able to engage in long-term strategic thinking. The key question is what do we do with these powerful insights? It is now up to the profession to ensure it meets the public’s needs for the highest standards of integrity, while taking a broader leadership role in both business and society.”
The report is available online at: http://www.accaglobal.com/en/research-insights/accountancy-futures/drivers-change.html.
ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants. We aim to offer business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance, and management. We support our 154,000 members and 432,000 students in 170 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. We work through a network of over 80 offices and centres and 8,400 Approved Employers worldwide, who provide high standards of employee learning and development. Through our public interest remit, we promote appropriate regulation of accounting and conduct relevant research to ensure accountancy continues to grow in reputation and influence. www.accaglobal.com.
IMA®, the association of accountants and financial professionals in business, is one of the largest and most respected associations focused exclusively on advancing the management accounting profession. Globally, IMA supports the profession through research, the CMA® (Certified Management Accountant) program, continuing education, networking, and advocacy of the highest ethical business practices. IMA has a global network of more than 65,000 members in 120 countries and 200 local chapter communities. IMA provides localized services through its offices in Montvale, N.J., USA; Zurich, Switzerland; Dubai, UAE; and Beijing, China. For more information about IMA, please visit www.imanet.org.